Tritax Big Box REIT
Market Cap
UK£2.4b
Last Updated
2020/05/31 23:48 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
+ 1 more risk
Snowflake Analysis
Reasonable growth potential and slightly overvalued.
Similar Companies
Share Price & News
How has Tritax Big Box REIT's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: BBOX's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
4.4%
BBOX
7.3%
GB REITs
2.0%
GB Market
1 Year Return
-6.3%
BBOX
-14.9%
GB REITs
-12.8%
GB Market
Return vs Industry: BBOX exceeded the UK REITs industry which returned -14.9% over the past year.
Return vs Market: BBOX exceeded the UK Market which returned -12.5% over the past year.
Shareholder returns
| BBOX | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.4% | 7.3% | 2.0% |
| 30 Day | 16.9% | 1.1% | 5.7% |
| 90 Day | 5.3% | -17.6% | -8.2% |
| 1 Year | -1.7%-6.3% | -11.9%-14.9% | -8.6%-12.8% |
| 3 Year | 7.5%-6.3% | -10.7%-17.2% | -6.2%-17.6% |
| 5 Year | 50.9%19.4% | -2.8%-20.7% | 12.7%-12.5% |
Price Volatility Vs. Market
How volatile is Tritax Big Box REIT's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
Declining Stock and Decent Financials: Is The Market Wrong About Tritax Big Box REIT plc (LON:BBOX)?2 months ago | Simply Wall St
Henry Franklin Is The Partner of Structuring & Legal - Tritax Management LLP of Tritax Big Box REIT plc (LON:BBOX) And They Just Spent UK£99k On Shares2 months ago | Simply Wall St
If You Had Bought Tritax Big Box REIT (LON:BBOX) Stock A Year Ago, You'd Be Sitting On A 40% Loss, TodayValuation
Is Tritax Big Box REIT undervalued compared to its fair value and its price relative to the market?
13.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BBOX (£1.39) is trading below our estimate of fair value (£1.59)
Significantly Below Fair Value: BBOX is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: BBOX is poor value based on its PE Ratio (16.5x) compared to the REITs industry average (14.9x).
PE vs Market: BBOX is poor value based on its PE Ratio (16.5x) compared to the UK market (14.7x).
Price to Earnings Growth Ratio
PEG Ratio: BBOX is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: BBOX is overvalued based on its PB Ratio (0.9x) compared to the GB REITs industry average (0.7x).
Next Steps
Future Growth
How is Tritax Big Box REIT forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
31.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BBOX's forecast earnings growth (31.1% per year) is above the savings rate (1.2%).
Earnings vs Market: BBOX's earnings (31.1% per year) are forecast to grow faster than the UK market (20.3% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: BBOX's revenue (8% per year) is forecast to grow faster than the UK market (3.6% per year).
High Growth Revenue: BBOX's revenue (8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if BBOX's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Tritax Big Box REIT performed over the past 5 years?
20.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BBOX has a large one-off gain of £57.0M impacting its December 31 2019 financial results.
Growing Profit Margin: BBOX's current net profit margins (95.1%) are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: BBOX's earnings have grown significantly by 20.5% per year over the past 5 years.
Accelerating Growth: BBOX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: BBOX had negative earnings growth (-44.1%) over the past year, making it difficult to compare to the REITs industry average (-32.2%).
Return on Equity
High ROE: BBOX's Return on Equity (5.5%) is considered low.
Next Steps
Financial Health
How is Tritax Big Box REIT's financial position?
Financial Position Analysis
Short Term Liabilities: BBOX's short term assets (£47.1M) do not cover its short term liabilities (£130.1M).
Long Term Liabilities: BBOX's short term assets (£47.1M) do not cover its long term liabilities (£1.2B).
Debt to Equity History and Analysis
Debt Level: BBOX's debt to equity ratio (44.8%) is considered high.
Reducing Debt: BBOX's debt to equity ratio has increased from 39.9% to 44.8% over the past 5 years.
Debt Coverage: BBOX's debt is not well covered by operating cash flow (8.1%).
Interest Coverage: BBOX's interest payments on its debt are well covered by EBIT (3.8x coverage).
Balance Sheet
Next Steps
Dividend
What is Tritax Big Box REIT's current dividend yield, its reliability and sustainability?
4.94%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BBOX's dividend (4.94%) is higher than the bottom 25% of dividend payers in the UK market (2.03%).
High Dividend: BBOX's dividend (4.94%) is low compared to the top 25% of dividend payers in the UK market (5.68%).
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 6 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (123.8%), BBOX's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BBOX's dividends in 3 years are forecast to be covered by earnings (94.5% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
1.2yrs
Average board tenure
CEO
Colin Godfrey
0.17
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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Independent Chairman of Tritax Management LLP | no data | UK£120.13k | 0.0051% £121.1k | |
| Independent Non-Executive Director of Tritax Management LLP | 2yrs | UK£57.75k | 0.0027% £63.5k | |
| Senior Independent Non-Executive Director of Tritax Management LLP | 1.17yrs | UK£52.92k | 0.012% £277.7k | |
| Independent Non-Executive Director of Tritax Management LLP | 1.17yrs | UK£45.83k | 0.0021% £48.6k | |
| Independent Non-Executive Director of Tritax Management LLP | 3.58yrs | UK£52.92k | no data | |
| Independent Non-Executive Director of Tritax Management LLP | 0.58yr | UK£10.06k | no data |
1.2yrs
Average Tenure
59.5yo
Average Age
Experienced Board: BBOX's board of directors are not considered experienced ( 1.2 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 not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Tritax Big Box REIT plc's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Tritax Big Box REIT plc
- Ticker: BBOX
- Exchange: LSE
- Founded:
- Industry: Industrial REITs
- Sector: Real Estate
- Market Cap: UK£2.369b
- Shares outstanding: 1.71b
- Website: https://tritaxbigbox.co.uk
Location
- Tritax Big Box REIT plc
- 6 Duke Street
- 3rd Floor
- London
- Greater London
- SW1Y 6BN
- United Kingdom
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BBOX | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | GBP | Dec 2013 |
| BBOXl | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | GBP | Dec 2013 |
Biography
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. 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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/05/31 23:48 |
| End of Day Share Price | 2020/05/29 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
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.