2025-06-04-Jefferies-帝国学生房产（ESP）_经验学生房产公司_初步观点_2025财年股息为3.7便士_租金同比增长4_-5_配售所得款项已部署_7页_102kb

Empiric Student Property (ESP LN) is a student housing REIT, receiving a positive equity research report from Jefferies dated June 4, 2025, with a BUY rating. Current trading shows a FY25 DPS of 3.7p and rents rising +4-5% year-over-year, positioning the stock with a price target of 99.00p, up 2% from the current 97.30p. Key indicators include strong customer loyalty, with rebooking rates above 60%, and a loan-to-value ratio of 28%. However, risks involve potential lower dividend cover and increased supply in key cities, which could affect rent growth. Valuation is based on discounted cash flow (DCF), with expansion plans involving acquisitions and new developments in cities like Birmingham, Bath, and Manchester. Analyst certifications confirm views reflect personal opinions without compensation ties, and the report includes extensive disclosures on conflicts of interest and regulatory compliance.