olivLaw · European equity research
PALACE CAPITAL PLC PCA.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Palace Capital PLC is a UK commercial property company that is in the middle of a disposal programme, selling properties, reducing debt and returning capital to shareholders. By fiscal 2024 the company had moved into a net cash position, while the value of its portfolio fell, so the pace of sales remains central to its future.
At the close of 05 Nov 2026, PALACE CAPITAL PLC (PCA.L) stock was 1.88 GBP (−0.53% on the day), with beta 0.13, 52-week range 1.62–2.19 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.5
- neutral
- Bollinger (20, 2)
- 1.87 – 1.92
- in the lower half of the band · %B 0.17 · band width 2.4%
- SMA 50 / 200
- 1.89 / 1.86
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.1% | −0.6% | −0.4 pp | — |
| 3 months | +7.4% | −4.2% | +11.6 pp | — |
| 6 months | +14.3% | +4.3% | +10.0 pp | — |
| Year to date | −9.2% | +7.5% | −16.7 pp | — |
| 1 year | −12.6% | +9.9% | −22.5 pp | +5.8% |
| 3 years | −14.9% | +49.8% | −64.8 pp | +26.3% |
| 5 years | −24.2% | +42.8% | −67.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 49.1 m | 33.0 m | 19.6 m |
| Revenue YoY | unavailable | −32.8% | −40.6% |
| Net income | unavailable | unavailable | unavailable |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.53 | -0.80 | -0.24 |
| Diluted EPS YoY | unavailable | −251.3% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 32.7 m | 14.4 m | 1.1 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Mar 2024
- Cash
- 19.8 m GBP
- Financial debt
- 8.3 m GBP
- Net debt
- -11.5 m GBP
- Equity
- 97.8 m GBP
- Total assets
- 110.8 m GBP
- Debt / equity
- 0.08x
- Current ratio
- 7.06x
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 49.1 m | 33.0 m | 19.6 m | esef· 31 Jul 2024verified |
| Cost of revenue | 30.4 m | 17.1 m | 9.8 m | esef· 31 Jul 2024verified |
| Gross profit | 18.7 m ≈ | 15.8 m ≈ | 9.8 m ≈ | esef· 31 Jul 2024derived |
| Operating income | 27.5 m | -32.0 m | -7.3 m | esef· 31 Jul 2024verified |
| Interest expense | 3.2 m | 4.0 m | 1.9 m | esef· 31 Jul 2024verified |
| Pre-tax income | 24.6 m | -35.8 m | -9.3 m | esef· 31 Jul 2024verified |
| Income tax | 67.0 k | -67.0 k | 46.0 k | esef· 31 Jul 2024verified |
| Diluted EPS | 0.53 | -0.80 | -0.24 | esef· 31 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 28.1 m | 5.5 m | 19.8 m | esef· 31 Jul 2024verified |
| Receivables | 7.4 m | 4.2 m | 3.4 m | esef· 31 Jul 2024verified |
| Current assets | 55.8 m | 20.8 m | 31.2 m | esef· 31 Jul 2024verified |
| Property, plant & equipment, net | 45.0 k | 23.0 k | 0 | esef· 31 Jul 2024verified |
| Total assets | 288.6 m | 201.8 m | 110.8 m | esef· 31 Jul 2024verified |
| Accounts payable | 8.9 m | 8.3 m | 4.1 m | esef· 31 Jul 2024verified |
| Short-term debt | 32.7 m | 8.5 m | 318.0 k | esef· 31 Jul 2024verified |
| Long-term debt | 68.5 m | 55.1 m | 7.9 m | esef· 31 Jul 2024verified |
| Current liabilities | 41.7 m | 17.0 m | 4.4 m | esef· 31 Jul 2024verified |
| Equity | 177.2 m | 128.5 m | 97.8 m | esef· 31 Jul 2024verified |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 32.7 m | 14.5 m | 1.1 m | esef· 31 Jul 2024verified |
| Capex | 22.0 k | 8.0 k | 0 | esef· 31 Jul 2024verified |
| Free cash flow | 32.7 m ≈ | 14.4 m ≈ | 1.1 m ≈ | esef· 31 Jul 2024derived |
| Investing cash flow | 18.0 m | 14.0 m | 90.7 m | esef· 31 Jul 2024verified |
| Financing cash flow | -32.0 m | -51.1 m | -77.5 m | esef· 31 Jul 2024verified |
| Dividends paid | 5.4 m | 6.5 m | 6.0 m | esef· 31 Jul 2024verified |
| Share repurchases | 0 | 6.7 m | 15.2 m | esef· 31 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.5% | 17 (vs peers) | 42% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 549.0% | 0 (on a fixed band) | 17% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PALACE CAPITAL PLC (PCA.L). Latest full fiscal year: 2024; data up to 2024-03-31.
Figures computed from the financial statements: revenue 19.6 m GBP in 2024; YoY growth -40.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.1x
What contradicts it
- ROIC: -4.5%
- Interest coverage: -3.8x
- Payout ratio (FCF): 549.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for PCA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Palace Capital PLC is a UK commercial property company that is in the middle of a disposal programme, selling properties, reducing debt and returning capital to shareholders. By fiscal 2024 the company had moved into a net cash position, while the value of its portfolio fell, so the pace of sales remains central to its future 1.
SWOT
Strengths
Weaknesses
Opportunities
- If interest rates fall and confidence returns, asset sales could be achieved at better values 1.
- Refurbishment and improvement projects could create additional value for shareholders 1.
- Narrowing the discount between net asset value and the share price remains a strategic objective that could benefit shareholders 1.
Risks
- Market cyclehigh
A market downturn could reduce investor appetite, lead to lower valuations and affect the disposal strategy and the return of capital to shareholders 1.
- Portfolio valuationhigh
Falling capital and rental values could reduce the portfolio valuation, particularly if borrowing costs rise and yields expand 1.
- Capital structure and liquiditymedium
Inappropriate gearing or refinancing difficulties could put pressure on cash resources, although the current net cash position reduces this exposure 1.
- Tenant demand and defaultmedium
Losing significant tenants or a weakening of their credit could affect income, values and profit 1.
- Business continuity and cyber securitylow
Business disruption from physical damage to buildings, government measures or cyber attacks could affect operations 1.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and the property market recovers, asset sales could be achieved at better values and the company could return more capital to shareholders 1.
- The net cash position and low debt give flexibility over the timing of disposals, which could protect value for shareholders 1.
- Improvements from asset management, such as new lettings and higher rental income, could support the value of the remaining portfolio 1.
What would break the thesis
- The fall in adjusted profit and earnings per share shows that recurring income declined after sales, and this could continue if disposals progress 1.
- Portfolio value fell considerably in fiscal 2024, and if the market stays weak, sales could be achieved below book values 1.
- Concentration in offices and leisure could make the company vulnerable to the performance of these sectors if demand stays low 1.
What to watch
- Progress of asset sales and prices achieved relative to book values2025
- Level of rent collection and occupancy in the remaining portfolionext 10-K
- Progress of residential sales at Hudson Quarter in York2025
- Share buyback strategy and progress in narrowing the discount to net asset valuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Palace Capital PLC owns and manages a portfolio of commercial properties in the United Kingdom, made up mainly of offices and leisure assets, with smaller shares of retail and residential 1. In fiscal 2024 the company applied an asset management strategy to raise rental income and prepare properties for sale, and it aims to maximise returns for shareholders through dividends and share buybacks 1. A central feature of the model is that asset sales are used to repay debt, fund working capital or return money to shareholders 1.
On performance, adjusted profit before tax fell in 2024 as income dropped following disposals, partly offset by lower interest costs and lower recurring administrative expenses 1. The company bought back shares, and the Board aims to reduce the discount between net asset value and the share price as a key strategic objective 1.
On the balance sheet, the company moved from high leverage to a net cash position, and its only remaining debt facility carries a fixed interest rate and matures in July 2026, which reduces exposure to rising rates 1. This strengthens its flexibility over the timing of sales and other strategic initiatives 1.
Segments
Offices
Offices make up the largest part of the portfolio, at 62% of properties at 31 March 2024, and their valuations fell mainly because yields softened in the regional office investment market 1.
Leisure
Leisure properties account for 24% of the portfolio and recorded the largest value declines in fiscal 2024, as the leisure investment market weakened severely 1.
Retail and residential
Retail, at 4%, and residential, at 10%, form a small part of the portfolio, and the Hudson Quarter residential project in York continues to sell off apartments 1.
Market context
The UK commercial property market remained difficult, and asset prices have not recovered to earlier levels because interest rates and investor confidence have not fully stabilised 1. Management indicated that UK interest rates could fall after the sharp fall in inflation, but valuations may be close to the bottom of the current cycle, which could influence the timing of sales 1.
Tenant demand has generally held up, with stable occupancy and strong rent collection, but discretionary sectors such as leisure could be affected by higher living costs 1.
Trends
- Falling interest ratestailwind
Signs that UK interest rates could fall might support property values and investor interest, if confidence returns to some sectors 1.
- Higher borrowing costsheadwind
Higher costs of borrowing could push yields up and reduce property values, particularly for companies carrying high debt 1.
- ESG and energy efficiency requirementsmixed
Stricter energy efficiency requirements could raise the value of properties with good EPC ratings, but could limit options for older buildings 1.
- Economic and geopolitical uncertaintyheadwind
Economic and geopolitical instability could weigh on property values, rental income and consumer confidence, which could reduce demand in discretionary sectors 1.
Competitive position
Palace Capital competes with other developers and managers of UK commercial property for tenants and investors, and its market position depends on the quality of its assets and how well they are managed 1. The supplied sources do not name specific competitors, so the list below is general in nature.
- Other UK commercial property managers
They compete for tenants and investors in the same segments, offices and leisure assets, although the sources do not name them.
- Institutional property investors
They compete to acquire assets, which affects the sale prices the company can achieve.
- Flexible office space operators
They compete for tenants seeking flexible workspace, a growing category in the company's portfolio.
- Residential developers
They compete in the housing market in areas where the company has residential projects, such as Hudson Quarter.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202431 Jul 2024
- Annual report 202303 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2024-03-31 (ESEF) · SEC / PALACE CAPITAL PLC · 31 Mar 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.