LondonMetric Property (LON:LMP) Releases Quarterly Earnings Results

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

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 Up 0.6%

Shares of LON LMP opened at GBX 188.30 on Thursday. The stock has a market capitalization of £4.40 billion, a P/E ratio of 12.64, a PEG ratio of 3.27 and a beta of 1.02. The stock’s fifty day moving average is GBX 188.83 and its 200 day moving average is GBX 193.31. LondonMetric Property has a 52 week low of GBX 175.30 and a 52 week high of GBX 216.20. The company has a debt-to-equity ratio of 60.64, a quick ratio of 0.81 and a current ratio of 0.38.

Analysts Set New Price Targets

LMP has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a GBX 230 price objective on shares of LondonMetric Property in a report on Wednesday, May 13th. Shore Capital Group reissued a “buy” rating on shares of LondonMetric Property in a report on Tuesday, May 12th. Berenberg Bank restated a “buy” rating and set a GBX 282 target price on shares of LondonMetric Property in a research report on Thursday. Finally, The Goldman Sachs Group lowered their target price on shares of LondonMetric Property from GBX 210 to GBX 190 and set a “neutral” rating on the stock in a report on Monday, March 30th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.