DB:BLDA

Stock Analysis Report

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Executive Summary

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. More Details


Snowflake Analysis

Moderate growth potential and slightly overvalued.


Similar Companies

Share Price & News

How has British Land's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BLDA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.6%

BLDA

0.06%

DE REITs

-1.9%

DE Market


1 Year Return

-42.1%

BLDA

-9.6%

DE REITs

0.2%

DE Market

Return vs Industry: BLDA underperformed the German REITs industry which returned -9.6% over the past year.

Return vs Market: BLDA underperformed the German Market which returned 0.2% over the past year.


Shareholder returns

BLDAIndustryMarket
7 Day5.6%0.06%-1.9%
30 Day16.3%-4.0%1.5%
90 Day9.5%-4.1%-0.5%
1 Year-41.6%-42.1%-6.3%-9.6%3.4%0.2%
3 Year-32.1%-37.5%-9.3%-16.7%-0.2%-9.0%
5 Yearn/a-7.8%-21.3%21.4%4.0%

Price Volatility Vs. Market

How volatile is British Land's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is British Land undervalued compared to its fair value and its price relative to the market?

13.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BLDA (€4.14) is trading below our estimate of fair value (€4.79)

Significantly Below Fair Value: BLDA is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BLDA is unprofitable, so we can't compare its PE Ratio to the DE REITs industry average.

PE vs Market: BLDA is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BLDA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BLDA is good value based on its PB Ratio (0.5x) compared to the DE REITs industry average (1.4x).


Next Steps

Future Growth

How is British Land forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

67.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BLDA is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.2%).

Earnings vs Market: BLDA is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BLDA's is expected to become profitable in the next 3 years.

Revenue vs Market: BLDA's revenue is expected to decline over the next 3 years (-3.1% per year).

High Growth Revenue: BLDA's revenue is forecast to decline over the next 3 years (-3.1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BLDA's Return on Equity is forecast to be low in 3 years time (4.8%).


Next Steps

  • Explore growth companies in the Real Estate industry.

Past Performance

How has British Land performed over the past 5 years?

-67.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BLDA is currently unprofitable.

Growing Profit Margin: BLDA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BLDA is unprofitable, and losses have increased over the past 5 years at a rate of 67.3% per year.

Accelerating Growth: Unable to compare BLDA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BLDA is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-33.7%).


Return on Equity

High ROE: BLDA has a negative Return on Equity (-15.59%), as it is currently unprofitable.


Next Steps

Financial Health

How is British Land's financial position?


Financial Position Analysis

Short Term Liabilities: BLDA's short term assets (£269.0M) do not cover its short term liabilities (£907.0M).

Long Term Liabilities: BLDA's short term assets (£269.0M) do not cover its long term liabilities (£3.2B).


Debt to Equity History and Analysis

Debt Level: BLDA's debt to equity ratio (51.4%) is considered high.

Reducing Debt: BLDA's debt to equity ratio has increased from 47.5% to 51.4% over the past 5 years.

Debt Coverage: BLDA's debt is not well covered by operating cash flow (10.2%).

Interest Coverage: BLDA is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

What is British Land current dividend yield, its reliability and sustainability?

4.76%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BLDA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BLDA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BLDA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BLDA's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: BLDA is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BLDA's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Chris Grigg (61 yo)

11.75yrs

Tenure

UK£1,534,000

Compensation

Mr. Christopher M. Grigg, also known as Chris, has been the Chief Executive Officer of The British Land Company PLC since January 12, 2009 and has been its Executive Director since January 2009. Mr. Grigg ...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD2.00M) is below average for companies of similar size in the German market ($USD2.88M).

Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Christopher Grigg
CEO & Executive Director11.75yrsUK£1.53m0.15%
£ 6.0m
Simon Carter
CFO & Director2.42yrsUK£819.00k0.019%
£ 719.6k
Sally Jones
Head of Strategy0.75yrno datano data
David Walker
Head of Investor Relationsno datano datano data
Brona McKeown
General Counsel & Company Secretary2.75yrsno datano data
Cressida Curtis
Head of Corporate Affairs & Sustainabilityno datano datano data
Stacey Clark
Chief Marketing Officer0.75yrno datano data
Ann Henshaw
Human Resources Director4.75yrsno datano data
Nigel Webb
Head of Developments17.25yrsno data0.0088%
£ 341.0k
Paul Burgess
Head of London Leasingno datano datano data
Ann Cadman
Managing Director of The Source Academyno datano datano data
Peter Bellhouse
Head of Premises of Meadowhall Shopping Centreno datano datano data

2.8yrs

Average Tenure

58.5yo

Average Age

Experienced Management: BLDA's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christopher Grigg
CEO & Executive Director11.75yrsUK£1.53m0.15%
£ 6.0m
Simon Carter
CFO & Director2.42yrsUK£819.00k0.019%
£ 719.6k
William Jackson
Independent Non-Executive Director9.5yrsUK£87.00k0.016%
£ 635.3k
Tim Score
Independent Chairman of the Board1.25yrsUK£292.00k0.0082%
£ 317.7k
Rebecca Worthington
Independent Non-Executive Director2.75yrsUK£86.00k0.00032%
£ 12.4k
Preben Prebensen
Senior Independent Director0.25yrUK£76.00k0.0022%
£ 83.9k
Alastair Hughes
Independent Non-Executive Director2.75yrsUK£91.00k0.00080%
£ 31.1k
Laura Wade-Gery
Independent Non-Executive Director5.42yrsUK£86.00k0.0010%
£ 40.0k
Nicholas MacPherson
Independent Non-Executive Director3.83yrsUK£72.00k0.00060%
£ 23.3k
Lynn Gladden
Independent Non-Executive Director5.58yrsUK£78.00k0.0020%
£ 76.9k
Irvinder Goodhew
Non-Executive Directorno datano datano data

3.3yrs

Average Tenure

57yo

Average Age

Experienced Board: BLDA's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

British Land Company Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: British Land Company Plc
  • Ticker: BLDA
  • Exchange: DB
  • Founded: 1856
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: UK£3.523b
  • Listing Market Cap: UK£3.883b
  • Shares outstanding: 926.69m
  • Website: https://www.britishland.com

Number of Employees


Location

  • British Land Company Plc
  • York House
  • 45 Seymour Street
  • London
  • Greater London
  • W1H 7LX
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BRLA.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
BLDDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
BLNDLSE (London Stock Exchange)YesOrdinary SharesGBGBPJan 1992
BLNDLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPJan 1992
BLND NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992
BTLC.YOTCPK (Pink Sheets LLC)ADR EACH REP 1 ORD GBP0.25 SPONUSUSDOct 2003
BLDADB (Deutsche Boerse AG)ADR EACH REP 1 ORD GBP0.25 SPONDEEUROct 2003

Biography

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. We own or manage a portfolio valued at £14.8bn (British Land share: £11.2bn) as at 31 March 2020 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/25 21:20
End of Day Share Price2020/10/23 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.