Landsec "Cash flow focus well received" (Buy) Gauge

研报英文原文证据摘录

Landsec "Cash flow focus well received" (Buy) Gauge

Global Research

20 May 2026ab

Landsec Equities

United KingdomCash flow focus well received

Real Estate

12-month rating Buy

Retail growth well set to weather any fall-out from Iran conflict

Landsec struck a pragmatic tone, highlighting a clear path to capturing rental reversion 12m price target 705p

(c.17% in the portfolio today), with like-for-like growth of c.3–5% assumed, skewed

towards retail. Offices are expected to deliver solid growth (3–4%), while retail remains

Price (20 May 2026) 612p

the stronger component (4.5–7%), reflecting continued focus on prime assets, larger-

format stores and closer alignment with occupiers via turnover-linked leases. These now RIC: LAND.L BBG: LAND LN

represent c.17% of income and feature in ~70% of leases, increasing alignment with

Trading data and key metrics

sector performance. Management was constructive on resilience despite Iran-related

52-wk range 675p-529

macro headwinds, noting that weaker sales would likely accelerate the closure of

smaller stores, further concentrating demand into dominant assets such as their top-30 Market cap. £4.55b/US$6.11b

UK shopping centres. Shares o/s 743m (ORD)

Free float 95%

Yield arbitrage will drive selective capital rotation Avg. daily volume ('000) 3,390

From a capital allocation perspective, balance sheet discipline remains central, with Avg. daily value (m) £20.2

management prioritising disposals before acquisitions. Retail investment opportunities Common s/h equity (03/26E) £6.50b

are being assessed selectively with strict criteria around catchment dominance, income P/BV (03/26E) 0.7x

quality and operational upside, although execution remains constrained by pricing EPS (UBS, diluted) (GBX)

expectations and capex requirements.