Shaftesbury Capital (SHC)

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Share Price:
150.80p
Market Cap:
£2,955.60m
Change Today:
0.30p
Sector:
Property Investment Trusts

Berenberg initiates coverage on Shaftesbury and Capital & Counties at 'buy'

By Iain Gilbert

Date: Wednesday 07 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg initiated coverage on UK real estate firms Capital & Counties and Shaftesbury at 'buy' on Wednesday, stating both companies remained "well positioned to outperform" as the sector's recovery builds.
Berenberg said prime London landlords Shaftesbury and CapCo had been "hit hard by the Covid-19 pandemic", with valuations falling 8.4%, earnings turning negative and share prices still 36% below pre-pandemic peaks.

However, the analysts stated that as the UK reopens, footfall rebuilds and occupational demand returns, operations were now at an inflection point.

Although Berenberg admitted there was an "outside chance" of further restrictions next winter and travel restrictions that were likely to delay the return of international tourists, it also expects to see an increase in domestic footfall to boost footfall across the West End.

While the German bank initiated with a 'buy' rating on both companies, it highlighted that Shaftesbury remained its "top pick" for long-term growth - with lower financial gearing, unchallenging valuations, lower in-place rents and a better asset mix.

"At current valuations, both Shaftesbury and CapCo - with irreplaceable assets and a strong operational recovery forecast - remain attractive in our view," said Berenberg, which hit the former with a 725.0p target price and the latter with one of 200.0p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SHC Market Data

Currency UK Pounds
Price 150.80p
Change Today 0.30p
52 Week High 154.50p
52 Week Low 126.30p
Volume 3,948,911
Shares Issued 1,959.95m
Market Cap £2,955.60m

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