MARK HUGHES PANMURE GORDON
These are a good set of results in tough markets. We have long been buyers of the stock given the portfolios bond-like characteristics. That said, the stock is up 20 per cent over the past six months and in our opinion it will tread water over the summer. Downgrade from Buy to Hold.
JAMES CARSWELL PEEL HUNT
Reduced leverage, above average earnings and dividend yield are the key attraction for investors. However, the shares trade on a four per cent premium to today’s net asset value and with limited growth prospects, greater total returns can be obtained elsewhere. Hold.
MICHAEL BURT ESPIRITO SANTO
It’s hard not to be slightly underwhelmed by British Land’s results given the shares’ recent performance and current rating. Their valuation is benefiting from liquidity seeking an efficient inflation hedge, but rental value and dividend growth both remain at sub-inflationary levels. Neutral.