Company Valuation: Hammerson

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,447 1,188 1,411 1,373 1,750 2,011 - -
Change - -17.88% 18.77% -2.73% 27.46% 14.96% - -
Enterprise Value (EV) 1 3,266 2,920 2,738 2,172 3,119 3,433 3,460 3,459
Change - -10.59% -6.26% -20.67% 43.64% 10.06% 0.8% -0.06%
P/E -3.35x -7.21x -28.4x -2.64x 7.17x 11.2x 10.7x 9.39x
PBR 0.53x 0.45x 0.57x 0.76x 0.79x 0.86x 0.82x 0.78x
PEG - 0.1x 0.4x -0x -0x -0.3x 2.41x 0.7x
Capitalization / Revenue 5.99x 5.52x 6.77x 7.26x 7.58x 7.16x 6.51x 6.22x
EV / Revenue 13.5x 13.6x 13.1x 11.5x 13.5x 12.2x 11.2x 10.7x
EV / EBITDA 22.3x 17.5x 16.5x 15.9x 21.6x 17.9x 16.4x 15.3x
EV / EBIT 21.2x 18.3x 16.8x 16.2x 21.6x 18x 16.3x 15.3x
EV / FCF -22.2x 88x 140x - 142x 82.4x 63.4x 48.2x
FCF Yield -4.51% 1.14% 0.72% - 0.7% 1.21% 1.58% 2.08%
Dividend per Share 2 0.04 0.02 0.15 0.1563 0.165 0.1852 0.1968 0.207
Rate of return 1.22% 0.84% 5.28% 5.59% 5% 5.37% 5.71% 6%
EPS 2 -0.98 -0.33 -0.1 -1.06 0.46 0.3087 0.3224 0.3671
Distribution rate -4.08% -6.06% -150% -14.7% 35.9% 60% 61% 56.4%
Net sales 1 241.6 215.2 208.4 189 230.9 281 308.8 323.4
EBITDA 1 146.4 166.4 166 136.9 144.2 191.3 210.7 226.1
EBIT 1 154.3 159.4 163 133.8 144.6 191.1 212.1 225.6
Net income 1 -429.1 -164.2 -51.4 -526.3 232.1 188.2 208.4 226.2
Net Debt 1 1,819 1,732 1,326 799 1,370 1,422 1,449 1,447
Reference price 2 3.280 2.380 2.840 2.796 3.300 3.448 3.448 3.448
Nbr of stocks (in thousands) 441,130 499,228 496,906 490,939 530,184 583,323 - -
Announcement Date 3/4/22 3/9/23 2/29/24 2/26/25 2/25/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
38.67x18.39x23.35x3.3% 123B
30.33x13.86x17.61x4.49% 64.96B
35.96x14.5x14.98x6.01% 51.22B
18.62x15.72x17.91x1.11% 38.65B
16.39x23.1x27.68x3.52% 16.7B
26.08x10.47x14.45x4.83% 14.9B
8.06x11.76x14.41x6.19% 14.62B
17.87x16x23.25x5.39% 13.89B
28.95x11.08x16.19x4.22% 13.13B
Average 24.55x 14.99x 18.87x 4.34% 39.05B
Weighted average by Cap. 30.48x 15.94x 19.65x 3.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield