LondonMetric Property (LON:LMP) Announces Quarterly Earnings Results

LondonMetric Property (LON:LMP) issued its quarterly earnings results on Thursday. The company reported GBX 16.21 earnings per share (EPS) for the quarter, Digital Look Earnings reports. LondonMetric Property had a return on equity of 7.16% and a net margin of 73.03%.The business 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 Price Performance

LON LMP opened at GBX 188.30 on Thursday. The company has a market cap of £4.40 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 3.27 and a beta of 1.02. The company has a debt-to-equity ratio of 60.64, a current ratio of 0.38 and a quick ratio of 0.81. The stock’s fifty day moving average price is GBX 188.83 and its 200 day moving average price 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

LMP has been the topic of several research analyst reports. The Goldman Sachs Group dropped their target price on 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 reissued a “buy” rating and issued a GBX 230 price target on shares of LondonMetric Property in a report on Wednesday, May 13th. Berenberg Bank restated a “buy” rating and set a GBX 282 price objective on shares of LondonMetric Property in a report on Thursday. Finally, Shore Capital Group reaffirmed a “buy” rating on shares of LondonMetric Property in a research report 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. According to MarketBeat.com, LondonMetric Property currently has a consensus rating of “Moderate Buy” and a consensus 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.