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PCA

Palace Capital Plc

236.50
1.50 (0.64%)
Share Name Share Symbol Market Type Share ISIN Share Description
Palace Capital Plc LSE:PCA London Ordinary Share GB00BF5SGF06 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 0.64% 236.50 138,064 16:35:10
Bid Price Offer Price High Price Low Price Open Price
234.00 239.00 239.00 233.00 234.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Agents & Mgrs 49.42 24.55 52.90 4.42 109.71
Last Trade Time Trade Type Trade Size Trade Price Currency
16:23:49 O 15,906 236.00 GBX

Palace Capital (PCA) Latest News

Palace Capital (PCA) Discussions and Chat

Palace Capital Forums and Chat

Date Time Title Posts
09/5/202317:00Palace Capital (PCA) - Action soon?1,249
03/6/201808:03Palace Capital (PCA) One to Watch Monday -
22/11/201613:12Palace Capital presenting at ShareSoc Supper, Manchester-
25/10/201613:10Palace Capital1

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Palace Capital (PCA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:23:50236.0015,90637,538.16O
15:17:18236.00100,000236,000.00O
14:57:48237.00126298.62O
14:53:20234.003,3337,799.22AT
14:53:10235.001,6663,915.10AT

Palace Capital (PCA) Top Chat Posts

Top Posts
Posted at 09/5/2023 17:00 by cwa1
Tipped by Thommo in the chronic...

Deep share price discount to NAV
The deep share price discount partly reflects the fact that Palace will have to commit significant capital expenditure to upgrade its assets to meet the Minimum Energy Efficiency Standards (MEES). That’s because 96 per cent of the portfolio has an EPC band rating A to D, but it is required to have a minimum C rating by April 2027 and B rating by April 2030.

That said, the portfolio has strong reversionary value as highlighted by 14 new lettings, 15 lease renewals and 16 rent reviews that generated £1.1mn of additional contracted rent in the 2022/23 financial year, or 11 per cent ahead of March 2022 ERV. Moreover, recent disposals have been made above carrying valuations, suggesting the ongoing asset disposal programme could surprise to the upside.

So, having last rated the shares a hold, at 205p, for their income and potential for capital upside when the market stabilises (‘Priced for a severe property downturn that’s unlikely to happen’, 24 November 2022), I now feel that the markedly improved debt position and more favourable market conditions for the asset disposal programme support a buy recommendation ahead of annual results on Thursday, 15 June 2023. Buy.

Posted at 05/5/2023 10:02 by baner
Poacher - spot on. In fact, if they can buy back say 10m shares @ 240p, this will leave Eq of, say, 133-24= 109m or 320p/share - and so on……R30;…a further 10m at 260p and the NAV increase to 345p…………and so on……R30;….another 10m at 280p and NAV goes to 390p………..it is not going to happen overnight, but meanwhile there is a good and secure dividend income on the shares. Those who stay in for the last distribution/buy back may well end up north of 400p.
Posted at 05/5/2023 07:56 by baner
Excellent news this morning. Sales price strong and gearing now very low with further reduction in the pipeline. This means the company can now accelerate its buy back program. NAV by march 2023 should be just north of 300p so buy backs at the prevailing share price is of course a no-brainer that will increase the NAV for remaining shares. The risk/reward is really sound, with a well covered dividend and then the upside in the capital value on top of that. Clearly the new BOD is delivering here.
Posted at 19/4/2023 19:30 by konradpuss
'kit price' = building price.
Posted at 18/4/2023 08:36 by baner
More buy-backs in Palace - very good news for patient shareholders staying in. These buy-backs are a ”license to print money” as they buy £1 for say 65-70 pence. This will increase the pro forma NAV per share for the remaining shares - we may well end up at 400p, to be paid out to all remaining shareholders once the disposal program has been completed, if they can get hold of more substantial volumes at the prevailing market price. Palace is in a very good position to play this game, with low gearing and strong cash flow. and - a BOD who is clearly focussed on the best interest of all shareholders.
Posted at 04/4/2023 13:03 by pdosullivan
The Blackstone deal for Industrials REIT is good to see. Might we see PCA revive its plans to sell its assets in that space?
Posted at 04/4/2023 09:09 by baner
assuming a NAV of 320p, PC yesterday made £75k for its remaining shareholders when buying back 75k shares. a licence to print money ! yesterday┬┤s announcement of the take over of a REIT focussed on industrial properties by a US investor was indeed encouraging - indicating the transaction market is again alive. this will allow PC to accelerate the implementation of its declared strategy: an orderly sale of the assets and a distribution of the net proceeds to shareholders - by share buy backs at a discount to NAV and thus further increase the NAV/share, and eventually probably also a cash distribution pro rata. meanwhile, there is a sound dividend paid out from a lowly geared PC. smashing risk/reward!it seems the new chairman mr Owen is a very safe pair of hands responsible for this implementation.
Posted at 31/3/2023 07:57 by baner
The 400p will come from the shares bought back at the prevailing market price, adding substantially to the nav of the remaining shares. If you assume the Update nav is 320p and you buy shares back at 220p, there is a 100p/share ”profit” per share, that adds to the nav of the remaining shares. As simple as that.
Posted at 04/3/2023 17:59 by nickrl
The big London centric propcos are holding their own with lettings and managing void rates although most look like they've put on hold anymore new capex unless they have a substantial pre let.

Anyhow PCA have diminishing NRI due to asset sales and whilst they've knocked debt down too much of it is floating at SONIA+2% so i doubt they can afford a divi rise but at least the recurring 1.4m paid to Sinclair and co wont repeat this year. Should get a trading update in next month and we can see how HQ sales are going as everyone is free cash now which can be applied to one of the expensive loans freely.

Be 3mths before we see finals based on last year so reckon NAV 250-270 most likely so current share price is pretty reasonable based on other reits discounts currently.

Posted at 14/2/2023 10:27 by baner
The strategy is not the same Nickrl - PC will be liquidated in an orderly manner and proceeds paid out to shareholders - based on latest NAV there will be 50%+ more than the current share price distributed plus the current dividend - so u have better hurry up if you like a ride on this train !!
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