The London Tunnels - Edison Group

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Overview
Price performance
Financials
Research
Thematics

The London Tunnels is aiming to develop a major heritage and cultural attraction in central London on the site of the historic Kingsway Exchange Tunnels, which it has agreed to purchase. Full commercial launch is targeted for 2027 (c 1.7 million visitors in 2028).

Latest Insights

Consumer |
Initiation

02.07.24

The London Tunnels — Hidden reserves

Sector

Consumer

Equity Analyst

Richard Finch

Analyst, Consumer

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Key Management

Angus Murray

CEO

Share Price Performance

Financials

Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank canvas for potentially lucrative commercial display. The prospect of a major visitor attraction based on heritage and culture in unusual confines begs comparison with the development of the London Eye, which was also challenging but has arguably over delivered. With full commercial launch not till 2027, protracted project risks such as execution and further funding are inevitable (planning approval is expected at the 11 July London Borough of Camden committee meeting). However, our high-level assumptions about possible year 1 returns at various attendance levels and if the site were in the hands of a content or theme park owner suggest a marked premium to the current share price.

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