Land Securities full year NAV 5% better than consensus, says SocGen

Land Securities’ full year reported net asset value beat consensus by 5%, while adjusted earnings per share were in line, Societe Generale said in a note on Tuesday.

The French bank said that adjusted diluted NAV per share of 1,293p was 3% above its in-house forecast of 1,251p, while the dividend of 31.85p was in line with consensus but slightly below its own 32p estimate.

“The beat in NAV comes from all segments,” said SocGen. “In offices, the performance was impressive, with a 23.2% year-on-year growth largely above our 14.5% estimates and around four percentage points above British Land’s performance.”

The bank has a buy recommendation on the stock and a 1,620p target price that reflects a 7% premium to its estimated fair value of 1,510p.