Landsec (LDSCY) AI Stock Analysis

Landsec

(Other OTC:LDSCY)

Select Model

Rating:55Neutral

Price Target:$8.50▼(-7.91% Downside)

Action:reiterated

Date:09/14/26

Overall score reflects improving profitability and a manageable balance sheet, but is held back most by deteriorating cash-flow quality (free cash flow dropping to zero) and weak technical momentum (below key moving averages with negative MACD). Valuation and a high dividend yield provide partial support.

Positive Factors

Revenue accelerationRevenue acceleration in 2026 indicates improved top-line momentum after a flat 2025, supporting the durability of rental and property-related income. If sustained, stronger revenue can improve operating leverage and provide more capacity to reinvest in assets, leasing, and development.

Negative Factors

Weak free cash flow conversionFree cash flow falling to zero is a material constraint on funding flexibility and distribution capacity, even though operating cash generation remains positive. If weak conversion persists, Landsec may have less internally generated cash for development, debt reduction, or shareholder distributions.

Landsec Key Performance Indicators (KPIs)

Gross Rental Income by SegmentShows the total rental income generated from different property segments, highlighting which areas are driving revenue and indicating potential growth or risk areas based on segment performance.

Chart Insights

Data provided by:

The Fly

Landsec (LDSCY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $7.24B
Dividend Yield: 6.05%
Average Volume (3M): 65.10K
Price to Earnings (P/E): 14.5
Beta (1Y): 0.55
Revenue Growth: 12.66%
EPS Growth: -8.96%
Country: US
Employees: 700
Sector: Real Estate
Sector Strength: 65
Industry: REIT - Diversified

Landsec Business Overview & Revenue Model

Company Description

Landsec strategically develops and invests in properties, spaces, and partnerships to foster sustainable environments, connect diverse communities, and unlock their full potential. As a prominent European real estate group, we oversee a substantial £...

How the Company Makes Money

Landsec generates most of its income from its property portfolio by renting space to tenants under commercial leases. This rental model produces recurring revenue, typically comprising base rent plus service charge recoveries (where applicable) to co...

Landsec Earnings Call Summary

Earnings Call Date:Nov 13, 2025(Q2-2026)|% Change Since:12.67%|Next Earnings Date:Nov 12, 2026

Earnings Call SentimentPositive

The earnings call reflected a strong operational performance with significant growth in income and EPS. There were successful asset sales aimed at enhancing future income growth, and positive guidance was provided for the near term. However, some concerns were noted regarding the decline in NTA per share and the impact of asset disposals on EPS.

Positive Updates

Strong Like-for-Like Income Growth

Landsec reported a 5.2% growth in like-for-like income, with occupancy at a decade high.

Negative Updates

NTA Per Share Decline

Net Tangible Asset (NTA) per share was down by 1.3%, primarily due to the sale of low-returning assets.

Company Guidance

During the call presenting Landsec's 2025 Half Year results, several key financial metrics and strategic updates were highlighted. The company reported a 5.2% growth in like-for-like income, with occupancy at a decade high. Overhead cost savings target increased, implying over GBP 10 million savings by the next financial year. Landsec plans to reduce its capital employed in predevelopment assets by GBP 0.3 billion within year one, while raising its guidance for like-for-like income growth to around 4% to 5% for the year. The company has sold GBP 644 million of low-returning assets, aiming to recycle capital into high-income retail opportunities, with a target for net debt to EBITDA to fall below 7x within two years. Despite a slight dip in NTA per share by 1.3%, the outlook for EPS growth is now expected at the high end of the 2% to 4% guidance range, driven by strong retail income growth, lower overheads, and reduced development exposure.

Landsec Financial Statement Overview

Summary

Mixed fundamentals. Income statement and balance sheet are solid (improving revenue momentum, moderate leverage and recovering ROE), but cash flow quality is a key weakness: free cash flow fell to zero in 2026 and cash conversion versus earnings is uneven, which raises funding and distribution risk if sustained.

Income Statement

63Positive

Balance Sheet

72Positive

Cash Flow

41Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	897.91M	906.51M	832.00M	824.00M	791.00M	679.00M
Gross Profit	519.34M	524.39M	510.00M	500.00M	412.00M	372.00M
EBITDA	527.17M	480.64M	511.00M	-233.00M	-530.00M	390.00M
Net Income	346.47M	348.58M	396.00M	-319.00M	-619.00M	869.00M
Balance Sheet
Total Assets	11.54B	11.54B	11.62B	10.66B	10.97B	12.89B
Cash, Cash Equivalents and Short-Term Investments	117.01M	117.01M	39.00M	78.00M	41.00M	146.00M
Total Debt	4.50B	4.50B	4.55B	3.78B	3.54B	4.55B
Total Liabilities	5.00B	5.00B	5.09B	4.22B	3.89B	4.90B
Stockholders Equity	6.54B	6.54B	6.51B	6.40B	7.00B	7.92B
Cash Flow
Free Cash Flow	32.92M	67.00M	93.00M	212.00M	240.00M	339.00M
Operating Cash Flow	227.73M	214.00M	256.00M	338.00M	342.00M	381.00M
Investing Cash Flow	206.27M	216.00M	-383.00M	-272.00M	834.00M	-607.00M
Financing Cash Flow	-376.31M	-363.00M	88.00M	-29.00M	-1.28B	362.00M

Landsec Technical Analysis

Technical Analysis SentimentPositive

Last Price9.23

Price Trends

50DMA8.62Positive

100DMA8.85Positive

200DMA8.46Positive

Market Momentum

MACD0.11Negative

RSI65.57Neutral

STOCH74.38Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LDSCY, the sentiment is Positive. The current price of 9.23 is above the 20-day moving average (MA) of 8.51, above the 50-day MA of 8.62, and above the 200-day MA of 8.46, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 65.57 is Neutral, neither overbought nor oversold. The STOCH value of 74.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LDSCY.

Landsec Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

LDSCY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WPC	69Neutral	$14.75B	22.10	7.69%	5.83%	8.96%	75.31%
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
AAT	57Neutral	$1.34B	62.10	2.01%	6.22%	-11.57%	-75.67%
LDSCY	55Neutral	$7.36B	14.50	5.29%	6.05%	12.66%	-8.96%
GNL	53Neutral	$1.61B	-25.81	-0.84%	10.90%	-29.60%	77.14%
ESRT	50Neutral	$860.47M	182.72	0.69%	2.82%	2.04%	-91.73%
JBGS	44Neutral	$886.47M	-4.55	-13.35%	5.89%	-1.08%	-37.72%

* Real Estate Sector Average

Performance Comparison

LDSCY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
LDSCY	Land Securities Group	8.94	1.18	15.21%
WPC	W. P. Carey Inc.	64.10	1.74	2.79%
ESRT	Empire State Realty Trust Inc	4.97	-2.22	-30.85%
AAT	American Assets Trust	21.86	4.09	23.02%
GNL	Global Net Lease	6.97	-0.04	-0.50%
JBGS	Jbg Smith Properties	11.88	-6.21	-34.34%

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.

Date of analysis: Sep 14, 2026

Landsec AI Stock Analysis