Hardman & Co Research
Hardman & Co Research: Palace Capital (PCA): Trading update and COVID-related
dividend cut
06-Apr-2020 / 15:20 GMT/BST
Hardman & Co Research: Trading update & COVID-related dividend cut
FY20 results are due to be reported in June. PCA's 2 April trading update
stated FY20 results to be broadly in line with previous estimates.
Loan-to-value (LTV) at 30 September 2019 stood at 34%; we expect this to
increase to 37% as at March year-end, allowing for the drawdown at the York
Hudson Quarter (HQ) development. With robust finances, PCA can weather
COVID-related storms, including passing this quarter's dividend. A rent
shortfall in FY21 looks likely. None of the diverse positive characteristics
of the portfolio are negated. Indeed, we see scope for EPRA earnings to
recover to the 19p per share historical dividend level once the HQ development
has completed and funds have been redeployed into income-accretive
acquisitions.
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1016443 06-Apr-2020
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(END) Dow Jones Newswires
April 06, 2020 10:20 ET (14:20 GMT)
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