Market SentimentThe equity market remains deeply averse to any association with Offices, despite a conscious repositioning of the portfolio away from the troubled office sector.
Price Target And ValuationDespite a slight increase in EPS estimates and a decrease in WACC, the 12-month price target implies a potential downside for the shares.
Stock ValuationBritish Land's shares trade at a 32% discount to the estimated NTA, indicating undervaluation concerns.