Financial PerformanceThe business has recovered more strongly than expected, driven by a higher contribution from variable revenues such as parking and specialty leasing.
Market ValuationPrice target valuation implies 42% upside and the stock trades at a significant discount to past growth cycle valuations.
Stock Rating UpgradeIn reflection of the significant improved outlook for Hammerson following the VR sale, which has coincided with the return of rental growth in Retail property, the rating was upgraded to Buy, from Hold.