Market cap
$1.9b
End-of-day close multiplied by current shares on issue.
PCT · NZX
Precinct Properties (PCT)
Property / Property investmentCovered: HY23 - HY267 published briefings
Precinct Properties is an NZX-listed property / property investment company with HY23 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 26 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $135.4m | ↑ +0.7% |
| Operating profit | $73.7m | ↓ -3.8% |
| NPAT | $2.9m | ↓ -68.5% |
| Operating cash flow | $47.9m | ↓ -15.4% |
| OCF / Operating profit % | 65.0% | ↓ -8.9pp |
| Net debt | $1.5b | ↓ -0.6% |
| Net debt / Operating profit | 20.39x | ↑ +3.3% |
| ROE % | 0.1% | ↓ -0.3pp |
| DPS | 1.7c | — Flat |
| PBT | $1.8m | ↑ +181.8% |
Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 20 February 2025.
Valuation
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
Prices as at close, 31 July 2026
Price and market cap
The latest close and share count context for the market price.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
413.96x
Recent market cap compared with trailing earnings.
EPS
0.00
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not available for this company right now.
P/B
0.88x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
6.4%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Share price
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
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P/E over time
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY25, HY26.
P/E is not meaningful for this company's earnings history because trailing NPAT is not positive or is too small relative to market value in most chart periods.
Chat
Ask about PCT
Ask follow-up questions about Precinct Properties's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about PCT
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
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| Metric | HY266 MONTHS26 February 2026 | FY2512 MONTHS27 August 2025 | HY256 MONTHS20 February 2025 | FY2412 MONTHS28 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS23 August 2023 | HY236 MONTHS23 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $135.4m | $266.1m | $134.4m | $248m | $121m | $218.9m | $110.2m | Chart |
| Revenue growth % | 0.7% | 7.3% | 0.0%Outside range low revenue growth. 0%; 3-period range 0.7% to 13.7%. Revenue growth: 0.0%, below normal range; 3-period mean 8.1%, range 0.7%-13.7%. | 13.3% | 9.8% | 9.3% | 13.7%Outside range high revenue growth. 13.7%; 3-period range 0% to 9.8%. Revenue growth: 13.7%, above normal range; 3-period mean 3.5%, range 0.0%-9.8%. | Chart
|
| Operating profit | $73.7m | — | $76.6m | $150.5m | $73.8m | — | $51.3m | Chart |
| Operating profit margin % | 54.4% | — | 57.0% | 60.7% | 61.0% | — | 46.6% | Chart |
| PBT | $1.8m | $5.3m | -$2.2m | -$23.3m | $17.7m | -$164.7m | $2.7m | Chart |
| PBT growth % | — | — | — | — | 555.6% | — | -94.6% | Chart |
| NPAT | $2.9m | $11m | $9.2m | -$22.1m | $15.3m | -$153.1m | -$1.8m | Chart |
| NPAT growth % | -68.5% | — | 0.0% | — | — | — | — | Chart |
| Operating cash flow | $47.9m | $86.8m | $56.6m | $79.6m | $39.8m | $118.1m | $64.2m | Chart |
| OCF / Operating profit % | 65.0% | — | 73.9% | 52.9% | 53.9% | — | 125.1% | Chart |
| FCF pre-lease | — | -$54.6m | -$27.7m | -$97.6m | -$57.8m | — | -$88.5m | Chart |
| DPS | 1.7c | 1.7c | 1.7c | 1.7c | 0.0c | 1.7c | 1.7c | Chart |
| Payout ratio vs NPAT % | — | 244.6% | 290.9% | — | 1.4% | — | — | Chart |
| Annual payout ratio vs EPS % | — | 244.6% | — | — | — | — | — | — |
| ROE % | 0.1% | 0.6% | 0.5% | -1.1% | 0.7%Outside range high roe. 0.7%; 3-period range -0.1% to 0.5%. ROE: 0.7%, above normal range; 3-period mean 0.2%, range -0.1%-0.5%. | -7.0% | -0.1%Outside range low roe. -0.1%; 3-period range 0.1% to 0.7%. ROE: -0.1%, below normal range; 3-period mean 0.4%, range 0.1%-0.7%. | Chart
|
| Net debt | $1.5b | $1.6b | $1.5b | $1.3b | $1.2b | — | $1.2b | Chart |
| Net debt / Operating profit | 20.39x | — | 19.73x | 8.72x | 16.03x | — | 23.81x | Chart |
| Debtor days | 13 | 13 | 1 | 11 | 12 | — | — | Chart |
| Inventory days | 116 | — | — | — | — | — | — | — |
| Total assets | $3.9b | $3.7b | $3.7b | $3.5b | $3.5b | $3.6b | $3.8b | Chart |
Reference: annolyse.ai/companies/pct
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Filing-only history charts
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Revenue
Reported revenue across covered periods.
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Revenue growth
Like-period revenue growth where comparable.
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- HY23 PCT HY: Outside range high revenue growth. 13.7%; 3-period range 0% to 9.8%. Revenue growth: 13.7%, above normal range; 3-period mean 3.5%, range 0.0%-9.8%.
- HY25 PCT HY: Outside range low revenue growth. 0%; 3-period range 0.7% to 13.7%. Revenue growth: 0.0%, below normal range; 3-period mean 8.1%, range 0.7%-13.7%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
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EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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Full chartable metric set
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
OCF / EBITDA
Cash conversion against earnings.
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FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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- HY23 PCT HY: Outside range low roe. -0.1%; 3-period range 0.1% to 0.7%. ROE: -0.1%, below normal range; 3-period mean 0.4%, range 0.1%-0.7%.
- HY24 PCT HY: Outside range high roe. 0.7%; 3-period range -0.1% to 0.5%. ROE: 0.7%, above normal range; 3-period mean 0.2%, range -0.1%-0.5%.
Net debt
Borrowings less cash; negative values indicate net cash.
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Net debt / EBITDA
Leverage ratio, suppressed where earnings are not meaningful.
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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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The setup & the reality
FY25 → HY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY25 said to watch
Previous analysisFY25Result releasedAnnolyse analysis published
From Gross borrowings up 20.7% and NTA down 6.2% as operating profit edges 1.2%
No forward targets were supplied. Phasing tells a story, however: H1 NPAT was $9.2m, which implies H2 NPAT of only $1.8m on a roughly even revenue split ($134.4m H1 versus $131.7m implied H2). That second-half compression is consistent with continued valuation softening through the period, and it sets a low NTA base into FY26 unless cap rates stabilise.
Commentary points to a student-accommodation commitment, a Commercial Bay capital partnership, and continued development pipeline activity. Those plans imply further capex draw at a time when gearing has already stepped up, which is the gap that matters for investors.
Open questions
Open questions from FY25
- What cap-rate and valuation assumptions are embedded in the FY25 carrying values, and what would another 25 bps of softening do to NTA and gearing covenants?
- Why was H2 NPAT only $1.8m versus H1 at $9.2m, and how much of that gap is valuation movement versus operating items?
- What is the deleveraging plan given borrowings rose 20.7% while committed development and living-strategy capex remains material?
- How is the 1.688cps distribution being funded over the medium term if NPAT remains a fraction of the payout?
- What is the capital structure and equity contribution sought from the proposed Commercial Bay capital partnership?
This briefing cannot assess occupancy, weighted average lease term, rent reversions, debt covenant headroom, or independent valuer cap-rate assumptions because those datapoints were not supplied in the structured extraction.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 26 February 2026
Precinct Investment Partnership acquisition puts Precinct Properties' debt headroom in focus
The NZ$900m acquisition price from the Precinct Investment Partnership acquisition is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Read briefing
FY25 · Released 27 August 2025
Gross borrowings up 20.7% and NTA down 6.2% as operating profit edges 1.2%
The statutory swing from a $22.1m FY24 loss to $11.0m profit reflects easing valuation drag rather than core earnings growth.
Read briefing
HY25 · Released 20 February 2025
NTA fell to $1.25 from $1.35 even as FFO rose 7.4%
Recurring property earnings improved but valuation softness pulled NTA lower while gross borrowings rose 3.5% to $1,537.2m.
Read briefing
FY24 · Released 28 August 2024
Operating cash fell 32.6% even as revenue grew 13.3%
The narrowing statutory loss reflects property valuation stabilisation; FCF pre-lease stayed at -$97.6m and gross borrowings rose 7.1%.
Read briefing
HY24 · Released 22 February 2024
NPAT swung to $15.3m but AFFO per share slipped to 3.26cps
Operating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.
Read briefing
FY23 · Released 23 August 2023
Revaluation losses drove a $153m NPAT loss while cash earnings rose 34%
Statutory NPAT swung to -$153.1m on property revaluations even as revenue rose 9.3% and operating cash flow climbed to $118.1m.
Read briefing
HY23 · Released 23 February 2023
NPI grew 9% but NPAT swung to a $1.8m loss as revaluation gains faded
Operating cash earnings strengthened, but development capex jumped 81% and pre-lease FCF widened to -$88.5m, outside the historical range.
Read briefing
Get notified when PCT publishes
Get the next Precinct Properties result briefing and five-year history updates by email.