London, UK, 17 January 2024

Edison issues update on Picton Property Income (PCTN): Focused on growing earnings

Having previously updated on Picton Property Income’s H124 results, we are re-instating forecasts following the cessation of merger discussions with UKCM. In a challenging environment, H124 financial performance was resilient, supporting fully covered DPS. Meanwhile, the company continues to believe that there are strategic and financial benefits to combining complementary businesses, particularly within an internal management structure, including economies of scale and enhanced earnings.

The current annualised run rate of DPS (3.5p), which we expect to be fully covered, represents a prospective yield of 5.4%. We forecast DPS growth, fully covered, in FY25 and FY26. Meanwhile the shares trade at a 34% discount to H124 NAV.

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