Liberum raises target price on Shaftesbury
By Iain Gilbert
Date: Tuesday 30 Nov 2021
(Sharecast News) - Analysts at Liberum raised their target price on real estate investment trust Shaftesbury from 680.0p to 700.0p, citing "a tale of two halves".
Liberum stated that in "a tale of two distinct halves", Shaftesbury's full-year EPRA net tangible assets of 619.0p was in line, with a 20% net asset value decline in the first half giving way to a 6% increase in the second, driven by "an encouraging 5% like-for-like increase" in property values since 31 March.
The broker also highlighted that Shaftesbury's 4.0p final dividend was ahead of its estimates and reflected confidence in the occupier recovery currently underway.
"We leave EPS unchanged but increase FY22 and FY23 NTA c.3% to reflect an expectation of a further recovery in values over the next 12 months, notwithstanding near term risk that is Omicron," said Liberum.
"The shares stand at a 2% premium to spot NTA vs a 17% premium for the UK REIT sector, which in our view does not reflect the improved outlook for occupational demand."
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