British Land Company PLC

BATS-CHIXE:BLNDL Stock Report

Market Cap: UK£3.8b

British Land Valuation

Is BLNDL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BLNDL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BLNDL (£3.8) is trading above our estimate of fair value (£3.6)

Significantly Below Fair Value: BLNDL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BLNDL?

Key metric: As BLNDL is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BLNDL. This is calculated by dividing BLNDL's market cap by their current revenue.
What is BLNDL's PS Ratio?
PS Ratio5.7x
SalesUK£670.00m
Market CapUK£3.80b

Price to Sales Ratio vs Peers

How does BLNDL's PS Ratio compare to its peers?

The above table shows the PS ratio for BLNDL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average13.1x
LMP LondonMetric Property
21.6x15.3%UK£3.8b
LAND Land Securities Group
5.6x-0.5%UK£4.5b
UKCM UK Commercial Property REIT
13xn/aUK£947.3m
BCPT Balanced Commercial Property Trust
12.1x1.3%UK£672.1m
BLNDL British Land
5.7x-2.5%UK£3.8b

Price-To-Sales vs Peers: BLNDL is good value based on its Price-To-Sales Ratio (5.7x) compared to the peer average (13.1x).

Price to Sales Ratio vs Industry

How does BLNDL's PS Ratio compare vs other companies in the GB REITs Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
No more companies available in this PS range
No. of Companies5PS048121620+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BLNDL is good value based on its Price-To-Sales Ratio (5.7x) compared to the European REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

What is BLNDL's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BLNDL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.7x
Fair PS Ratio11.3x

Price-To-Sales vs Fair Ratio: BLNDL is good value based on its Price-To-Sales Ratio (5.7x) compared to the estimated Fair Price-To-Sales Ratio (11.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BLNDL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£3.80
UK£4.69
+23.3%
12.6%UK£5.70UK£3.20n/a17
Nov ’25UK£3.97
UK£4.70
+18.3%
12.6%UK£5.70UK£3.17n/a17
Oct ’25UK£4.40
UK£4.61
+4.7%
12.7%UK£5.35UK£3.17n/a16
Sep ’25UK£4.10
UK£4.53
+10.5%
12.0%UK£5.26UK£3.10n/a16
Aug ’25UK£4.12
UK£4.53
+10.2%
12.0%UK£5.26UK£3.10n/a16
Jul ’25UK£4.08
UK£4.45
+9.0%
14.5%UK£5.28UK£3.10n/a16
Jun ’25UK£4.39
UK£4.23
-3.7%
17.0%UK£5.10UK£2.33n/a17
May ’25UK£3.88
UK£4.20
+8.3%
17.7%UK£5.10UK£2.33n/a17
Apr ’25UK£3.96
UK£4.15
+4.8%
18.5%UK£5.10UK£2.33n/a17
Mar ’25UK£3.58
UK£4.11
+14.9%
18.1%UK£5.10UK£2.33n/a17
Feb ’25UK£3.76
UK£4.05
+7.7%
17.9%UK£5.10UK£2.33n/a17
Jan ’25UK£3.99
UK£3.87
-3.0%
18.7%UK£5.03UK£2.33n/a15
Dec ’24UK£3.61
UK£3.85
+6.7%
20.6%UK£5.03UK£2.33n/a15
Nov ’24UK£2.98
UK£3.83
+28.8%
23.1%UK£5.30UK£2.33UK£3.9716
Oct ’24UK£3.19
UK£3.95
+24.0%
21.9%UK£5.30UK£2.33UK£4.4016
Sep ’24UK£3.15
UK£4.24
+34.5%
19.9%UK£5.30UK£2.33UK£4.1017
Aug ’24UK£3.34
UK£4.27
+27.8%
18.9%UK£5.30UK£2.33UK£4.1217
Jul ’24UK£3.03
UK£4.41
+45.6%
14.2%UK£5.30UK£3.10UK£4.0817
Jun ’24UK£3.46
UK£4.40
+27.2%
13.0%UK£5.30UK£3.30UK£4.3917
May ’24UK£3.98
UK£4.53
+13.9%
11.7%UK£5.30UK£3.55UK£3.8817
Apr ’24UK£3.87
UK£4.53
+17.0%
11.7%UK£5.30UK£3.55UK£3.9617
Mar ’24UK£4.42
UK£4.56
+3.2%
10.7%UK£5.30UK£3.55UK£3.5817
Feb ’24UK£4.48
UK£4.40
-1.8%
11.8%UK£5.30UK£3.55UK£3.7616
Jan ’24UK£3.97
UK£4.35
+9.5%
13.3%UK£5.50UK£3.45UK£3.9916
Dec ’23UK£3.97
UK£4.49
+13.3%
15.5%UK£5.65UK£3.45UK£3.6117
Nov ’23UK£3.72
UK£4.58
+23.0%
18.6%UK£5.65UK£3.20UK£2.9817

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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