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Landsec (LDSCY)
OTHER OTC:LDSCY
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Landsec
(OTC:LDSCY)
Select Model
Select Model
Rating:74Outperform
Price Target:
$9.50
â–²(9.20% Upside)
Landsec's overall stock score is driven by strong earnings call outcomes and positive technical indicators. Financial performance shows improvement, though challenges with leverage and cash flow volatility remain. The valuation is attractive, supported by a solid dividend yield.
Positive Factors
Revenue Growth
The company's ability to achieve significant like-for-like income growth and high occupancy rates indicates strong demand for its properties, supporting long-term revenue stability.
Capital Recycling Strategy
By divesting low-return assets, Landsec can reinvest in higher-income opportunities, potentially boosting long-term profitability and shareholder value.
Cost Management
Effective cost management through increased savings targets enhances operational efficiency, contributing to improved margins and financial health over time.
Negative Factors
Increased Leverage
Higher leverage can increase financial risk, potentially impacting the company's ability to invest in growth and weather economic downturns.
Cash Flow Volatility
Volatile cash flows can hinder the company's ability to fund operations and growth initiatives consistently, posing a risk to financial stability.
NTA Per Share Decline
A decline in NTA per share may indicate reduced asset value, potentially affecting investor perception and the company's ability to leverage its asset base.
Landsec (LDSCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.46B
Dividend Yield5.2%
Average Volume (3M)41.61K
Price to Earnings (P/E)20.0
Beta (1Y)0.37
Revenue Growth14.07%
EPS Growth132.44%
CountryUS
Employees598
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.17
Shares Outstanding744,999,900
10 Day Avg. Volume0
30 Day Avg. Volume41,614
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.64
Price to Sales (P/S)5.02
P/FCF Ratio44.90
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue10.03
Enterprise Value/Gross Profit31.96
Enterprise Value/Ebitda20.43
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Landsec Business Overview & Revenue Model
Company DescriptionAt Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a £11 billion portfolio of retail, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.
How the Company Makes MoneyLandsec generates revenue primarily through rental income from its extensive portfolio of commercial properties, which includes office buildings, retail spaces, and leisure facilities. The company leases these properties to a diverse range of tenants, ensuring a steady stream of income. Additionally, Landsec engages in property development, allowing it to sell or lease newly developed spaces at potentially higher values. Significant partnerships with retailers and businesses enhance its occupancy rates and tenant diversity, contributing positively to its revenue. Furthermore, the company benefits from capital appreciation of its property assets, which can lead to increased net asset value (NAV) over time, providing additional financial returns to its shareholders.
Landsec Key Performance Indicators (KPIs)
Any
Gross Rental Income by Segment
Shows the total rental income generated from different property segments, highlighting which areas are driving revenue and indicating potential growth or risk areas based on segment performance.
Shows the total rental income generated from different property segments, highlighting which areas are driving revenue and indicating potential growth or risk areas based on segment performance.
Data provided by:
The Fly
The FlyLandsec Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong operational performance with significant growth in income and EPS. There were successful asset sales aimed at enhancing future income growth, and positive guidance was provided for the near term. However, some concerns were noted regarding the decline in NTA per share and the impact of asset disposals on EPS.Q2-2026 Updates
Positive Updates
Strong Like-for-Like Income Growth
Landsec reported a 5.2% growth in like-for-like income, with occupancy at a decade high.
EPS and Dividend Growth
EPS increased by 3.2%, and the interim dividend rose by 2.2%.
Significant Capital Recycling
Landsec sold nearly GBP 650 million of assets, which generated limited or no return, to enhance future income and EPS growth.
Office and Retail Occupancy
Office occupancy reached nearly 99%, and retail occupancy increased to almost 97%.
Positive Guidance for Future Growth
The company raised its guidance for EPS growth to the top end of the 2% to 4% range, with expectations for future growth in retail income and cost savings.
Negative Updates
NTA Per Share Decline
Net Tangible Asset (NTA) per share was down by 1.3%, primarily due to the sale of low-returning assets.
Net Debt to EBITDA Increase
Net debt to EBITDA increased as expected, although the company aims to reduce it below 7x within the next two years.
EPS Impact from Disposals
The disposal of Queen Anne's Mansions is expected to reduce reported earnings for the year by GBP 7 million.
Company Guidance
During the call presenting Landsec's 2025 Half Year results, several key financial metrics and strategic updates were highlighted. The company reported a 5.2% growth in like-for-like income, with occupancy at a decade high. Overhead cost savings target increased, implying over GBP 10 million savings by the next financial year. Landsec plans to reduce its capital employed in predevelopment assets by GBP 0.3 billion within year one, while raising its guidance for like-for-like income growth to around 4% to 5% for the year. The company has sold GBP 644 million of low-returning assets, aiming to recycle capital into high-income retail opportunities, with a target for net debt to EBITDA to fall below 7x within two years. Despite a slight dip in NTA per share by 1.3%, the outlook for EPS growth is now expected at the high end of the 2% to 4% guidance range, driven by strong retail income growth, lower overheads, and reduced development exposure.Landsec Financial Statement Overview
Summary
Landsec's financial performance shows a positive trajectory with improved profitability and cash management. The income statement reflects a significant turnaround in net income, and the balance sheet indicates a stable equity base. However, increased leverage and cash flow volatility pose risks.Income Statement
Landsec's income statement shows a significant turnaround in net income from a loss in 2024 to a profit in 2025, indicating improved profitability. Gross profit margin remained strong, reflecting efficient cost management. However, fluctuations in EBIT and EBITDA margins over the years highlight volatility, which poses a risk to consistent profitability.68
Positive
Balance Sheet
The balance sheet reflects a stable equity base, with a healthy equity ratio suggesting solid financial standing. The debt-to-equity ratio increased in 2025, indicating higher leverage, which could be a concern if interest rates rise. However, the return on equity improved significantly, reflecting better utilization of equity to generate profits.72
Positive
Cash Flow
Cash flow analysis shows positive free cash flow generation in 2025, a recovery from previous periods. Operating cash flow to net income ratio improved, indicating efficient cash generation from operations. Yet, fluctuations in free cash flow highlight potential instability in cash management.65
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 888.98M | 832.00M | 824.00M | 791.00M | 679.00M | 635.00M |
| Gross Profit | 279.00M | 510.00M | 500.00M | 412.00M | 372.00M | 416.00M |
| EBITDA | 436.50M | 511.00M | -233.00M | -527.00M | 388.00M | -1.31B |
| Net Income | 248.77M | 396.00M | -319.00M | -619.00M | 869.00M | -1.39B |
Balance Sheet | ||||||
| Total Assets | 11.58B | 11.62B | 10.66B | 10.97B | 12.89B | 10.99B |
| Cash, Cash Equivalents and Short-Term Investments | 97.00M | 39.00M | 78.00M | 41.00M | 146.00M | 5.00M |
| Total Debt | 4.65B | 4.55B | 3.78B | 3.54B | 4.55B | 3.52B |
| Total Liabilities | 5.15B | 5.09B | 4.22B | 3.89B | 4.90B | 3.78B |
| Stockholders Equity | 6.43B | 6.51B | 6.40B | 7.00B | 7.92B | 7.21B |
Cash Flow | ||||||
| Free Cash Flow | 181.92M | 93.00M | 212.00M | 240.00M | 339.00M | 15.00M |
| Operating Cash Flow | 181.92M | 256.00M | 338.00M | 342.00M | 381.00M | 233.00M |
| Investing Cash Flow | -363.21M | -383.00M | -272.00M | 834.00M | -607.00M | 334.00M |
| Financing Cash Flow | 234.00M | 88.00M | -29.00M | -1.28B | 362.00M | -1.91B |
Landsec Technical Analysis
Positive
8.70
Price Trends
8.14
Positive
7.93
Positive
7.83
Positive
Market Momentum
0.15
Negative
66.84
Neutral
63.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LDSCY, the sentiment is Positive. The current price of 8.7 is above the 20-day moving average (MA) of 8.39, above the 50-day MA of 8.14, and above the 200-day MA of 7.83, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 66.84 is Neutral, neither overbought nor oversold. The STOCH value of 63.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LDSCY.
Landsec Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $6.13B | 24.85 | 6.84% | 3.88% | 24.60% | 8.05% | |
74 Outperform | $6.46B | 20.00 | 3.72% | 5.20% | 14.07% | 132.44% | |
70 Outperform | $15.40B | 42.51 | 4.36% | 5.51% | 5.59% | -34.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $2.51B | 21.62 | 8.71% | 3.99% | 5.29% | -60.36% | |
61 Neutral | $3.54B | 40.40 | 3.05% | 6.72% | 3.87% | -37.59% | |
59 Neutral | $2.08B | -7.81 | -12.53% | 10.29% | -28.94% | -28.24% |
* Real Estate Sector Average
LDSCY
Landsec
8.70
2.00
29.84%
WPC
W. P. Carey Inc.
70.26
15.74
28.87%
UE
Urban Edge Properties
18.96
-0.57
-2.92%
GNL
Global Net Lease
9.47
2.93
44.85%
EPRT
Essential Properties Realty
30.83
0.03
0.09%
BNL
Broadstone Net Lease
18.71
3.48
22.85%
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.