2025-05-15-Jefferies-格兰杰公司（GRI）_初步观点资产负债表稳健_股息增长12_7页_104kb

Grainger Plc Equity Research Summary

• Rating and Price Target: Buy rating with a 31% upside potential; current price 213.50p, target 280p by FY26.
• Dividend Growth: Expected 12% increase to 2.85p in interim dividends, driven by strong performance including 15% net rental income (NRI) growth to £61.3m and overall rental growth of 4.4%.
• Financial Performance: EPRA NTA rose by 1% to 300p; balance sheet sturdy with no major refinancing until 2029, occupancy at 96%, and 89% of customers in target demographic (22-44 years).
• Future Outlook: Transformation to REIT in FY26 set to enhance total returns by ~50bps and provide £15m tax savings; EPRA earnings to grow 50% by FY29, even with higher interest costs; committed investment pipeline at £166m remaining.
• Key Risks: Slower development deliveries could impact growth; valuations and EPS show positive trends, but external factors may affect returns.
• Other Details: Trading at ~29% discount to NAV; dividend yield ~4% based on FY25 forecast; analysts confirm views are independent.