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.
|01Dec16 01:45||RNS||Total Voting Rights|
|15Nov16 07:30||RNS||Appointment of new Non-Executive Director|
|15Nov16 07:00||RNS||Half-year Report 2016|
|07Nov16 10:39||RNS||Change in Director's details notification|
|01Nov16 02:30||RNS||Total Voting Rights|
|10Oct16 03:00||RNS||Director/PDMR Shareholding|
|05Oct16 01:28||RNS||Confirmation of half-yearly results date|
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.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.