Unite Group plc: Adaptation, not deterioration

Research evidence excerpt

Unite Group plc: Adaptation, not deterioration

Global Research

22 June 2026ab

Unite Group plc Equities

United KingdomAdaptation, not deterioration

Real Estate

12-month rating Buy

Marginal softness rather than material deterioration in the Index Score

The latest Unite Students Applicant Index reinforces our core investment view that UK 12m price target 585p

student demand is not undergoing structural decline. The central message of the report

is one of adaptation rather than retreat, with students continuing to see higher

Price (22 Jun 2026) 509p

education as a worthwhile investment despite a more challenging backdrop. Two-thirds

(65%) of applicants agree that the cost of higher education represents a worthwhile RIC: UTG.L BBG: UTG LN

investment, while only 10% disagree. Similarly, despite the soft jobs market and

Trading data and key metrics

widespread discussion around AI-related disruption, 63% of applicants remain

52-wk range 858p-449

confident about getting the job they want after graduation, versus just 17% who

disagree. More importantly, the report explicitly concludes that there is no evidence of a Market cap. £2.69b/US$3.57b

shift away from the residential university experience, with overall demand for higher Shares o/s 529m (ORD)

education remaining intact despite softer scores across finance, wellbeing, learning and Free float 99%

employment. In our view, this remains inconsistent with a valuation that continues to Avg. daily volume ('000) 3,158

imply a lasting deterioration in UK student accommodation demand. Avg. daily value (m) £15.3

Common s/h equity (12/26E) £4.69b

No discernable increase in intention to live at home P/BV (12/26E) 0.6x

Perhaps the most important read-across for PBSA is what the survey does not show. EPS (UBS, diluted) (GBX)