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Hammerson plc R.E.I.T.
(LSE:HMSO)
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Rating:68Neutral
Price Target:
362.00 p
▼(-4.59% Downside)
Action:Reiterated
Date:08/04/26
The score reflects improving fundamentals but with durability risks: earnings and cash flow improved in 2025, yet revenue and cash-flow consistency remain key watch items. Technicals are supportive with a clear uptrend and positive momentum, while valuation looks attractive (low P/E and solid yield). The latest earnings call was net positive on upgraded guidance and strong leasing, tempered by flat valuations and refinancing execution risk.
Positive Factors
Leasing and Occupancy Momentum
Strong leasing, occupancy gains and rising turnover rent can improve recurring rental income and reduce void-related costs. The momentum also supports service-charge recovery and demonstrates that repositioned destinations are gaining tenant demand, reinforcing cash-flow quality over coming quarters.
Negative Factors
Revenue Volatility
Repeated revenue declines and several loss-making years make the recent earnings rebound less predictable. Volatile operating performance could weaken confidence in the durability of rental growth and make future earnings more dependent on successful leasing and asset-management execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing and Occupancy Momentum
Strong leasing, occupancy gains and rising turnover rent can improve recurring rental income and reduce void-related costs. The momentum also supports service-charge recovery and demonstrates that repositioned destinations are gaining tenant demand, reinforcing cash-flow quality over coming quarters.
Read all positive factors
Hammerson plc R.E.I.T. (HMSO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.05B
Dividend Yield5.18%
Average Volume (3M)1.21M
Price to Earnings (P/E)8.6
Beta (1Y)1.27
Revenue Growth92.40%
EPS Growth184.37%
CountryUK
Employees124
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.41
Shares Outstanding585,211,400
10 Day Avg. Volume1,430,600
30 Day Avg. Volume1,211,208
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.79
Price to Sales (P/S)7.86
P/FCF Ratio23.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£416.00Price Target Upside9.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.24
Revenue Forecast (FY)£230.05M
Hammerson plc R.E.I.T. Business Overview & Revenue Model
Company Description
Hammerson is dedicated to crafting dynamic, evolving environments within major urban centers and their surrounding areas, designed to attract both people and leading brands. Our core mission is to generate significant value for all stakeholders an...
How the Company Makes Money
Hammerson makes money primarily by earning recurring rental and related property income from tenants occupying space in its properties. Key revenue streams typically include (1) base rent and other contracted lease payments from retailers and othe...
Hammerson plc R.E.I.T. Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial momentum: underlying leasing, occupancy gains, turnover rent growth and an upgraded FY2026 earnings guidance (GBP 132m, +27% y/y) are clear positives. Management also strengthened the balance sheet and maintained medium‑term targets (6%–8% EPS/DPS CAGR, TAR ~10%). Offsetting this are flat H1 valuations and a mildly negative capital return driven by market uncertainty (notably the Middle East), an asset‑level drag at Westquay, and an upcoming Eurobond maturity that requires refinancing. On balance, the operational and strategic positives outweigh the near‑term market and financing headwinds.Positive Updates
Guidance Upgrade and Strong Earnings Growth
Underlying first-half earnings around GBP 64m with prior full-year guidance of GBP 120m upgraded to GBP 125m, and with the Arndale acquisition adding GBP 7m the FY2026 guidance is GBP 132m (stated as up c.27% year‑on‑year). Small one-off benefits (settlement of longstanding rate rebates of just over a couple of million) also contributed to the upgrade.
Negative Updates
Flat Valuations / Mildly Negative Capital Return at Half Year
Half‑year valuations were flat, producing a mildly negative capital return. Management attributed flat valuations to near‑term market uncertainty (see Middle East impact) and noted no yield decompression during H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Guidance Upgrade and Strong Earnings Growth
Underlying first-half earnings around GBP 64m with prior full-year guidance of GBP 120m upgraded to GBP 125m, and with the Arndale acquisition adding GBP 7m the FY2026 guidance is GBP 132m (stated as up c.27% year‑on‑year). Small one-off benefits (settlement of longstanding rate rebates of just over a couple of million) also contributed to the upgrade.
Read all positive updates
Company Guidance
Hammerson upgraded FY‑2026 guidance after strong leasing and a few H1 one‑offs (rate rebate settlements of just over £2m): underlying earnings guidance was raised from a prior c.£120m to £125m, and with the c.£7m attributable contribution from the 50% Arndale acquisition the group now guides to c.£132m (up ~27% year‑on‑year); medium‑term targets remain a 6–8% CAGR for EPS and DPS and c.10% TAR over a five‑year horizon (rolling off the 2025 base), with like‑for‑like NRI growth assumed around 4–5% in 2027, H1 spreads c.9% above ERV, and balance‑sheet optionality of roughly £200m of additional capacity.Hammerson plc R.E.I.T. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.25M | 211.80M | 116.70M | 127.80M | 131.40M | 127.70M |
| Gross Profit | 177.90M | 130.50M | 67.20M | 84.00M | 87.90M | 82.90M |
| EBITDA | 346.55M | 299.60M | 27.80M | 9.70M | 17.60M | -5.90M |
| Net Income | 248.55M | 232.10M | -526.30M | -51.40M | -164.20M | -429.10M |
Balance Sheet | ||||||
| Total Assets | 4.13B | 3.93B | 3.48B | 4.33B | 4.54B | 4.91B |
| Cash, Cash Equivalents and Short-Term Investments | 496.70M | 349.90M | 737.90M | 472.30M | 218.80M | 315.10M |
| Total Debt | 1.82B | 1.64B | 1.52B | 1.67B | 1.69B | 1.88B |
| Total Liabilities | 2.03B | 1.84B | 1.66B | 1.87B | 1.95B | 2.17B |
| Stockholders Equity | 2.10B | 2.09B | 1.82B | 2.46B | 2.59B | 2.75B |
Cash Flow | ||||||
| Free Cash Flow | 36.00M | 69.70M | -150.00M | 19.60M | 33.20M | -91.40M |
| Operating Cash Flow | 93.70M | 103.30M | 4.50M | 38.30M | 69.60M | -70.30M |
| Investing Cash Flow | -464.30M | -583.20M | 475.00M | 261.30M | 154.10M | -11.40M |
| Financing Cash Flow | 284.20M | 67.80M | -211.80M | -45.00M | -322.70M | -363.70M |
Hammerson plc R.E.I.T. Technical Analysis
Positive
379.40
Price Trends
347.51
Positive
352.50
Negative
336.78
Positive
Market Momentum
2.14
Negative
58.99
Neutral
82.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HMSO, the sentiment is Positive. The current price of 379.4 is above the 20-day moving average (MA) of 338.70, above the 50-day MA of 347.51, and above the 200-day MA of 336.78, indicating a bullish trend. The MACD of 2.14 indicates Negative momentum. The RSI at 58.99 is Neutral, neither overbought nor oversold. The STOCH value of 82.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HMSO.
Hammerson plc R.E.I.T. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £2.84B | 6.91 | 9.48% | 2.96% | 9.10% | 20.49% | |
69 Neutral | £4.46B | 14.03 | 6.29% | 6.87% | 17.12% | -23.84% | |
68 Neutral | £2.05B | 8.59 | 11.84% | 5.18% | 92.40% | 184.37% | |
67 Neutral | £4.26B | 9.03 | 7.73% | 5.57% | 15.13% | 29.40% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £351.09M | 11.37 | 6.98% | 8.31% | 44.75% | 13.02% | |
59 Neutral | £5.40B | 14.24 | 5.29% | 6.29% | 7.21% | -13.23% |
* Real Estate Sector Average
GB:HMSO
Hammerson plc R.E.I.T.
352.00
56.50
19.12%
GB:BLND
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145.10
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GB:LAND
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GB:LMP
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GB:NRR
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Hammerson plc R.E.I.T. Corporate Events
Business Operations and StrategyExecutive/Board Changes
Hammerson Names AEW’s Gina Szymanski as New CFO to Drive Retail Growth
Positive
Oct 5, 2026
Hammerson plc has appointed Gina Szymanski as Chief Financial Officer and a Director, with her joining the board no later than 1 January 2027 after relocating from the U.S. A seasoned real estate and capital markets specialist from AEW Capital Man...
Regulatory Filings and Compliance
Hammerson Updates Share Capital and Voting Rights for Investors
Neutral
Sep 30, 2026
Hammerson has reported that, as of 30 September 2026, its issued share capital comprises 585,217,753 ordinary shares of 5 pence each, with 6,333 shares held in treasury. As a result, the total number of voting rights in the company stands at 585,2...
Regulatory Filings and Compliance
Hammerson Discloses PDMR ‘Bed & ISA’ Share Transfer
Neutral
Sep 25, 2026
Hammerson plc reported a share dealing by Chief Development and Asset Repositioning Officer Harry Badham, classified as a Person Discharging Managerial Responsibilities under UK Market Abuse Regulation. Badham executed a ‘bed ISA’ tra...
Regulatory Filings and Compliance
Hammerson Discloses PDMR Bed and ISA Share Dealings
Neutral
Sep 11, 2026
Hammerson has disclosed transactions in its ordinary shares by Chief Development and Asset Repositioning Officer Harry Badham, classified as a person discharging managerial responsibilities. The dealings were conducted in compliance with UK Market...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Lists £250m 2033 Notes on London Stock Exchange
Positive
Sep 8, 2026
Hammerson plc has secured admission to trading on the London Stock Exchange’s main market for a new £250 million tranche of 5.875% notes maturing in 2033, issued under its £5 billion Euro Medium Term Note programme. The documentati...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Publishes Terms for £250m 2033 Bond Under EMTN Programme
Positive
Sep 7, 2026
Hammerson plc has published the final terms for a new GBP 250 million issuance of 5.875% notes maturing in 2033 under its £5 billion Euro Medium Term Note Programme. The documentation, including the final terms and related prospectus, has bee...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Hammerson Grants Long-Dated Share Options to Senior Executives
Positive
Sep 4, 2026
Hammerson plc has granted savings-related share options to Chief Executive Rob Wilkinson and General Counsel and Company Secretary Alex Dunn under its Hammerson Savings-Related Share Option Scheme. Wilkinson received 9,918 options exercisable betw...
Regulatory Filings and Compliance
Hammerson CEO Reports Intra-Family Transfer of Shares
Neutral
Sep 3, 2026
Hammerson plc has disclosed an intra-family share transfer involving its chief executive, Rob Wilkinson, in line with UK Market Abuse Regulation requirements. On 3 September 2026, Wilkinson transferred 28,169 ordinary shares in the company to his ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Hammerson boosts liquidity with £250m bond issue and maintains earnings guidance
Positive
Sep 2, 2026
Hammerson has successfully priced a £250m, seven-year bond maturing in June 2033 at 107 basis points over the 4.125% 2033 UK Treasury Gilt, carrying a 5.875% annual coupon and attracting demand of over £1.1bn. The bond will be issued und...
Regulatory Filings and Compliance
Hammerson Discloses Share Option Exercise by General Counsel
Positive
Aug 28, 2026
Hammerson plc disclosed that Alex Dunn, its General Counsel and Company Secretary, exercised options over 8,653 ordinary shares under the company’s Savings-Related Share Option Scheme at a price of £2.08 per share. The transaction, cond...
Private Placements and FinancingRegulatory Filings and Compliance
Hammerson Updates £5bn EMTN Programme with FCA-Approved Supplementary Prospectus
Positive
Aug 28, 2026
Hammerson plc has published a supplementary prospectus to the base prospectus for its £5 billion Euro Medium Term Note Programme, under which the company issues debt securities to investors. The document, approved by the Financial Conduct Aut...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Updates £5bn EMTN Programme with FCA-Approved Prospectus
Positive
Aug 27, 2026
Hammerson plc has published a supplementary prospectus dated 27 August 2026 to its base prospectus for the £5,000,000,000 Euro Medium Term Note programme, which has received approval from the Financial Conduct Authority. The document has been...
Business Operations and StrategyDividends
Hammerson Sets Terms for Interim 2026 Dividend and DRIP for UK and South African Investors
Neutral
Aug 26, 2026
Hammerson plc has confirmed the currency conversion and payment details for its interim 2026 dividend of 9.67 pence per share, designated as a Property Income Distribution subject to 20% UK withholding tax. The dividend will be paid in cash to sha...
Regulatory Filings and Compliance
Hammerson Discloses PDMR Share Transfer by Development Chief
Neutral
Aug 19, 2026
Hammerson plc has disclosed a transaction in its ordinary shares involving Chief Development and Asset Repositioning Officer Harry Badham, a person discharging managerial responsibilities. The transaction was a transfer of 210,868 ordinary shares ...
Executive/Board ChangesRegulatory Filings and Compliance
Hammerson CEO Receives Share Awards Under Incentive Plan
Neutral
Aug 13, 2026
Hammerson plc disclosed that its chief executive and executive director, Rob Wilkinson, acquired 478 ordinary shares as Partnership Shares under the company’s Share Incentive Plan at £3.758 per share. In line with the plan’s terms...
Regulatory Filings and Compliance
Hammerson Discloses Share Sale by General Counsel and Company Secretary
Neutral
Aug 4, 2026
Hammerson plc disclosed that its General Counsel and Company Secretary, Alex Dunn, has sold 54,000 ordinary shares in the company on 31 July 2026. The transaction, executed on the London Stock Exchange, realised proceeds of approximately £204...
Private Placements and FinancingRegulatory Filings and Compliance
Hammerson Expands Equity Base With Admission of New Shares
Positive
Aug 4, 2026
Hammerson plc has admitted 53,163,160 new ordinary shares to trading on the London Stock Exchange’s Main Market, following a recent equity issue. The new shares are fully fungible with existing stock, bringing the total number of ordinary sh...
Business Operations and StrategyM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Hammerson Directors Subscribe to Shares in Manchester Arndale Equity Issue
Positive
Jul 30, 2026
Hammerson has announced director and senior management subscriptions for new ordinary shares tied to the equity issue funding the acquisition of a 50% interest in Manchester Arndale. Chief executive Rob Wilkinson, chief financial officer Himanshu ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Hammerson Raises £189m in Equity Placing to Back Manchester Arndale Deal
Positive
Jul 30, 2026
Hammerson has completed a £189 million non-pre-emptive equity placing, issuing 52,098,942 new shares at 355 pence each, a 3.8% discount to the prior close, following its acquisition of a 50% stake in Manchester Arndale. Together with a concur...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Hammerson to Raise £190m as It Buys Stake in Manchester Arndale
Positive
Jul 30, 2026
Hammerson plc plans to raise around £190 million, or up to 10% of its existing share capital, through a placing, UK retail offer and director subscription of new ordinary shares to help fund the £218 million acquisition of a 50% stake in...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Hammerson launches UK retail share offer to fund Manchester Arndale stake
Positive
Jul 30, 2026
Hammerson has launched a conditional retail offer of new ordinary shares in the UK via RetailBook, running alongside a non-pre-emptive placing to institutional investors and a director subscription as part of a broader equity issue. The new shares...
Business Operations and StrategyDividends
Hammerson Declares Interim 2026 Dividend and Sets Cross-Border Timetable
Positive
Jul 30, 2026
Hammerson plc has declared an interim dividend of 9.67 pence per ordinary share for the financial year ending 31 December 2026, to be paid on 15 October 2026 to shareholders on the register as of 4 September 2026. The payment will be made as a Pro...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Hammerson lifts 2026 guidance on strong half-year and Manchester Arndale deal
Positive
Jul 30, 2026
Hammerson reported a strong first half for 2026, with footfall up 3% and like-for-like sales up 2%, robust leasing activity securing £18.5m of headline rent on improved terms, and flagship occupancy rising to 96%, its best H1 level in seven y...
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.