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Tritax Big Box REIT

LSE:BBOX
Snowflake Description

Acceptable track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BBOX
LSE
£2B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

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. The last earnings update was 66 days ago. More info.


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BBOX Share Price and Events
7 Day Returns
-1.8%
LSE:BBOX
-2.1%
GB REITs
-0.6%
GB Market
1 Year Returns
-1.5%
LSE:BBOX
-9%
GB REITs
-5.8%
GB Market
BBOX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tritax Big Box REIT (BBOX) -1.8% -2.3% 3.5% -1.5% 6.4% 36.9%
GB REITs -2.1% -3.1% -0.8% -9% -9.3% 2.2%
GB Market -0.6% -2% 1.4% -5.8% 13.1% 1.3%
1 Year Return vs Industry and Market
  • BBOX outperformed the REITs industry which returned -9% over the past year.
  • BBOX outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -5.8% over the past year.
Price Volatility
BBOX
Industry
5yr Volatility vs Market

Value

 Is Tritax Big Box REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tritax Big Box REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tritax Big Box REIT.

LSE:BBOX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 4x Analysts Estimates of Net Asset Value
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:BBOX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.52 (1 + (1- 19%) (32.85%))
0.772
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%)
6.55%

Discounted Cash Flow Calculation for LSE:BBOX using 4x Analysts Estimates of Net Asset Value Model

In the case of Real Estate Investment Trusts (REITs) like Tritax Big Box REIT our preference is to use estimates of Adjusted Funds from Operations (AFFO) to calculate the intrinsic value using a discounted cash flow calculation.

However, in the case of Tritax Big Box REIT these estimates are not available, instead we are able to use analyst estimates of Net Asset Value (NAV).

The Net Asset Value (NAV) model is the most common intrinsic valuation methodology for REITs. The underlying idea is that you can value a REIT by valuing its real estate assets and then adjusting for its other assets and subtracting liabilities.

See our documentation to learn about this calculation.

LSE:BBOX Net Asset Value (NAV)
Calculation Result
Average NAV from 4 analysts: GBP2,818.39 = GBP2,818.39 / 1,707 GBP1.65
LSE:BBOX Discount to Share Price
Calculation Result
Value per share (GBP) From above. £1.65
Current discount Discount to share price of £1.46
= -1 x (£1.46 - £1.65) / £1.65
11.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tritax Big Box REIT is available for.
Intrinsic value
11%
Share price is £1.46 vs Future cash flow value of £1.65
Current Discount Checks
For Tritax Big Box REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tritax Big Box REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Tritax Big Box REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tritax Big Box REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tritax Big Box REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:BBOX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £0.18
LSE:BBOX Share Price ** LSE (2019-05-24) in GBP £1.46
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 43 Publicly-Listed REITs Companies 12.49x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tritax Big Box REIT.

LSE:BBOX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:BBOX Share Price ÷ EPS (both in GBP)

= 1.46 ÷ 0.18

8.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tritax Big Box REIT is good value based on earnings compared to the GB REITs industry average.
  • Tritax Big Box REIT is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Tritax Big Box REIT's expected growth come at a high price?
Raw Data
LSE:BBOX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-4.8%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 23 Publicly-Listed REITs Companies 0.58x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 575 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

LSE:BBOX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.34x ÷ -4.8%

-1.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tritax Big Box REIT earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tritax Big Box REIT's assets?
Raw Data
LSE:BBOX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £1.52
LSE:BBOX Share Price * LSE (2019-05-24) in GBP £1.46
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.9x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,369 Publicly-Listed Companies 1.49x
LSE:BBOX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:BBOX Share Price ÷ Book Value per Share (both in GBP)

= 1.46 ÷ 1.52

0.96x

* Primary Listing of Tritax Big Box REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tritax Big Box REIT is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Tritax Big Box REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Tritax Big Box REIT has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Tritax Big Box REIT expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tritax Big Box REIT expected to grow at an attractive rate?
  • Tritax Big Box REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Tritax Big Box REIT's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Tritax Big Box REIT's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:BBOX Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:BBOX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -4.8%
LSE:BBOX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 11.1%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.8%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:BBOX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:BBOX Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 189 144 227 4
2020-12-31 169 137 234 5
2019-12-31 145 124 269 5
LSE:BBOX Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 138 94 253
2018-09-30 133 91 263
2018-06-30 128 87 274
2018-03-31 120 87 261
2017-12-31 111 87 248
2017-09-30 103 83 183
2017-06-30 96 79 119
2017-03-31 86 75 105
2016-12-31 77 70 92
2016-09-30 67 54 104
2016-06-30 58 38 117
2016-03-31 51 32 125

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tritax Big Box REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Tritax Big Box REIT's revenue is expected to grow by 11.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:BBOX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Tritax Big Box REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BBOX Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
LSE:BBOX Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 0.18
2018-09-30 0.19
2018-06-30 0.20
2018-03-31 0.20
2017-12-31 0.20
2017-09-30 0.16
2017-06-30 0.11
2017-03-31 0.11
2016-12-31 0.11
2016-09-30 0.13
2016-06-30 0.16
2016-03-31 0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Tritax Big Box REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Tritax Big Box REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tritax Big Box REIT has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tritax Big Box REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tritax Big Box REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Tritax Big Box REIT's 1-year earnings growth is less than its 5-year average (1.9% vs 36.9%)
  • Tritax Big Box REIT's earnings growth has not exceeded the GB REITs industry average in the past year (1.9% vs 9.5%).
Earnings and Revenue History
Tritax Big Box REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tritax Big Box REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BBOX Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 137.73 252.57 18.07
2018-09-30 133.06 263.48 17.06
2018-06-30 128.39 274.38 4.17
2018-03-31 119.65 261.09 3.23
2017-12-31 110.90 247.80 14.16
2017-09-30 103.29 183.26 8.86
2017-06-30 95.67 118.72 3.55
2017-03-31 86.29 105.31 2.86
2016-12-31 76.91 91.90 2.17
2016-09-30 67.27 104.31 2.92
2016-06-30 57.63 116.72 3.68
2016-03-31 51.42 125.35 2.59
2015-12-31 45.20 133.98 1.50
2014-12-31 16.38 35.87 1.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tritax Big Box REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tritax Big Box REIT used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • Tritax Big Box REIT has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tritax Big Box REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tritax Big Box REIT has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Tritax Big Box REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tritax Big Box REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tritax Big Box REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tritax Big Box REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tritax Big Box REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tritax Big Box REIT Company Filings, last reported 4 months ago.

LSE:BBOX Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,240.89 820.45 48.33
2018-09-30 2,240.89 820.45 48.33
2018-06-30 2,143.82 699.62 105.31
2018-03-31 2,143.82 699.62 105.31
2017-12-31 1,929.46 708.93 78.04
2017-09-30 1,929.46 708.93 78.04
2017-06-30 1,805.10 673.25 467.34
2017-03-31 1,805.10 673.25 467.34
2016-12-31 1,414.54 533.50 170.69
2016-09-30 1,414.54 533.50 170.69
2016-06-30 1,071.08 476.19 98.49
2016-03-31 1,071.08 476.19 98.49
2015-12-31 841.10 377.64 68.59
2014-12-31 503.53 200.93 98.62
  • Tritax Big Box REIT's level of debt (36.6%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Tritax Big Box REIT's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (11.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).
X
Financial health checks
We assess Tritax Big Box REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tritax Big Box REIT has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.58%
Current annual income from Tritax Big Box REIT dividends. Estimated to be 5% next year.
If you bought £2,000 of Tritax Big Box REIT shares you are expected to receive £92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tritax Big Box REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.04%).
  • Tritax Big Box REIT's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.32%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:BBOX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:BBOX Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.09 1.00
2022-12-31 0.09 1.00
2021-12-31 0.07 4.00
2020-12-31 0.07 7.00
2019-12-31 0.07 6.00
LSE:BBOX Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-03-06 0.067 4.568
2018-10-11 0.067 4.848
2018-07-12 0.067 4.462
2018-05-17 0.067 4.383
2018-03-28 0.064 4.325
2018-03-07 0.064 4.445
2017-08-10 0.064 4.405
2017-03-07 0.062 4.267
2016-09-28 0.062 4.522
2016-08-11 0.062 4.329
2016-03-16 0.060 4.486
2015-08-21 0.020 1.572
2015-06-08 0.060 5.170
2015-03-06 0.040 3.462
2015-02-23 0.042 3.666
2014-11-20 0.032 2.943
2014-07-08 0.037 3.448

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tritax Big Box REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Tritax Big Box REIT only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Tritax Big Box REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Tritax Big Box REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tritax Big Box REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tritax Big Box REIT has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Tritax Big Box REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Tritax Big Box REIT has no CEO, or we have no data on them.
Management Team

Frankie Whitehead

TITLE
Head of Finance - Tritax Management LLP

James Dunlop

TITLE
Investment Director Tritax Management LLP

Henry Franklin

TITLE
Partner of Structuring & Legal - Tritax Management LLP

Catherine Fry

TITLE
Head of Risk & Compliance Tritax Management LLP

Sally Bruer

TITLE
Head of Research - Tritax Management LLP

Chase French

TITLE
Head of Analytics Tritax Management LLP

Hana Beard

TITLE
Company secretary of Tritax Management LLP
Board of Directors Tenure

Average tenure and age of the Tritax Big Box REIT board of directors in years:

1.3
Average Tenure
64
Average Age
  • The average tenure for the Tritax Big Box REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Richard Jewson

TITLE
Independent Chairman of Tritax Management LLP
AGE
73

Susanne Given

TITLE
Independent Non-Executive Director of Tritax Management LLP
AGE
53
TENURE
2.7 yrs

Richard Laing

TITLE
Independent Non-Executive Director of Tritax Management LLP
AGE
64
TENURE
1 yrs

Aubrey Adams

TITLE
Independent Non-Executive Director of Tritax Management LLP
AGE
68
TENURE
1.7 yrs

Alastair Hughes

TITLE
Independent Non-Executive Director of Tritax Management LLP
AGE
53
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
18. Feb 19 Buy Bjorn Hobart Individual 13. Feb 19 13. Feb 19 11,725 £1.30 £15,242
18. Feb 19 Buy Petrina Austin Individual 13. Feb 19 13. Feb 19 11,598 £1.30 £15,077
18. Feb 19 Buy James Dunlop Individual 13. Feb 19 13. Feb 19 119,842 £1.30 £155,795
18. Feb 19 Buy Colin Godfrey Individual 13. Feb 19 13. Feb 19 131,242 £1.30 £170,615
18. Feb 19 Buy Mark Glenn Shaw Individual 13. Feb 19 13. Feb 19 85,109 £1.30 £110,642
18. Feb 19 Buy Henry Franklin Individual 13. Feb 19 13. Feb 19 95,215 £1.30 £123,779
18. Feb 19 Buy Tritax Management LLP Company 13. Feb 19 13. Feb 19 10,847 £1.30 £14,101
18. Feb 19 Buy Aubyn James Prower Individual 13. Feb 19 13. Feb 19 3,099 £1.30 £4,029
18. Feb 19 Buy Aubrey Adams Individual 13. Feb 19 13. Feb 19 13,043 £1.30 £16,956
18. Feb 19 Buy Richard Jewson Individual 13. Feb 19 13. Feb 19 10,067 £1.30 £13,087
X
Management checks
We assess Tritax Big Box REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tritax Big Box REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Tritax Big Box REIT plc (LON:BBOX) At Risk Of Cutting Its Dividend?

Dividend paying stocks like Tritax Big Box REIT plc (LON:BBOX) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Tritax Big Box REIT is a new dividend aristocrat in the making. It sure looks interesting on these metrics - but there's always more to the story . Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Click the interactive chart for our full dividend analysis LSE:BBOX Historical Dividend Yield, May 14th 2019 Payout ratios Dividends are usually paid out of company earnings. … Tritax Big Box REIT has been paying a dividend for the past five years.

Simply Wall St -

Tritax Big Box REIT (LON:BBOX) Shareholders Booked A 38% Gain In The Last Five Years

For example, the Tritax Big Box REIT plc (LON:BBOX) share price is up 38% in the last 5 years, clearly besting than the market return of around 4.7% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over half a decade, Tritax Big Box REIT managed to grow its earnings per share at 6.3% a year.

Simply Wall St -

What Kind Of Shareholder Appears On The Tritax Big Box REIT plc's (LON:BBOX) Shareholder Register?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of UK£2.5b, Tritax Big Box REIT is rather large. … Companies of this size are usually well known to retail investors, too.

Simply Wall St -

You May Have Been Looking At Tritax Big Box REIT plc (LON:BBOX) All Wrong

real estate investment trust (REIT) based in London, United Kingdom. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much BBOX actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

Have Insiders Been Buying Tritax Big Box REIT plc (LON:BBOX) Shares?

So before you buy or sell Tritax Big Box REIT plc (LON:BBOX), you may well want to know whether insiders have been buying or selling. … Tritax Big Box REIT Insider Transactions Over The Last Year. … In total, Tritax Big Box REIT insiders bought more than they sold over the last year

Simply Wall St -

Is Tritax Big Box REIT plc (LON:BBOX) A Healthy REIT?

real estate investment trust (REIT) based in London, United Kingdom. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of BBOX’s daily operations.

Simply Wall St -

What is Behind Tritax Big Box REIT plc's (LON:BBOX) Superior ROE?

If BBOX borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface. … Check out our latest analysis for Tritax Big Box REIT

Simply Wall St -

Should Tritax Big Box REIT plc (LON:BBOX) Be Part Of Your Portfolio?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Over the past 4 years, Tritax Big Box REIT plc (LON:BBOX) has returned an average of 4.00% per year to shareholders in terms of dividend yield. … Let's take a look at Tritax Big Box REIT in more detail.

Simply Wall St -

Why Tritax Big Box REIT plc (LON:BBOX) Should Have A Place In Your Portfolio

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Tritax Big Box REIT plc (LON:BBOX) due to its excellent fundamentals in more than one area.

Simply Wall St -

Tritax Big Box REIT plc (LON:BBOX): Are Analysts Bull Or Bear?

The most recent earnings update Tritax Big Box REIT plc's (LSE:BBOX) released in December 2017 revealed that the company experienced a major tailwind, more than doubling its earnings from the prior year. … Below is my commentary, albeit very simple and high-level, on how market analysts perceive Tritax Big Box REIT's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … View our latest analysis for Tritax Big Box REIT Analysts' expectations for the coming year seems pessimistic, with earnings declining by -5.02%.

Simply Wall St -

Company Info

Description

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 pre-let forward funded developments, the Company focuses on well-located, modern Big Box logistics assets, typically greater than 500,000 sq ft (measured by floor area, c. 69% of the Company's existing logistics facilities including forward funded developments are in excess of 500,000 sq ft), 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. The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT"), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.

Details
Name: Tritax Big Box REIT plc
BBOX
Exchange: LSE
Founded:
£2,497,304,348
1,706,974,948
Website: http://tritaxbigbox.co.uk
Address: Tritax Big Box REIT plc
Standbrook House,
4th Floor,
London,
Greater London, W1S 4PD,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE BBOX Ordinary Shares London Stock Exchange GB GBP 09. Dec 2013
Number of employees
Current staff
Staff numbers
0
Tritax Big Box REIT employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 21:52
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/03/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.