olivLaw · European equity research
Landsec LAND.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Landsec is one of the largest owners of urban property in the UK, with a portfolio focused on London offices and top shopping destinations. In fiscal 2026 the company reported like-for-like net rental income growth of 4.6 percent, and its strategy centres on growing income and EPS while reducing exposure to development and recycling capital out of offices.
At the close of 05 Nov 2026, Landsec (LAND.L) stock was 6.88 GBP (+0.59% on the day), with market capitalisation 5.1 bn GBP, P/E 15.0 on diluted EPS of 0.46 GBP over the last 12 months, dividend yield 5.99%, beta 0.59, 52-week range 5.32–7.22 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.7
- strong (55–70)
- Bollinger (20, 2)
- 6.10 – 6.98
- in the upper half of the band · %B 0.88 · band width 13.3%
- SMA 50 / 200
- 6.43 / 6.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.12 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.3% | −0.6% | +12.0 pp | — |
| 3 months | −3.6% | −4.2% | +0.6 pp | — |
| 6 months | +16.8% | +4.3% | +12.5 pp | — |
| Year to date | +10.5% | +7.5% | +3.0 pp | — |
| 1 year | +9.0% | +9.9% | −0.9 pp | +5.8% |
| 3 years | +15.2% | +49.8% | −34.6 pp | +26.3% |
| 5 years | −2.9% | +42.8% | −45.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 10.4, median 11.2, max 12.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 824.0 m | 842.0 m | 892.0 m |
| Revenue YoY | unavailable | +2.2% | +5.9% |
| Net income | -319.0 m | 396.0 m | 343.0 m |
| Net income YoY | unavailable | unavailable | −13.4% |
| Diluted EPS | -0.43 | 0.53 | 0.46 |
| Diluted EPS YoY | unavailable | unavailable | −13.4% |
| net % | -38.7% | 47.0% | 38.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 106.0 m GBP
- Financial debt
- 4.5 bn GBP
- Net debt
- 4.4 bn GBP
- Equity
- 6.5 bn GBP
- Total assets
- 11.5 bn GBP
- Debt / equity
- 0.69x
- Current ratio
- 0.57x
- ROE
- 5.2%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 824.0 m | 842.0 m | 892.0 m | esef· 02 Jun 2026verified |
| Operating income | -227.0 m | 526.0 m | 465.0 m | esef· 02 Jun 2026verified |
| Interest expense | 126.0 m | 148.0 m | 133.0 m | esef· 02 Jun 2026verified |
| Pre-tax income | -341.0 m | 393.0 m | 346.0 m | esef· 02 Jun 2026verified |
| Income tax | 0 | -3.0 m | 2.0 m | esef· 02 Jun 2026verified |
| Net income | -319.0 m | 396.0 m | 343.0 m | esef· 02 Jun 2026verified |
| Diluted EPS | -0.43 | 0.53 | 0.46 | esef· 02 Jun 2026verified |
| Dividend per share | 0.40 | 0.40 | 0.41 | esef· 02 Jun 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 78.0 m | 39.0 m | 106.0 m | esef· 02 Jun 2026verified |
| Receivables | 379.0 m | 467.0 m | 491.0 m | esef· 02 Jun 2026verified |
| Inventories | 100.0 m | 81.0 m | 56.0 m | esef· 02 Jun 2026verified |
| Current assets | 574.0 m | 721.0 m | 671.0 m | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 7.0 m | 42.0 m | 42.0 m | esef· 02 Jun 2026verified |
| Total assets | 10.7 bn | 11.6 bn | 11.5 bn | esef· 02 Jun 2026verified |
| Accounts payable | 348.0 m | 406.0 m | 363.0 m | esef· 02 Jun 2026verified |
| Short-term debt | 975.0 m | 752.0 m | 746.0 m | esef· 02 Jun 2026verified |
| Long-term debt | 2.8 bn | 3.8 bn | 3.7 bn | esef· 02 Jun 2026verified |
| Current liabilities | 1.4 bn | 1.2 bn | 1.2 bn | esef· 02 Jun 2026verified |
| Total liabilities | 4.2 bn | 5.1 bn | 5.0 bn | esef· 02 Jun 2026verified |
| Equity | 6.4 bn | 6.5 bn | 6.5 bn | esef· 02 Jun 2026verified |
| Shares outstanding at year end | 741.9 m | 743.0 m | 742.4 m | esef· 02 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 338.0 m | 256.0 m | 214.0 m | esef· 02 Jun 2026verified |
| Investing cash flow | -272.0 m | -383.0 m | 216.0 m | esef· 02 Jun 2026verified |
| Financing cash flow | -29.0 m | 88.0 m | -363.0 m | esef· 02 Jun 2026verified |
| Dividends paid | 291.0 m | 305.0 m | 290.0 m | esef· 02 Jun 2026verified |
| Share repurchases | — | 0 | 27.0 m | esef· 02 Jun 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.2% | 21 (vs peers) | 24% |
| Net margin · Quality | 38.5% | 91 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 15.0x | 50 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.2% | 89 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partial89/100 · 1/2 factors with a value
- Valuation· partial50/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LAND SECURITIES GROUP PLC (LAND.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 892.0 m GBP in 2026; YoY growth 5.9%; net margin 38.5%; ROE 5.3%.
The estimated value range is 4.61–6.49 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.54 GBP, the price of 6.88 GBP leaves a potential of -19.4% (value / price − 1) and a margin of safety of -24.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 38.5%
- Shareholder yield (distributions): 6.2%
What contradicts it
- ROIC: 4.2%
- Current ratio: 0.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| LAND.LLand Securities Group PLC | 5.1 bn | 15.0 | 5.3% | 38.5% | +5.9% | +14% / +10% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for LAND.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.15 Total return -35% · Per year -35% | 7.33 Total return 13% · Per year 13% | 11.04 Total return 68% · Per year 68% |
| 3 years | 4.14 Total return -25% · Per year -9% | 8.23 Total return 40% · Per year 12% | 13.58 Total return 123% · Per year 31% |
| 5 years | 4.14 Total return -16% · Per year -3% | 9.23 Total return 70% · Per year 11% | 16.72 Total return 191% · Per year 24% |
- Exit P/E± 2.06
- Net margin± 1.44
- Annual revenue growth± 1.17
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Landsec is one of the largest owners of urban property in the UK, with a portfolio focused on London offices and top shopping destinations. In fiscal 2026 the company reported like-for-like net rental income growth of 4.6 percent 1, and its strategy centres on growing income and EPS while reducing exposure to development and recycling capital out of offices.
SWOT
Strengths
- High-quality portfolio with occupancy at a two-decade high and rising rents on relettings.
- Efficient cost base, with overhead reduction reached earlier than the original plan.
- Highest credit rating in the sector and long-dated debt with no major refinancing until 2028.
Weaknesses
- Leverage, measured by net debt to EBITDA, remains high and needs reduction over the next two years.
- Residential development returns are still insufficient, limiting its near-term contribution to EPS.
- Heavy exposure to London and offices makes the company sensitive to one urban market.
Opportunities
- Capturing the gap between passing rents and market rents in offices and retail could support income growth.
- Recycling capital from offices into retail could improve yield and income stability.
- Supportive housing policy could make residential projects more attractive if applied.
Threats
- Global macroeconomic risks, including the Middle East conflict, could affect investment and demand.
- Stricter energy regulation could raise retrofit costs and reduce rents for weaker-performing buildings.
- Inflationary pressure and high construction costs could slow or make future projects more expensive.
Risks
- Climate transition riskhigh
Energy efficiency rules and carbon requirements could require significant investment in existing buildings and new projects.
- High leveragemedium
Leverage is falling, but it could remain a pressure if income or financing costs do not develop as planned.
- Geographic concentrationmedium
Major exposure to London makes the portfolio sensitive to demand and policy shifts in the capital.
- Residential project executionmedium
Residential projects could remain unprofitable if public support does not materialise or costs rise.
- Weaker retail demandlow
Pressure on consumer spending and centre footfall could affect tenant sales and the ability to raise rents.
Investment thesis
What would need to be true (bull case)
- If rent growth on relettings and high occupancy continue, net income could accelerate and support EPS growth in the coming years.
- Reducing development exposure and selling low-yielding assets could make results less cyclical over time.
- A position in prime offices and dominant centres could let the company benefit from market polarisation in favour of quality assets.
What would break the thesis
- If the macro environment worsens, demand for offices and retail could fall and rent growth could slow.
- High leverage could limit financial flexibility if the reduction in net debt to EBITDA is delayed.
- Climate compliance costs could become large if regulation tightens faster than the company expects.
What to watch
- Progress of net debt to EBITDA towards the target below 7xnext two years
- Pace of income growth in retail and officesFY27
- Progress of office disposals and capital releasedFY27
- EPS and dividend development against company estimatesFY28
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Landsec owns and manages a high-quality urban property portfolio valued at £10.8bn as of March 2026 1. The portfolio produces £624m of annualised rental income 1 and is split between office-led places, retail-led destinations, residential-led projects and other assets. The strategy, set out in February 2025, aims at sustainable growth in income and EPS rather than only asset values.
The business model relies on active capital recycling: the company sells low-returning assets and redirects funds toward retail and more stable income-producing properties. Occupancy at a two-decade high and rising rents on relettings reflect strong customer relationships and an efficient cost base. Leverage is being reduced, with a target below 7x net debt to EBITDA within two years 1.
The company describes its purpose as shaping places that stand the test of time, and its primary financial objective is sustainable income and EPS growth, with return on equity as an output rather than a standalone target 1. The segment mix and capital allocation priorities reflect this long-term approach.
Market context
Central London office demand for high-quality Grade A space remains strong, while supply of prime stock is limited. Rents rose 10 percent in 2025 according to the company's source, and the UK residential market has a structural need for new homes. Retail is polarising, with dominant centres holding occupancy while secondary centres struggle.
UK property investment rebounded in the second half of 2025, but the effects of the Middle East conflict remain hard to assess. Prime, sustainable assets could outperform the wider market in the near term, which supports Landsec's positioning.
Trends
- Polarisation of retailtailwind
Shoppers and brands prefer dominant centres, while secondary centres lose ground. For Landsec this could support rents in its top-tier portfolio, but it creates pressure for owners of weaker centres.
- Demand for sustainable buildingstailwind
Occupiers and investors look for buildings with strong certifications and energy efficiency. The company says it has built with this in mind, which could support rents and occupancy.
- Financing and construction costsmixed
High financing and construction costs limit new office development, which helps existing assets but makes new projects harder to justify economically.
- Public housing policytailwind
Lower affordable housing requirements and infrastructure levies could improve residential project returns if the measures remain in place, although implementation is uncertain.
Competitive position
Landsec competes in London offices and UK retail with other large property owners who target the same occupiers and investors. Its stated advantage comes from prime locations and high occupancy.
In retail, competition depends on attracting brands and footfall to dominant centres, and in residential on securing viable projects. The company suggests its scale and customer data give it an edge, but the source does not name listed US competitors.
- Other London office developers and owners
Compete for Grade A office tenants in central locations where quality supply is limited.
- UK shopping centre operators
Compete for brands and footfall, particularly in the top destinations.
- Residential investors and local developers
Compete for land and partnerships in residential projects in London and Manchester.
- Prime property funds
Compete for prime asset transactions, which are seen as the most resilient in the current market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Jun 2026
- Annual report 202503 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Landsec · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.