olivLaw · European equity research
Shaftesbury Capital PLC SHC.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Shaftesbury Capital is a major owner of real estate in London's West End, combining retail, food and beverage, offices and residential space. In 2025 it reported growth in rental income, underlying earnings and EPRA net tangible assets per share, in a market with limited new supply. The company holds a portfolio that is almost fully let, which makes it relevant to investors in prime urban property. EPRA NTA per share reached 214.7 pence, and portfolio occupancy stood at 97 per cent.
At the close of 05 Nov 2026, Shaftesbury Capital PLC (SHC.L) stock was 1.48 GBP (−0.67% on the day), with market capitalisation 2.7 bn GBP, P/E 8.0 on diluted EPS of 0.19 GBP over the last 12 months, dividend yield 2.26%, beta 0.73, 52-week range 1.26–1.55 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)
- 63.4
- strong (55–70)
- Bollinger (20, 2)
- 1.36 – 1.51
- in the upper half of the band · %B 0.81 · band width 10.7%
- SMA 50 / 200
- 1.41 / 1.40
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- 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 | +7.6% | −0.6% | +8.3 pp | — |
| 3 months | +2.1% | −4.2% | +6.3 pp | — |
| 6 months | +11.1% | +4.3% | +6.8 pp | — |
| Year to date | +2.1% | +7.5% | −5.4 pp | — |
| 1 year | +3.4% | +9.9% | −6.6 pp | +5.8% |
| 3 years | +31.2% | +49.8% | −18.6 pp | +26.3% |
| 5 years | −15.2% | +42.8% | −58.1 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 67 percentile of its own 3-quarter history (min 3.0, median 7.8, max 9.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 195.1 m | 227.1 m | 238.9 m |
| Revenue YoY | unavailable | +16.4% | +5.2% |
| Net income | 750.4 m | 252.1 m | 340.2 m |
| Net income YoY | unavailable | −66.4% | +34.9% |
| Diluted EPS | 0.45 | 0.14 | 0.19 |
| Diluted EPS YoY | unavailable | −69.5% | +34.1% |
| net % | 384.6% | 111.0% | 142.4% |
| Free cash flow | -64.8 m | 49.4 m | 116.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 361.4 m GBP
- Financial debt
- 772.4 m GBP
- Net debt
- 411.0 m GBP
- Equity
- 4.6 bn GBP
- Total assets
- 5.9 bn GBP
- Debt / equity
- 0.17x
- Current ratio
- 0.75x
- ROE
- 8.3%
- ROA
- 6.1%
- FCF margin
- 48.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 195.1 m | 227.1 m | 238.9 m | esef· 18 Mar 2026verified |
| Cost of revenue | 53.2 m | 60.0 m | 61.2 m | esef· 18 Mar 2026verified |
| Gross profit | 141.9 m | 167.1 m | 177.7 m | esef· 18 Mar 2026verified |
| Operating income | 35.3 m | 312.0 m | 445.8 m | esef· 18 Mar 2026verified |
| Interest expense | 67.5 m | 72.0 m | 63.8 m | esef· 18 Mar 2026verified |
| Pre-tax income | 750.6 m | 252.4 m | 387.1 m | esef· 18 Mar 2026verified |
| Income tax | 200.0 k | 300.0 k | -300.0 k | esef· 18 Mar 2026verified |
| Net income | 750.4 m | 252.1 m | 340.2 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.45 | 0.14 | 0.19 | esef· 18 Mar 2026verified |
| Dividend per share | 0.03 | 0.03 | — | esef· 18 Mar 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 200.2 m | 124.0 m | 361.4 m | esef· 18 Mar 2026verified |
| Receivables | 42.7 m | 30.4 m | 41.3 m | esef· 18 Mar 2026verified |
| Current assets | 251.2 m | 157.8 m | 404.6 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 24.0 m | 25.5 m | 25.2 m | esef· 18 Mar 2026verified |
| Total assets | 5.2 bn | 5.2 bn | 5.9 bn | esef· 18 Mar 2026verified |
| Accounts payable | 96.0 m | 84.8 m | 98.1 m | esef· 18 Mar 2026verified |
| Long-term debt | 1.5 bn | 1.5 bn | 772.4 m | esef· 18 Mar 2026verified |
| Current liabilities | 191.4 m | 85.3 m | 538.1 m | esef· 18 Mar 2026verified |
| Total liabilities | 1.7 bn | 1.6 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Equity | 3.5 bn | 3.7 bn | 4.6 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 1.6 bn | 1.8 bn | 1.8 bn | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -13.6 m | 51.7 m | 116.4 m | esef· 18 Mar 2026verified |
| Capex | 51.2 m | 2.3 m | 0 | esef· 18 Mar 2026verified |
| Free cash flow | -64.8 m ≈ | 49.4 m ≈ | 116.4 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | 155.8 m | 103.2 m | -111.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -71.9 m | -231.1 m | 232.0 m | esef· 18 Mar 2026verified |
| Dividends paid | 41.9 m | 61.1 m | — | esef· 18 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality40
- Returns58
- Balance sheet51
- Valuation70
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
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 25 (vs peers) | 17% |
| Net margin · Quality | 142.4% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 34.2% | 6 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.0x | 84 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 8.0x | 83 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 54 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 52.5% | 96 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality40/100 · 3/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation70/100 · 2/3 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
SHAFTESBURY CAPITAL PLC (SHC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 238.9 m GBP in 2025; YoY growth 5.2%; net margin 142.4%; ROE 8.9%.
The estimated value range is 1.46–2.24 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.84 GBP, the price of 1.48 GBP leaves a potential of 24.1% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 142.4%
- Interest coverage: 7.0x
- P/E (TTM): 8.0x
- Payout ratio (FCF): 52.5%
What contradicts it
- ROIC: 7.5%
- FCF conversion: 34.2%
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| 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% |
| SHC.LShaftesbury Capital PLC | 2.7 bn | 8.0 | 8.9% | 142.4% | +5.2% | +2% / +22% |
| 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 SHC.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 | 0.89 Total return -38% · Per year -38% | 1.57 Total return 9% · Per year 9% | 2.37 Total return 63% · Per year 63% |
| 3 years | 0.88 Total return -35% · Per year -14% | 1.74 Total return 25% · Per year 8% | 2.88 Total return 104% · Per year 27% |
| 5 years | 0.86 Total return -33% · Per year -8% | 1.93 Total return 44% · Per year 7% | 3.49 Total return 154% · Per year 20% |
- Exit P/E± 0.44
- Net margin± 0.30
- Annual revenue growth± 0.25
- Annual dilution± 0.03
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
Shaftesbury Capital is a major owner of real estate in London's West End, combining retail, food and beverage, offices and residential space. In 2025 it reported growth in rental income, underlying earnings and EPRA net tangible assets per share, in a market with limited new supply. The company holds a portfolio that is almost fully let, which makes it relevant to investors in prime urban property. EPRA NTA per share reached 214.7 pence, and portfolio occupancy stood at 97 per cent.
SWOT
Strengths
- A prime West End portfolio that is almost fully let, with a position that is hard to replicate in central London.
- A solid balance sheet and high liquidity, with access to cash and undrawn facilities that provide flexibility.
- A team experienced in active management and with a record of value creation in complex properties.
Weaknesses
- A high geographic concentration in the West End, which exposes the company to developments in a single area.
- Leverage, measured by net debt to EBITDA, remains an area of attention for investors.
- The partnership with NBIM in Covent Garden limits exclusive control over some strategic decisions for that asset.
Opportunities
- Potential for rental growth through the gap between market rents and current passing rents in the portfolio.
- Selective acquisitions and repositioning projects that could add value to the existing portfolio.
- Increased interest in large lots in the West End, if interest rates continue to fall.
Threats
- A fall in property values if interest rates or investor sentiment deteriorate.
- Changes in policy and regulation, including in the residential sector, could raise compliance costs.
- Geopolitical uncertainty and pressure on consumer spending could reduce footfall and tenant sales.
Risks
- Decline in property valuationshigh
Property values could fall if macroeconomic conditions, interest rates or investor sentiment deteriorate, affecting net asset value.
- Portfolio concentrationhigh
Assets are concentrated in the West End, so a shift in demand or local rules in that area could affect several properties at once.
- Cost of financingmedium
If availability of finance falls or the cost of debt rises, refinancing could become more expensive and investment flexibility could be limited.
- Regulation and climatemedium
Regulatory changes and decarbonisation requirements could bring extra costs or reputational impact if not met.
- Operational and security riskslow
Disruptive events such as security incidents or cyber attacks could interrupt tenant activity and reduce visitor footfall.
Investment thesis
What would need to be true (bull case)
- If demand for prime West End space stays high and new supply remains limited, rental growth could exceed the company's medium-term target.
- The gap between market rents and current passing rents could generate additional income from leasing and asset management.
- A prudent balance sheet and available liquidity could allow attractive acquisitions or repositioning projects in the coming period.
What would break the thesis
- If interest rates or investor sentiment deteriorate, property values could fall and reduce net asset value.
- Geographic concentration in the West End could amplify the impact of weaker demand in the area or local regulatory changes.
- Cost pressures and macroeconomic uncertainty could limit growth in retail spending and rents, weighing on revenue.
What to watch
- Like-for-like rental growth and portfolio occupancy trendsnext 10-K
- Progress of repositioning projects in Covent Garden and Carnaby Street2026
- Cost of financing and the debt maturity profile2027
- Delivery against medium-term targets for rental growth and returns2027
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
Shaftesbury Capital develops and manages a mixed-use property portfolio in the heart of London's West End, aiming to create thriving destinations where people visit, work and live. Its strategy relies on active curation, space reconfiguration and selective investment, with the goal of delivering long-term growth in rental income and portfolio value. In 2025 the company partnered with NBIM, which acquired a 25 per cent non-controlling interest in the Covent Garden estate while the company kept management control of the asset.
The business model combines leasing commercial and office space with asset management, including repositioning buildings and improving public realm. The company reports that underlying administration costs fell 8 per cent relative to 2024, and it maintains a conservative capital structure. Its stated aim is to generate attractive total returns from prime property, not only from current income.
The company describes its portfolio as impossible to replicate, owing to its scale and position in the West End. The management team covers asset management, leasing and investment, and its reporting includes measures such as total property return and total accounting return. The medium-term targets announced in 2023 remain, according to the report, the company's reference benchmark.
Segments
Retail and food and beverage
Retail and food and beverage form the core of the portfolio, with areas such as Covent Garden, Carnaby Street and Chinatown. The company reports 32 per cent rental growth on Seven Dials over three years, which points to the growth potential of these prime streets.
Offices and residential
The portfolio also includes offices and residential space in the West End, components that modestly diversify the revenue base. The analysed text gives no separate figures for these segments, so their precise contribution to revenue remains unclear.
Market context
The company describes the West End market as having limited new supply and steady demand for prime space. Yields are stable, with slight compression on some properties, and investor interest in larger lots has increased as interest rates eased. The company also notes strong demand from global brands that want a presence in central locations.
Macroeconomic risks, UK political uncertainty and geopolitical volatility remain points of attention. Employment costs and inflationary pressures could affect consumer spending and demand for commercial space, and the company identifies these explicitly as sources of uncertainty.
Trends
- Return of tourism and visitors to central Londontailwind
High hotel occupancy in the West End and a wider catchment area through the Elizabeth Line are cited as factors supporting footfall and sales. If these trends persist, they could support rents in retail and food and beverage.
- Cost pressures and macroeconomic uncertaintyheadwind
The company flags pressure from employment, energy and insurance costs, as well as interest rate volatility. These could weigh on consumer demand and the cost of financing.
- Limited new supply in prime locationstailwind
Low new supply in the West End and a small share of ERV available to let support, according to the company, rental growth. However, if demand weakens, this dynamic could reverse quickly.
- Growing regulation and environmental standardsmixed
Rules on energy, climate and rented property, such as the Renters' Rights Act and the Building Safety Act, raise compliance costs. The company is working on decarbonisation, but the required investment could be significant.
Competitive position
The source text does not explicitly name the company's competitors. The company positions itself as one of the largest owners in the West End and cites its advantages of scale, curation and prime location, but it gives no list of rivals or direct market share comparison.
- Other prime West End property owners
The source text names no specific competitors; the company's comparison is against the MSCI index and FTSE 350 Real Estate companies.
- Institutional investors in prime property
The company mentions investors such as NBIM as partners rather than direct rivals, and investor interest in prime assets can influence transaction prices.
- UK real estate companies in the FTSE 350
These form the comparison group the company uses for total accounting return and total shareholder return.
- High-end London retail property funds and owners
They are indirect competitors for tenants and investors, and the source text gives no details about them.
News & filings
In the press
- Judi Dench to have London’s Shaftesbury theatre renamed after herThe Guardian World · 16 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Shaftesbury Capital PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.