Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price178.30 GBp
Fair value89.15
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-02Read Distribution178.30+0.0% to today
2026-09-04Read Markdown179.89-0.9% to today ✓
2026-08-04Read Accumulation179.89-0.9% to today
2026-07-02Read Distribution179.89-0.9% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
LondonMetric Property holds its Distribution at $178.30. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-09-18
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$178.30
Valuation
1,188.67 trailing · 1,250.18 forward price to earnings
Values screen
FAIL· score 10.0
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity 25.4%
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
31.78%
Below 33%
Interest-bearing debt is just 31.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.63%
Below 33%
Cash held in interest-bearing accounts and securities is 0.6% of assets, under the one-third limit.
Pass
Receivables
0.05%
Below 49%
Money owed to the company is 0.1% of assets, under the 49% limit.
Pass
Revenue purity
25.41%
Below 5%
25.4% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
LondonMetric Property clears the business-activity screen, and its debt is inside the line. Where it falls short is income purity: around 25% of its income right now is non-operating interest income, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads AVOID: it trades above our $89.15 fair value estimate, 15.00% revenue growth.
Fair value range in GBp, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 50.0% above the base estimate.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 1,250.2x forward earnings, the price already runs ahead of the business. It trades 50% above our $89.15 fair value, so you would be buying at a premium, not a discount.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LMP.L trades on LSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (8 analysts) rates it buy, with a mean price target of $232.
2026-09-04Markdown · changed$179.89+0.0%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (8 analysts) rates it buy, with a mean price target of $232.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (8 analysts) rates it buy, with a mean price target of $232.
2026-07-18Distribution$179.89+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (8 analysts) rates it buy, with a mean price target of $232.
2026-07-03Distribution$179.89+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$179.89Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
The Insider Ledger · Form 4 Filings, As Filed
Most recent filings · LMP.L
Date
Insider
Title
Type
Shares
Value
2026-05-20
BlackRock Investment Management (UK) Limited
490,064
$1,224,179
2026-05-20
Brewin Dolphin Securities Ltd
1,799
$4,470
2026-05-20
Brooks Macdonald Asset Management Ltd
19,825
$49,265
2026-05-20
Brooks Macdonald Asset Management Ltd
1,272
$3,160
2026-05-20
CBRE Investment Management Listed Real Assets ,L.L.C.