Shaftesbury Capital (C20) AI Stock Analysis

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Shaftesbury Capital

(Frankfurt:C20)

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Positive Factors

Revenue ExpansionThe much larger revenue base indicates sustained growth in the portfolio’s income-producing capacity. Continued leasing, re-letting and active management of West End assets could support recurring rental income over the next several years.

Negative Factors

Weak Cash ConversionWeak conversion of accounting profit into cash reduces the reliability of internally generated funding. Persistently low cash conversion could constrain refurbishment investment, distributions or debt reduction even when reported earnings remain strong.

Shaftesbury Capital (C20) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 2.72B
Dividend Yield: 2.87%
Average Volume (3M): 255
Price to Earnings (P/E): 7.1
Beta (1Y): 0.58
Revenue Growth: 5.51%
EPS Growth: 16.58%
Country: Germany
Employees: 104
Sector: Real Estate
Sector Strength: 65
Industry: REIT - Retail

Shaftesbury Capital Business Overview & Revenue Model

Company Description

Shaftesbury Capital PLC, also known as Shaftesbury Capital, is a premier mixed-use real estate investment trust (REIT) in central London, and a constituent of the FTSE-250 Index. Its extensive property portfolio, valued at £4.9 billion in June 2023,...

Shaftesbury Capital Earnings Call Summary

Earnings Call Date:Feb 25, 2026(Q4-2025)|% Change Since:7.38%|Next Earnings Date:Feb 26, 2020

Earnings Call SentimentPositive

The call presents a broadly positive operational and financial picture: valuation, ERV, rental income, underlying earnings and dividends all increased materially; balance sheet metrics were strengthened (net debt down, LTV 17%) and leasing demand is strong with low vacancy. The main concerns are refinancing requirements in the near term, heightened administration costs (driven by share options), and macro/interest rate uncertainty. On balance, the positive performance metrics and enhanced liquidity outweigh the manageable risks highlighted.

Positive Updates

Valuation and Returns

Portfolio valuation up 6.6% like-for-like to GBP 5.4bn; total accounting return around 9% and total property return around 10%; ERV increased c.6.2% to GBP 270m.

Negative Updates

Refinancing and Debt Maturities

GBP 400m of debt to refinance or repay in the year and GBP 275m of exchangeable bonds maturing end-March 2026 — creating refinancing requirements and potential headwinds if market conditions change.

Company Guidance

Management guidance is for rental growth of 5–7%, a total property return target of 7–9% and a total accounting return target of 8–10%, with cash rents expected to grow in line with ERV (ERV was +6.2% to GBP 270m in the year). Finance guidance is for finance costs to be broadly flat despite refinancing/repayment of c. GBP 400m of maturing debt (including GBP 275m exchangeable bonds due end‑Mar‑26), having already reduced net debt from GBP 1.4bn to GBP 0.8bn, cut finance costs ~30% to GBP 41.4m, and capped GBP 300m of SONIA exposure at 3%; new facilities include a GBP 300m 5‑year Covent Garden loan and undrawn bank headroom of GBP 450m extended to 2029/2030. Balance sheet and returns guidance is underpinned by low leverage (LTV c.17%, <20%), EBITDA multiple <7x, strong operational metrics (like‑for‑like gross rents +5.9% to GBP 195.6m, underlying earnings +12% to GBP 81.9m/4.5p, vacancy 2.6%, lettings 10% ahead of ERV and 14% ahead of previous passing rents, c. GBP 16m of contracted/rent‑free income to convert within 12 months), and a pipeline of asset works equal to 4.2% of ERV.

Shaftesbury Capital Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

DE:C20 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GB:BLND	74Outperform	GBP 4.41B	9.33	7.73%	5.38%	15.13%	29.40%
GB:GPE	72Outperform	GBP 1.43B	9.13	7.41%	2.30%	24.37%	29.61%
GB:DLN	69Neutral	GBP 2.18B	47.09	1.35%	4.15%	45.36%	-79.84%
GB:HMSO	68Neutral	GBP 2.09B	8.73	11.84%	5.10%	92.40%	184.37%
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GB:LAND	59Neutral	GBP 5.59B	14.81	5.29%	6.05%	7.21%	-13.23%

* Real Estate Sector Average

Performance Comparison

DE:C20 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:C20	Shaftesbury Capital Plc	1.76	0.17	10.62%
GB:BLND	British Land Company plc	429.40	53.19	14.14%
GB:DLN	Derwent London plc REIT	1978.00	268.89	15.73%
GB:GPE	Great Portland Estates plc R.E.I.T.	356.00	27.84	8.48%
GB:HMSO	Hammerson plc R.E.I.T.	357.80	61.54	20.77%
GB:LAND	Land Securities Group Plc R.E.I.T	681.50	75.84	12.52%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Shaftesbury Capital AI Stock Analysis