Unite Group: Tracking Advertised Pricing

Research evidence excerpt

Unite Group: Tracking Advertised Pricing

Update

June 19, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MUnite Group | Europe Paula Bayer

Research Associate

Tracking Advertised Pricing Paula.Bayer@morganstanley.comAna Escalante +44 20 7425-3053

Equity Analyst

Ana.Escalante@morganstanley.com +44 20 7425-3271

We publish our tracker of Unite's advertised room prices and Bart Gysens, CFA

summarise the latest UK market data. Equity Analyst

Bart.Gysens@morganstanley.com +44 20 7425-5862

Key Takeaways Unite Group (UTG.L, UTG LN)

Property | United Kingdom

Unite's room pricing for direct lets is broadly stable since December, in line with

Stock Rating Overweight

previous years' market data. Industry View Attractive

Price target 675p

UK market reservation rate for 2026/27 slightly below last year, but gap is Shr price, close (Jun 18, 2026) 533p

closing. 52-Week Range 875-442p

NAV per shr (12/26e) 951p

EPS (12/26e)** 41.9p

Room pricing on average 1% below December levels. We are tracking a sample EPRA EPS, dil (12/26e) 40.0p

EPRA LTV (12/26e) (%) 33

based on Unite's portfolio exposure in terms of city and room type. Rent prices have Net debt/EBITDA (12/26e) 8.1

not shown much fluctuation since Mid-December, when early bird booking season ** = Based on consensus methodology

was finished. This is in line with previous years' market data, showing price stability

from late November until August, at which point the last available rooms are sold at

Exhibit 1 : Unite pricing has been broadly

a discount. However, we expect end-of-cycle pricing to hold up better than in

stable since early-bird discount season ended

previous years, as providers try to preserve pricing discipline and avoid signalling to

students that late bookings may be rewarded with discounted rents.