LondonMetric Property (LON:LMP) Releases Earnings Results

LondonMetric Property (LON:LMP) released its earnings results on Thursday. The company reported GBX 16.21 earnings per share for the quarter, Digital Look Earnings reports. LondonMetric Property had a net margin of 63.65% and a return on equity of 6.29%. The company had revenue of £464.60 million for 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 Down 0.8%

Shares of LMP stock opened at GBX 186.80 on Friday. The stock has a market cap of £4.36 billion, a P/E ratio of 12.54, a PEG ratio of 3.27 and a beta of 1.02. LondonMetric Property has a 52 week low of GBX 175.30 and a 52 week high of GBX 216.20. The company has a quick ratio of 0.81, a current ratio of 1.78 and a debt-to-equity ratio of 63.49. The company’s fifty day simple moving average is GBX 188.36 and its two-hundred day simple moving average is GBX 193.25.

Analyst Ratings Changes

LMP has been the topic of a number of analyst reports. Shore Capital Group restated a “buy” rating on shares of LondonMetric Property in a research note on Tuesday, May 12th. The Goldman Sachs Group decreased 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. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a GBX 230 price target on shares of LondonMetric Property in a research note on Wednesday, May 13th. Finally, Berenberg Bank reiterated a “buy” rating and issued a GBX 282 price target on shares of LondonMetric Property in a research note on Thursday. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, LondonMetric Property currently has an average rating of “Moderate Buy” and a consensus target price of GBX 233.20.

About LondonMetric Property

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.