Hammerson

HMSO.L

REIT - Retail · Real Estate

Price

378.00 GBp

+3.00 (+0.80%)

Market Cap

£2.00B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Mixed

Stability

Mixed

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+3.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 491.8M (2021) → 506.3M (2025)

Winston Score History

The full picture

Hammerson is a British real estate company that owns and manages large shopping centres and retail destinations across the UK and Europe. Its properties include well-known centres like Bullring in Birmingham and Brent Cross in London, which attract millions of shoppers each year. The company rents space to retailers, restaurants, and entertainment businesses, making it one of the larger listed retail landlords in the UK.

Hammerson makes money by collecting rent from the tenants inside its properties, with income tied to long-term lease agreements. It operates mainly in the UK, Ireland, and France, and its portfolio of high-footfall urban locations gives it some pricing power over smaller retail landlords. However, the ongoing shift toward online shopping continues to pressure physical retail, which makes it harder to keep occupancy rates high and push rents upward — this remains the central challenge for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+111.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+36.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£4.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Hammerson grew revenue 112% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

68.5%

Premium pricing power — 68.5% gross margin

Profit after running costs

Operating Margin

51.8%

Excellent — 51.8% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+238.5%

Fast-growing sales (+238.5% YoY)

Profit growth

EPS YoY

+569.9%

Earnings growing fast (+569.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

38%

Weak — only 38% of profit becomes cash

Spare cash per sale

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.84

Moderate — manageable debt (0.84)

Covers its interest

Interest Cover

1.74x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.2x

Attractive valuation — P/E 9.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-7.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.37%

Healthy income — 4.37% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+558.1%

Dividend growing fast (558.1% YoY)

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