olivLaw · European equity research
LondonMetric Property Plc LMP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
LondonMetric Property is a UK real estate investment trust focused on logistics, long-income retail and leisure and healthcare assets. In the year to 31 March 2026 the portfolio grew to £7.6 billion, mainly through acquisitions, which makes the company a relevant case for investors watching property financing while interest rates remain high.
At the close of 05 Nov 2026, LondonMetric Property Plc (LMP.L) stock was 1.88 GBP (−0.11% on the day), with market capitalisation 4.3 bn GBP, P/E 14.5 on diluted EPS of 0.13 GBP over the last 12 months, dividend yield 5.73%, beta 0.43, 52-week range 1.71–2.15 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)
- 67.7
- strong (55–70)
- Bollinger (20, 2)
- 1.72 – 1.90
- in the upper half of the band · %B 0.89 · band width 9.7%
- SMA 50 / 200
- 1.80 / 1.90
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.01
- 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 | +8.1% | −0.6% | +8.8 pp | — |
| 3 months | −3.8% | −4.2% | +0.3 pp | — |
| 6 months | −0.7% | +4.3% | −5.0 pp | — |
| Year to date | −0.9% | +7.5% | −8.4 pp | — |
| 1 year | −3.0% | +9.9% | −12.9 pp | +5.8% |
| 3 years | +8.5% | +49.8% | −41.4 pp | +26.3% |
| 5 years | −31.0% | +42.8% | −73.9 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 10.8, median 14.0, max 19.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 178.1 m | 396.7 m | 464.6 m |
| Revenue YoY | unavailable | +122.7% | +17.1% |
| Net income | 118.7 m | 347.9 m | 295.7 m |
| Net income YoY | unavailable | +193.1% | −15.0% |
| Diluted EPS | 0.11 | 0.17 | 0.13 |
| Diluted EPS YoY | unavailable | +60.4% | −23.5% |
| net % | 66.6% | 87.7% | 63.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 143.4 m GBP
- Financial debt
- 2.9 bn GBP
- Net debt
- 2.8 bn GBP
- Equity
- 4.7 bn GBP
- Total assets
- 8.2 bn GBP
- Debt / equity
- 0.62x
- Current ratio
- 0.77x
- ROE
- 6.7%
- ROA
- 4.0%
- 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 | 178.1 m | 396.7 m | 464.6 m | esef· 11 Jun 2026verified |
| Cost of revenue | 1.7 m | 4.9 m | 6.4 m | esef· 11 Jun 2026verified |
| Gross profit | 176.4 m | 391.8 m | 458.2 m | esef· 11 Jun 2026verified |
| Operating income | 161.3 m | 464.7 m | 452.4 m | esef· 11 Jun 2026verified |
| Interest expense | 49.8 m | 135.6 m | 173.3 m | esef· 11 Jun 2026verified |
| Pre-tax income | 120.0 m | 352.8 m | 297.1 m | esef· 11 Jun 2026verified |
| Income tax | 100.0 k | 2.2 m | 1.7 m | esef· 11 Jun 2026verified |
| Net income | 118.7 m | 347.9 m | 295.7 m | esef· 11 Jun 2026verified |
| Diluted EPS | 0.11 | 0.17 | 0.13 | esef· 11 Jun 2026verified |
| Dividend per share | 0.08 | 0.09 | 0.11 | esef· 11 Jun 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 111.9 m | 81.2 m | 143.4 m | esef· 11 Jun 2026verified |
| Receivables | 21.4 m | 13.7 m | 27.9 m | esef· 11 Jun 2026verified |
| Current assets | 142.9 m | 106.4 m | 220.2 m | esef· 11 Jun 2026verified |
| Total assets | 6.5 bn | 6.6 bn | 8.2 bn | esef· 11 Jun 2026verified |
| Accounts payable | 155.8 m | 142.5 m | 181.6 m | esef· 11 Jun 2026verified |
| Short-term debt | 43.5 m | 347.7 m | 92.8 m | esef· 11 Jun 2026verified |
| Long-term debt | 2.0 bn | 1.7 bn | 2.8 bn | esef· 11 Jun 2026verified |
| Current liabilities | 209.0 m | 499.9 m | 284.6 m | esef· 11 Jun 2026verified |
| Total liabilities | 2.5 bn | 2.5 bn | 3.4 bn | esef· 11 Jun 2026verified |
| Equity | 4.0 bn | 4.1 bn | 4.7 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 1.1 bn | 2.0 bn | 2.3 bn | esef· 11 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 123.1 m | 316.9 m | 362.2 m | esef· 11 Jun 2026verified |
| Investing cash flow | 206.1 m | -7.9 m | -303.8 m | esef· 11 Jun 2026verified |
| Financing cash flow | -249.9 m | -339.7 m | 3.8 m | esef· 11 Jun 2026verified |
| Dividends paid | 90.5 m | 181.4 m | 245.3 m | esef· 11 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: 4.3 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 | 6.6% | 25 (vs peers) | 24% |
| Net margin · Quality | 63.6% | 97 (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 | 2.6x | 17 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.5x | 50 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.7% | 82 (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 sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 2/3 factors with a value
- Returns· partial82/100 · 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
LONDONMETRIC PROPERTY PLC (LMP.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 464.6 m GBP in 2026; YoY growth 17.1%; net margin 63.6%; ROE 6.7%.
The estimated value range is 1.26–1.78 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.52 GBP, the price of 1.88 GBP leaves a potential of -19.0% (value / price − 1) and a margin of safety of -23.5% (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: 63.6%
- Shareholder yield (distributions): 5.7%
What contradicts it
- ROIC: 6.6%
- Interest coverage: 2.6x
- Current ratio: 0.8x
- 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% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| LMP.LLondonmetric Property PLC | 4.3 bn | 14.5 | 6.7% | 63.6% | +17.1% | −0% / +4% |
| 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 LMP.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 | 1.23 Total return -30% · Per year -30% | 2.16 Total return 22% · Per year 22% | 3.24 Total return 80% · Per year 80% |
| 3 years | 1.46 Total return -6% · Per year -2% | 2.86 Total return 75% · Per year 21% | 4.67 Total return 177% · Per year 40% |
| 5 years | 1.73 Total return 22% · Per year 4% | 3.78 Total return 146% · Per year 20% | 6.72 Total return 317% · Per year 33% |
- Exit P/E± 0.71
- Net margin± 0.50
- Annual revenue growth± 0.37
- Annual dilution± 0.04
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
LondonMetric Property is a UK real estate investment trust focused on logistics, long-income retail and leisure and healthcare assets. In the year to 31 March 2026 the portfolio grew to £7.6 billion, mainly through acquisitions, which makes the company a relevant case for investors watching property financing while interest rates remain high.
SWOT
Strengths
- A portfolio diversified across sectors, with a high weight of logistics and long-term leases.
- A diversified funding structure with access to the bond market and several bank lenders.
- Dividend cover from distributable reserves that supports the capacity to pay.
Weaknesses
- Rising leverage after acquisitions, with higher net debt than in the prior year.
- Exposure to a high cost of financing, which can reduce the interest margin.
- A portfolio of assets of varying age, some requiring investment to improve energy efficiency.
Opportunities
- Integrating recent acquisitions could generate cost savings and operational synergies.
- Recycling capital through non-core disposals can fund reinvestment with better returns.
- Demand for energy-efficient logistics space could support rental growth in some locations.
Threats
- High or volatile interest rates could raise refinancing costs and reduce asset values.
- Regulatory requirements on energy efficiency could impose costly investment.
- Geopolitical and trade uncertainty may affect occupiers and investment markets.
Risks
- Higher leveragehigh
A rise in net debt after acquisitions could limit financial flexibility if property values fall.
- Cost of financingmedium
Refinancing debt at rates above current levels could reduce margins and distributable income.
- M&A execution riskmedium
Integrating acquired companies may face operational difficulties and unforeseen costs.
- Climate and flood riskmedium
Part of the portfolio is exposed to fluvial flood risk, which could generate adaptation costs and lost rent.
- Tenant risklow
Financial difficulties among tenants with large leases could lead to vacancies and lower income.
Investment thesis
What would need to be true (bull case)
- The positive case assumes that integrating acquisitions and lower financing costs could improve earnings per share in the coming years.
- If demand for modern logistics stays solid, portfolio value could continue to support results and dividends.
- Dividend cover from distributable reserves could sustain a steady payout policy.
What would break the thesis
- The negative case assumes that high interest rates could compress margins while higher leverage limits flexibility.
- If property values fall, leverage could rise further, adding pressure on financing terms.
- Investment needed for ESG compliance could reduce cash flow available for dividends.
What to watch
- Quarterly results and rent trends from the integrated portfolioQ1 2027
- Loan to value and average cost of debt following refinancings2027
- Progress on non-core disposals and reinvestment rates2027
- Delivery of decarbonisation goals and EPC targets in the next annual reportnext 10-K
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
LondonMetric owns and manages UK property assets let on long leases, mostly under FRI terms where the tenant bears most running costs. As a REIT it must distribute 90% of property rental profits, and it pays quarterly dividends, part of them as Property Income Distributions. In the 2025-2026 period it integrated the Highcroft and Urban Logistics REIT (ULR) acquisitions, and EPRA NTA per share reached 200.6p 1.
The strategy combines asset acquisitions, capital recycling through sales of non-core properties and debt refinancing. In fiscal 2026 the company received £282.6 million from property disposals and refinanced £1.5 billion of unsecured facilities at a lower average margin 1. Its ESG framework includes a net zero target by 2050 and 92% of the portfolio rated EPC A-C 1.
The financing structure was strengthened through an inaugural public bond rated A- by Fitch and new bank relationships, which diversified the lender base. Net debt rose on the back of acquisitions, and loan to value reached 36.7% at 31 March 2026 1.
Segments
Other assets
The remaining portfolio is classified as other, a small share that includes properties earmarked for sale under the disposal programme 1.
Market context
The UK logistics and anchored retail property market in 2025-2026 was shaped by interest rate volatility and financing costs, which made transactions more selective. The company describes a macro backdrop marked by geopolitical tensions, US trade policy and uncertainty over inflation 1.
Demand for modern, energy-efficient logistics space remains a support for asset values, while tenant decarbonisation requirements may separate better-performing assets from weaker ones 1.
Trends
- Refinancing at lower costmixed
Companies able to renew debt at lower margins benefit from more stable financing costs, although base rates remain high and could pressure returns if markets deteriorate.
- Demand for modern logisticstailwind
E-commerce growth and the need for energy-efficient warehouses support demand for quality logistics assets, which could protect rental levels.
- ESG regulatory pressureheadwind
Minimum energy efficiency standards and climate reporting obligations may require additional investment in older assets, affecting costs.
- Consolidation through M&Amixed
M&A in the UK REIT sector can create economies of scale, but it also raises execution risk and leverage.
Competitive position
LondonMetric competes with other UK REITs holding logistics, retail and leisure properties for tenants, acquisitions and investor capital. Its advantage lies in sector diversification and long-lease income with FRI terms.
In capital markets, competition centres on the cost of funding and access to investors, where companies with good credit ratings and green bonds can secure more favourable terms 1.
- Segro
Large UK REIT specialised in logistics, a direct competitor for assets and occupiers in the logistics segment.
- Land Securities Group
UK property developer and investor with a diversified portfolio, competing in the commercial property market.
- British Land
UK REIT with commercial and retail assets, competing for acquisitions and investor capital.
- Urban Logistics REIT
Urban logistics specialist acquired by LondonMetric during the reporting period.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202611 Jun 2026
- Annual report 202510 Jun 2025
- Annual report 202510 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / LondonMetric Property Plc · 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.