LondonMetric Property LMP.L
United KingdomReal Estate · REIT - IndustrialLondon Stock Exchange · GBP
2.22 GBP (+28.7%)
11 analysts
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LondonMetric Property is a UK REIT specializing in industrial and logistics properties, generating income from long-term leases.
Listed on London Stock Exchange · Symbol LMP.L · LON: LMP · Currency GBP
Key points
from its scores- ✓Attractive dividend7.0
- ✕Poor share-price trend4.2
- !Average business quality5.1
- !Moderate growth5.3
AI analysis
bottom line, main risk, context and newsThe high dividend and discount to assets are attractive, but leverage and the rate environment limit upside potential.
LondonMetric offers a net dividend yield of 7.54% and trades at a P/B of 0.85, but its high leverage (Net Debt/EBITDA of 7.12x) and falling earnings (-21.5%) in a rising rate environment warrant caution.
The main risk is the high leverage (Net Debt/EBITDA of 7.12x) in a rising interest rate environment, which makes refinancing more expensive and pressures asset valuations.
Context and risks
LondonMetric is an industrial REIT with high leverage (Net Debt/EBITDA of 7.12x). The sharp rise in long-term US rates and the ECB's tightening bias pressure its refinancing costs and asset valuations, a material risk for a vehicle of this profile. UK governance is solid, so the risk is limited to the rate environment, not the jurisdiction.
Is LondonMetric Property stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 39% below the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 13.3 | 21.6 | −39% |
| EV / EBITDA | 16.4 | 18.5 | −11% |
| Price / book | 0.9 | 1.4 | −40% |
| Price / sales | 9.0 | 6.3 | +42% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.0 out of 10 (median for Real Estate: 4.9).
Average analyst target: 2.22 GBP, +28.7% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 5.7 (sector 5.5), Growth 5.3 (sector 5.7).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 13.3
- Forward P/E
- 11.8
- EV / EBITDA
- 16.4
- Price / book
- 0.9
- Price / sales
- 9.0
- PEG
- 8.84
- Market cap
- 4.2B GBP
- Enterprise value
- 7.1B GBP
Profitability
- ROE
- 6.7%
- ROA
- 3.7%
- ROIC (approx.)
- 5.3%
- Gross margin
- 98.6%
- Operating margin
- 92.3%
- Net margin
- 63.0%
- Free cash flow
- 185.9M GBP
- FCF yield
- 4.4%
- Cash conversion
- 43%
Solvency
- Total debt
- 3.2B GBP
- Net debt
- 3.1B GBP
- Cash
- 143.4M GBP
- EBITDA
- 433.7M GBP
- Net debt / EBITDA
- 7.12
- Debt / equity
- 68.25
- Current ratio
- 0.77
- Quick ratio
- 0.59
Growth
- Revenue growth
- +18.0%
- Earnings growth
- −21.5%
- EPS (TTM)
- 0.13 GBP
- EPS (forward)
- 0.15 GBP
Dividend
- Dividend yield
- 7.5%
- Payout
- 95.8%
Risk and market
- Beta
- 1.00
- Analyst consensus
- Buy (11)
- Target price
- 2.22 GBP
Recent news
All LMP.L news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about LondonMetric Property
Is LondonMetric Property stock cheap or expensive?
On P/E and Price / book, it trades 39% below the Real Estate median on average. Valuation score: 6.0 out of 10 (median for Real Estate: 4.9). Average analyst target: 2.22 GBP, +28.7% versus the price. This is not investment advice.
What score does LondonMetric Property get on MeridIAn Screener?
It scores 5.9 out of 10, rank 1,084 of 2,130 (better than 47% of the companies analysed). Its strongest category is Dividend (7.0) and its weakest, Momentum (4.2). Analysis of 08/10/2026.
What is LondonMetric Property's P/E ratio?
Its P/E is 13.3: the share price equals 13.3 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 11.8.
How much is LondonMetric Property worth on the stock market?
Its market capitalisation is 4.2B GBP.
Does LondonMetric Property pay a dividend?
Yes: its dividend yield is 7.54% and it pays out 96% of its earnings.
How has LondonMetric Property stock performed over the last year?
It has fallen 5.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 0.00 and 2.16 GBP. Past performance does not guarantee future results.
What do analysts think of LondonMetric Property?
11 analysts cover it; their average recommendation is “Buy” and their average target is 2.22 GBP (+28.7% versus the price). It is an estimate, not market data.