When screening FTSE shares, I try to identify those with real growth potential rather than just hype. I’m looking for companies with genuine 10-20-year potential.
That means assessing true value, market resilience and structural integrity. I need to know they’re in it for the long run.
How does that look? A clear, realistic roadmap, rock-solid management and exposure to persisting trends with lasting demand. With that in mind, here are two names that stand out — and one that gives me pause.
Vodafone Group
Vodafone (LSE:VOD) has struggled for ages, touching 67p in May 2025 — a near 30‑year low. A recovery’s already on track, up 35% in the past year, but the valuation still looks low, in my opinion.
On adjusted numbers, 2026 revenue grew 8% to €40.46bn, with free cash flow climbing 2.9% to €2.6bn. Plus, the dividend grew for the first time in years, up 2.4% to 4.6c per share. So whatever it’s doing, it seems to be working.
Strategically, it signed 10‑year deals with Microsoft and Google, committing around $1.5bn to generative‑AI and Azure migration, plus a separate “billion‑plus” partnership to deploy Google’s GenAI devices across Europe and Africa. Needless to say, it’s very well-positioned to benefit from AI demand.
The main risks I see are high leverage, tough European regulation and execution on its German turnaround. But if management delivers, today’s low valuation could lead to decades of growth.
British Land
British Land’s (LSE: BLND) share price has had a rough ride, down 19% over five years. Yet the FY25 numbers look surprisingly solid: assets are 567p per share, while the shares trade around 414p – a big discount to underlying asset value.
And with earnings per share (EPS) around 28.5p, the 23.12p dividend is fully covered, rising 1.4% on the prior year.
Key FY25 metrics include:
- Portfolio occupancy 98% (retail parks 99%).
- Estimated rental value (ERV) growth: 4.9%.
- Loan‑to‑value: 38.1%.
- Undrawn facilities and cash: £1.8bn.
Still, macro volatility’s real. If interest rates remain high and the appeal of income weakens, the shares could stagnate. That might force a dividend cut if earnings suffer.
But the recent pivot into retail parks, campuses and urban logistics is why I’m still bullish on British Land. Basically, it’s moving capital out of older shopping centre assets and into higher-growth areas.
CEO Simon Carter highlighted “above inflation rental growth” and strong demand for retail parks and offices, which gives him “confidence for the future”.
But while these two shares look good to me, there’s one I’m less keen on.
Why I’m avoiding Ocado (for now)
Which brings me to Ocado (LSE:OCDO). It’s doing alright – FY25 group revenue was £1,361.5m, with adjusted EBITDA of £178m. Yet underlying cash flow was negative £213m and statutory profit of £395m was largely driven by a one‑off gain from deconsolidating Ocado Retail.
Plus, capital expenditure for FY25 is guided at around £300m, reflecting a capital‑intensive business model.
Analysts remain optimistic but with online grocery automation looking increasingly crowded, I struggle to see a resilient enough moat that equates to decades of growth.
I’d love Ocado to prove me wrong – I just don’t see enough hard evidence yet for a long‑term, income‑focused portfolio.
Final thoughts…
Heading into H2 2026, Vodafone and British Land both look like classic ‘unloved but interesting’ FTSE shares. For patient investors willing to think in decades, not months, they both warrant a closer look.
Should you invest £5,000 in British Land Plc right now?
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Mark Hartley owns shares in British Land.
