Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LAND SECURITIES GROUP PLC. We currently have 8 research reports from 3 professional analysts.
|27Feb17 08:00||RNS||Land Securities sells The Printworks, Manchester|
|08Feb17 09:47||RNS||Confirmation of third interim dividend|
|02Feb17 08:00||RNS||Final results of tender offers|
|01Feb17 15:30||RNS||Total Voting Rights|
|24Jan17 11:14||RNS||Announcement of tender offers to purchase notes|
|23Jan17 08:00||RNS||Disposal of The Cornerhouse, Nottingham|
|11Jan17 15:45||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
LAND SECURITIES GROUP PLC
LAND SECURITIES GROUP PLC
18 May 16
"London equities are expected to give back part of yesterday's gains, with the FTSE-100 seen opening some 15 points down. US interest rates returned to focus overnight as three influential Federal Reserve officials, following numerous encouraging economic releases together with the recent surge in oil prices, suggested the central bank could raise short-term interest rates at its meeting next month, a view that contrasts with the broader opinion of market forecasters who consider such a move more likely during Q4. While all principal US indices fell back, Asia was again mixed. The Nikkei rose on data showing Japan's economy had rebounded sharply in the first quarter, but Shenzhen and Hong Kong shares declined after a top Chinese official made no mention of an anticipated trading link between the two cities. This morning's Unemployment figures and the Queen's speech are awaited in the UK, while investors are braced for the US weekly petroleum status report and the Federal Reserve FOMC release minutes this afternoon. Results are due from SABMiller, SSE and Burberry." - Barry Gibb, Research Analyst
Positive figures but Brexit still ahead
17 May 16
Land Securities published its FY16 (end March) results. Profit stood at £362m, up 10% yoy, or an adjusted EPS of 45.7p and the dividend was increased by 9.9% to 35p. Basic NAV gained 10.3% yoy to 1482p. Occupier conditions remained strong, with footfall up 3.4% vs a decrease of 1.3% at the national level, and same store sales gained 1.5%, also ahead of the benchmark.
Positive interim figures but expecting less from London
21 Jan 16
Interim results (March close). Footfall achieved record highs of 1.7% beating the benchmark -2.3%. Occupier conditions remained strong with a sales increase of 2.1% yoy vs. 1.5% for the benchmark and vacancy rates continued to be at their lows over the period. The financial situation maintains momentum: a low LTV at 24% was published (the best in our coverage) and net debt at £3.5bn and a cost of debt at 5%. A third interim dividend of 8.15p to be paid in April has also been announced.
Panmure Research - Land Securities Flash 21-01-16
21 Jan 16
The ‘through the cycle' positioning of the UKs largest REIT, both in terms of operational and financial gearing, means that the group is well prepared for any downturn. The current share price is effectively building in a fall in capital values of 10%-15% which today's trading update totally defies. Lettings providing £13.7m on annual income, disposals of £450.5m of assets 1.8% ahead of September values and footfall 400bp above benchmark (4Q15) do not point to a distressed market. With the loan to value ratio below 25% (24.3%) the group will be resilient to a major rout. We are reducing our target price to 1475p from 1598p which reflects a level in line with our 12 month forward NAV and retain our BUY recommendation.
Panmure Morning Note 10-11-15
10 Nov 15
The group strategies to deliver new office space into a strong London office market and refocus the retail portfolio on dominant, experiential retail space are delivering robust returns for investors with 1H16A returning NAV/s growth of 5.7%, on track to meet our forecasts for FY16E. The revenue and profits figures, +8.4%, are ahead of our forecasts. Importantly the group is moving into a de-risking phase as the cycle matures so that operational and financial leverage are well placed at lower levels. Encouragingly, the income is coming through so that as capital returns moderate, income returns and dividends should advance. We maintain our Buy recommendation and 1598p target price.
Panmure Morning Note 28-09-15
28 Sep 15
Land Securities updated analysts on the retail strategy for the group at the capital markets day at Bluewater on Friday. The themes and conclusions are consistent with our views published in our recent note ‘Lets get physical' where we stressed the importance of strong retail destinations and concluded that rents are set to grow strongly in those destinations. Supporting that expectation, the management reported that refurbished and extended flagship shops at Bluewater were benefiting from a sharp rise in ERV from c£40 psf to c£55 psf. We continue to be positive about the prospects for the group's portfolio and retain our BUY recommendation – which is predicated on a sum of the parts valuation for the London and retail portfolios, and TP of 1598p.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume