LSE:LAS

Stock Analysis Report

London & Associated Properties

Executive Summary

London & Associated Properties is a fully listed property investment company specialising in retail.


Snowflake Analysis


Similar Companies

Share Price & News

How has London & Associated Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: LAS's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

LAS

7.4%

GB Real Estate

3.9%

GB Market


1 Year Return

-26.1%

LAS

-17.6%

GB Real Estate

-22.4%

GB Market

Return vs Industry: LAS underperformed the UK Real Estate industry which returned -19.7% over the past year.

Return vs Market: LAS underperformed the UK Market which returned -23% over the past year.


Shareholder returns

LASIndustryMarket
7 Day0%7.4%3.9%
30 Day-5.6%-28.7%-16.1%
90 Day-21.7%-34.3%-26.1%
1 Year-25.5%-26.1%-15.5%-17.6%-18.2%-22.4%
3 Year-20.5%-22.7%-19.0%-25.7%-11.7%-23.1%
5 Year-55.2%-57.0%-12.5%-22.7%1.9%-21.5%

Price Volatility Vs. Market

How volatile is London & Associated Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is London & Associated Properties undervalued compared to its fair value and its price relative to the market?

0.35x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: LAS (£0.17) is trading above our estimate of fair value (£0.02)

Significantly Below Fair Value: LAS is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: LAS is unprofitable, so we can't compare its PE Ratio to the Real Estate industry average.

PE vs Market: LAS is unprofitable, so we can't compare its PE Ratio to the UK market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate LAS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: LAS is good value based on its PB Ratio (0.3x) compared to the GB Real Estate industry average (0.8x).

Future Growth

How is London & Associated Properties forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

23.7%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as London & Associated Properties has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has London & Associated Properties performed over the past 5 years?

33.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LAS is currently unprofitable.

Growing Profit Margin: LAS is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: LAS is unprofitable, but has reduced losses over the past 5 years at a rate of 33.4% per year.

Accelerating Growth: Unable to compare LAS's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: LAS is unprofitable, making it difficult to compare its past year earnings growth to the Real Estate industry (-2.2%).


Return on Equity

High ROE: LAS has a negative Return on Equity (-3.42%), as it is currently unprofitable.

Financial Health

How is London & Associated Properties's financial position?


Financial Position Analysis

Short Term Liabilities: LAS's short term assets (£73.9M) exceed its short term liabilities (£57.0M).

Long Term Liabilities: LAS's short term assets (£73.9M) exceed its long term liabilities (£24.4M).


Debt to Equity History and Analysis

Debt Level: LAS's debt to equity ratio (107.1%) is considered high.

Reducing Debt: LAS's debt to equity ratio has reduced from 115.1% to 107.1% over the past 5 years.


Balance Sheet

Inventory Level: LAS has a high level of physical assets or inventory.

Debt Coverage by Assets: LAS's debt is covered by short term assets (assets are 1.2x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Insufficient data to determine if LAS has enough cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if LAS has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

Dividend

What is London & Associated Properties's current dividend yield, its reliability and sustainability?

1.06%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: LAS's dividend (1.06%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (2.69%).

High Dividend: LAS's dividend (1.06%) is low compared to the top 25% of dividend payers in the UK market (7.48%).


Stability and Growth of Payments

Stable Dividend: LAS is not paying a notable dividend for the UK market, therefore no need to check if payments are stable.

Growing Dividend: LAS is not paying a notable dividend for the UK market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: LAS is not paying a notable dividend for the UK market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of LAS's dividend in 3 years as they are not forecast to pay a notable one for the UK market.

Management

How experienced are the management team and are they aligned to shareholders interests?

22.0yrs

Average board tenure


CEO

John Heller (53yo)

18.42s

Tenure

UK£870,000

Compensation

Mr. John A. Heller, LLB, MBA has been the Chief Executive Officer of London & Associated Properties plc since September 2001 and its Executive Director since March 2,1998. 


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD1.08M) is above average for companies of similar size in the UK market ($USD335.89K).

Compensation vs Earnings: John's compensation has increased whilst the company is unprofitable.


Board Members

NamePositionTenureCompensationOwnership
Michael Heller
Chairman of the Board49.17yrsUK£696.00k9.28% £1.3m
John Heller
CEO & Executive Director18.42yrsUK£870.00k2.19% £317.5k
Jonathan Mintz
Finance Director1yrno datano data
Clive Parritt
Senior Independent Directorno dataUK£40.00k0.042% £6.1k
Howard Goldring
Independent Non-Executive Director27.67yrsUK£26.00k0.023% £3.4k
Robin Priest
Independent Non-Executive Director6.67yrsUK£35.00kno data

22.0yrs

Average Tenure

65yo

Average Age

Experienced Board: LAS's board of directors are seasoned and experienced ( 22 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: LAS insiders have bought and sold the same number of shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

London & Associated Properties PLC's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: London & Associated Properties PLC
  • Ticker: LAS
  • Exchange: LSE
  • Founded:
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: UK£14.505m
  • Shares outstanding: 85.32m
  • Website: https://www.lap.co.uk

Number of Employees


Location

  • London & Associated Properties PLC
  • 24 Bruton Place
  • London
  • East Lothian
  • W1J 6NE
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LASLSE (London Stock Exchange)YesOrdinary SharesGBGBPJan 1992

Biography

London & Associated Properties is a fully listed property investment company specialising in retail. It owns a portfolio of shopping centres and other retail property currently worth some £78m. LAP also invests in joint ventures with institutional co-owners; these have included Oaktree Capital Management, Schroders and Bank of Scotland. LAMS, LAP's directly owned subsidiary, is an property asset manager that carries out both asset management and property management for third parties. These parties have included the Lloyds Bank, NAMA, Deloittes and Grant Thornton as well as the joint ventures in which LAP has invested. LAP also has a 41.5% interest in Bisichi Mining Plc, a fully listed mining company. Bisichi owns a retail property portfolio that is also managed by LAP. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 23:20
End of Day Share Price2020/03/31 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.