# Hammerson plc (HMSO.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price 356p, market value 2.1 billionp.

## Valuation
- **P/E (trailing): 8.9×** (5-yr avg 717.2×, 3-yr avg 717.2×). Hammerson plc trades at 8.9× trailing earnings, well below its own five-year average of 717.2×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 14.3×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 0.10**. A PEG of 0.10 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 6.3×**. Each dollar of revenue is priced at 6.3×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 10.4×**. Enterprise value is 10.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 2.5%** (5-yr avg -0.0%). Free cash flow equals 2.5% of the market value, above its five-year average of -0.0%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 11.2%**. The inverse of the P/E: 11.2% of the price is earned each year.

## Profitability
- **Gross margin: 74.5%**. Hammerson plc keeps 74.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 27.6%**. 27.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 109.6%**. 109.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.1%**. 11.1% on shareholders' equity is solid.
- **Return on invested capital: 2.6%**. Return on all capital, debt included, is 2.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -7.5%**. Each dollar of assets produces -7.5% of profit.

## Growth
- **Revenue growth (1 yr): 81.5%** (3-yr 17.2%/yr, 5-yr -0.7%/yr). Revenue grew 81.5% over the last year, against -0.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 143.4%**. Earnings per share rose 143.4%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 28.0%/yr**. Free cash flow has compounded at 28.0% a year over three years.

## Financial health
- **Debt to equity: 0.78**. Debt is 0.78 times equity, moderate leverage.
- **Net debt / EBITDA: 4.0×**. It would take 4.0 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 0.6×**. Operating profit covers interest only 0.6×: fragile.
- **Current ratio: 4.26** (quick 4.26). Current assets cover the next year's liabilities 4.26 times.
- **Altman Z-score: 1.66**. A Z-score of 1.66 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 5.03%** (0p per share, trailing). Hammerson plc yields 5.03%, an income-level yield.
- **Payout ratio: 32%** (254% of free cash flow). 32% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 51.6%/yr** (1-yr 4.2%). The dividend has compounded at 51.6% a year over five years, doubling roughly every 1 years at that pace.
- **Shareholder yield: 0.7%**. Dividends plus net buybacks return 0.7% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (13 analysts). 13 analysts cover Hammerson plc; the consensus is buy, with an average price target of 394p (+11% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 31.6%** (YTD 9.4%, 3-mo 10.6%). The shares are up 31.6% over twelve months including dividends.
- **From 52-week high: -9.1%** (28.1% above the low). Trading 9% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 37**. An RSI of 37 is neutral.
- **Beta (1 yr): 1.17** (volatility 26%). Beta of 1.17 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=HMSO.L · Page: https://foliofundamentals.com/stocks/hmso.l

Not investment advice.