Upcoming Dividend • Apr 16
Upcoming dividend of UK£0.56 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 29 May 2026. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (4.8%). Reported Earnings • Apr 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: UK£1.44 (up from UK£1.03 in FY 2024). Revenue: UK£406.5m (up 45% from FY 2024). Net income: UK£161.1m (up 39% from FY 2024). Profit margin: 40% (down from 42% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Final dividend increased to UK£0.56 Dividend of UK£0.56 is 0.9% higher than last year. Ex-date: 23rd April 2026 Payment date: 29th May 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.3%. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: UK£1.44 (up from UK£1.03 in FY 2024). Revenue: UK£406.5m (up 45% from FY 2024). Net income: UK£161.1m (up 39% from FY 2024). Profit margin: 40% (down from 42% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to decline by 17% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Derwent London Plc, Annual General Meeting, May 15, 2026 Derwent London Plc, Annual General Meeting, May 15, 2026. Announcement • Feb 26
Derwent London plc Announces Final Dividend, Payable on 29 May 2026 Derwent London Plc confirm a 0.5 pence per share increase in the final dividend to 56.0 pence, taking the full year dividend to 81.5 pence, a 1.2% uplift. This is consistent with dividend policy and represents the 18th consecutive year of growth. Dividend cover remains healthy at c.1.2 times based on EPRA earnings. The final dividend will be paid on 29 May 2026 to shareholders on the register at 24 April 2026. Major Estimate Revision • Jan 16
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£1.58 to UK£1.77. Revenue forecast steady at UK£219.3m. Net income forecast to grow 4.4% next year vs 31% growth forecast for Office REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£20.62. Share price rose 2.6% to UK£18.98 over the past week. Major Estimate Revision • Dec 15
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£1.83 to UK£1.58. Revenue forecast unchanged from UK£218.3m at last update. Net income forecast to grow 2.0% next year vs 37% growth forecast for Office REITs industry in the United Kingdom. Consensus price target of UK£20.77 unchanged from last update. Share price was steady at UK£16.42 over the past week. New Risk • Oct 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Cash payout ratio: 113% Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Aug 28
Upcoming dividend of UK£0.26 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 10 October 2025. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (5.4%). In line with average of industry peers (5.1%). Reported Earnings • Aug 14
First half 2025 earnings released: EPS: UK£0.84 (vs UK£0.24 loss in 1H 2024) First half 2025 results: EPS: UK£0.84 (up from UK£0.24 loss in 1H 2024). Revenue: UK£141.1m (flat on 1H 2024). Net income: UK£94.5m (up UK£122.0m from 1H 2024). Profit margin: 67% (up from net loss in 1H 2024). Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Derwent London Announces Retirement of Nigel George as Executive Director Derwent London announced that Nigel George, Executive Director, has informed the Board of his intention to retire and stand down from the Board on 31 March 2026. Nigel has been a Director of Derwent since 1998. Nigel will remain a full-time employee until August 2026 and following that have asked Nigel to continue to support the business as a consultant working on a number of group projects until 2028. During Nigel's tenure at Derwent London, he has been integral to the Group's investment acquisitions and disposals. Nigel has been involved with many of Derwent's major transactions including being a leading member of the team that secured the merger with LMS in 2007. Reported Earnings • Apr 17
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: UK£1.03 (up from UK£4.24 loss in FY 2023). Revenue: UK£279.5m (up 4.3% from FY 2023). Net income: UK£115.9m (up UK£592.3m from FY 2023). Profit margin: 42% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is expected to fall by 2.8% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 17
Upcoming dividend of UK£0.56 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 30 May 2025. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to UK£19.39, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Office REITs industry in Europe. Total loss to shareholders of 33% over the past three years. Announcement • Mar 31
Derwent London Plc to Report Q1, 2025 Results on May 08, 2025 Derwent London Plc announced that they will report Q1, 2025 results at 6:00 AM, Coordinated Universal Time on May 08, 2025 Major Estimate Revision • Mar 24
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from UK£225.3m to UK£222.2m. EPS estimate also fell from UK£2.74 per share to UK£1.61 per share. Net income forecast to grow 166% next year vs 98% growth forecast for Office REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£24.15. Share price fell 2.2% to UK£18.14 over the past week. Declared Dividend • Mar 02
Final dividend increased to UK£0.56 Dividend of UK£0.56 is 0.9% higher than last year. Ex-date: 24th April 2025 Payment date: 30th May 2025 Dividend yield will be 4.4%, which is lower than the industry average of 5.3%. Announcement • Mar 01
Derwent London plc Recommends Final Dividend for the Year 2024, Payable on May 2025 The board of Derwent London Plc is recommending another 0.5 pence per share increase in the final dividend to 55.5 pence. It will be paid in May 2025 with 45.5 pence as a PID and the balance of 10.0 pence as a conventional dividend. This will take the total dividend for the year to 80.5 pence, a 1.3% increase over 2023. Dividends paid and declared in relation to 2024 earnings were 1.3 times covered by EPRA earnings. New Risk • Feb 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 337% Cash payout ratio: 336% Dividend yield: 4.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 337% Cash payout ratio: 336% Revenue is less than US$1m. Announcement • Feb 27
Derwent London Plc, Annual General Meeting, May 16, 2025 Derwent London Plc, Annual General Meeting, May 16, 2025. Buy Or Sell Opportunity • Feb 05
Now 22% overvalued Over the last 90 days, the stock has fallen 8.4% to UK£19.59. The fair value is estimated to be UK£16.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 17
Now 21% overvalued Over the last 90 days, the stock has fallen 15% to UK£19.50. The fair value is estimated to be UK£16.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 20
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to UK£19.72. The fair value is estimated to be UK£16.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company became loss making. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Rob Wilkinson was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 16
Derwent London plc Appoints Madeleine McDougall as Independent Non-Executive Director, Effective November 1, 2024 Derwent London Plc announced the appointment of Madeleine McDougall, who will be joining the Board as an independent Non-Executive Director with effect from 1 November 2024. Upon appointment, she will become a member of the Nominations, Responsible Business and Risk Committees. Madeleine is the Head of the Corporate Coverage Sector at Lloyds Banking Group, looking after clients in sectors such as Infrastructure, Energy, Retail, Leisure, Health, Manufacturing and Technology. Before this she was Head of the Real Estate & Housing team for six years and has been within the Lloyds banking team since 2014. Prior to her role at Lloyds Bank, she was the Head of International Clients at Deutsche Pfandbriefbank, covering Europe-wide real estate financing. Buy Or Sell Opportunity • Aug 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to UK£24.18. The fair value is estimated to be UK£19.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Aug 11
First half dividend increased to UK£0.25 Dividend of UK£0.25 is 2.0% higher than last year. Ex-date: 5th September 2024 Payment date: 11th October 2024 Dividend yield will be 3.4%, which is lower than the industry average of 5.3%. Reported Earnings • Aug 09
First half 2024 earnings released: UK£0.24 loss per share (vs UK£1.28 loss in 1H 2023) First half 2024 results: UK£0.24 loss per share (improved from UK£1.28 loss in 1H 2023). Revenue: UK£144.9m (up 7.8% from 1H 2023). Net loss: UK£27.5m (loss narrowed 81% from 1H 2023). Revenue is forecast to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • May 31
Derwent London plc Appoints Rob Wilkinson as Non-Executive Director, Member of the Nominations and Audit Committees, Effect from 1 June 2024 Derwent London announced the appointment of Rob Wilkinson, who will be joining the Board as an independent Non-Executive Director with effect from 1 June 2024. Upon appointment, he will become a member of the Nominations and Audit Committees. Rob Wilkinson is the Chief Executive Officer of AEW Europe and a member of the firm's Global Executive Committee. AEW is one of the largest real estate asset managers in the world. Rob joined AEW in 2009 and prior to being appointed CEO in 2014, served as Chief Investment Officer for the firm in Europe. Rob has over 27 years of real estate and financial services experience. He is the Vice Chair of the Management Board of INREV and previously served as a Non-Executive Director of Grainger plc. Upcoming Dividend • Apr 18
Upcoming dividend of UK£0.55 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 31 May 2024. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (5.6%). Reported Earnings • Apr 11
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: UK£4.24 loss per share (further deteriorated from UK£2.50 loss in FY 2022). Revenue: UK£268.0m (up 6.6% from FY 2022). Net loss: UK£476.4m (loss widened 70% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is expected to fall by 2.5% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Sanjeev Sharma was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 01
Final dividend increased to UK£0.55 Dividend of UK£0.55 is 0.9% higher than last year. Ex-date: 25th April 2024 Payment date: 31st May 2024 Dividend yield will be 4.1%, which is lower than the industry average of 5.3%. Reported Earnings • Feb 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: UK£4.24 loss per share (further deteriorated from UK£2.50 loss in FY 2022). Revenue: UK£268.0m (up 11% from FY 2022). Net loss: UK£476.4m (loss widened 70% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is expected to fall by 4.8% p.a. on average during the next 3 years compared to a 1.8% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 25
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 losses of -UK£4.31 per share expected, vs -UK£3.73 per share profit forecast previously. Revenue forecast reaffirmed at UK£211.0m. Office REITs industry in the United Kingdom expected to see average net income growth of 82% next year. Consensus price target broadly unchanged at UK£23.77. Share price was steady at UK£19.46 over the past week. Major Estimate Revision • Jan 19
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£3.34 to -UK£3.73 per share. Revenue forecast of UK£209.3m unchanged since last update. Office REITs industry in the United Kingdom expected to see average net income decline 3.2% next year. Consensus price target broadly unchanged at UK£23.55. Share price fell 5.8% to UK£20.64 over the past week. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£2.75 to -UK£3.34 per share. Revenue forecast of UK£209.6m unchanged since last update. Office REITs industry in the United Kingdom expected to see average net income decline 10.0% next year. Consensus price target down from UK£24.08 to UK£23.34. Share price rose 14% to UK£20.56 over the past week. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 86% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£1.48 to -UK£2.75 per share. Revenue forecast unchanged at UK£208.7m. Office REITs industry in the United Kingdom expected to see average net income decline 7.2% next year. Consensus price target down from UK£25.18 to UK£24.22. Share price was steady at UK£19.27 over the past week. Announcement • Sep 18
Derwent London Plc(LSE:DLN) dropped from FTSE All-World Index (USD) Derwent London Plc(LSE:DLN) dropped from FTSE All-World Index (USD) Major Estimate Revision • Sep 07
Consensus estimates of losses per share improve by 45% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from UK£207.9m to UK£210.2m. EPS estimate increased from -UK£2.67 per share to -UK£1.48 per share. Office REITs industry in the United Kingdom expected to see average net income decline 7.2% next year. Consensus price target broadly unchanged at UK£25.53. Share price was steady at UK£18.46 over the past week. Upcoming Dividend • Aug 31
Upcoming dividend of UK£0.24 per share at 4.3% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 13 October 2023. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (5.4%). Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from UK£211.2m to UK£208.0m. Losses expected to increase from UK£2.85 per share to UK£3.38. Office REITs industry in the United Kingdom expected to see average net income decline 12% next year. Consensus price target broadly unchanged at UK£25.85. Share price fell 9.8% to UK£19.50 over the past week. Reported Earnings • Aug 11
First half 2023 earnings released: UK£1.28 loss per share (vs UK£1.21 profit in 1H 2022) First half 2023 results: UK£1.28 loss per share (down from UK£1.21 profit in 1H 2022). Revenue: UK£134.4m (up 8.6% from 1H 2022). Net loss: UK£143.2m (down 206% from profit in 1H 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 11
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£2.59 to -UK£2.85 per share. Revenue forecast of UK£210.5m unchanged since last update. Office REITs industry in the United Kingdom expected to see average net income decline 244% next year. Consensus price target broadly unchanged at UK£26.83. Share price fell 2.2% to UK£20.82 over the past week. Buying Opportunity • Jun 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be UK£25.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 13% in a year. Earnings is forecast to grow by 22% in the next year. Major Estimate Revision • May 09
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£1.96 to -UK£2.63 per share. Revenue forecast unchanged at UK£213.2m. Office REITs industry in the United Kingdom expected to see average net income decline 157% next year. Consensus price target broadly unchanged at UK£27.61. Share price fell 3.3% to UK£22.84 over the past week. Announcement • May 05
Derwent London Plc to Report Q1, 2023 Results on May 04, 2023 Derwent London Plc announced that they will report Q1, 2023 results on May 04, 2023 Upcoming Dividend • Apr 20
Upcoming dividend of UK£0.55 per share at 3.3% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 02 June 2023. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.6%). Reported Earnings • Apr 16
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: UK£2.50 loss per share (down from UK£2.25 profit in FY 2021). Revenue: UK£242.0m (up 6.0% from FY 2021). Net loss: UK£280.5m (down 211% from profit in FY 2021). Net asset value (NAV) per share: UK£36.29 (down 8.3% from FY 2021). The current share price is 34% lower than NAV per share. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 28
Consensus EPS estimates upgraded to UK£1.00 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -UK£2.05 per share to -UK£1.00 per share. Revenue forecast reaffirmed at UK£214.0m. Office REITs industry in the United Kingdom expected to see average net income decline 125% next year. Consensus price target broadly unchanged at UK£27.53. Share price fell 6.7% to UK£22.02 over the past week. Major Estimate Revision • Mar 17
Consensus EPS estimates fall by 81% The consensus outlook for fiscal year 2023 has been updated. 2023 losses of -UK£2.05 per share expected, vs -UK£1.13 per share profit forecast previously. Revenue forecast reaffirmed at UK£214.0m. REITs industry in the United Kingdom expected to see average net income decline 74% next year. Consensus price target of UK£27.25 unchanged from last update. Share price fell 4.2% to UK£23.36 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings released: UK£2.50 loss per share (vs UK£2.25 profit in FY 2021) Full year 2022 results: UK£2.50 loss per share (down from UK£2.25 profit in FY 2021). Revenue: UK£194.6m (down 14% from FY 2021). Net loss: UK£280.5m (down 211% from profit in FY 2021). Net asset value (NAV) per share: UK£36.29 (down 8.3% from FY 2021). The current share price is 29% lower than NAV per share. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses of -UK£2.89 per share expected, vs -UK£2.57 per share profit forecast previously. Revenue forecast reaffirmed at UK£212.4m. REITs industry in the United Kingdom expected to see average net income decline 71% next year. Consensus price target broadly unchanged at UK£26.33. Share price was steady at UK£25.80 over the past week. Announcement • Jan 18
An unknown family office advised by Morgan Capital and BNF Capital Limited acquired 63,170 sq ft freehold interest in 19 Charterhouse Street EC1 from Derwent London Plc (LSE:DLN) for £54 million. An unknown family office advised by Morgan Capital and BNF Capital Limited acquired 63,170 sq ft freehold interest in 19 Charterhouse Street EC1 from Derwent London Plc (LSE:DLN) for £54 million on January 16, 2023. The passing rent of the asset is £2.6 million per annum. Nina Coad and Emily Trapnell of Brunswick Group LLP acted as the financial advisor to Derwent London Plc (LSE:DLN).An unknown family office advised by Morgan Capital and BNF Capital Limited completed the acquisition of 63,170 sq ft freehold interest in 19 Charterhouse Street EC1 from Derwent London Plc (LSE:DLN) for £54 million on January 16, 2023. Major Estimate Revision • Jan 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -UK£1.97 to -UK£2.57 per share. Revenue forecast of UK£212.4m unchanged since last update. REITs industry in the United Kingdom expected to see average net income decline 55% next year. Consensus price target broadly unchanged at UK£26.35. Share price rose 2.0% to UK£24.16 over the past week. Major Estimate Revision • Dec 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from UK£206.4m to UK£212.4m. Forecast EPS reduced from -UK£0.91 to -UK£1.97 per share. REITs industry in the United Kingdom expected to see average net income decline 58% next year. Consensus price target broadly unchanged at UK£26.38. Share price fell 3.3% to UK£23.24 over the past week. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -UK£1.15 per share to -UK£0.91 per share. Revenue forecast reaffirmed at UK£206.4m. REITs industry in the United Kingdom expected to see average net income decline 33% next year. Consensus price target of UK£26.58 unchanged from last update. Share price rose 3.0% to UK£23.88 over the past week. Major Estimate Revision • Nov 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from UK£208.9m to UK£206.4m. 2022 losses expected to reduce from -UK£1.15 to -UK£0.91 per share. REITs industry in the United Kingdom expected to see average net income decline 32% next year. Consensus price target down from UK£27.16 to UK£26.58. Share price rose 4.8% to UK£23.18 over the past week. Major Estimate Revision • Oct 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. Now expected to report loss of -UK£1.15 instead of UK£0.79 per share profit in 2022. Revenue forecast reaffirmed at UK£208.9m. REITs industry in the United Kingdom expected to see average net income decline 29% next year. Consensus price target down from UK£28.50 to UK£27.16. Share price rose 8.0% to UK£21.62 over the past week. Price Target Changed • Oct 04
Price target decreased to UK£28.67 Down from UK£30.93, the current price target is an average from 18 analysts. New target price is 42% above last closing price of UK£20.22. Stock is down 41% over the past year. The company is forecast to post earnings per share of UK£0.79 for next year compared to UK£2.25 last year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£20.14, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£32.33 per share. Major Estimate Revision • Sep 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from UK£1.85 to UK£0.79. Revenue forecast unchanged from UK£208.0m at last update. Net income forecast to shrink 24% next year vs 15% decline forecast for REITs industry in the United Kingdom. Consensus price target down from UK£32.16 to UK£31.09. Share price was steady at UK£24.38 over the past week. Upcoming Dividend • Sep 01
Upcoming dividend of UK£0.24 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 14 October 2022. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£120.2m from profit in 1H 2021). Profit margin: (down from 100% in 1H 2021). Over the next year, revenue is expected to shrink by 3.5% compared to a 5.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Major Estimate Revision • Jul 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS estimate fell from UK£2.75 to UK£2.40. Revenue forecast reaffirmed at UK£211.5m. Net income forecast to shrink 2.4% next year vs 15% decline forecast for REITs industry in the United Kingdom. Consensus price target down from UK£34.63 to UK£33.88. Share price was steady at UK£28.68 over the past week. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be UK£36.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is also forecast to grow by 3.8% per annum over the same time period. Upcoming Dividend • Apr 21
Upcoming dividend of UK£0.54 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 01 June 2022. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (2.9%). Reported Earnings • Apr 14
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: UK£2.25 (up from UK£0.69 loss in FY 2020). Revenue: UK£227.2m (down 15% from FY 2020). Net income: UK£252.3m (up UK£329.9m from FY 2020). Net asset value (NAV) per share: UK£39.59 (up 4.0% from FY 2020). The current share price is 19% lower than NAV per share. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 61%. Over the next year, revenue is forecast to decline by 3.1% while the reits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Mar 17
CEO & Director exercised options and sold UK£76k worth of stock On the 14th of March, Paul Williams exercised options to acquire 2k shares at no cost and sold these for an average price of UK£30.90 per share. This trade did not impact their existing holding. For the year to December 2020, Paul's total compensation was 28% salary and 72% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2021, Paul has owned 86.38k shares directly. Company insiders have collectively sold UK£481k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 25
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: UK£2.25 (up from UK£0.69 loss in FY 2020). Revenue: UK£187.5m (down 30% from FY 2020). Net income: UK£252.3m (up UK£329.9m from FY 2020). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 61%. Over the next year, revenue is forecast to grow 14% while thereits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from UK£0.90 to UK£1.15. Revenue forecast steady at UK£201.8m. Net income forecast to grow 312% next year vs 23% growth forecast for REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£37.21. Share price fell 2.4% to UK£33.83 over the past week. Major Estimate Revision • Dec 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS increased from UK£0.57 to UK£0.92. Revenues were reaffirmed at UK£202.9m. Net income forecast to grow 336% next year vs 16% growth forecast for REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£36.96. Share price was steady at UK£33.88 over the past week. Upcoming Dividend • Sep 02
Upcoming dividend of UK£0.23 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 15 October 2021. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (3.8%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 12
First half 2021 earnings released: EPS UK£1.07 (vs UK£0.085 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£120.5m (up 1.0% from 1H 2020). Net income: UK£120.2m (up UK£129.7m from 1H 2020). Profit margin: 100% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. Forecast profits in 2021 with EPS up from -UK£0.30 to UK£0.0031 per share. Revenue forecast reaffirmed at UK£197.1m. REITs industry in the United Kingdom expected to see average net income growth of 24% next year. Consensus price target up from UK£34.31 to UK£35.01. Share price was steady at UK£35.27 over the past week. Executive Departure • May 21
Founder & Non-Executive Chairman John Burns has left the company On the 14th of May, John Burns' tenure in the role of Founder & Non-Executive Chairman ended. As of March 2021, John personally held 291.98k shares (UK£9.4m worth at the time). John is the only executive to leave the company over the last 12 months. Upcoming Dividend • Apr 23
Upcoming dividend of UK£0.52 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 04 June 2021. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (3.1%). Major Estimate Revision • Apr 21
Consensus EPS estimates fall to -UK£0.87 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from UK£207.0m to UK£204.7m. Losses expected to increase from -UK£0.61 to -UK£0.87. REITs industry in the United Kingdom expected to see average net income growth of 41% next year. Consensus price target broadly unchanged at UK£33.64. Share price rose 2.2% to UK£34.31 over the past week. Reported Earnings • Apr 17
Full year 2020 earnings released: UK£0.69 loss per share (vs UK£2.54 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: UK£268.6m (up 17% from FY 2019). Net loss: UK£77.6m (down 127% from profit in FY 2019). Net asset value (NAV) per share: UK£38.08 (down 3.7% from FY 2019). The current share price is 12% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Mar 17
Property Director & Executive Director exercised options and sold UK£403k worth of stock On the 16th of March, David Silverman exercised options to acquire 12k shares at no cost and sold these for an average price of UK£33.03 per share. This trade did not impact their existing holding. Since March 2020, David has owned 48.66k shares directly. Company insiders have collectively sold UK£9.9m more than they bought, via options and on-market transactions in the last 12 months. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 63%. Over the next year, revenue is expected to shrink by 24% compared to a 5.1% decline forecast for the REITs industry in the United Kingdom. Reported Earnings • Mar 12
Full year 2020 earnings released: UK£0.69 loss per share (vs UK£2.54 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: UK£268.6m (up 17% from FY 2019). Net loss: UK£77.6m (down 127% from profit in FY 2019). Net asset value (NAV) per share: UK£38.08 (down 3.7% from FY 2019). The current share price is 12% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. 
