Research, Charts & Company Announcements
Research Tree offers PALACE CAPITAL PLC research coverage from 2 professional analysts, and we have 11 reports on our platform.
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Manchester office purchase
14 Jun 16
The company has announced that it has exchanged contracts for the purchase of the freehold of Boulton House, Chorlton Street, Manchester for a consideration of £10.95m, subject to a downward adjustment of up to £0.4m for rent guarantees and other costs. Completion is set for 30 September 2016. The acquisition is being funded by a new debt facility from one of Palace Capital’s existing lenders.
£24.2m Property Acquisition & New Bank Facility
14 Mar 16
Looking at our FY 2017 forecasts, the acquisition of Broad Street Plaza will add significantly to the Group’s rent roll. In light of this, together with the financing costs assumed with the acquisition and with the additional costs of the new larger bank facility, we have increased our forecast adjusted PBT by £0.9m to £6.8m.
£7.2m Office Purchase
29 Feb 16
Palace Capital has announced that it has purchased 249 Midsummer Boulevard, Milton Keynes for a consideration of £7.2m, in an off market transaction. This office building was built in 1990 and comprises 49,000 sq ft of net lettable space and is situated on a large site a few minutes walk from Milton Keynes Central Station.
Interims – Investing for growth
30 Nov 15
Interim results reflect a busy period for the company, with the completion of the £10m purchase of Bank House, Leeds, the £1.25m disposal at Burgess Hill, the £20.7m acquisition of the Sol Central leisure scheme in Northampton and the associated £20m equity placing, the £3.9m property purchase in Sutton and the surrender of the Gala lease for £3m.
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Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Positive Q2 trading update
25 Oct 16
Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.