OTCPK:LNSP.F

Stock Analysis Report

Executive Summary

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 17 million sq ft under management.


Snowflake Analysis

6 star dividend payer and fair value.


Similar Companies

Share Price & News

How has LondonMetric Property's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: LNSP.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

LNSP.F

-0.07%

US REITs

-1.1%

US Market


1 Year Return

n/a

LNSP.F

16.0%

US REITs

17.9%

US Market

Return vs Industry: Insufficient data to determine how LNSP.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how LNSP.F performed against the US Market.


Shareholder returns

LNSP.FIndustryMarket
7 Day0%-0.07%-1.1%
30 Day0%3.6%1.4%
90 Day0%7.8%6.9%
1 Yearn/a20.7%16.0%20.3%17.9%
3 Yearn/a37.9%20.6%47.8%38.3%
5 Yearn/a60.3%27.3%71.9%53.0%

Price Volatility Vs. Market

How volatile is LondonMetric Property's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is LondonMetric Property undervalued compared to its fair value and its price relative to the market?

12.64x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LNSP.F ($2.67) is trading above our estimate of fair value ($2.39)

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


Price To Earnings Ratio

PE vs Industry: LNSP.F is good value based on its PE Ratio (12.6x) compared to the REITs industry average (37.8x).

PE vs Market: LNSP.F is good value based on its PE Ratio (12.6x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: LNSP.F is poor value based on its PEG Ratio (2.4x)


Price to Book Ratio

PB vs Industry: LNSP.F is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is LondonMetric Property forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

5.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LNSP.F's forecast earnings growth (5.2% per year) is above the savings rate (2.7%).

Earnings vs Market: LNSP.F's earnings (5.2% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: LNSP.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: LNSP.F's revenue (7.4% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: LNSP.F's revenue (7.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LNSP.F's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has LondonMetric Property performed over the past 5 years?

3.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LNSP.F has a large one-off gain of £63.4M impacting its March 31 2019 financial results.

Growing Profit Margin: LNSP.F's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: LNSP.F's earnings have grown by 3% per year over the past 5 years.

Accelerating Growth: LNSP.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: LNSP.F had negative earnings growth (-35.7%) over the past year, making it difficult to compare to the REITs industry average (8.1%).


Return on Equity

High ROE: LNSP.F's Return on Equity (9.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is LondonMetric Property's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

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

Debt Coverage by Assets: LNSP.F's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: LNSP.F's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if LNSP.F has a sufficient allowance for bad loans.

Low Risk Liabilities: LNSP.F reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if LNSP.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: LNSP.F has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if LNSP.F has an appropriate level of bad loans.


Next Steps

Dividend

What is LondonMetric Property's current dividend yield, its reliability and sustainability?

3.77%

Current Dividend Yield


Dividend Yield vs Market

company3.8%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years4.1%

Current dividend yield vs market & industry

Notable Dividend: LNSP.F's dividend (3.77%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: LNSP.F's dividend (3.77%) is in the top 25% of dividend payers in the US market (3.66%)


Stability and Growth of Payments

Stable Dividend: LNSP.F's dividends per share have been stable in the past 10 years.

Growing Dividend: LNSP.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (93.5%), LNSP.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LNSP.F's dividends in 3 years are forecast to be covered by earnings (90.4% payout ratio).


Next Steps

Management

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

6.7yrs

Average board tenure


CEO

Andrew Jones (50yo)

6.7yrs

Tenure

UK£2,562,000

Compensation

Mr. Andrew M. Jones, BSc (Hons), MRICS, has been the Chief Executive Officer and Executive Director of LondonMetric Property Plc since January 25, 2013. Mr. Jones manages dialogue and communication with sh ...


CEO Compensation Analysis

Compensation vs Market: Andrew's total compensation ($USD3.15M) is about average for companies of similar size in the US market ($USD3.86M).

Compensation vs Earnings: Andrew's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Andrew Jones
CEO & Executive Director6.7yrsUK£2.56m0.50% £11.2m
Martin McGann
Finance Director & Executive Director10.4yrsUK£1.48m0.33% £7.4m
Rosalyn S. Wilton
Non-Executive Director5.5yrsUK£68.00k0.012% £267.3k
James Dean
Independent Non Executive Director9.2yrsUK£63.00k0.0024% £53.5k
Patrick Vaughan
Co-Founder & Non-Executive Chairman9.7yrsUK£241.00k1.39% £31.0m
Andrew Livingston
Independent Non-Executive Director3.3yrsUK£56.00k0.0082% £184.3k
Robert Fowlds
Senior Independent Director0yrsUK£9.00k0.012% £278.1k
Suzanne Avery
Independent Non-Executive Director1.5yrsUK£57.00k0.0027% £60.8k

6.7yrs

Average Tenure

58yo

Average Age

Experienced Board: LNSP.F's board of directors are considered experienced (6.7 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: LNSP.F insiders have only sold 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

LondonMetric Property Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: LondonMetric Property Plc
  • Ticker: LNSP.F
  • Exchange: OTCPK
  • Founded: 2007
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: UK£1.819b
  • Listing Market Cap: UK£2.237b
  • Shares outstanding: 836.58m
  • Website: https://www.londonmetric.com

Number of Employees


Location

  • LondonMetric Property Plc
  • One Curzon Street
  • 1st Floor
  • London
  • East Lothian
  • W1J 5HB
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LMPLSE (London Stock Exchange)YesOrdinary SharesGBGBPNov 2007
LNSP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2007
LMPLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPNov 2007
5PPDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2007

Biography

LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises in distribution, convenience and long income property. It focuses on strong and growing income and enhancing capital values. LondonMetric has 12 million sq ft under management. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/01 00:20
End of Day Share Price2019/07/03 00:00
Earnings2019/03/31
Annual Earnings2019/03/31


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.