LAND SECURITIES (AO) | Buy | FY 25/26: Further support "c. 62p" in four years' time

研报英文原文证据摘录

LAND SECURITIES (AO) | Buy | FY 25/26: Further support "c. 62p" in four years' time

LAND SECURITIES Buy | Target Price: 710p

Company description Management

Landsec is a large, diversified UK-focused REIT that was first listed on the London Mark Allan, Chief Executive Officer

Stock Exchange in 1944 and converted into a REIT in 2007. Since Mark Allen Vanessa Simms, Chief Financial Officer

joined as CEO in April 2020, Landsec has sought to strengthen its focus on Remco Simon, Chief Strategy & Investment Officer

London offices, shopping centres and outlets, and urban mixed-use Key shareholders

developments, with a more customer-centric approach. Management believes Free float 99.40%

that a high-quality portfolio and operating platform will ensure its properties BlackRock Group 16.19%

outperform their respective property markets. Schroder IM 4.94% Legal & General IM 4.06%

Investment case Valuation methodology

We believe Landsec's FY 2025 results showed its operational We base 70% of our price target on a 10-year DCF model. We

performance continuing to strengthen, helped by its focus on believe this allows us to best capture our views of both the long-

high-quality multi-let London office clusters and leading UK term growth and risk profiles of Landsec's business. Key in his

retail destinations, and the positive actions management has respect are: 1. both operational and financial gearing, 2. the

taken since joining in 2020. operating platform and management's influence and 3. long-

We believe management's target of 4.5-7.0% NRI growth from term property sub-sector market prospects.

existing Major Retail is key to Landsec achieving 60p of We base 30% of our TP on a multiple of NAV.

underlying EPS in FY2030 or better, and that the current Risks to our rating