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1. Company Snapshot

1.a. Company Description

Empiric Student Property plc is a leading provider and operator of modern, predominantly direct-let, premium student accommodation located in high-demand university towns and cities across the UK.Investing in both operating and development assets, Empiric is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student® operating platform, that is attractive to affluent growing student segments.The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.

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1.b. Last Insights on ESP

Empiric Student Property plc faced negative drivers over the recent 3 months. A series of Form 8.3 filings, indicating changes in major shareholder holdings, may have contributed to downward pressure. Specifically, multiple filings from October and November 2025 suggest heightened shareholder activity. Additionally, the company's lack of recent earnings releases may have added to investor uncertainty. No recent share buyback announcements were found, which could have mitigated some negative impacts. Overall, these factors likely influenced the company's short-term performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Form 8.3

Dec -04

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Form 8.3

Dec -03

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Form 8.3

Dec -02

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Form 8.3

Dec -01

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Form 8.3

Nov -28

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Form 8.3

Nov -27

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Form 8.3

Nov -26

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Form 8.3

Nov -25

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.65%)

6. Segments

Student Rental

Expected Growth: 4.65%

Empiric Student Property plc's 4.65% growth in Student Rental is driven by increasing demand for higher education, limited supply of purpose-built student accommodation, and rising tuition fees. Additionally, the company's strategic portfolio diversification, operational efficiencies, and strong brand reputation contribute to its growth momentum.

Commercial Rental

Expected Growth: 4.83%

Strong demand for student accommodation, driven by increasing university enrollment and limited supply, contributes to Empiric Student Property plc's 4.83% commercial rental growth. Additionally, the company's strategic portfolio diversification, focus on prime locations, and proactive asset management also support this growth.

7. Detailed Products

Student Accommodation

Empiric Student Property plc provides high-quality student accommodation in prime locations, offering a range of room types and amenities to cater to the needs of students.

Investment Properties

The company offers a portfolio of investment properties, providing a stable income stream for investors seeking to diversify their portfolios.

Property Management Services

Empiric Student Property plc provides comprehensive property management services, including marketing, lettings, and operational management.

Development and Refurbishment

The company offers development and refurbishment services, transforming underutilized properties into high-quality student accommodations.

8. Empiric Student Property plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Empiric Student Property plc is medium due to the availability of alternative accommodation options for students, such as shared housing and homestays.

Bargaining Power Of Customers

The bargaining power of customers for Empiric Student Property plc is low due to the limited availability of student accommodation in prime locations, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Empiric Student Property plc is medium due to the presence of multiple contractors and suppliers in the market, but the company's scale and reputation give it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Empiric Student Property plc is high due to the growing demand for student accommodation and the relatively low barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry for Empiric Student Property plc is high due to the presence of several established players in the market, leading to intense competition for students and limited pricing power.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.70%
Debt Cost 4.53%
Equity Weight 67.30%
Equity Cost 8.98%
WACC 7.52%
Leverage 48.60%

11. Quality Control: Empiric Student Property plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PRS REIT

A-Score: 7.0/10

Value: 3.8

Growth: 9.7

Quality: 6.4

Yield: 6.9

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

Stock-Card
Home Invest Belgium

A-Score: 6.9/10

Value: 5.0

Growth: 4.7

Quality: 6.8

Yield: 9.4

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

Stock-Card
Empiric Student Property

A-Score: 5.9/10

Value: 4.2

Growth: 5.2

Quality: 6.1

Yield: 6.9

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

Stock-Card
Lar España Real Estate

A-Score: 5.7/10

Value: 4.5

Growth: 7.2

Quality: 6.1

Yield: 5.0

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

Stock-Card
Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

Stock-Card
Altarea

A-Score: 4.8/10

Value: 6.8

Growth: 3.8

Quality: 2.3

Yield: 5.0

Momentum: 5.0

Volatility: 6.0

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.75$

Current Price

0.74$

Potential

0.00%

Expected Cash-Flows