沃特金·琼斯：初步观点：2025年上半年业绩

April 29, 2025January 26, 2025January 23, 2025 Glynis Johnson * | Equity Analyst44 (0) 20 7029 8677 | glynis.johnson@jefferies.comLaura Ojeil * | Equity Analyst+44 (0)20 7029 8220 | lojeil@jefferies.comPriyal Woolf * | Equity Analyst44 (0) 20 7029 8183 | pwoolf@jefferies.comGraham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.comGonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.com Company DescriptionWatkin JonesWatkin Jones is a residential developer focused on the markets for purpose-built student accommodation (PBSA) and increasingly for purpose-built private rented accommodation (PBPRA). The company offers a comprehensive service to institutional investors across site identification andpurchase, planning, transaction funding, construction, delivery and ongoing management of the completed assets. Watkin Jones was establishedin 1791 and is a ninth-generation family business, which entered into the PBSA market in 1999 and the BTR market in 2015.Company Valuation/RisksWatkin JonesValuation: Price target based on an average 2027 P/E: BTR 6.0x, PBSA 5.5x, Affordable 4.0x, Fresh 4.0x, Refresh 4x, discounted back at 15%Upside/Downside risks include: ability/lack of ability to secure land on which to build Purpose Built Accommodation for the Student and PrivateRental markets, sufficient/insufficient demand for these relative new asset classes at prices that present suitable margins.Analyst Certification:I, Glynis Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Laura Ojeil, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Priyal Woolf, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Graham Hunt, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Gonzalo Riera Ripoll, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Glynis Johnson is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Laura Ojeil is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Priyal Woolf is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Graham Hunt, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communica