LondonMetric: Solid Results, Full Valuation

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LondonMetric: Solid Results, Full Valuation

Update

May 21, 2026 06:48 AM GMT

Morgan Stanley & Co. International plc+MLondonMetric | Europe Ana Escalante

Equity Analyst

Solid Results, Full Valuation Ana.Escalante@morganstanley.comBart Gysens, CFA +44 20 7425-3271

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

Reaction to earnings Paula Bayer

Research Associate

Unchanged In-line Largely unchanged Paula.Bayer@morganstanley.com +44 20 7425-3053

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

LondonMetric (LMPL.L, LMP LN)

Source: Company data, Morgan Stanley Research

Property | United Kingdom

LondonMetric reported full year results to March. We are StockIndustryRatingView UnderweightAttractive

Underweight. Price target 205p

Shr price, close (May 20, 2026) 187p

52-Week Range 216-175p

Key Takeaways MktNAV/shrcap, curr(03/26e)(mn) £3,826204p

EPRA EPS, dil (03/26e) 13.6p

EPS increased 2% year on year, in line with consensus. EPS (03/26e)** 13.7p

Net debt/EBITDA (03/26e) 5.9

Solid operational numbers, which were already pre-released last month.

** = Based on consensus methodology

Key numbers. NAV (EPRA NTA) came out at 201p, 3% below Visible Alpha

consensus (Visible Alpha consensus: 207p, MSe: 204p), up 1% in the year to March

and up 1% in 2H (there was negative impact from M&A costs in 1H). This puts the

shares on a 7% discount, while LondonMetric delivered just under 7% total

accounting returns. EPRA EPS came out at 13.5p, in line with consensus, and up 2%

year on year. It confirmed the annual DPS at 12.45p, up 4% year on year.

Portfolio valuation up 1% like for like. Logistics (53% of portfolio value) valuation

increased 2% like for like, driven by rental growth, with urban logistics market rental