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LAND - Land Securities News Story

605.8p 4.8  0.8%

Last Trade - 29/05/20

Large Cap
Market Cap £4.49bn
Enterprise Value £8.48bn
Revenue £741.0m
Position in Universe 161st / 1825

BUZZ-European REITs: Cannibalism in an overcrowded sector - Jefferies ups

Thu 2nd April, 2020 9:23am
** Jefferies says European real estate investment trusts
(REITs) look increasingly biddable and attractive for
consolidation, as stocks trade on deep discounts with relative
dividend yield attractions
    ** The brokerage expects the economic consequences of
COVID-19 to be a catalyst for a great overvaluation "unwind",
with net asset values (NAV) getting a sharp shock rather than
multi-year slicing
    ** "Our 2Q20 theme is consolidation once NAVs become
credible again after legacy overvaluation has been purged,"
Jefferies says, adding REIT acquisitions usually take the form
of small privatisations instead of one big acquisition
    ** The broker double upgrades UK-based Derwent London
 DLN.L , Great Portland Estates  GPOR.L  and Land Securities
 LAND.L  to "buy" from "underperform"
    ** In total, it ups 12 stocks to "buy", in a broad upgrade
of its "holds" to "buy" and "underperforms" to "hold"

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