Land Securities Group Plc
Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them. This is how they created the leading portfolio of urban places in UK and one of the largest real estate companies in Europe. Their 10 billion pounds…
Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them. This is how they created the leading portfolio of urban places in UK and one of the largest real estate companies in Europe. Their 10 billion pounds portfolio is built around premium workplaces, is the country pre-eminent retail platform, and a residential pipeline that will redefine urban life. They honed this ability over 80 years. Spotting the opportunities, building the partnerships, and continually adapting to shape the places that meet the needs of a changing world. Places where life happens. Where businesses grow. And where cities are defined. Land Securities Group Plc was incorporated in 1995 in United Kingdom.Priced within the modelled range
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: GBP 1.74–7.01 (median 4.37). The recommended value is 36% above that median, so treat the upside with extra caution.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of GBP 0.3882 per share from Fiscal year 2026, with 2.3% perpetual growth (base growth capped at the terminal rate) and 9% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 7.69%, discount rate 9%, terminal growth 2.30% (sector defaults). See a worked example.
Blended growth assumption: 7.7% (sector default 5.1%, own revenue history 7.1%, analyst revenue consensus 9.3%).
Analyst consensus expects revenue growth of 9.3% a year; the growth assumption used is 7.7%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — GBP 5.93 (-11.9%)
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EPS-based Gordon proxy
— GBP 7.01 (+4.2%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— GBP 1.74 (-74.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— GBP 8.64 (+28.4%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 4.52 | -48.9% |
| Base GBP 5.93 | -13.5% |
| Bull GBP 8.53 | 21.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At GBP 6.73 the market implies perpetual dividend growth of about this rate (discount rate 9.0%).
Compare: the market implies 3.1% a year, this model assumes 2.3%. The market expects more than this model does, which is why it reads as overvalued.
Sensitivity: base value per share
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| -1.7% | 4.39 | 3.93 | 3.57 | 3.26 | 3.00 |
| 0.3% | 5.81 | 5.06 | 4.48 | 4.01 | 3.64 |
| 2.3% | 8.45 | 6.97 | 5.93 | 5.16 | 4.56 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 68 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue +7.1% a year | 20 / 20 |
| Balance sheet | net debt 9.3x EBITDA | 0 / 20 |
| Margins | EBITDA margin 53% | 20 / 20 |
Peers in Real Estate
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| LAND.L (this company) | GBP 6.73 | -13.5% | 14.7 | 0.8 | 5.8% | 68 |
| HST Host Hotels & Resorts | USD 24.49 | 44.5% | 16.3 | 2.6 | 3.9% | 100 |
| ARE Alexandria Real Estate Equities | USD 44.19 | 25.4% | – | 0.5 | 7.9% | 44 |
| VMRK Vivmark Residential | USD 64.21 | 23.8% | 28.2 | 2.3 | 4.3% | 82 |
| VICI Vici Properties | USD 24.90 | 7.4% | 11.7 | 0.9 | 7.1% | 80 |
| UTG.L Unite Group PLC | GBP 4.89 | -2.1% | 24.6 | 0.5 | 6.4% | 68 |
| DLN.L Derwent London Plc | GBP 19.37 | -3.8% | 13.5 | 0.6 | 4.2% | 60 |
| WDP.BR Warehouses De Pauw SA | EUR 19.10 | -4.2% | 11.8 | 0.9 | 6.3% | 80 |
| DOC Healthpeak Properties | USD 19.87 | -6.3% | 35.3 | 1.7 | 6.2% | 76 |
| Peer median | 16.3 | 0.9 | ||||
Dividends
Paid in the last 12 months: GBP 0.00 per share · yield 0.06% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.002 |
| 2025 | 0.004 |
| 2024 | 0.004 |
| 2023 | 0.004 |
| 2022 | 0.004 |
| 2021 | 0.003 |
Annual financial statement
Saved annual report · Fiscal year 2026 · EODHD annual statements · period ended 31 Mar 2026
| Revenue | GBP 892,000,000 |
|---|---|
| EBITDA | GBP 473,000,000 |
| EBIT | GBP 470,000,000 |
| Net income | GBP 343,000,000 |
| Free cash flow | GBP 67,000,000 |
| Capital expenditures | GBP 147,000,000 |
| Debt | GBP 4,495,000,000 |
| Cash | GBP 117,000,000 |
| Working capital | GBP -392,000,000 |
| Shares outstanding | 747,000,000 |
| Reported dividends per share | GBP 0.3882 |