Shaftesbury Capital PLC (SHCS.L): Irreplaceable portfolio, delivering growth, trading at significant discount

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Shaftesbury Capital PLC (SHCS.L): Irreplaceable portfolio, delivering growth, trading at significant discount

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29 Jul 2026 02:59:29 ET │ 9 pages

Shaftesbury Capital PLC (SHCS.L)

Irreplaceable portfolio, delivering growth, trading at significant discount

CITI'S TAKE

Buy Shaftesbury Capital reported H1 results, supporting our Buy rating, with

EPS up 8%, dividend up 16% and NAV up 3.9% despite the challenging Price (28 Jul 26 16:30) £1.46

geopolitical environment. Target price £2.00

Expected share price return 37.0%

Earnings up 8% and dividend up 16% — Shaftesbury Capital reported H1 Expected dividend yield 2.9%

underlying earnings for share up 8% to 2.4p per share and interim dividend up 16% Expected total return 39.9%

to 2.2p per share. 226 leasing transactions were completed 5% ahead of December Market Cap £2,862M2025 ERV and 18% ahead of previous passing rents. The market rent for the portfolio

is 28% higher than the current passing rent, pointing to further earnings growth. US$3,803M

NAV up 3.9% — Despite the uncertainty from conflict in the Middle East, the

property portfolio increased 3.4%, with NAV of 223p per share at H1 exceeding our

Aaron GuyAC222p FY estimate already. Retail property increased +5.4%, food and beverage +4%

and office +0.6%, with residential -0.2%. Covent Garden values increased +3.7%, +44-207-986-1739

Carnaby/Soho +2.6+% and Chinatown +4.1%. Loan to value ratio is 16% in aaron.guy@citi.com

anticipation of growth. Since 2010 they have delivered +6.8% annualised rental Aakanksha Anand

value growth. Approximately 1% of the portfolio value is invested annually in +44-20-7508-1045

refurbishment, asset management and repositioning including improving energy aakanksha.anand@citi.com

performance.

Temitayo Olayinka