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BBOX

Tritax Big Box REIT LSE:BBOX Stock Report

Last Price

UK£2.04

Market Cap

UK£3.8b

7D

3.9%

1Y

6.5%

Updated

16 May, 2022

Data

Company Financials +
BBOX fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance4/6
Financial Health3/6
Dividends3/6

BBOX Stock Overview

Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for shareholders.

Tritax Big Box REIT Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Tritax Big Box REIT
Historical stock prices
Current Share PriceUK£2.04
52 Week HighUK£2.52
52 Week LowUK£1.91
Beta0.68
1 Month Change-16.80%
3 Month Change-11.23%
1 Year Change6.47%
3 Year Change34.30%
5 Year Change41.57%
Change since IPO102.99%

Recent News & Updates

Shareholder Returns

BBOXGB REITsGB Market
7D3.9%0.7%0.2%
1Y6.5%0.6%-3.8%

Return vs Industry: BBOX exceeded the UK REITs industry which returned 0.6% over the past year.

Return vs Market: BBOX exceeded the UK Market which returned -3.8% over the past year.

Price Volatility

Is BBOX's price volatile compared to industry and market?
BBOX volatility
BBOX Average Weekly Movement4.8%
REITs Industry Average Movement3.6%
Market Average Movement6.1%
10% most volatile stocks in GB Market11.7%
10% least volatile stocks in GB Market3.1%

Stable Share Price: BBOX is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BBOX's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aColin Godfreyhttps://tritaxbigbox.co.uk

Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and developments predominantly delivered through pre-let forward funded basis, the Company focuses on large, well-located, modern Big Box logistics assets, let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes.

Tritax Big Box REIT Fundamentals Summary

How do Tritax Big Box REIT's earnings and revenue compare to its market cap?
BBOX fundamental statistics
Market CapUK£3.81b
Earnings (TTM)UK£972.60m
Revenue (TTM)UK£189.90m

3.9x

P/E Ratio

20.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BBOX income statement (TTM)
RevenueUK£189.90m
Cost of RevenueUK£5.20m
Gross ProfitUK£184.70m
Other Expenses-UK£787.90m
EarningsUK£972.60m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 04, 2022

Earnings per share (EPS)0.52
Gross Margin97.26%
Net Profit Margin512.16%
Debt/Equity Ratio33.0%

How did BBOX perform over the long term?

See historical performance and comparison

Dividends

3.3%

Current Dividend Yield

58%

Payout Ratio

Valuation

Is Tritax Big Box REIT undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


30.1%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: BBOX (£2.04) is trading below our estimate of fair value (£2.92)

Significantly Below Fair Value: BBOX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BBOX is good value based on its PE Ratio (3.9x) compared to the UK REITs industry average (9.5x).

PE vs Market: BBOX is good value based on its PE Ratio (3.9x) compared to the UK market (15.3x).


Price to Earnings Growth Ratio

PEG Ratio: BBOX's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BBOX's PB Ratio (0.9x) is in line with the GB REITs industry average.


Future Growth

How is Tritax Big Box REIT forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-17.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BBOX's earnings are forecast to decline over the next 3 years (-17.9% per year).

Earnings vs Market: BBOX's earnings are forecast to decline over the next 3 years (-17.9% per year).

High Growth Earnings: BBOX's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BBOX's revenue (9.3% per year) is forecast to grow faster than the UK market (4.1% per year).

High Growth Revenue: BBOX's revenue (9.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BBOX's Return on Equity is forecast to be low in 3 years time (7.4%).


Past Performance

How has Tritax Big Box REIT performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


38.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BBOX has a large one-off gain of £835.8M impacting its December 31 2021 financial results.

Growing Profit Margin: BBOX's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: BBOX's earnings have grown significantly by 38% per year over the past 5 years.

Accelerating Growth: BBOX's earnings growth over the past year (116.4%) exceeds its 5-year average (38% per year).

Earnings vs Industry: BBOX earnings growth over the past year (116.4%) underperformed the REITs industry 129.6%.


Return on Equity

High ROE: BBOX's Return on Equity (23.9%) is considered high.


Financial Health

How is Tritax Big Box REIT's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BBOX's short term assets (£108.2M) do not cover its short term liabilities (£128.8M).

Long Term Liabilities: BBOX's short term assets (£108.2M) do not cover its long term liabilities (£1.4B).


Debt to Equity History and Analysis

Debt Level: BBOX's net debt to equity ratio (31.3%) is considered satisfactory.

Reducing Debt: BBOX's debt to equity ratio has reduced from 37.7% to 33% over the past 5 years.

Debt Coverage: BBOX's debt is not well covered by operating cash flow (14.6%).

Interest Coverage: BBOX's interest payments on its debt are well covered by EBIT (4.5x coverage).


Balance Sheet


Dividend

What is Tritax Big Box REIT current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.28%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BBOX's dividend (3.28%) is higher than the bottom 25% of dividend payers in the UK market (1.78%).

High Dividend: BBOX's dividend (3.28%) is low compared to the top 25% of dividend payers in the UK market (4.85%).


Stability and Growth of Payments

Stable Dividend: BBOX has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BBOX's dividend payments have increased, but the company has only paid a dividend for 8 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (58.3%), BBOX's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (63.9%), BBOX's dividend payments are covered by cash flows.


Next Steps

Management

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

2.9yrs

Average board tenure


CEO

Colin Godfrey

2.17yrs

Tenure

Mr. Colin Godfrey, BSc (Hons), MRICS serves as CEO of Tritax Management LLP since March 2020. He serves as a Partner at Tritax Group. In 2004, Mr. Godfrey became a partner of the Tritax Group and is respon...


Board Members

Experienced Board: BBOX's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: BBOX insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.7%.


Top Shareholders

Company Information

Tritax Big Box REIT plc's employee growth, exchange listings and data sources


Key Information

  • Name: Tritax Big Box REIT plc
  • Ticker: BBOX
  • Exchange: LSE
  • Founded: NaN
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: UK£3.812b
  • Shares outstanding: 1.87b
  • Website: https://tritaxbigbox.co.uk

Location

  • Tritax Big Box REIT plc
  • 6 Duke Street
  • 3rd Floor
  • London
  • Greater London
  • SW1Y 6BN
  • United Kingdom

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/16 00:00
End of Day Share Price2022/05/16 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


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.