First Read: Landsec "Blue sky of earnings growth emerging" (Buy) Gauge

研报英文原文证据摘录

First Read: Landsec "Blue sky of earnings growth emerging" (Buy) Gauge

aintain disposals momentum in FY27. Major retail acquisitions remain 03/27E 51.53 51.53

the priority from disposal receipts, with c.£800m earmarked to be deployed into the 03/28E 56.05 55.28

sector over the coming years. Buybacks were not referenced as a capital allocation lever

Zachary Gaugein the financial statement. Residential received limited attention and, in our view, is less

Analyst

likely to progress in the near term given the backdrop of elevated rates, build costs and

zachary.gauge@ubs.com

increasing political uncertainty around rental market intervention. +44-20-7901 5534

Charles Boissier, CFAGuidance for FY27 affirmed - and HSD expected for FY28

Guidance was reaffirmed, with FY27 EPS expected to be broadly flat as it absorbs the charles.boissier@ubs.com

£15m QAM finance lease impact. Importantly, improved visibility on leasing supports +44-20-7568 4415

guidance for high single-digit EPS growth in FY28 (vs ~8% consensus), with the

Nadir Rahman

potential for ~62p by FY30 unchanged (~5% CAGR). We see a clearer and relatively Analyst

low-risk path to this target. Growth is primarily organic, with ~80% driven by the nadir.rahman@ubs.com

existing portfolio (reversion, leasing and cost efficiencies). The main execution risk +44-20-7567 1750

remains recycling capital from offices into higher-return retail, with an achievable ~

£300m factored into the FY28 guidance. With development exposure falling to ~2% of

portfolio value post Thirty High completion we believe the earnings profile is materially

more secure. At 10.7x forward earnings, we think LAND offers an increasingly attractive

mix of income and growth.

Valuation: LAND trades at a 35% discount to FY26 NTA