Landsec (LDSCY)
OTHER OTC:LDSCY
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Landsec
(OTC:LDSCY)
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Rating:61Neutral
Price Target:
$9.00
â–²(14.07% Upside)
Action:Downgraded
Date:05/16/26
The score is driven primarily by mixed financial quality—improving profitability and manageable leverage, but weakened cash flow (free cash flow dropping to zero) and historical earnings volatility. The earnings call was supportive with raised income guidance, high occupancy, and cost-saving initiatives. Valuation is appealing for income (high dividend yield with a moderate P/E), while technical indicators remain a clear near-term headwind due to weak price momentum below key moving averages.
Positive Factors
High occupancy
Sustained near-decade-high occupancy across offices and retail supports durable rental income and lowers vacancy risk. High physical utilisation stabilises cash inflows, improves tenant retention prospects and underpins distribution capacity and underwriting for future leasing and development decisions over the medium term.
Negative Factors
Weak cash conversion
A collapse to zero free cash flow materially reduces funding flexibility for dividends, development and debt reduction unless reversed. Persistent weak cash conversion forces reliance on asset sales or external financing, raising execution risk and constraining the firm's ability to sustain capital returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy
Sustained near-decade-high occupancy across offices and retail supports durable rental income and lowers vacancy risk. High physical utilisation stabilises cash inflows, improves tenant retention prospects and underpins distribution capacity and underwriting for future leasing and development decisions over the medium term.
Read all positive factors
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 (LDSCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.28B
Dividend Yield5.2%
Average Volume (3M)41.61K
Price to Earnings (P/E)13.6
Beta (1Y)0.59
Revenue Growth12.66%
EPS Growth-9.14%
CountryUS
Employees598
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.46
Shares Outstanding745,042,050
10 Day Avg. Volume0
30 Day Avg. Volume41,614
Financial Highlights & Ratios
PEG Ratio-1.04
Price to Book (P/B)0.63
Price to Sales (P/S)4.54
P/FCF Ratio0.00
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue10.09
Enterprise Value/Gross Profit17.45
Enterprise Value/Ebitda17.19
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 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, leisu...
How the Company Makes Money
Landsec primarily makes money through recurring rental and related property income generated by leasing space across its investment property portfolio to commercial tenants. This includes base rents under lease agreements and, where applicable, ad...
Landsec Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 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.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.
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.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Like-for-Like Income Growth
Landsec reported a 5.2% growth in like-for-like income, with occupancy at a decade high.
Read all positive updates
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
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
41
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 906.51M | 832.00M | 824.00M | 791.00M | 679.00M |
| Gross Profit | 524.39M | 510.00M | 500.00M | 412.00M | 372.00M |
| EBITDA | 480.69M | 511.00M | -233.00M | -527.00M | 388.00M |
| Net Income | 348.58M | 396.00M | -319.00M | -619.00M | 869.00M |
Balance Sheet | |||||
| Total Assets | 11.54B | 11.62B | 10.66B | 10.97B | 12.89B |
| Cash, Cash Equivalents and Short-Term Investments | 117.01M | 39.00M | 78.00M | 41.00M | 146.00M |
| Total Debt | 4.50B | 4.55B | 3.78B | 3.54B | 4.55B |
| Total Liabilities | 5.00B | 5.09B | 4.22B | 3.89B | 4.90B |
| Stockholders Equity | 6.54B | 6.51B | 6.40B | 7.00B | 7.92B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 93.00M | 212.00M | 240.00M | 339.00M |
| Operating Cash Flow | 228.66M | 256.00M | 338.00M | 342.00M | 381.00M |
| Investing Cash Flow | 208.33M | -383.00M | -272.00M | 834.00M | -607.00M |
| Financing Cash Flow | -378.05M | 88.00M | -29.00M | -1.28B | 362.00M |
Landsec Technical Analysis
Positive
7.89
Price Trends
7.90
Positive
8.26
Positive
8.05
Positive
Market Momentum
0.15
Negative
60.24
Neutral
93.44
Negative
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 7.89 is below the 20-day moving average (MA) of 8.10, below the 50-day MA of 7.90, and below the 200-day MA of 8.05, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 60.24 is Neutral, neither overbought nor oversold. The STOCH value of 93.44 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $16.58B | 31.77 | 6.30% | 5.51% | 9.86% | 20.75% | |
70 Outperform | $6.61B | 25.05 | 6.32% | 3.88% | 24.20% | 7.66% | |
70 Outperform | $3.88B | 30.04 | 4.43% | 6.72% | 6.10% | 9.74% | |
69 Neutral | $2.99B | 26.16 | 8.34% | 3.99% | 7.25% | 34.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $6.28B | 13.62 | 5.29% | 5.20% | 12.66% | -9.14% | |
60 Neutral | $1.99B | -48.73 | -2.44% | 10.29% | -35.44% | 50.75% |
* Real Estate Sector Average
LDSCY
Landsec
8.48
0.13
1.58%
WPC
W. P. Carey Inc.
74.42
15.53
26.38%
UE
Urban Edge Properties
22.44
4.95
28.29%
GNL
Global Net Lease
9.37
2.34
33.32%
EPRT
Essential Properties Realty
30.58
-0.82
-2.60%
BNL
Broadstone Net Lease
20.23
5.25
35.04%
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.