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Shaftesbury Capital
(LSE:SHC)
Select Model
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Rating:71Outperform
Price Target:
167.00 p
▲(9.29% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by solid financial positioning (notably improved leverage and strong recent profitability) but is held back by weak and inconsistent cash-flow conversion. Technicals add support due to an established uptrend above major moving averages, while valuation is a meaningful positive given the low P/E and moderate dividend yield.
Positive Factors
Revenue Expansion
The 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 Conversion
Weak 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Expansion
The 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.
Read all positive factors
Shaftesbury Capital (SHC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.87B
Dividend Yield2.93%
Average Volume (3M)5.47M
Price to Earnings (P/E)7.0
Beta (1Y)1.14
Revenue Growth9.10%
EPS Growth20.49%
CountryUK
Employees104
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.21
Shares Outstanding1,959,945,600
10 Day Avg. Volume3,825,074
30 Day Avg. Volume5,471,012
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.67
Price to Sales (P/S)11.26
P/FCF Ratio22.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£186.86Price Target Upside22.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.05
Revenue Forecast (FY)£165.79M
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 202...
How the Company Makes Money
Shaftesbury Capital primarily makes money from (1) rental income generated by leasing its properties to commercial tenants (e.g., retail, restaurant, leisure, and office occupiers) under lease agreements, and (2) property-related income and value ...
Shaftesbury Capital Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Positive
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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 Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 243.80M | 234.50M | 227.10M | 198.00M | 87.60M | 75.30M |
| Gross Profit | 183.70M | 174.80M | 167.10M | 141.90M | 70.90M | 42.80M |
| EBITDA | 497.20M | 451.80M | 324.70M | 818.60M | -175.30M | 73.40M |
| Net Income | 382.40M | 340.20M | 252.10M | 750.40M | -211.80M | 34.80M |
Balance Sheet | ||||||
| Total Assets | 5.80B | 5.88B | 5.23B | 5.22B | 2.35B | 2.80B |
| Cash, Cash Equivalents and Short-Term Investments | 118.10M | 361.40M | 109.80M | 208.50M | 129.90M | 331.10M |
| Total Debt | 965.60M | 1.22B | 1.47B | 1.63B | 744.40M | 941.00M |
| Total Liabilities | 1.04B | 1.31B | 1.56B | 1.74B | 789.60M | 1.01B |
| Stockholders Equity | 4.11B | 3.95B | 3.67B | 3.48B | 1.56B | 1.79B |
Cash Flow | ||||||
| Free Cash Flow | 57.20M | 116.40M | 49.40M | -17.00M | -4.10M | -8.80M |
| Operating Cash Flow | 57.10M | 116.40M | 51.70M | -13.60M | 7.00M | -900.00K |
| Investing Cash Flow | -4.10M | 463.00M | 103.20M | 155.80M | 7.10M | 101.00M |
| Financing Cash Flow | -536.40M | -342.00M | -231.10M | -71.90M | -215.30M | -147.60M |
Shaftesbury Capital Technical Analysis
Positive
152.80
Price Trends
142.50
Positive
137.14
Positive
136.95
Positive
Market Momentum
1.23
Positive
53.85
Neutral
22.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SHC, the sentiment is Positive. The current price of 152.8 is above the 20-day moving average (MA) of 146.63, above the 50-day MA of 142.50, and above the 200-day MA of 136.95, indicating a bullish trend. The MACD of 1.23 indicates Positive momentum. The RSI at 53.85 is Neutral, neither overbought nor oversold. The STOCH value of 22.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SHC.
Shaftesbury Capital Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £2.12B | 8.84 | 11.84% | 5.03% | 92.40% | 184.37% | |
71 Outperform | £2.87B | 6.99 | 9.48% | 2.93% | 9.10% | 20.49% | |
69 Neutral | £2.16B | 46.74 | 1.35% | 4.18% | 45.36% | -79.84% | |
68 Neutral | £4.91B | 14.41 | 5.29% | 6.21% | 7.21% | -13.23% | |
67 Neutral | £4.28B | 9.09 | 7.73% | 5.53% | 15.13% | 29.40% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £1.36B | 8.59 | 7.41% | 2.45% | 24.37% | 29.61% |
* Real Estate Sector Average
GB:SHC
Shaftesbury Capital
146.70
9.46
6.90%
GB:BLND
British Land Company plc
418.00
98.32
30.75%
GB:DLN
Derwent London plc REIT
1,963.00
372.42
23.41%
GB:GPE
Great Portland Estates plc R.E.I.T.
335.20
43.56
14.94%
GB:HMSO
Hammerson plc R.E.I.T.
362.60
96.46
36.24%
GB:LAND
Land Securities Group plc REIT
663.00
156.10
30.79%
Shaftesbury Capital Corporate Events
Business Operations and StrategyDividends
Shaftesbury Capital sets tax and FX terms for 2026 interim dividend
Neutral
Aug 12, 2026
Shaftesbury Capital PLC has confirmed the details of its 2026 interim cash dividend of 2.2 pence per ordinary share, payable entirely as a property income distribution on 23 September 2026 to shareholders on the register as of 28 August. The compa...
Other
Shaftesbury Capital Director Increases Shareholding in Insider Deal
Positive
Jul 30, 2026
Shaftesbury Capital PLC disclosed that non-executive director Rachel Kentleton purchased 17,785 ordinary shares in the company on 29 July 2026. The transaction, carried out on the London Stock Exchange, was executed at an average price of £1....
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Shaftesbury Capital Posts Strong H1 and Deepens West End Growth Platform
Positive
Jul 29, 2026
Shaftesbury Capital reported a strong first half, with its West End portfolio driving growth in rental income, valuations and earnings despite wider macroeconomic and geopolitical uncertainty. The group’s EPRA net tangible assets per share r...
Business Operations and StrategyFinancial Disclosures
Shaftesbury Capital Sets Date for 2026 Interim Results
Neutral
Jun 29, 2026
Shaftesbury Capital PLC said it plans to publish its interim results for the six months to 30 June 2026 on 29 July, giving investors and analysts a key update on its mid-year performance. The scheduled release will provide fresh insight into tradi...
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.