DJ Palace Capital (PCA): COVID-19 impacts actively managed
Edison Investment Research Limited
Palace Capital (PCA): COVID-19 impacts actively managed
26-Nov-2020 / 08:00 GMT/BST
London, UK, 26 November 2020
Palace Capital (PCA): COVID-19 impacts actively managed
Palace Capital's (PCA) H121 performance was robust and ahead of our central
expectations. We have slightly increased FY21 earnings forecasts and
introduced FY22-23 estimates, with growth driven by Hudson Quarter
completion, on track for March 2021. Significant additional reversionary
potential and development/refurbishment represent significant value creation
potential.
The PCA valuation remains undemanding. Our DPS forecasts represent a
prospective yield of c 5.8%, ahead of the peer average (4.8%), and provide a
significant premium to risk-free alternatives (10-year UK gilt yield less
than 0.5%). The c 40% discount to EPRA NAV is wider than peers (c 30%).
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November 26, 2020 03:00 ET (08:00 GMT)
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