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    LAND   GB00BYW0PQ60

LAND SECURITIES GROUP PLC

(LAND)
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UK office landlords may not see immediate threat from hybrid work -Citi

09/28/2021 | 07:16am EDT
FILE PHOTO: Westferry Printworks construction site is seen in London

(Reuters) - The hybrid working model may not be an immediate threat for British commercial landlords as corporate decisions on space requirements are taking longer than first thought, a Citigroup analyst said on Tuesday.

The brokerage firm raised its ratings on Land Securities and British Land to "neutral" from "sell" while arguing that the ongoing shift to hybrid work models could take a while.

"In London, the drive to return to the office is taking much longer than expected, as are corporate decisions on long-term space requirements," Citigroup analyst Aaron Guy said.

But, remote work could still push desk occupancy in many offices below 50% over the medium term, causing a fall in demand and rents, Guy cautioned.

Commercial landlords have already suffered steep declines in rental income and footfall at retail spaces due to the COVID-19 pandemic.

As businesses adjust to flexible models of working, they may not give up existing spaces until new office designs become certain, flexible technology is tested and new space is found or existing space is refurbished, Guy said. "This process could take years."

There still remain risks that could push demand for office spaces lower by about 40% and office rents by 30%, Guy said while noting that any such possibility would be delayed.

(Reporting by Tapanjana Rudra in Bengaluru; Editing by Sachin Ravikumar and Uttaresh.V)


© Reuters 2021
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Analyst Recommendations on LAND SECURITIES GROUP PLC
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Financials
Sales 2022 528 M 726 M 726 M
Net income 2022 52,9 M 72,7 M 72,7 M
Net Debt 2022 3 307 M 4 549 M 4 549 M
P/E ratio 2022 14,8x
Yield 2022 4,78%
Capitalization 5 034 M 6 929 M 6 925 M
EV / Sales 2022 15,8x
EV / Sales 2023 15,1x
Nbr of Employees 530
Free-Float 97,8%
Chart LAND SECURITIES GROUP PLC
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Land Securities Group plc Technical Analysis Chart | LAND | GB00BYW0PQ60 | MarketScreener
Technical analysis trends LAND SECURITIES GROUP PLC
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 6,80 GBX
Average target price 766,53 GBX
Spread / Average Target 11 166%
EPS Revisions
Managers and Directors
Mark Christopher Allan Chief Executive Officer & Director
Vanessa Kate Simms Chief Financial Officer & Executive Director
Cressida Hogg Non-Executive Chairman
Nick de Mestre Managing Director-Strategy, Research & Innovation
Colette O'Shea Chief Operating Officer & Executive Director
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