2025-05-20-Jefferies-伦敦度量地产（LMP）_伦敦度量房地产公司初步观点2025财年每股收益增长21_净资产价值增长4_物流权重为46_7页_105kb

LondonMetric Property Equity Research Summary

Rating: BUY
Current Price: 194.00p
Price Target: 224.00p (+15%)

• Earnings: EPS expected to grow +20.7% to 13.1p, NAV +4%. Logistics weighting at 46%, increasing to 55% through acquisitions.
• Dividends: DPS to rise +17.6% to 12p, with 109% coverage; guidance for 5.3% increase in 1Q26.
• Portfolio: 4.2% income growth drove valuation up £106m. 98% occupancy, 92% EPC A-C rated, 3.6MWp solar PV added. WAULT 18.5 years.
• Debt: LTV 33%, debt maturity 4.7 years, kd 4.0% (hedged), BBB+ credit rating.
• M&A: Acquisition of SHED (WIP) expected to add 4% EPS accretion by FY27; further non-core sales planned.
• Risks: Reduced distribution demand noted in valuation.

This strong financial position and growth outlook support the BUY recommendation, but risks include potential underperformance if distribution demand declines.