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Hammerson plc R.E.I.T.
(LSE:HMSO)
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Rating:68Neutral
Price Target:
420.00 p
▲(14.57% Upside)
Action:Reiterated
Date:08/04/26
The score reflects improving fundamentals but with durability risks: earnings and cash flow improved in 2025, yet revenue and cash-flow consistency remain key watch items. Technicals are supportive with a clear uptrend and positive momentum, while valuation looks attractive (low P/E and solid yield). The latest earnings call was net positive on upgraded guidance and strong leasing, tempered by flat valuations and refinancing execution risk.
Positive Factors
Leasing and occupancy momentum
Sustained improvement in leasing, occupancy and turnover-linked rents strengthens recurring cash flows and tenant mix over multiple years. Higher occupancy converts void costs to service charge recoveries and supports like‑for‑like net rental income growth, underpinning more durable operating leverage and margin resilience.
Negative Factors
Volatile revenue and cash conversion
Historic swings in operating and free cash flow indicate earnings are not yet reliably translating to cash. This inconsistency risks dividend sustainability and limits reinvestment capacity if adverse leasing or valuation pressures recur, making long‑term cash coverage of payouts and capex less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing and occupancy momentum
Sustained improvement in leasing, occupancy and turnover-linked rents strengthens recurring cash flows and tenant mix over multiple years. Higher occupancy converts void costs to service charge recoveries and supports like‑for‑like net rental income growth, underpinning more durable operating leverage and margin resilience.
Read all positive factors
Hammerson plc R.E.I.T. (HMSO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.18B
Dividend Yield4.41%
Average Volume (3M)827.00K
Price to Earnings (P/E)9.1
Beta (1Y)1.21
Revenue Growth92.40%
EPS Growth184.37%
CountryUK
Employees124
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.41
Shares Outstanding585,208,740
10 Day Avg. Volume594,517
30 Day Avg. Volume826,999
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.79
Price to Sales (P/S)7.86
P/FCF Ratio23.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£404.60Price Target Upside10.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.23
Revenue Forecast (FY)£271.02M
Hammerson plc R.E.I.T. Business Overview & Revenue Model
Company Description
Hammerson is dedicated to crafting dynamic, evolving environments within major urban centers and their surrounding areas, designed to attract both people and leading brands. Our core mission is to generate significant value for all stakeholders an...
How the Company Makes Money
Hammerson primarily makes money by owning income-producing retail real estate and collecting contractual rent from tenants that lease space in its shopping centres and outlet destinations. Rental income is typically its core revenue stream, suppor...
Hammerson plc R.E.I.T. Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial momentum: underlying leasing, occupancy gains, turnover rent growth and an upgraded FY2026 earnings guidance (GBP 132m, +27% y/y) are clear positives. Management also strengthened the balance sheet and maintained medium‑term targets (6%–8% EPS/DPS CAGR, TAR ~10%). Offsetting this are flat H1 valuations and a mildly negative capital return driven by market uncertainty (notably the Middle East), an asset‑level drag at Westquay, and an upcoming Eurobond maturity that requires refinancing. On balance, the operational and strategic positives outweigh the near‑term market and financing headwinds.Positive Updates
Guidance Upgrade and Strong Earnings Growth
Underlying first-half earnings around GBP 64m with prior full-year guidance of GBP 120m upgraded to GBP 125m, and with the Arndale acquisition adding GBP 7m the FY2026 guidance is GBP 132m (stated as up c.27% year‑on‑year). Small one-off benefits (settlement of longstanding rate rebates of just over a couple of million) also contributed to the upgrade.
Negative Updates
Flat Valuations / Mildly Negative Capital Return at Half Year
Half‑year valuations were flat, producing a mildly negative capital return. Management attributed flat valuations to near‑term market uncertainty (see Middle East impact) and noted no yield decompression during H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Guidance Upgrade and Strong Earnings Growth
Underlying first-half earnings around GBP 64m with prior full-year guidance of GBP 120m upgraded to GBP 125m, and with the Arndale acquisition adding GBP 7m the FY2026 guidance is GBP 132m (stated as up c.27% year‑on‑year). Small one-off benefits (settlement of longstanding rate rebates of just over a couple of million) also contributed to the upgrade.
Read all positive updates
Company Guidance
Hammerson upgraded FY‑2026 guidance after strong leasing and a few H1 one‑offs (rate rebate settlements of just over £2m): underlying earnings guidance was raised from a prior c.£120m to £125m, and with the c.£7m attributable contribution from the 50% Arndale acquisition the group now guides to c.£132m (up ~27% year‑on‑year); medium‑term targets remain a 6–8% CAGR for EPS and DPS and c.10% TAR over a five‑year horizon (rolling off the 2025 base), with like‑for‑like NRI growth assumed around 4–5% in 2027, H1 spreads c.9% above ERV, and balance‑sheet optionality of roughly £200m of additional capacity.Hammerson plc R.E.I.T. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.25M | 211.80M | 116.70M | 127.80M | 131.40M | 127.70M |
| Gross Profit | 177.90M | 130.50M | 67.20M | 84.00M | 87.90M | 82.90M |
| EBITDA | 346.85M | 299.60M | 27.80M | 9.70M | 17.60M | -5.90M |
| Net Income | 248.55M | 232.10M | -526.30M | -51.40M | -164.20M | -429.10M |
Balance Sheet | ||||||
| Total Assets | 4.13B | 3.93B | 3.48B | 4.33B | 4.54B | 4.91B |
| Cash, Cash Equivalents and Short-Term Investments | 496.70M | 349.90M | 737.90M | 472.30M | 218.80M | 315.10M |
| Total Debt | 1.82B | 1.64B | 1.52B | 1.67B | 1.69B | 1.87B |
| Total Liabilities | 2.03B | 1.84B | 1.66B | 1.87B | 1.95B | 2.17B |
| Stockholders Equity | 2.10B | 2.09B | 1.82B | 2.46B | 2.59B | 2.75B |
Cash Flow | ||||||
| Free Cash Flow | 36.00M | 69.70M | -150.00M | 19.60M | 33.20M | -91.40M |
| Operating Cash Flow | 93.70M | 103.30M | 4.50M | 38.30M | 69.60M | -70.30M |
| Investing Cash Flow | -464.30M | -583.20M | 475.00M | 261.30M | 154.10M | -11.40M |
| Financing Cash Flow | 284.20M | 67.80M | -211.80M | -45.00M | -322.70M | -363.70M |
Hammerson plc R.E.I.T. Technical Analysis
Positive
366.60
Price Trends
366.26
Positive
345.57
Positive
333.45
Positive
Market Momentum
3.76
Positive
50.85
Neutral
45.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HMSO, the sentiment is Positive. The current price of 366.6 is below the 20-day moving average (MA) of 374.42, above the 50-day MA of 366.26, and above the 200-day MA of 333.45, indicating a neutral trend. The MACD of 3.76 indicates Positive momentum. The RSI at 50.85 is Neutral, neither overbought nor oversold. The STOCH value of 45.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HMSO.
Hammerson plc R.E.I.T. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.42B | 9.37 | 7.73% | 5.27% | 15.13% | 29.40% | |
72 Outperform | £350.55M | 11.38 | 6.98% | 8.15% | 44.75% | 13.02% | |
71 Outperform | £2.90B | 7.07 | 9.48% | 2.81% | 9.10% | 20.49% | |
70 Outperform | £4.47B | 14.67 | 6.29% | 6.38% | 17.12% | -23.84% | |
68 Neutral | £2.18B | 9.12 | 11.84% | 4.50% | 92.40% | 184.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
56 Neutral | £5.22B | 15.33 | 5.29% | 5.94% | 7.21% | -13.23% |
* Real Estate Sector Average
GB:HMSO
Hammerson plc R.E.I.T.
374.00
98.18
35.60%
GB:BLND
British Land Company plc
425.20
103.63
32.23%
GB:SHC
Shaftesbury Capital
147.80
2.12
1.45%
GB:LAND
Land Securities Group plc REIT
686.00
155.23
29.24%
GB:LMP
LondonMetric Property
189.30
12.26
6.93%
GB:NRR
NewRiver REIT
80.10
13.83
20.87%
Hammerson plc R.E.I.T. Corporate Events
Regulatory Filings and Compliance
Hammerson Discloses Share Sale by General Counsel and Company Secretary
Neutral
Aug 4, 2026
Hammerson plc disclosed that its General Counsel and Company Secretary, Alex Dunn, has sold 54,000 ordinary shares in the company on 31 July 2026. The transaction, executed on the London Stock Exchange, realised proceeds of approximately £204...
Private Placements and FinancingRegulatory Filings and Compliance
Hammerson Expands Equity Base With Admission of New Shares
Positive
Aug 4, 2026
Hammerson plc has admitted 53,163,160 new ordinary shares to trading on the London Stock Exchange’s Main Market, following a recent equity issue. The new shares are fully fungible with existing stock, bringing the total number of ordinary sh...
Business Operations and StrategyM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Directors Subscribe to Shares in Manchester Arndale Equity Issue
Positive
Jul 30, 2026
Hammerson has announced director and senior management subscriptions for new ordinary shares tied to the equity issue funding the acquisition of a 50% interest in Manchester Arndale. Chief executive Rob Wilkinson, chief financial officer Himanshu ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Hammerson Raises £189m in Equity Placing to Back Manchester Arndale Deal
Positive
Jul 30, 2026
Hammerson has completed a £189 million non-pre-emptive equity placing, issuing 52,098,942 new shares at 355 pence each, a 3.8% discount to the prior close, following its acquisition of a 50% stake in Manchester Arndale. Together with a concur...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Hammerson to Raise £190m as It Buys Stake in Manchester Arndale
Positive
Jul 30, 2026
Hammerson plc plans to raise around £190 million, or up to 10% of its existing share capital, through a placing, UK retail offer and director subscription of new ordinary shares to help fund the £218 million acquisition of a 50% stake in...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Hammerson launches UK retail share offer to fund Manchester Arndale stake
Positive
Jul 30, 2026
Hammerson has launched a conditional retail offer of new ordinary shares in the UK via RetailBook, running alongside a non-pre-emptive placing to institutional investors and a director subscription as part of a broader equity issue. The new shares...
Business Operations and StrategyDividends
Hammerson Declares Interim 2026 Dividend and Sets Cross-Border Timetable
Positive
Jul 30, 2026
Hammerson plc has declared an interim dividend of 9.67 pence per ordinary share for the financial year ending 31 December 2026, to be paid on 15 October 2026 to shareholders on the register as of 4 September 2026. The payment will be made as a Pro...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Hammerson lifts 2026 guidance on strong half-year and Manchester Arndale deal
Positive
Jul 30, 2026
Hammerson reported a strong first half for 2026, with footfall up 3% and like-for-like sales up 2%, robust leasing activity securing £18.5m of headline rent on improved terms, and flagship occupancy rising to 96%, its best H1 level in seven y...
Business Operations and StrategyM&A Transactions
Hammerson Sells Non-Core Assets and Takes Full Control of Dublin’s Ilac Centre
Positive
Jul 8, 2026
Hammerson has sold £69m of non-core assets, including multiple holdings in central Dublin and a further non-core investment, bringing total disposals in 2026 to £75m after a final Leeds sale in January, at a substantial premium to book v...
Financial DisclosuresRegulatory Filings and Compliance
Hammerson Sets Date for 2026 Half-Year Results and Investor Webinar
Neutral
Jun 30, 2026
Hammerson plc has scheduled the release of its half year results for the six months ending 30 June 2026, with the announcement due on Thursday, 30 July 2026. The company will accompany the results with a webinar and conference call for analysts an...
Stock BuybackRegulatory Filings and Compliance
Hammerson Completes Share Buyback, Updates Voting Rights
Neutral
Jun 30, 2026
Hammerson plc has completed a small share repurchase, buying 747 ordinary shares of 5 pence each from MUFG Corporate Markets at a price of £3.668 per share. The repurchased shares will be held in Treasury, modestly adjusting the company’...
Business Operations and StrategyStock Buyback
Hammerson Launches Targeted Share Buyback for Employee Schemes
Neutral
Jun 29, 2026
Hammerson plc has launched a limited share repurchase programme, authorising the buyback of up to 747 ordinary shares of 5 pence each to satisfy obligations under its employee share option schemes. Any shares bought under this initiative may be he...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Lists €350 Million Note Issue on London Stock Exchange
Positive
Jun 8, 2026
Hammerson plc has had its €350 million 3.875% notes due 2031 admitted to trading on the London Stock Exchange’s main market, issued under its £5 billion Euro Medium Term Note Programme. The admission underscores the company’...
Regulatory Filings and Compliance
Hammerson reports senior executives’ restricted share vesting and sales
Neutral
Jun 8, 2026
Hammerson plc has disclosed a series of transactions by senior executives under its Restricted Share Scheme, in line with UK Market Abuse Regulation reporting requirements. The awards, granted below board level, underline the company’s conti...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Publishes Final Terms for €350 Million Note Issuance
Positive
Jun 5, 2026
Hammerson plc has issued EUR 350 million of 3.875% notes due 2031 under its £5 billion Euro Medium Term Note Programme, with final terms dated 4 June 2026 now available to investors. The documentation, which complements the April 2026 base pr...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Hammerson Secures €350m Bond, Extends Credit Lines and Holds FY26 Guidance
Positive
Jun 2, 2026
Hammerson has priced a new €350m five-year bond at 110 basis points over euro mid-swaps with an annual coupon of 3.875%, marking a key step in refinancing its €700m sustainability-linked notes due in June 2027. The strong investor dema...
DividendsShareholder Meetings
Hammerson Reports Take-Up of Dividend Reinvestment Plan Without Issuing New Shares
Neutral
May 26, 2026
Hammerson plc has reported the outcome of its Dividend Reinvestment Plan for the final dividend relating to the year ended 31 December 2025, following shareholder approval of the cash dividend at the 2026 AGM. Eligible investors were offered the c...
DividendsRegulatory Filings and Compliance
Hammerson Discloses Director Share Purchase via Dividend Reinvestment Plan
Positive
May 22, 2026
Hammerson has reported that non-executive director Adam Metz acquired 2,563 ordinary shares in the company on 18 May 2026 through its dividend reinvestment plan at a price of £3.31 per share. The director dealing, disclosed under UK Market Ab...
DividendsRegulatory Filings and Compliance
Hammerson Directors Add Shares via Dividend Reinvestment Plan
Positive
May 19, 2026
Hammerson plc reported that several persons discharging managerial responsibilities, including Chief Financial Officer and Executive Director Himanshu Raja and Non-Executive Director Habib Annous, purchased ordinary shares through the company̵...
DividendsRegulatory Filings and Compliance
Hammerson Executives Reinvest Dividends to Boost Shareholdings
Neutral
May 15, 2026
Hammerson plc has disclosed a series of share dealings by senior executives, including the chief executive, chief financial officer, and other key managers, who acquired ordinary shares via the company’s dividend reinvestment plan. The trans...
Regulatory Filings and Compliance
Hammerson Discloses Executive Share Purchase via Dividend Reinvestment Plan
Neutral
May 14, 2026
Hammerson has disclosed a share transaction by Chief Development and Asset Repositioning Officer Harry Badham, who purchased ordinary shares through the company’s dividend reinvestment plan. The trade, executed on the London Stock Exchange, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.