LondonMetric Property PLC: FY26: Scaling for Efficiencies

研报英文原文证据摘录

LondonMetric Property PLC: FY26: Scaling for Efficiencies

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy LondonMetric 21 May 2026

Results

Europe Property PLC

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 20 May 2026 (GBP) 187.20

LMPL.L LMP LN LSE LMPL

Price Target (GBP) 230.00

Real Estate

215.00 -

Real Estate 52-week range (GBP) 177.50

FY26: Scaling for Efficiencies

Valuation & Risks

Max Nimmo, CFA

Research Analyst

+44-20-754-54614

LondonMetric's FY26 results were broadly in line with our expectations with EPS

and DPS up 3% and 4% respectively while NTA was a little softer than expected Ashnaa Vyas

Research Associate

primarily due to one-off deal fees, knocking c.1ppt off the TAR to 7%. Overall the

+44-20-7545-0244

business continues it compounding income growth story, scaling the business

to drive more efficiency both operationally and financially (i.e., diversified, lower Jonathan Coubrough

debt costs) via the direct and indirect market. We believe as long as the business Research Analyst

can continue to find liquidity in lower lot sizes and recycle out of non-core assets +44-20-754-54671

around book value (as it has done), avoiding the pitfalls of voids/capex then this

Price/price relative

model can continue.

While there may be fewer M&A targets going forward, we believe there are still 250

plenty of opportunities within the Sale & Leaseback and development funding 200

market, as well as the (eventual) DB pension fund sell down. In the meantime, in 150

a higher rate environment the market continues to reward those with a higher 2024 2025 2026

starting earnings yield with some organic growth and hence LMP trades around LondonMetric Propert – (Rebased)

NTA with a 7% EPS/DPS yield with 3% quarterly div increase to come.