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Town Centre Securities PLC (TOWN) Fair Value & Analysis

Real Estate · GB · Market cap 47.3M GBX

TC Town Centre Securities PLC TOWN · LSE
Price£1.13
Fair Value£1.30
Upside+15.6%
Quality45/100
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Weak Growth
Loss-making · -17.5% net margin
Moderate debt · negative free cash flow
2.17% dividend yield
Trails peers (4/12)
Narrow moat 37/100
Evidence: Medium Range £0.2600 – £2.45 Share as image

Fair value as of: Jul 12, 2026

From 6 valuation models · updated 29 days ago

Share price +15.1% over the past month.

Below-average quality, screening 16% undervalued on our models.

What matters now

  • The model range is unusually wide (£0.2600 to £2.45). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

£1.31 £0.8370 Fair Value £1.30 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range £0.8370 – £1.31 · fair‑value band £0.2600 – £2.45 · the £1.13 price screens below the £1.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Town Centre Securities PLC (TOWN) currently trades at £1.13, while our model-based Fair Value estimate is £1.30, implying the stock looks roughly 15.6% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Town Centre Securities PLC generated revenue of £33.2M at a net margin of -17.5%. Revenue grew 3.2% year over year. It earns a return on equity of -5.1%. Net debt stands at £140M. Fundamentals as of Jul 12, 2026

Our scenario range runs from £0.2600 (bear case) to £2.45 (bull case); at £1.13, the current price sits within 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 -22% fair-value upside, at 16%, TOWN 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.

Model 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. Evidence
Highest evidence
Gordon GGM £0.1700 £0.2300 £0.2800 70
DDM Multi-Stage £0.1700 £0.2300 £0.2800 61
EV/EBITDA £1.28 £2.44 £3.59 54
All 6 models by family
Dividend Discount
Gordon GGM £0.1700 £0.2300 £0.2800 70
DDM Multi-Stage £0.1700 £0.2300 £0.2800 61
Multiples
EV/EBIT £1.40 £2.60 £3.80 53
EV/EBITDA £1.28 £2.44 £3.59 54
EV/Revenue £0.6400 £1.49 43
Asset-Based
NCAV (Graham) £1.34 £1.79 £2.67 50

Widest divergence: Multiples (£2.44) versus Dividend Discount (£0.2300). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 33.2M GBX
Revenue growth (YoY) +3.2%
Net margin -17.5%
Return on equity -5.1%
Free cash flow −1.4M GBX FY2025
Operating margin 29.0%
More key figures
EPS (TTM) £-0.1400
Dividend yield 2.2%
EPS growth (YoY) -81.2%
Net debt 140M GBX FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 40 · Market factors (momentum, volatility) 54

Profitability 6
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

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.

About the company

Town Centre Securities PLC is a property investment and car parking operator with assets of 280m pounds. With more than 60 years' experience, a commitment to sustainable development and a reputation for quality and innovation, TCS create mixed use developments close to transport hubs in major cities across the UK.

Full company description

Town Centre Securities PLC is a property investment and car parking operator with assets of 280m pounds. With more than 60 years' experience, a commitment to sustainable development and a reputation for quality and innovation, TCS create mixed use developments close to transport hubs in major cities across the UK. Town Centre Securities PLC is based in Leeds, England. Town Centre Securities Plc was incorporated in 1959 in United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Town Centre Securities PLC reported revenue of £34.5M in FY2025 versus £21.4M in FY2021, a compound +12.6%/yr. Reported net income was −£3.4M in FY2025.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£34.5M
Latest YoY
+7.9%
Avg. growth/yr (3Y) 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.
+5.1%
Avg. growth/yr (5Y) 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.
+1.5%
Avg. growth/yr (39Y) 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.
+3.4%
Revenue +12.6%/yr
FY21 £21.4M
FY22 £29.7M
FY23 £31.2M
FY24 £32.0M
FY25 £34.5M
Net income
FY21 −£576K
FY22 £11.0M
FY23 −£29.5M
FY24 −£8.0M
FY25 −£3.4M

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Cite: Fair Value Calculator (2026). "Town Centre Securities PLC Fair Value". https://www.fairvalue-calculator.com/stock/TOWN

Peer Group

REIT - Diversified · 165 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.

Quality Score 46 · Bottom 25%
Fair Value upside +16% · Above median
Return on assets 2% · Below median
Net margin (TTM) -17% · Bottom 25%
Operating margin (TTM) 29% · Below median
Revenue growth 3% · Above median
Dividend yield (TTM) 2.2% · Below median
Debt / equity 0.98× · Higher than 75% of peers

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/B 0.57× · Cheaper than median
P/S (TTM) 1.92× · Cheaper than 75% of peers
EV/EBITDA 16.9× · Pricier than median

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 54 · sector 13
FUTURE 16 · sector 13
PAST 0 · sector 20
HEALTH 51 · sector 72
DIVIDEND 43 · sector 97

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $76.69 $35.59 -54%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Town Centre Securities PLC (TOWN) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of £1.30 versus a price of £1.13, about +16% (undervalued).
What is the fair value of TOWN?
Our model-based fair value for Town Centre Securities PLC is £1.30 (as of Jul 12, 2026), built from audited fundamentals. The current price is £1.13.
What is the quality score of TOWN?
Town Centre Securities PLC has a Quality Score of 45/100. 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 revenue of Town Centre Securities PLC (TOWN)?
Town Centre Securities PLC reported trailing-twelve-month revenue of about £33.2M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of TOWN?
The net profit margin of Town Centre Securities PLC is about -17.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Town Centre Securities PLC pay a dividend?
Town Centre Securities PLC currently shows a dividend yield of about 2.19% relative to its recent price (as of Jul 12, 2026).

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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