Shaftesbury Capital (GB:SHC)
LSE:SHC
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Shaftesbury Capital
(LSE:SHC)
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Rating:69Neutral
Price Target:
140.00 p
▼(-2.64% Downside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by solid financial positioning and improved leverage, but is capped by inconsistent cash generation and weak cash conversion. Technical signals are constructive and valuation looks attractive on a low P/E, while the earnings call adds support via upbeat guidance and strong leasing metrics tempered by refinancing and macro rate risks.
Positive Factors
Improved balance sheet & lower leverage
Material de‑leveraging and a larger equity base give the company durable financial flexibility. Lower leverage and reduced gross debt cut refinancing pressure and interest sensitivity, enabling sustained capex, selective acquisitions, and support for distributions over the medium term.
Negative Factors
Inconsistent cash generation and weak cash conversion
Earnings have not consistently translated into cash, limiting internal funding for capex, dividends and debt repayment. Weak cash conversion increases reliance on capital markets or asset disposals for liquidity and makes the business more vulnerable to interest‑rate or funding disruptions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved balance sheet & lower leverage
Material de‑leveraging and a larger equity base give the company durable financial flexibility. Lower leverage and reduced gross debt cut refinancing pressure and interest sensitivity, enabling sustained capex, selective acquisitions, and support for distributions over the medium term.
Read all positive factors
Shaftesbury Capital (SHC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.70B
Dividend Yield2.58%
Average Volume (3M)3.46M
Price to Earnings (P/E)3.5
Beta (1Y)1.05
Revenue Growth-0.04%
EPS Growth655.16%
CountryUK
Employees101
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.10
Shares Outstanding1,953,178,100
10 Day Avg. Volume2,970,710
30 Day Avg. Volume3,462,654
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)0.67
Price to Sales (P/S)11.26
P/FCF Ratio22.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£157.00Price Target Upside9.18% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.05
Revenue Forecast (FY)£188.09M
Shaftesbury Capital Business Overview & Revenue Model
Company Description
Shaftesbury Capital PLC (Shaftesbury Capital) is the leading central London mixed-use REIT and is a constituent of the FTSE-250 Index. Our property portfolio, valued at £4.9 billion at June 2023, extends to 2.9 million square feet of lettable spac...
How the Company Makes Money
SHC primarily makes money from rental income generated by leasing its properties to commercial tenants (e.g., retailers, restaurants, leisure operators and office occupiers). Revenue is therefore driven by contracted base rents, lease renewals and...
Shaftesbury Capital Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and financial picture: valuation, ERV, rental income, underlying earnings and dividends all increased materially; balance sheet metrics were strengthened (net debt down, LTV 17%) and leasing demand is strong with low vacancy. The main concerns are refinancing requirements in the near term, heightened administration costs (driven by share options), and macro/interest rate uncertainty. On balance, the positive performance metrics and enhanced liquidity outweigh the manageable risks highlighted.Positive Updates
Valuation and Returns
Portfolio valuation up 6.6% like-for-like to GBP 5.4bn; total accounting return around 9% and total property return around 10%; ERV increased c.6.2% to GBP 270m.
Negative Updates
Refinancing and Debt Maturities
GBP 400m of debt to refinance or repay in the year and GBP 275m of exchangeable bonds maturing end-March 2026 — creating refinancing requirements and potential headwinds if market conditions change.
Read all updates
Q4-2025 Updates
Positive
Negative
Valuation and Returns
Portfolio valuation up 6.6% like-for-like to GBP 5.4bn; total accounting return around 9% and total property return around 10%; ERV increased c.6.2% to GBP 270m.
Read all positive updates
Company Guidance
Management guidance is for rental growth of 5–7%, a total property return target of 7–9% and a total accounting return target of 8–10%, with cash rents expected to grow in line with ERV (ERV was +6.2% to GBP 270m in the year). Finance guidance is for finance costs to be broadly flat despite refinancing/repayment of c. GBP 400m of maturing debt (including GBP 275m exchangeable bonds due end‑Mar‑26), having already reduced net debt from GBP 1.4bn to GBP 0.8bn, cut finance costs ~30% to GBP 41.4m, and capped GBP 300m of SONIA exposure at 3%; new facilities include a GBP 300m 5‑year Covent Garden loan and undrawn bank headroom of GBP 450m extended to 2029/2030. Balance sheet and returns guidance is underpinned by low leverage (LTV c.17%, <20%), EBITDA multiple <7x, strong operational metrics (like‑for‑like gross rents +5.9% to GBP 195.6m, underlying earnings +12% to GBP 81.9m/4.5p, vacancy 2.6%, lettings 10% ahead of ERV and 14% ahead of previous passing rents, c. GBP 16m of contracted/rent‑free income to convert within 12 months), and a pipeline of asset works equal to 4.2% of ERV.Shaftesbury Capital Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 234.50M | 227.10M | 198.00M | 87.60M | 75.30M |
| Gross Profit | 174.80M | 167.10M | 141.90M | 70.90M | 42.80M |
| EBITDA | 451.80M | 324.70M | 818.60M | -175.30M | 73.40M |
| Net Income | 340.20M | 252.10M | 750.40M | -211.80M | 34.80M |
Balance Sheet | |||||
| Total Assets | 5.88B | 5.23B | 5.22B | 2.35B | 2.80B |
| Cash, Cash Equivalents and Short-Term Investments | 361.40M | 109.80M | 208.50M | 129.90M | 331.10M |
| Total Debt | 1.22B | 1.47B | 1.63B | 744.40M | 941.00M |
| Total Liabilities | 1.31B | 1.56B | 1.74B | 789.60M | 1.01B |
| Stockholders Equity | 3.95B | 3.67B | 3.48B | 1.56B | 1.79B |
Cash Flow | |||||
| Free Cash Flow | 116.40M | 49.40M | -17.00M | -4.10M | -8.80M |
| Operating Cash Flow | 116.40M | 51.70M | -13.60M | 7.00M | -900.00K |
| Investing Cash Flow | 463.00M | 103.20M | 155.80M | 7.10M | 101.00M |
| Financing Cash Flow | -342.00M | -231.10M | -71.90M | -215.30M | -147.60M |
Shaftesbury Capital Technical Analysis
Positive
143.80
Price Trends
139.96
Positive
140.95
Positive
143.46
Positive
Market Momentum
0.66
Negative
63.10
Neutral
88.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SHC, the sentiment is Positive. The current price of 143.8 is above the 20-day moving average (MA) of 133.00, above the 50-day MA of 139.96, and above the 200-day MA of 143.46, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 63.10 is Neutral, neither overbought nor oversold. The STOCH value of 88.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SHC.
Shaftesbury Capital Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £3.92B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
73 Outperform | £4.46B | 11.16 | 3.85% | 6.34% | 10.69% | 135.58% | |
69 Neutral | £2.70B | 3.50 | 8.78% | 2.58% | -0.04% | 655.16% | |
69 Neutral | £1.75B | 7.17 | 11.77% | 4.33% | 16.30% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £1.30B | 5.45 | 7.18% | 2.52% | 12.73% | ― | |
63 Neutral | £1.96B | 12.12 | 4.48% | 3.93% | 2.30% | ― |
* Real Estate Sector Average
GB:SHC
Shaftesbury Capital
143.80
17.99
14.30%
GB:BLND
British Land Company plc
404.50
42.33
11.69%
GB:DLN
Derwent London plc REIT
1,784.00
-94.12
-5.01%
GB:GPE
Great Portland Estates plc R.E.I.T.
325.80
24.13
8.00%
GB:HMSO
Hammerson plc R.E.I.T.
344.00
111.26
47.81%
GB:LAND
Land Securities Group plc REIT
624.00
76.27
13.93%
Shaftesbury Capital Corporate Events
Business Operations and StrategyDelistings and Listing Changes
Shaftesbury Capital Seeks Admission of 7 Million New Shares for Performance Plan
Neutral
Apr 1, 2026
Shaftesbury Capital PLC has applied for the admission of 7,000,000 new ordinary shares to trading on the main market of the London Stock Exchange and to the Official List, with trading expected to begin on 2 April 2026. The shares, reserved under ...
Regulatory Filings and Compliance
Shaftesbury Capital Chairman Sells Shares for Tax Planning
Neutral
Mar 27, 2026
Shaftesbury Capital has disclosed that its chairman, Jonathan Nicholls, sold 96,485 ordinary shares in the company on 26 March 2026 as part of his personal tax planning. Following the transaction, Nicholls retains 96,485 shares, representing 0.005...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Shaftesbury Capital Defers 2025 Executive Bonuses into Long-Dated Share Options
Positive
Mar 26, 2026
Shaftesbury Capital PLC has granted nil-cost options under its Performance Share Plan to chief executive Ian Hawksworth and chief financial officer Situl Jobanputra, representing the deferred share-based element of their 2025 annual bonuses. The a...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Shaftesbury Capital Publishes 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Mar 12, 2026
Shaftesbury Capital PLC has published its Annual Report for the year ended 31 December 2025, along with the notice of its 2026 Annual General Meeting, a booklet for its scrip dividend scheme and the rules of its share award plan, all now available...
Business Operations and StrategyDividendsFinancial Disclosures
Shaftesbury Capital posts strong 2025 as West End portfolio gains value and NBIM deal bolsters growth plans
Positive
Feb 25, 2026
Shaftesbury Capital, the West End-focused mixed-use REIT, reported a strong 2025, with like-for-like portfolio value up 6.6% to £5.4 billion and EPRA net tangible assets per share rising 7.2% to 214.7 pence. The group’s intensively mana...
Financial Disclosures
Shaftesbury Capital Sets Date for 2025 Preliminary Results
Neutral
Jan 23, 2026
Shaftesbury Capital PLC has announced that it will publish its preliminary financial results for the year ended 31 December 2025 on Wednesday, 25 February 2026. The scheduled release date signals the forthcoming disclosure of the company’s a...
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.