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    HMSO   GB00BK7YQK64

HAMMERSON PLC

(HMSO)
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Delayed London Stock Exchange  -  05/16 11:35:24 am EDT
27.87 GBX   +2.05%
05/05HAMMERSON PLC : Dividends
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05/04Fitch Raises Hammerson's Outlook To Stable On Reduced Lower Rents Risk
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04/28HAMMERSON : Results of the 2022 Annual General Meeting
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Intu hits record low after rental growth warning; CEO to leave

07/26/2018 | 03:54am EDT

(Reuters) - Intu Properties chief executive officer is stepping down as the British shopping centre operator swung to a loss and warned of lower rental income growth for the full year, sending its shares down 9 percent to a record low.

Intu's update follows a failed 3.4 billion-pound takeover bid by rival Hammerson in April and a string of bankruptcies of retailers that has hit the company hard.

The company said it now expects like-for-like net rental income growth to be at the lower end of its previous range of 1.5 percent to 2.5 percent.

Intu warned in April that it would be hit by a number of administrations and restructurings initiated by tenants, including New Look, Toys R Us and Prezzo, estimating the impact to be about 3.9 million pounds in 2018.

The owner of Manchester's Trafford Centre also posted a loss attributable of 486.2 million pounds in the first-half, compared with a profit of 127.1 million pounds year ago. Underlying earnings were flat during the period.

"Intu's H1 results reveal marked valuation pressure on its shopping centres, over and above that experienced by Hammerson and Land Securities," Liberum analysts said in a note.

Fischel, who will leave Intu once a successor is appointed, was earlier expected to stand down upon the completion of the proposed Hammerson merger.

"The retirement of long-standing CEO David Fischel could present opportunity for his successor to revisit the group's strategy and help improve the market's current poor perception of its assets and direction," Liberum said.

Hammerson's board made a U-turn on the deal in April in the face of opposition from its own shareholders amid concerns that buying Intu would increase the company's exposure to Britain's retail sector.

To calm shareholders, Hammerson on Tuesday said it aims to exit its out-of-town retail parks business as part an overhaul.

Shares of Intu fell 8.6 percent to an all-time low of 164 pence in early trading in London.

(Reporting by Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri and Saumyadeb Chakrabarty)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
HAMMERSON PLC 2.05% 27.87 Delayed Quote.-15.03%
INTU PROPERTIES PLC -54.58% 1.776 End-of-day quote.-94.78%
JUST GROUP PLC -1.72% 80.1 Delayed Quote.-4.19%
LAND CO., LTD. -9.09% 11 Delayed Quote.0.00%
LAND SECURITIES GROUP PLC 1.78% 742 Delayed Quote.-4.43%
WILL GROUP, INC. 2.77% 1132 Delayed Quote.-22.42%
All news about HAMMERSON PLC
05/05HAMMERSON PLC : Dividends
CO
05/04Fitch Raises Hammerson's Outlook To Stable On Reduced Lower Rents Risk
MT
04/28HAMMERSON : Results of the 2022 Annual General Meeting
PU
04/28HAMMERSON PLC : Crossing thresholds
CO
04/28HAMMERSON PLC : Proxy Statments
CO
04/26HAMMERSON : Notification of Transactions of Directors and PDMRs
PU
04/22HAMMERSON PLC : Crossing thresholds
CO
04/13HAMMERSON : Planning application for new homes at Dundrum development
PU
04/13WALL STREET STOCK EXCHANGE : The confusion over inflation
04/13JP Morgan Cuts Hammerson To Underweight From Neutral, Lowers PT
MT
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Analyst Recommendations on HAMMERSON PLC
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Financials
Sales 2022 255 M 312 M 312 M
Net income 2022 -118 M -144 M -144 M
Net Debt 2022 1 611 M 1 973 M 1 973 M
P/E ratio 2022 -12,5x
Yield 2022 3,86%
Capitalization 1 283 M 1 571 M 1 571 M
EV / Sales 2022 11,3x
EV / Sales 2023 11,3x
Nbr of Employees 426
Free-Float 77,5%
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Mean consensus UNDERPERFORM
Number of Analysts 18
Last Close Price 27,87 GBX
Average target price 31,74 GBX
Spread / Average Target 13,9%
EPS Revisions
Managers and Directors
Rita-Rose Gagné Chief Executive Officer & Executive Director
Himanshu Haridas Raja Chief Financial Officer & Executive Director
Robert Montague Noel Non-Executive Chairman
Grégoire Peureux Chief Operating Officer
Simon Charles Travis Director-Group Investment
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