Investment research on quoted companies and funds

Hardman & Co

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Thematic (Sector/Industry)

United kingdom Real estate / Thematic (Sector/Industry)

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<li>Hardman &amp; Co has carried out several assessments of the REITs sector in the past; in 2024, we looked at whether they represented fair value in terms of their share prices compared with the average discount to NAV at which share prices traded over several historical cycles.</li>
<li>We concluded, at that point, that REITs were trading at very close to the historical, long-run average but that the macroeconomic momentum was not strong enough to encourage us to view prospects for REIT share price performance positively.</li>
<li>Since then, the share prices of many REITs have fallen in absolute and relative terms.</li>
</ul>


Hardman &amp; Co has carried out several assessments of the REITs sector in the past; in 2024, we looked at whether they represented fair value in terms of their share prices compared with the average discount to NAV at which share prices traded over several historical cycles.
We concluded, at that point, that REITs were trading at very close to the historical, long-run average but that the macroeconomic momentum was not strong enough to encourage us to view prospects for REIT share price performance positively.
Since then, the share prices of many REITs have fallen in absolute and relative terms.


Hardman & Co Insight: REITs - a much more positive outlook