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Hammerson (HMSOLN: Baa3 pos / BBB+): 1H24 Results

REAL ESTATE
  • Not great but at least Value Retail disposal is happening
  • Adj Earning £50m (vs £56m 1H23)
  • £600m cash proceeds from VR sale
  • Loss for period £517m from value impairment of VR sale vs carrying value
  • LTV 39% -> 25% post disposal
  • ND/EBITDA 8.0x -> 5.3x post disposal
  • 2025 & 2026 £ bonds look highly likely to be tendered or called outright.
  • They have already demonstrated a willingness to pay up to extend these bonds.

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