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Land Securities Group

BATS-CHIXE:LANDL
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LANDL
BATS-CHIXE
£4B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

At Landsec, we believe great places are for people to experience and are made with the experience of great people. The last earnings update was 146 days ago. More info.


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  • Land Securities Group has significant price volatility in the past 3 months.
LANDL Share Price and Events
7 Day Returns
-5.7%
BATS-CHIXE:LANDL
-4.1%
GB REITs
-2.4%
GB Market
1 Year Returns
-43%
BATS-CHIXE:LANDL
-24.4%
GB REITs
-25.9%
GB Market
LANDL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Land Securities Group (LANDL) -5.7% -35.2% -48.1% -43% -55.8% -62.6%
GB REITs -4.1% -23.8% -31.5% -24.4% -23.4% -29.9%
GB Market -2.4% -18% -29.1% -25.9% -26.6% -26.1%
1 Year Return vs Industry and Market
  • LANDL underperformed the REITs industry which returned -24.4% over the past year.
  • LANDL underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
LANDL
Industry
5yr Volatility vs Market

Value

 Is Land Securities Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Land Securities Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Land Securities Group.

BATS-CHIXE:LANDL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 4x Analysts Estimates of Net Asset Value
Discount Rate (Cost of Equity) See below 5.8%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:LANDL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.454 (1 + (1- 19%) (94.3%))
0.866
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.866 * 6.07%)
5.79%

Discounted Cash Flow Calculation for BATS-CHIXE:LANDL using 4x Analysts Estimates of Net Asset Value Model

In the case of Real Estate Investment Trusts (REITs) like Land Securities Group our preference is to use estimates of Adjusted Funds from Operations (AFFO) to calculate the intrinsic value using a discounted cash flow calculation.

However, in the case of Land Securities Group these estimates are not available, instead we are able to use analyst estimates of Net Asset Value (NAV).

The Net Asset Value (NAV) model is the most common intrinsic valuation methodology for REITs. The underlying idea is that you can value a REIT by valuing its real estate assets and then adjusting for its other assets and subtracting liabilities.

See our documentation to learn about this calculation.

BATS-CHIXE:LANDL Net Asset Value (NAV)
Calculation Result
Average NAV from 4 analysts: GBP8,625.73 = GBP8,625.73 / 740 GBP11.04
BATS-CHIXE:LANDL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:LANDL represents 0.94753x of LSE:LAND
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94753x
Value per Share
(Listing Adjusted, GBP)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 11.65 x 0.94753
£11.04
Value per share (GBP) From above. £11.04
Current discount Discount to share price of £5.16
= -1 x (£5.16 - £11.04) / £11.04
53.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Land Securities Group is available for.
Intrinsic value
>50%
Share price is £5.16 vs Future cash flow value of £11.04
Current Discount Checks
For Land Securities Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Land Securities Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Land Securities Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Land Securities Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Land Securities Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:LANDL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £-0.42
LSE:LAND Share Price ** LSE (2020-04-03) in GBP £5.45
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.58x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Land Securities Group.

BATS-CHIXE:LANDL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:LAND Share Price ÷ EPS (both in GBP)

= 5.45 ÷ -0.42

-13.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Land Securities Group is loss making, we can't compare its value to the GB REITs industry average.
  • Land Securities Group is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Land Securities Group's expected growth come at a high price?
Raw Data
BATS-CHIXE:LANDL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -13.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
61.6%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Land Securities Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Land Securities Group's assets?
Raw Data
BATS-CHIXE:LANDL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £12.98
LSE:LAND Share Price * LSE (2020-04-03) in GBP £5.45
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.73x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.06x
BATS-CHIXE:LANDL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:LAND Share Price ÷ Book Value per Share (both in GBP)

= 5.45 ÷ 12.98

0.42x

* Primary Listing of Land Securities Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Land Securities Group is good value based on assets compared to the GB REITs industry average.
X
Value checks
We assess Land Securities Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Land Securities Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Land Securities Group expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
61.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Land Securities Group expected to grow at an attractive rate?
  • Land Securities Group's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Land Securities Group's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Land Securities Group's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:LANDL Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:LANDL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 61.6%
BATS-CHIXE:LANDL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 0.2%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 25.9%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:LANDL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:LANDL Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 713 798 1
2023-03-31 694 831 1
2022-03-31 644 451 481 3
2021-03-31 635 437 -877 4
2020-04-06
2020-03-31 661 469 -313 4
BATS-CHIXE:LANDL Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 748 428 -308
2019-06-30 753 426 -214
2019-03-31 757 424 -119
2018-12-31 790 454 -76
2018-09-30 823 483 -33
2018-06-30 827 464 -39
2018-03-31 830 445 -44
2017-12-31 813 393 99
2017-09-30 796 341 242
2017-06-30 792 364 178
2017-03-31 787 386 113
2016-12-31 867 425 323

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Land Securities Group's earnings are expected to grow significantly at over 20% yearly.
  • Land Securities Group's revenue is expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:LANDL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Land Securities Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:LANDL Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 1.08 1.08 1.08 1.00
2023-03-31 1.12 1.12 1.12 1.00
2022-03-31 0.29 1.10 -0.57 5.00
2021-03-31 -1.13 0.60 -2.95 6.00
2020-04-06
2020-03-31 -0.48 -0.25 -0.61 5.00
BATS-CHIXE:LANDL Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 -0.42
2019-06-30 -0.29
2019-03-31 -0.16
2018-12-31 -0.10
2018-09-30 -0.04
2018-06-30 -0.05
2018-03-31 -0.06
2017-12-31 0.13
2017-09-30 0.33
2017-06-30 0.24
2017-03-31 0.15
2016-12-31 0.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Land Securities Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Land Securities Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Land Securities Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Land Securities Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Land Securities Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Land Securities Group does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Land Securities Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Land Securities Group's 1-year growth to the GB REITs industry average as it is not currently profitable.
Earnings and Revenue History
Land Securities Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Land Securities Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:LANDL Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 748.00 -308.00 77.00
2019-06-30 752.50 -213.50 78.00
2019-03-31 757.00 -119.00 79.00
2018-12-31 790.00 -76.00 78.50
2018-09-30 823.00 -33.00 78.00
2018-06-30 826.50 -38.50 79.50
2018-03-31 830.00 -44.00 81.00
2017-12-31 813.00 99.00 81.00
2017-09-30 796.00 242.00 81.00
2017-06-30 791.50 177.50 80.00
2017-03-31 787.00 113.00 79.00
2016-12-31 867.40 323.45 77.80
2016-09-30 947.80 533.90 76.60
2016-06-30 944.90 935.95 78.30
2016-03-31 942.00 1,338.00 80.00
2015-12-31 867.35 1,715.85 40.40
2015-09-30 792.70 2,093.70 0.80
2015-06-30 781.55 2,255.25 0.30
2015-03-31 770.40 2,416.80 -0.20
2014-12-31 743.50 2,083.35 19.50
2014-09-30 716.60 1,749.90 39.20
2014-06-30 716.55 1,433.25 19.40
2014-03-31 716.50 1,116.60 -0.40
2013-12-31 748.65 958.20 -0.50
2013-09-30 780.80 799.80 -0.60
2013-06-30 758.70 666.40 -0.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Land Securities Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Land Securities Group has efficiently used its assets last year compared to the GB REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Land Securities Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Land Securities Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Land Securities Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Land Securities Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Land Securities Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Land Securities Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Land Securities Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Land Securities Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Land Securities Group Company Filings, last reported 6 months ago.

BATS-CHIXE:LANDL Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 9,605.00 3,775.00
2019-06-30 9,605.00 3,775.00
2019-03-31 9,920.00 3,751.00 14.00
2018-12-31 9,920.00 3,751.00 14.00
2018-09-30 10,251.00 3,698.00 8.00
2018-06-30 10,251.00 3,698.00 8.00
2018-03-31 10,386.00 3,706.00 62.00
2017-12-31 10,386.00 3,706.00 62.00
2017-09-30 10,863.00 3,107.00 205.00
2017-06-30 10,863.00 3,107.00 205.00
2017-03-31 11,516.00 2,925.00 30.00
2016-12-31 11,516.00 2,925.00 30.00
2016-09-30 11,445.90 2,970.70 16.90
2016-06-30 11,445.90 2,970.70 16.90
2016-03-31 11,699.00 2,891.00 25.00
2015-12-31 11,699.00 2,891.00 25.00
2015-09-30 11,188.20 3,648.90 16.70
2015-06-30 11,188.20 3,648.90 16.70
2015-03-31 10,606.30 3,808.70 14.30
2014-12-31 10,606.30 3,808.70 14.30
2014-09-30 9,344.60 4,122.40 22.00
2014-06-30 9,344.60 4,122.40 22.00
2014-03-31 8,418.30 3,341.10 20.90
2013-12-31 8,418.30 3,341.10 20.90
2013-09-30 7,797.20 3,813.50 43.80
2013-06-30 7,797.20 3,813.50 43.80
  • Land Securities Group's level of debt (39.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (44% vs 39.3% today).
  • Debt is not well covered by operating cash flow (11.3%, less than 20% of total debt).
  • Land Securities Group is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Land Securities Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Land Securities Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Land Securities Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.36%
Current annual income from Land Securities Group dividends. Estimated to be 8.24% next year.
If you bought £2,000 of Land Securities Group shares you are expected to receive £167 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Land Securities Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Land Securities Group's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:LANDL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 587 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:LANDL Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 0.51 2.00
2023-03-31 0.49 2.00
2022-03-31 0.47 14.00
2021-03-31 0.42 15.00
2020-04-06
2020-03-31 0.45 14.00
BATS-CHIXE:LANDL Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-06-10 0.456 5.406
2019-05-14 0.456 5.361
2018-07-12 0.442 5.023
2017-05-18 0.411 4.134
2016-06-15 0.450 4.043
2016-01-21 0.348 2.980
2015-11-10 0.348 2.766
2015-06-18 0.348 2.553
2015-05-19 0.348 2.529
2014-11-11 0.337 2.572
2014-07-17 0.337 2.978
2014-06-12 0.337 3.071
2014-05-15 0.337 2.954
2013-11-12 0.324 2.990
2013-06-11 0.324 3.276
2013-05-15 0.324 3.192
2013-01-23 0.316 3.516
2012-11-08 0.316 3.661
2012-07-18 0.316 3.737
2012-05-16 0.316 4.029
2012-05-15 0.316 4.027
2011-11-10 0.307 4.216
2011-07-26 0.307 4.057
2011-05-18 0.307 3.424
2011-05-17 0.307 3.737
2010-11-11 0.299 3.956
2010-06-18 0.299 4.465
2010-05-19 0.299 4.636
2009-05-13 0.551 8.556

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Land Securities Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Land Securities Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Land Securities Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Land Securities Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Land Securities Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Martin Greenslade
COMPENSATION £1,063,000
AGE 54
TENURE AS CEO 0 years
CEO Bio

Mr. Martin Frederick Greenslade, MA, ACA, serves as Non-Executive Director of Taraashna Financial Services Ltd. since November 1, 2019. Mr. Greenslade serves as Acting Chief Executive Officer since April 1, 2020 and has been the Chief Financial Officer at Land Securities Group plc since September 2005 and its Executive Director since September 2005. Mr. Greenslade served as a Group Finance Director of Land Securities Group plc since September 1, 2005. Previously, he served as a Finance Director of Alvis plc since March 2000, the European manufacturer of military vehicles bought by BAE Systems a year ago. Prior to that, he served as Managing Director of MNB Maizels Ltd., the UK investment banking division of MeritaNordbanken and a Corporate Finance Executive of Enskilda Securities, London in 1992. He serves as the Director at Land Securities Capital Markets PLC. He served as a Director of Alvis plc. Martin has extensive and wide-ranging financial experience from the property, engineering and financial sectors in the UK and overseas. He also has extensive financial expertise, particularly in relation to corporate finance and investment arrangements, and significant listed company experience at board level. He is a trustee of International Justice Mission UK. Mr. Greenslade qualified as a Chartered Accountant at Coopers & Lybrand.

CEO Compensation
  • Martin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Martin's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Land Securities Group management team in years:

1.3
Average Tenure
54.5
Average Age
  • The average tenure for the Land Securities Group management team is less than 2 years, this suggests a new team.
Management Team

Martin Greenslade

TITLE
CFO & Director
COMPENSATION
£1M
AGE
54

Rob Noel

TITLE
Executive Officer
COMPENSATION
£2M
AGE
55
TENURE
0.1 yrs

Colette O'Shea

TITLE
MD of London & Retail Portfolios and Director
COMPENSATION
£827K
AGE
51
TENURE
6 yrs

Scott Parsons

TITLE
Executive Officer
COMPENSATION
£708K
AGE
49
TENURE
1.2 yrs

Ed Thacker

TITLE
Head of Investor Relations

Tim Ashby

TITLE
Group General Counsel & Company Secretary
AGE
57

Jill Brady

TITLE
Group Human Resources Director
TENURE
1.3 yrs

Martin Wood

TITLE
Group Head of Tax & Treasury
AGE
59

Neil Pennell

TITLE
Head of Design Innovation & Property Solutions
TENURE
12 yrs

Marc Geddes

TITLE
Head of Property for London Portfolio
Board of Directors Tenure

Average tenure and age of the Land Securities Group board of directors in years:

2.8
Average Tenure
53.5
Average Age
  • The average tenure for the Land Securities Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Cressida Hogg

TITLE
Non-executive Chairman
COMPENSATION
£290K
AGE
49
TENURE
1.8 yrs

Martin Greenslade

TITLE
CFO & Director
COMPENSATION
£1M
AGE
54
TENURE
14.6 yrs

Colette O'Shea

TITLE
MD of London & Retail Portfolios and Director
COMPENSATION
£827K
AGE
51
TENURE
2.3 yrs

Edward H. Carter

TITLE
Non-Executive Director
COMPENSATION
£84K
AGE
58
TENURE
3.8 yrs

Nick Cadbury

TITLE
Independent Non-Executive Director
COMPENSATION
£90K
AGE
53
TENURE
3.3 yrs

Stacey Rauch

TITLE
Non-Executive Director
COMPENSATION
£73K
AGE
61
TENURE
8.3 yrs

Madeleine Cosgrave

TITLE
Independent Non-Executive Director
COMPENSATION
£18K
AGE
52
TENURE
1.3 yrs

Christophe Evain

TITLE
Independent Non-Executive Director
AGE
57
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Land Securities Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
12. Feb 20 Sell Robert Noel Individual 11. Feb 20 11. Feb 20 -113,127 £9.66 £-1,093,124
27. Nov 19 Sell Robert Noel Individual 26. Nov 19 26. Nov 19 -203,070 £9.46 £-1,920,494
15. May 19 Buy Cressida Hogg Individual 14. May 19 14. May 19 32,000 £8.76 £280,211
14. May 19 Buy Nicholas Cadbury Individual 14. May 19 14. May 19 3,000 £8.88 £26,626
X
Management checks
We assess Land Securities Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Land Securities Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

At Landsec, we believe great places are for people to experience and are made with the experience of great people. As one of the largest real estate companies in Europe, our £13.8 billion portfolio spans 24 million sq ft of well-connected, experience-led retail, leisure, workspace and residential hubs, with a growing focus on London. From the iconic Piccadilly Lights in the West End and the regeneration of London’s Victoria, to the creation of retail destinations at Westgate Oxford and Trinity Leeds, we own and manage some of the most successful and memorable real estate in the UK. We aim to lead our industry in critical long-term issues – from diversity and community employment, to carbon reduction and climate resilience. We deliver value for our shareholders, great experiences for our customers and positive change for our communities. At Landsec, everything is experience.

Details
Name: Land Securities Group plc
LANDL
Exchange: BATS-CHIXE
Founded: 1944
£4,035,143,267
740,393,260
Website: http://www.landsec.com
Address: Land Securities Group plc
100 Victoria Street,
London,
East Lothian, SW1E 5JL,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE LAND Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK LSGO.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB LSU2 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BATS-CHIXE LANDL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
OTCPK LDSC.Y UNSPONSORED ADR Pink Sheets LLC US USD 03. Nov 2016
Number of employees
Current staff
Staff numbers
633
Land Securities Group employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 19:46
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2019/11/12
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.