Palace’s FY19 earnings have come in marginally ahead of expectations, reporting net rental income of £16.4m (Arden: £15.9m, +3.3% var) and adj. PBT of £8.9m (Arden: £8.7m, +3.4% var). EPRA NAV was reported at 407p with the group recording a +0.5% LFL valuation increase. Net debt was £96.7m (34% LTV) vs. our estimates of £96m (33% LTV). Of note, the group has proposed a conversion to a REIT structure (subject to shareholder approval at the July AGM). T
04 Jun 2019
FY19 results: PBT 3% ahead; proposed REIT conversion
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FY19 results: PBT 3% ahead; proposed REIT conversion
Palace Capital plc (PCA:LON) | 238 26.2 4.8% | Mkt Cap: 89.4m
- Published:
04 Jun 2019 -
Author:
Kunal Walia -
Pages:
11
Palace’s FY19 earnings have come in marginally ahead of expectations, reporting net rental income of £16.4m (Arden: £15.9m, +3.3% var) and adj. PBT of £8.9m (Arden: £8.7m, +3.4% var). EPRA NAV was reported at 407p with the group recording a +0.5% LFL valuation increase. Net debt was £96.7m (34% LTV) vs. our estimates of £96m (33% LTV). Of note, the group has proposed a conversion to a REIT structure (subject to shareholder approval at the July AGM). T