Palace Capital has released a trading update anticipating adjusted PBT to be “slightly below expectations” for FY19 leading us to rebase our earnings by 7%-12% for FY19-21E. We draw positives from the maintained dividend (19p, 6.3% yield) demonstrating the company’s confidence in delivering total returns from the valueaccretion potential arising within its strong development pipeline. With a stable balance sheet (33% LTV) and strong fundamentals underpinning the regional pro

02 May 2019
Trading update; PBT rebased but DPS maintained

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Trading update; PBT rebased but DPS maintained
Palace Capital plc (PCA:LON) | 224 -4.5 (-0.9%) | Mkt Cap: 64.7m
- Published:
02 May 2019 -
Author:
Kunal Walia -
Pages:
10 -
Palace Capital has released a trading update anticipating adjusted PBT to be “slightly below expectations” for FY19 leading us to rebase our earnings by 7%-12% for FY19-21E. We draw positives from the maintained dividend (19p, 6.3% yield) demonstrating the company’s confidence in delivering total returns from the valueaccretion potential arising within its strong development pipeline. With a stable balance sheet (33% LTV) and strong fundamentals underpinning the regional pro