Landsec (LDSCY) AI Stock Analysis

• Market Cap: $6.45B
• Dividend Yield: 5.2%
• Average Volume (3M): 41.61K
• Price to Earnings (P/E): 20.0
• Beta (1Y): 0.43
• Revenue Growth: 14.07%
• EPS Growth: 132.44%
• Country: US
• Employees: 598
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.17
• Shares Outstanding: 745,031,070
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 41,614
• PEG Ratio: -0.05
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 5.02
• P/FCF Ratio: 44.90
• Enterprise Value/Market Cap: 1.45
• Enterprise Value/Revenue: 10.53
• Enterprise Value/Gross Profit: 17.58
• Enterprise Value/Ebitda: 21.44
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: $10.00 ▲(14.94% Upside)
• Action: Reiterated Date: 11/15/25
• Date: Action: Reiterated 11/15/25

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

High Occupancy

Sustained near-full occupancy across offices and retail materially supports durable rental income and reduces vacancy risk. High occupancy underpins stable cash flows, strengthens tenant diversification benefits, and improves predictability of rental revenues over the next several quarters.

Like-for-like Income Growth

Consistent like-for-like income growth signals underlying demand resilience and effective lease management. A mid-single-digit increase supports recurring revenue expansion, improving operating leverage and giving management scope to fund dividends, capex or debt reduction sustainably.

Capital Recycling & Portfolio Reweighting

Active disposal of low-returning assets and redeployment into higher-yield retail opportunities strengthens portfolio quality and expected income yield. This capital recycling reduces exposure to low-return developments and can sustainably lift EPS and cash generation over medium term.

Negative Factors

Elevated Leverage

Higher net debt to EBITDA raises financial leverage and interest-rate sensitivity, constraining flexibility for reinvestment or dividends. Even with a target to reduce leverage, a multiyear timeline leaves the company exposed to macro shocks and refinancing risk which can pressure cash flow allocation.

NTA Per Share Decline

A decline in NTA per share, driven by disposals, signals a reduction in the per-share asset base and may reflect realized losses or lower valuation of sold assets. Persisting NTA erosion can limit NAV-driven returns and curb long-term shareholder value if not offset by higher income yields.

Cash Flow Volatility

While free cash flow recovered in 2025, volatility in FCF and fluctuations in operating cash versus net income indicate unstable cash conversion. This undermines predictability for debt reduction, dividends and development funding, raising execution risk for strategic targets.

Landsec Business Overview & Revenue Model

Company Description

At 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 Money

Landsec 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 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.

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.

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.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	888.98M	832.00M	824.00M	791.00M	679.00M	635.00M
Gross Profit	532.40M	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

• Technical Analysis Sentiment: Positive
• Last Price: 8.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 below the 20-day moving average (MA) of 8.94, above the 50-day MA of 8.65, and above the 200-day MA of 8.06, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 44.70 is Neutral, neither overbought nor oversold. The STOCH value of 25.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LDSCY.

Landsec Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRT	80 Outperform	$7.14B	26.59	6.52%	3.88%	24.60%	8.05%
LDSCY	74 Outperform	$6.45B	19.99	3.72%	5.20%	14.07%	132.44%
UE	73 Outperform	$2.82B	28.60	8.71%	3.99%	5.29%	-60.36%
WPC	72 Outperform	$16.36B	35.39	5.64%	5.51%	5.59%	-34.75%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BNL	63 Neutral	$3.71B	38.52	3.14%	6.72%	3.87%	-37.59%
GNL	61 Neutral	$2.02B	-9.72	-9.82%	10.29%	-28.94%	-28.24%