HY26 Preview (12 Aug): buying High-yielding JV interests

研报英文原文证据摘录

HY26 Preview (12 Aug): buying High-yielding JV interests

UK | REITs

Hammerson EquityJulyResearch15, 2026

TARGET CHANGEHY26 Preview (12 Aug): buying High-yielding

RATING HOLDJV interests

PRICE 374.00p^

HMSO has re-orientated its strategy in order to drive earnings and

occupancy by buying into high-yield JV interests. Financial ratios look PRICE TARGET | % TO PT 360.00p (334.00p) | -4%

sturdy, with investment-grade credit and low development risk. Our DCF- 52W HIGH-LOW 377p - 263p

derived price target increases to 360p (from 334p), with the shares at a 5% FLOAT (%) | ADV MM (USD) 98.1% | 4.61

discount to NAV, with a forward DY of c.5%, and we maintain our Hold rating. MARKET CAP £2.0B | $2.7B

TICKER HMSO LN

^Prior trading day's closing price unless otherwise

How H126 has gone so far for HMSO: In the period, HMSO agreed £69m of non-core asset noted.

disposals, including several central Dublin holdings. Combined with the final Leeds disposal

completed in January 2026, total non-core divestments this year have reached £75m, achieved

at a significant premium to book value. HMSO retains other strategic holdings in Dublin, FY (Dec) CHANGE TO JEFe JEF vs CONS

preserving, it says, future development, partnership and value-enhancement opportunities. 2026 2027 2026 2027

EPS NA NA NM +1%

Strategic pivot to consolidating JVs in full flow: Disposal proceeds are being recycled in DPS NA NM +1% +1%

line with the group’s capital allocation strategy, supporting further b/sheet strengthening &

investment into existing assets & new opportunities offering attractive yields. This follows 2026 (p) 1Half 2Half FY

HMSO's recent acquisition of the remaining 50% stake in the Ilac Centre, giving it full ownership DPS -- -- 18.20

of the landmark Dublin city-centre destination. PREV