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EDISON INVESTMENT RESEARCH LIMITED Palace Capital (PCA): COVID-19 impacts actively managed

Directive transparence : information réglementée

26/11/2020 09:00

Edison Investment Research Limited
Palace Capital (PCA): COVID-19 impacts actively managed

26-Nov-2020 / 08:00 GMT/BST


 

London, UK, 26 November 2020

Palace Capital (PCA): COVID-19 impacts actively managed

Palace Capital's (PCA) H121 performance was robust and ahead of our central expectations. We have slightly increased FY21 earnings forecasts and introduced FY22-23 estimates, with growth driven by Hudson Quarter completion, on track for March 2021. Significant additional reversionary potential and development/refurbishment represent significant value creation potential.

The PCA valuation remains undemanding. Our DPS forecasts represent a prospective yield of c 5.8%, ahead of the peer average (4.8%), and provide a significant premium to risk-free alternatives (10-year UK gilt yield less than 0.5%). The c 40% discount to EPRA NAV is wider than peers (c 30%).

 

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Martyn King, +44 (0)20 3077 5745

 

financials@edisongroup.com

 

 

 

 

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1150515  26-Nov-2020 

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