Hammerson PLC (HMN) Fair Value & Analysis
Real Estate · ZA · Market cap 47.9B ZAC · ISIN GB00BK7YQK64
Strengths
Risks
Fair value as of: Aug 28, 2026
From 7 valuation models · updated today
Fair value updated Aug 28, 2026, revised from R2.55 to R57.31 (+2,147.5%) since Aug 13, 2026. Share price +1.0% over the past month.
A solid business, but trading 42% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (R72.23). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.
How to read this chart
60‑month range R35.96 – R85.50 · fair‑value band R42.40 – R72.23 · the R81.50 price screens above the R57.31 fair value. Dashed = 300-day average. As of Aug 28, 2026.
Analysis
Hammerson PLC (HMN) currently trades at R81.50, while our model-based Fair Value estimate is R57.31, implying the stock looks roughly 29.7% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Hammerson PLC generated revenue of 264M ZAR at a net margin of 87.8%. Revenue grew 26.5% year over year. It earns a return on equity of 11.9%. Net debt stands at 1.2B ZAR. Fundamentals as of Aug 28, 2026
Our scenario range runs from R42.40 (bear case) to R72.23 (bull case); at R81.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at -51% fair-value upside, at -30%, HMN screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 7 models by family
Widest divergence: Economic Profit (R92.15) versus Multiples (R30.34). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 55
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Hammerson Plc is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland.
Full company description
Hammerson Plc is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland. We own, manage and invest in landmark city destinations integrating retail, leisure and community hubs to meet evolving customer and occupier needs while delivering sustainable long-term growth for our stakeholders. Our 10 city locations rank in the top 20 of all retail venues across our geographies and in the top 1% where retail spend is concentrated. Our catchment reach of 40 million people attracts 170 million visitors per annum, generating 3 billion Pounds of sales for our brand partners. Hammerson Plc was incorporated in 1942 in United Kingdom.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hammerson PLC reported revenue of £208M in FY2025 versus £128M in FY2021, a compound +13.0%/yr. Reported net income was £232M in FY2025.
HMN screens 30% overvalued. Compare with Simon Property Group →
Peer Group
REIT - Retail · 97 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $217.11 | $84.26 | -61% |
| Realty Income Corporation O | $62.26 | $30.45 | -51% |
| Unibail-Rodamco-Westfield SE URW | €103.40 | €98.09 | -5% |
| Kimco Realty Corporation KIM | $24.03 | $12.49 | -48% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.38 SGD | 0.9100 SGD | -62% |
| Scentre Group SCG | A$3.57 | A$3.34 | -6% |
| Regency Centers Corporation REG | $75.74 | $33.37 | -56% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.76 | HK$41.98 | +6% |
| Federal Realty Investment Trust FRT | $117.58 | $41.47 | -65% |
| Brixmor Property Group BRX | $29.50 | $12.34 | -58% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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