LondonMetric Property (LON:LMP) Issues Earnings Results

LondonMetric Property (LON:LMP) announced its quarterly earnings data on Thursday. The company reported GBX 16.21 EPS for the quarter, Digital Look Earnings reports. LondonMetric Property had a net margin of 73.03% and a return on equity of 7.16%. The business had revenue of £464.60 million during the quarter.

Here are the key takeaways from LondonMetric Property’s conference call:

• LondonMetric reported a strong year of growth, with EPRA earnings up 14% to £305.3 million and net rental income up 16.6% to a record £455.3 million, driven by acquisitions and like-for-like income growth.
• The company increased its total dividend by 3.8% to £0.1245 per share, marking the 11th consecutive year of dividend growth and maintaining full cash cover and 108% dividend cover.
• Portfolio value rose to £7.6 billion, helped by the Urban Logistics and Highcroft acquisitions, while total property return reached 7.1% and EPRA NTA increased to £200.6p per share.
• The balance sheet was strengthened through £1.2 billion of new debt facilities and £1.1 billion of repayments, lowering the average debt margin and leaving the company with no material refinancing risk until FY2030.
• Operational performance remained strong, with 99.7% rent collection, low income leakage, and a contracted rent roll expected to grow further to more than £480 million as reversion and vacant space are let.

LondonMetric Property Stock Performance

LON:LMP opened at GBX 188.30 on Thursday. The stock has a market cap of £4.40 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 3.27 and a beta of 1.02. The company has a current ratio of 0.38, a quick ratio of 0.81 and a debt-to-equity ratio of 60.64. The stock’s 50-day moving average is GBX 188.83 and its 200-day moving average is GBX 193.31. LondonMetric Property has a 1-year low of GBX 175.30 and a 1-year high of GBX 216.20.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a GBX 230 price objective on shares of LondonMetric Property in a research report on Wednesday, May 13th. Berenberg Bank reissued a “buy” rating and issued a GBX 282 target price on shares of LondonMetric Property in a report on Thursday. The Goldman Sachs Group reduced their price target on shares of LondonMetric Property from GBX 210 to GBX 190 and set a “neutral” rating on the stock in a research note on Monday, March 30th. Finally, Shore Capital Group reissued a “buy” rating on shares of LondonMetric Property in a research note on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of GBX 233.20.

LondonMetric Property Company Profile

LondonMetric is a FTSE 100 REIT that owns and manages desirable real estate that meets occupiers demands and delivers reliable, repetitive and growing income-led returns and outperforms over the long term. As a real estate owner, we look to help occupiers, communities and stakeholders grow, thrive and revitalise in an evolving and complex world.