Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Picton Property Income Limited is a UK-based Real Estate Investment Trust (REIT) that invests in a diversified portfolio of commercial properties across the United Kingdom. Its holdings, comprising approximately 48 assets valued at around £723 million as of March 2025, span industrial, office, retail, and leisure sectors, with key properties in locations such as London, Grantham, Sheffield, Swansea, Gloucester, Bury, Birmingham, Leeds, Fleet, Marlow, and Cheltenham. The REIT focuses on delivering total returns with an income bias, emphasizing active asset management to capture rental growth, improve occupancy to 94%, and reduce office exposure from 30% to 24% through strategic disposals totaling £51 million above prior valuations. Notable efforts include £11.8 million in portfolio investments, decarbonisation projects enhancing EPC ratings to 83% A-C, and green lease clauses in 97% of new agreements, aligning with net zero goals by 2040. With EPRA earnings of £23 million and dividends of 3.7 pence per share for the year ended March 2025, Picton Property Income Limited maintains a strong track record of outperforming the MSCI UK Quarterly Property Index for 12 consecutive years, providing investors exposure to the UK commercial real estate market.
£0.72
£0.01 (-0.83%)
EOD Jul 3, 2026
Revenue declined 19.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened. Net debt of £167M represents 7.7x FCF, leverage limits flexibility.
14.4x earnings, 17.3x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£49M
▼ -19.5% YoY
Net Income (TTM)
£26M
▼ -30.7% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
£22M
▼ -13.2% YoY
Op. Cash Flow (TTM)
£35M
▼ -24.5% YoY
Net Debt
£167M
Cash & Equiv.
£43M
3Y CAGR: -2.1%
Continue Research
At a P/E of 14.4 and a price-to-free-cash-flow of 17.3, Picton Property Income (PCTN.XLON) trades above a two-stage DCF intrinsic value of about £0.40 per share, so at £0.72 the stock looks overvalued (44.4% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Picton Property Income scores 64/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.3%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £0.40 per share for PCTN.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £0.30. At today's £0.72, that puts the stock about 44.4% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Picton Property Income scores 64 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a solid business on these measures. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Picton Property Income pays a regular dividend of about £0.04 per share per year (typically in quarterly installments), a yield of roughly 5.3% at the current price. That is a payout ratio of about 76.3% of earnings, so the dividend is covered, with less cushion. Picton Property Income has grown the dividend at roughly 1.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For PCTN.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. PCTN.XLON currently trades above its estimated intrinsic value and scores 64/100 on quality (solid). It also yields about 5.3%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.