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Hammerson plc R.E.I.T.
(LSE:HMSO)
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Rating:69Neutral
Price Target:
407.00 p
▲(18.31% Upside)
Action:Reiterated
Date:03/03/26
The score is driven primarily by an improving but still volatile financial profile (turnaround progress tempered by revenue and cash-flow inconsistency). Technicals add support via a clear uptrend, while valuation is a key positive with a low P/E and decent yield. Earnings-call guidance was constructive, though partly reliant on transactions and tempered by dilution and macro risks.
Positive Factors
Net rental income growth
A 23% NRI increase reflects stronger recurring rental cash flows from leasing and rent uplifts. Durable rental growth underpins core FFO generation, supports dividend policy and funds reinvestment in repositioning, strengthening long-term income resilience across the portfolio.
Negative Factors
Cash-flow inconsistency
Intermittent free cash flow history means reported profits have not reliably converted to cash across cycles. This undermines the durability of dividend payouts and self-funded capex, leaving the company more reliant on transactions or external funding during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Net rental income growth
A 23% NRI increase reflects stronger recurring rental cash flows from leasing and rent uplifts. Durable rental growth underpins core FFO generation, supports dividend policy and funds reinvestment in repositioning, strengthening long-term income resilience across the portfolio.
Read all positive factors
Hammerson plc R.E.I.T. (HMSO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.97B
Dividend Yield4.33%
Average Volume (3M)827.00K
Price to Earnings (P/E)9.8
Beta (1Y)1.21
Revenue Growth73.32%
EPS GrowthN/A
CountryUK
Employees125
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.38
Shares Outstanding532,045,530
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
£389.00Price Target Upside13.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.23
Revenue Forecast (FY)£273.95M
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:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial reset: strong NRI growth (+23%), improved profitability (EPRA +5%, IFRS +ve), portfolio revaluation (+33%), high occupancy and footfall gains, accretive JV buyouts and solid liquidity. Management provided confident guidance for 2026 (NRI +20%, EPRA earnings +15%) and a clear plan to drive further value via leasing, repositioning and selective accretive acquisitions. Key negatives were that part of the earnings uplift was transaction-driven (acquisitions and disposals), EPS dilution from the equity issuance, remaining cost and finance headwinds, and macro risks in the UK/France that could blunt momentum. On balance, the highlights substantially outweigh the lowlights.Positive Updates
Strong Net Rental Income Growth
Net rental income increased 23% year-on-year to GBP 180m, driven by JV acquisitions and like-for-like rental growth of 3% (in line with guidance).
Negative Updates
Earnings Growth Partly Driven by Transactions
Adjusted earnings excluding Value Retail disposal and acquisitions would have been weaker (commentators highlighted that rebased like-for-like earnings were lower), indicating recent growth is materially supported by disposals and JV buyouts rather than only organic performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Net Rental Income Growth
Net rental income increased 23% year-on-year to GBP 180m, driven by JV acquisitions and like-for-like rental growth of 3% (in line with guidance).
Read all positive updates
Company Guidance
Management guidance for FY2026 and beyond included net rental income growth of c.20% (driven by a full‑year impact of JV acquisitions and like‑for‑like rental growth of 4–5%), EPRA earnings growth of ~15% to around £120m with EPS growth of ~10% (diluted by last year’s equity issuance), and net finance costs of c.£60m; they expect flagship gross‑to‑net ~80%, administration costs broadly flat, and the EPRA cost ratio to fall by 3–4 percentage points in both 2026 and 2027 (below 30% in 2027). Capital guidance is c.£30m for major repositionings plus c.£34m of leasing CapEx (to be funded from FFO after dividends from 2027), dividend payout maintained at 80–85%, and balance‑sheet metrics include c.£1bn liquidity, LTV ~39% and net debt/EBITDA (annualised) ~8.1x, with management retaining a clear line of sight to further earnings growth into 2027 (and a medium‑term EPS CAGR target of c.8–10% off the 2024 rebased base).Hammerson plc R.E.I.T. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
54
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 211.80M | 116.70M | 127.80M | 131.40M | 127.70M |
| Gross Profit | 130.50M | 67.20M | 84.00M | 87.90M | 82.90M |
| EBITDA | 299.60M | 27.80M | 9.70M | 17.60M | -5.90M |
| Net Income | 232.10M | -526.30M | -51.40M | -164.20M | -429.10M |
Balance Sheet | |||||
| Total Assets | 3.93B | 3.48B | 4.33B | 4.54B | 4.91B |
| Cash, Cash Equivalents and Short-Term Investments | 349.90M | 737.90M | 472.30M | 218.80M | 315.10M |
| Total Debt | 1.64B | 1.52B | 1.67B | 1.69B | 1.87B |
| Total Liabilities | 1.84B | 1.66B | 1.87B | 1.95B | 2.17B |
| Stockholders Equity | 2.09B | 1.82B | 2.46B | 2.59B | 2.75B |
Cash Flow | |||||
| Free Cash Flow | 69.70M | -150.00M | 19.60M | 33.20M | -91.40M |
| Operating Cash Flow | 103.30M | 4.50M | 38.30M | 69.60M | -70.30M |
| Investing Cash Flow | -583.20M | 475.00M | 261.30M | 154.10M | -11.40M |
| Financing Cash Flow | 67.80M | -211.80M | -45.00M | -322.70M | -363.70M |
Hammerson plc R.E.I.T. Technical Analysis
Positive
344.00
Price Trends
343.48
Positive
334.56
Positive
322.32
Positive
Market Momentum
8.26
Positive
62.48
Neutral
57.06
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 344 is below the 20-day moving average (MA) of 362.21, above the 50-day MA of 343.48, and above the 200-day MA of 322.32, indicating a bullish trend. The MACD of 8.26 indicates Positive momentum. The RSI at 62.48 is Neutral, neither overbought nor oversold. The STOCH value of 57.06 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £4.34B | 9.21 | 7.73% | 5.85% | 15.13% | 29.40% | |
72 Outperform | £342.82M | 11.23 | 6.98% | 9.66% | 44.75% | 13.02% | |
70 Outperform | £4.42B | 14.49 | 6.29% | 6.67% | 17.12% | -23.84% | |
69 Neutral | £2.75B | 7.66 | 8.78% | 2.58% | 5.42% | 35.88% | |
69 Neutral | £1.97B | 9.77 | 11.77% | 4.33% | 73.32% | ― | |
68 Neutral | £4.95B | 14.50 | 5.29% | 6.34% | 7.21% | -13.23% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
GB:HMSO
Hammerson plc R.E.I.T.
372.00
96.56
35.06%
GB:BLND
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140.30
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GB:LAND
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22.64%
GB:LMP
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GB:NRR
NewRiver REIT
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18.48%
Hammerson plc R.E.I.T. Corporate Events
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, ...
Regulatory Filings and Compliance
Hammerson Updates Total Voting Rights and Share Capital
Neutral
Apr 30, 2026
Hammerson has reported that as of 30 April 2026 its issued share capital comprises 532,054,593 ordinary shares of 5 pence each, with 8,285 of those shares held in treasury. The resulting total of 532,046,308 voting rights will serve as the referen...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Hammerson Clears All AGM Resolutions Amid Investor Pushback on Capital Authorities
Neutral
Apr 30, 2026
Hammerson shareholders approved all resolutions at the 2026 AGM, including the 2025 financial statements, the directors’ remuneration report and policy, amendments to the restricted share scheme, a final dividend, all director elections and ...
Business Operations and StrategyExecutive/Board Changes
Hammerson CFO Himanshu Raja to Retire as Board Launches Successor Search
Positive
Apr 30, 2026
Hammerson plc has announced that Chief Financial Officer Himanshu Raja will retire, stepping down from the board and his CFO role on 12 August 2026 after the publication of the company’s half-year results. Deputy CFO Richard Shaw will become...
Executive/Board Changes
Hammerson CFO Himanshu Raja to Retire as Board Launches Succession Search
Neutral
Apr 30, 2026
Hammerson has announced that Chief Financial Officer Himanshu Raja will retire, stepping down from the board and his CFO role on 12 August 2026 after the release of the company’s half-year 2026 results. Deputy CFO Richard Shaw will become in...
Executive/Board ChangesRegulatory Filings and Compliance
Hammerson CFO Exercises Share Options and Increases Equity Stake
Positive
Apr 28, 2026
Hammerson disclosed that its Chief Financial Officer and Executive Director, Himanshu Raja, has exercised nil-cost options over 123,878 ordinary shares granted in 2021 under the company’s Restricted Share Scheme, which became exercisable on ...
Private Placements and FinancingRegulatory Filings and Compliance
Hammerson Updates and Publishes FCA-Approved EMTN Base Prospectus
Positive
Apr 24, 2026
Hammerson plc has updated the base prospectus for its £5,000,000,000 Euro Medium Term Note Programme, making a series of legal and regulatory changes and amendments. The revised prospectus, for which Hammerson acts as an issuer, has received ...
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.