LondonMetric Property (BATS-CHIXE:LMPL) Stock Valuation, Peer Comparison & Price Targets

Q: What is the Fair Price of LMPL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

LMPL (£1.93) is trading below our estimate of [[fair value]] (£2.29)

Share Price vs Fair Value

What is the Fair Price of LMPL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LMPL (£1.93) is trading below our estimate of fair value (£2.29)

Significantly Below Fair Value: LMPL is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LMPL?

Key metric: As LMPL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LMPL. This is calculated by dividing LMPL's market cap by their current earnings.
What is LMPL's PE Ratio?
PE Ratio	19.6x
Earnings	UK£201.50m
Market Cap	UK£3.96b

LMPL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	20.4x
Enterprise Value/EBITDA	22.4x
PEG Ratio	1.3x

Price to Earnings Ratio vs Peers

How does LMPL's PE Ratio compare to its peers?

The above table shows the PE ratio for LMPL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	35.4x
BLND British Land	23.1x	20.1%	UK£3.9b
LAND Land Securities Group	42.4x	25.9%	UK£4.5b
UKCM UK Commercial Property REIT	29.9x	n/a	UK£947.3m
PCTN Picton Property Income	46.3x	41.6%	UK£376.4m
LMPL LondonMetric Property	19.6x	15.3%	UK£4.0b

Price-To-Earnings vs Peers: LMPL is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (35.4x).

Price to Earnings Ratio vs Industry

How does LMPL's PE Ratio compare vs other companies in the European REITs Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: LMPL is good value based on its Price-To-Earnings Ratio (19.6x) compared to the European REITs industry average (21.9x).

Price to Earnings Ratio vs Fair Ratio

What is LMPL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LMPL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.6x
Fair PE Ratio	18.6x

Price-To-Earnings vs Fair Ratio: LMPL is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (18.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst LMPL forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	UK£1.93	UK£2.28 +17.9%	5.1%	UK£2.51	UK£2.10	n/a	10
Nov ’25	UK£1.94	UK£2.31 +18.9%	5.6%	UK£2.51	UK£2.10	n/a	10
Oct ’25	UK£2.08	UK£2.31 +11.0%	5.6%	UK£2.51	UK£2.10	n/a	10
Sep ’25	UK£2.05	UK£2.30 +12.2%	6.3%	UK£2.51	UK£2.05	n/a	10
Aug ’25	UK£2.03	UK£2.30 +13.2%	6.3%	UK£2.51	UK£2.05	n/a	10
Jul ’25	UK£1.92	UK£2.28 +18.5%	5.9%	UK£2.50	UK£2.05	n/a	9
Jun ’25	UK£2.03	UK£2.22 +9.3%	7.5%	UK£2.47	UK£1.86	n/a	10
May ’25	UK£1.97	UK£2.22 +13.0%	7.5%	UK£2.47	UK£1.86	n/a	10
Apr ’25	UK£2.03	UK£2.21 +9.0%	7.1%	UK£2.40	UK£1.86	n/a	10
Mar ’25	UK£1.83	UK£1.99 +9.2%	13.0%	UK£2.40	UK£1.59	n/a	7
Feb ’25	UK£1.88	UK£1.88 -0.4%	8.1%	UK£2.00	UK£1.59	n/a	6
Jan ’25	UK£1.92	UK£1.87 -2.6%	8.0%	UK£2.00	UK£1.59	n/a	6
Dec ’24	UK£1.83	UK£1.94 +6.3%	8.5%	UK£2.20	UK£1.59	n/a	11
Nov ’24	UK£1.67	UK£2.04 +22.5%	12.4%	UK£2.55	UK£1.59	UK£1.94	12
Oct ’24	UK£1.73	UK£2.07 +19.7%	11.5%	UK£2.55	UK£1.66	UK£2.08	11
Sep ’24	UK£1.78	UK£2.11 +18.9%	15.2%	UK£2.78	UK£1.66	UK£2.05	11
Aug ’24	UK£1.82	UK£2.10 +15.5%	17.7%	UK£2.78	UK£1.66	UK£2.03	8
Jul ’24	UK£1.65	UK£2.10 +27.3%	17.7%	UK£2.78	UK£1.66	UK£1.92	8
Jun ’24	UK£1.80	UK£2.09 +16.4%	17.1%	UK£2.78	UK£1.66	UK£2.03	8
May ’24	UK£1.92	UK£2.06 +7.3%	15.2%	UK£2.78	UK£1.66	UK£1.97	11
Apr ’24	UK£1.75	UK£2.06 +17.7%	15.2%	UK£2.78	UK£1.66	UK£2.03	11
Mar ’24	UK£1.85	UK£2.06 +11.4%	14.3%	UK£2.78	UK£1.66	UK£1.83	12
Feb ’24	UK£1.90	UK£2.06 +8.3%	15.8%	UK£2.78	UK£1.66	UK£1.88	12
Jan ’24	UK£1.72	UK£2.10 +21.6%	16.9%	UK£2.78	UK£1.66	UK£1.92	12
Dec ’23	UK£1.76	UK£2.20 +24.8%	19.3%	UK£2.99	UK£1.65	UK£1.83	12
Nov ’23	UK£1.91	UK£2.37 +24.2%	18.6%	UK£3.00	UK£1.65	UK£1.67	12

Analyst Forecast: Target price is less than 20% higher than the current share price.

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