Hardman & Co Research : Palace Capital (PCA) - Interim results: ammunition for major dividend rises
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Hardman & Co Research
Hardman & Co Research: Interim results: ammunition for major dividend rises
The 15 November interim results have led us to upgrade our profit and dividend forecasts modestly. Commercial property income is robust, and Hudson Quarter (HQ) residential profit margins are slightly ahead of expectations. The programme of the disposal of c.£30m-worth of properties that have achieved their asset management plans is progressing well. Disposals have all been ahead of book values, and cash raised is only modestly reducing rental income. HQ's profitable sales also generate cash and potential for capital recycling, supporting dividend growth. We believe our maintained 18p dividend forecast for FY24 is the main value driver, but we are upgrading FY22 and FY23 forecasts. Please click on the link below for the full report: https://www.hardmanandco.com/research/corporate-research/interim-results-ammunition-for-major-dividend-rises/ If you are interested in meeting the company, you can register your interest by clicking on the above link
Hardman & Co Research can still be accessed for free after MiFID II. Please click here 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.
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1254144 03-Dec-2021
