ALISON WATSON | INVESTEC
We expect the UK consumer recovery to continue to feed through to improving, but low single digit, rental growth. France remains more challenging and whilst this is mitigated by increased exposure to the high growth outlet sector, we expect net asset value growth (NAV) to remain below sector average.
JAMES CARSWELL | PEEL HUNT
Hammerson looks interesting over the medium term with meaningful earnings per share growth and big uplifts from the three large development projects. However, we see much higher growth elsewhere and with the shares trading in-line with the sector and retain our “hold” recommendation.
CHRISTOPHER FREEMANTLE | MORGAN STANLEY
Hammerson’s results matched but did not beat expectations, with NAV up 11 per cent... without the valuation boost seen in the first half, second half NAV growth slowed. Despite full valuation, we like the stock on a relative basis, as one of the least expensive and best-performing retail specialists.