Earnings1Q25 DPU grew 9.6% yoy, boosted by dilapidation settlement and lease surrender premium totalling £1.6m, while tax expenses decreased by 13.6% yoy.
Investment StrategyThe impending divestment of Peel Park site would further reduce gearing and could lead to a potential special dividend.
ValuationThe upgrade to BUY with a higher target price of GBP0.36 is based on DCF valuation, indicating a positive outlook for the stock.