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.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/trading-update-and-co
vid-related-dividend-cut/ [1]
If you are interested in meeting the company, you can register your interest
by clicking on the above link.
To contact us: Contact:
Hardman & Co Mike Foster mf@hardmanandco.com
35 New Broad Street
London
EC2M 1NH
+44 20 7194 7633
www.hardmanandco.com
Follow us on Twitter
@HardmanandCo
Hardman & Co Research can still be accessed for free after MiFID II. Please
click here [2] to read the statement.
About Hardman & Co: For the past 25 years Hardman has been producing
specialist research designed to improve investors' understanding of companies,
sectors, industries and investment securities. Our analysts are highly
experienced in their sectors, and have often been highly rated by professional
investors for their knowledge. Our focus is to raise companies' profiles
across the UK and abroad with outstanding research, investor engagement
programmes and advisory services. Some of our notes have been commissioned by
the company which is the subject of the note; this is clearly stated in the
disclaimer where this is the case.
Hardman Research Ltd, trading as Hardman & Co, is an appointed representative
of Capital Markets Strategy Ltd and is authorised and regulated by the
Financial Conduct Authority; our FCA registration number is 600843. Hardman
Research Ltd is registered at Companies House with number 8256259.
Our research is provided for the use of the professional investment community,
market counterparties and sophisticated and high net worth investors as
defined in the rules of the regulatory bodies. It is not intended to be made
available to unsophisticated retail investors. Anyone who is unsure of their
categorisation should consult their professional advisors. This research is
neither an offer, nor a solicitation, to buy or sell any security. Please read
the note for the full disclaimer.
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
1016443 06-Apr-2020
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c8cc8f8d3d18576957671adebde81f4d&application_id=1016443&site_id=vwd&application_name=news
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5a632f52f80bd372265e4041a743aa1c&application_id=1016443&site_id=vwd&application_name=news
(END) Dow Jones Newswires
April 06, 2020 10:20 ET (14:20 GMT)
© 2020 Dow Jones News
