2025-05-20-Jefferies-汉默森（HMSO）_初步观点布伦特交叉购物中心以8.6_的净初始收益率进行整合_6页_101kb

Hammerson (HMSO LN) - Equity Research Summary

• Rating: UNDERPERFORM

  • Expected total return (price appreciation plus yield) of -10% or less over 12 months.

• Key Acquisition:

  • Acquired 95% of abrdn UK Shopping Centre Trust (SCUT) for £186m net cash consideration, representing 16% discount to book value.
  • Combined with existing stake, economic interest in Brent Cross increases to 97%, adding approximately £14m annualised EBITDA.
  • Open offer to acquire remaining SCUT units on the same terms.

• Financial Highlights:

  • Current price: 268.80p.
  • Price target: 205.00p, implying a -24% downside.
  • Yield: 8.6% net IRR from the acquisition.
  • Debt metrics: Pro forma LTV ratio 34%, net debt to EBITDA 7.2x.
  • FY25 guidance: GRI growth of 10%, adjusted earnings around £95m.
  • FY26 outlook: Anticipated further rental income growth.

• Valuation and Risks:

  • Based on DCF methodology; risks include potential softer rental growth and upcoming rent roll expiries.
  • Sold Value Retail asset at 3.4% cash yield, redeployed capital at 8.5% yield, adding £25m annualised EBITDA.

• Analyst Certification:

  • Views are personal and not compensation-driven, based on fundamental analysis.
  • Rating reflects current market conditions and risks, with a focus on potential downside.