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Land Securities Group (LSGOF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Land Securities Group $5.87, price $7.94, upside -26.0%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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LS
Broad data
Sep 23, 2026
Broad data
Sep 23, 2026
Land Securities Group
LSGOF · USWeak valuationQuality is weak on top of the rich price.
!Fair value $5.87 · Overvalued (−26.0%)
!Quality 37/100
!Weak Growth (revenue 5y +0.4 %/yr)
✓Highly profitable · 38.5% net margin (TTM)
✓Moderate debt · generates free cash flow
!5.2% dividend yield · Watch coverage
!Moderate moat 62/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $4.30 – $11.78 · fair‑value band $5.85 – $7.34 · the $7.94 price screens above the $5.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
Company profile
Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them. This is how they created the leading portfolio of urban places in UK and one of the largest real estate companies in Europe.
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Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them. This is how they created the leading portfolio of urban places in UK and one of the largest real estate companies in Europe. Their 10 billion pounds portfolio is built around premium workplaces, is the country pre-eminent retail platform, and a residential pipeline that will redefine urban life. They honed this ability over 80 years. Spotting the opportunities, building the partnerships, and continually adapting to shape the places that meet the needs of a changing world. Places where life happens. Where businesses grow. And where cities are defined. Land Securities Group Plc was incorporated in 1995 in United Kingdom.
Stock analysis
Land Securities Group (LSGOF) currently trades at $7.94, while our model-based Fair Value estimate is $5.87, 26.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $10.33 per share, and 4 of the 14 models we run sit above the $7.94 price.
Bear case: the DCF Models group reads lowest at $1.76, and 10 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.85 (bear) to $7.34 (bull), the price of $7.94 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Land Securities Group reported revenue of £894M in FY2026 versus £902M in FY2022, a compound −0.2%/yr. Reported net income was £344M in FY2026, compounding −20.7%/yr from FY2022.
Key figures
Market cap $7.8B · P/E ratio 12.8 · P/S ratio 4.92 · EPS (TTM) $0.6200 · Dividend yield 5.2% · Net margin 38.5% · Return on equity 5.3% · Return on assets (EBIT) 2.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −3% fair-value upside, at −26%, LSGOF screens richer than that median.
Fair Value models
Bear $5.85
Fair Value $5.87
Bull $7.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then ($0.1060 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
$8.96
$9.17
$9.70
76
5Y Revenue Exit
n/a
$1.89
$5.77
69
Gordon GGM
$4.54
$6.25
$7.94
69
All 14 models by family
DCF Models
5Y Revenue Exit
n/a
$1.89
$5.77
69
5Y EBITDA Exit
$0.1700
$4.05
$8.64
67
10Y Revenue Exit
n/a
$0.3600
>$1.44
64
10Y EBITDA Exit
n/a
$1.76
$5.24
65
Dividend Discount
Gordon GGM
$4.54
$6.25
$7.94
69
DDM Multi-Stage
$4.54
$6.24
$8.15
67
Multiples
P/S Multiple
$7.75
$10.33
$12.91
58
P/B Multiple
$7.79
$10.39
$12.99
55
EV/EBIT
$6.28
$10.44
$14.61
64
EV/EBITDA
$3.50
$6.75
$9.99
64
EV/Revenue
$0.6700
$3.63
$6.58
48
Asset-Based
NCAV (Graham)
$5.82
$7.80
$11.65
54
Growth DCF
Rev-Margin DCF
n/a
$1.92
$5.21
69
Economic Profit
Residual Income
$8.96
$9.17
$9.70
76
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Set up alert →Quality Score breakdown
Overall quality
37/100
Of which business quality 36 · Market factors (momentum, volatility) 48
Profitability
34
Margins and returns on capital today
Quality Growth
31
Are margins and returns improving?
Cashflow
35
Earnings quality: real cash, not paper profit
Fin. Strength
45
Balance sheet, leverage, solvency risk
Investment
73
Disciplined investing over empire-building
Low Volatility
25
Calm price path (market factor)
Momentum
56
Price trend over the last 3–12 months (market factor)
52W Momentum
59
Distance to the 52-week high (market factor)
Net Issuance
0
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Start year 2021 (pandemic). Over 10 years: −0.5% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−16.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.5%
Dividend (yield on the price)5.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−21.5% vs −15.1%, slowing
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.59% → 48%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+51.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in GBP, UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +47.9% a year for the price and −3.2% for the forecasts.
Forecast 2027 (sales)−24.0%
Forecast 2028 (sales)+6.7%
Projected 2029 (sales)+6.1%
Projected 2030 (sales)+5.5%
Projected 2031 (sales)+5.0%
LSGOF screens overvalued: fair value 26% below the price. Compare with Goodman Group →
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| Goodman Group GMG | A$25.91 | A$12.61 | −51% |
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| W. P. Carey Inc WPC | $63.83 | $69.91 | +10% |
| Stockland SGP | A$4.02 | A$4.12 | +2% |
| The GPT Group GPT | A$4.41 | A$3.49 | −21% |
| Charter Hall Group CHC | A$17.63 | A$3.25 | −82% |
| COV COV | €46.38 | €39.78 | −14% |
| Mirvac Group MGR | A$1.72 | A$2.05 | +20% |
| Broadstone Net Lease, Inc BNL | $18.91 | $18.42 | −3% |
| KLCC Property Holdings 5235SS | 8.52 MYR | 4.22 MYR | −50% |
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Frequently asked questions
Is Land Securities Group (LSGOF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $5.87 versus a price of $7.94, about −26% upside (overvalued).
What is the fair value of LSGOF?
Our model-based fair value for Land Securities Group is $5.87 (as of Sep 23, 2026), built from audited fundamentals. The current price: $7.94.
What is the quality score of LSGOF?
Land Securities Group has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Land Securities Group (LSGOF)?
Our model-based price target is the fair value of $5.87 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario $5.85, optimistic scenario $7.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Land Securities Group stock forecast for 2026?
Our models put fair value at $5.87, about −26% upside versus a price of $7.94 (overvalued). Cautious scenario $5.85, optimistic scenario $7.34. The calculation is refreshed regularly with new filings.
What is the revenue of Land Securities Group (LSGOF)?
Land Securities Group reported trailing-twelve-month revenue of about £892M (latest available figure, as of Sep 23, 2026).
Does Land Securities Group pay a dividend?
Land Securities Group currently shows a dividend yield of about 5.19% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Land Securities Group (LSGOF)?
For today's price to be fair in a discounted-cash-flow model, Land Securities Group would have to grow free cash flow by +51.3 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LSGOF use?
Our models discount Land Securities Group at 10.1 %: a base by market capitalisation (mid), damped by beta 1.15, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Land Securities Group that is +51.3 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Land Securities Group (LSGOF) delivered so far?
Over the past 5 years revenue at Land Securities Group grew +0.4 % a year. The price currently implies +51.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Land Securities Group (LSGOF) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Land Securities Group (+51.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Land Securities Group (LSGOF)?
The free-cash-flow yield on the price is 1.13 %: that much free cash flow Land Securities Group produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Land Securities Group (LSGOF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Land Securities Group it is $5.87 per share (as of Sep 23, 2026), against a price of $7.94. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Land Securities Group stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LSGOF trades above its calculated fair value: price $7.94, fair value $5.87, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LSGOF?
No. The price is what the market pays today ($7.94); the fair value is what the company's own numbers justify ($5.87). For Land Securities Group the two are $2.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is Land Securities Group worth?
The market values Land Securities Group at about $7.8B (market capitalisation, as of Sep 23, 2026). Per share that is $7.94; our models calculate a fair value of $5.87 per share.
What do the bullish and bearish scenarios say about LSGOF?
Our models span a range for Land Securities Group: cautious scenario $5.85, base $5.87, optimistic $7.34 per share (as of Sep 23, 2026, price $7.94). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is LSGOF from its 52-week high?
Land Securities Group trades at $7.94, about 18% below its 52-week high of $9.72 and 14% above the low of $6.93 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $5.87 is for.
Which stocks are comparable to Land Securities Group?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Land Securities Group stock attractive at the current price?
The data as of Sep 23, 2026: price $7.94, calculated fair value $5.87 (−26%), Quality Score 37/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LSGOF calculated?
We run Land Securities Group through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $5.87, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Land Securities Group itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Land Securities Group (LSGOF)?
The closing price on Oct 2, 2026 was $7.94. Our model-based fair value is $5.87, about −26% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Land Securities Group right now?
The price sits above even our optimistic bull case ($7.34). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Land Securities Group (LSGOF) come from?
Earnings per share at Land Securities Group grew −13.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share −1.2 %, EBIT margin −1.2 %, tax rate +0.0 %, residual (interest, one-offs) −11.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Land Securities Group
How large is the market capitalisation of Land Securities Group (LSGOF)?
The market capitalisation of Land Securities Group is $7.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Land Securities Group (LSGOF)?
The price-to-earnings ratio of Land Securities Group is 12.8. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Land Securities Group (LSGOF)?
The price-to-sales ratio of Land Securities Group is 4.92 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Land Securities Group (LSGOF)?
Earnings per share at Land Securities Group are $0.6200 (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Land Securities Group (LSGOF)?
The dividend yield of Land Securities Group is 5.2% (payout 66.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Land Securities Group (LSGOF)?
The net margin of Land Securities Group is 38.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Land Securities Group (LSGOF)?
The return on equity (ROE) of Land Securities Group is 5.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Land Securities Group (LSGOF)?
On an EBIT basis the return on assets of Land Securities Group is 2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Land Securities Group (LSGOF)?
The operating margin of Land Securities Group is 47.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Land Securities Group (LSGOF)?
Revenue at Land Securities Group is growing +0.4% versus a year earlier (3y avg −2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Land Securities Group (LSGOF)?
Earnings per share at Land Securities Group are growing +61.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Land Securities Group (LSGOF) carry?
The net debt of Land Securities Group is £4.4B (fiscal year 2026, ≈ 65.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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