Tritax Big Box REIT Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 BBOX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BBOX (£1.56) is trading below our estimate of fair value (£1.71)

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


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

BBOX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue20.3x
Enterprise Value/EBITDA23.4x
PEG Ration/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BBOX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average11.2x
LMP LondonMetric Property
13.5x6.0%UK£2.0b
SGRO SEGRO
14.7x2.4%UK£10.0b
WHR Warehouse REIT
7x3.7%UK£348.4m
SHED Urban Logistics REIT
9.4x2.7%UK£549.4m
BBOX Tritax Big Box REIT
13.4x5.8%UK£3.0b

Price-To-Sales vs Peers: BBOX is expensive based on its Price-To-Sales Ratio (13.4x) compared to the peer average (11.2x).


Price to Earnings Ratio vs Industry

How does BBOX's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a103.8%
n/an/an/a
No. of CompaniesPS048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a103.8%
n/an/an/a
No more companies

Price-To-Sales vs Industry: BBOX is expensive based on its Price-To-Sales Ratio (13.4x) compared to the Global Industrial REITs industry average (9.2x).


Price to Sales Ratio vs Fair Ratio

What is BBOX'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.

BBOX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio13.4x
Fair PS Ratio15.6x

Price-To-Sales vs Fair Ratio: BBOX is good value based on its Price-To-Sales Ratio (13.4x) compared to the estimated Fair Price-To-Sales Ratio (15.6x).


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 BBOX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.56
UK£1.64
+5.5%
7.8%UK£1.85UK£1.40n/a12
Nov ’24UK£1.40
UK£1.69
+20.8%
9.7%UK£2.05UK£1.40n/a14
Oct ’24UK£1.40
UK£1.70
+21.4%
9.9%UK£2.05UK£1.40n/a13
Sep ’24UK£1.39
UK£1.71
+22.7%
10.9%UK£2.15UK£1.40n/a13
Aug ’24UK£1.38
UK£1.66
+20.5%
10.3%UK£2.05UK£1.40n/a13
Jul ’24UK£1.25
UK£1.69
+35.2%
10.0%UK£2.05UK£1.40n/a11
Jun ’24UK£1.41
UK£1.72
+21.9%
10.8%UK£2.05UK£1.40n/a11
May ’24UK£1.55
UK£1.72
+10.8%
10.4%UK£2.05UK£1.40n/a12
Apr ’24UK£1.40
UK£1.73
+23.4%
9.6%UK£2.05UK£1.50n/a12
Mar ’24UK£1.47
UK£1.71
+16.0%
9.8%UK£2.00UK£1.50n/a13
Feb ’24UK£1.56
UK£1.72
+10.0%
12.5%UK£2.15UK£1.38n/a13
Jan ’24UK£1.39
UK£1.77
+27.4%
19.3%UK£2.54UK£1.33n/a13
Dec ’23UK£1.46
UK£1.78
+22.0%
18.9%UK£2.54UK£1.33UK£1.5713
Nov ’23UK£1.41
UK£1.80
+27.4%
18.7%UK£2.54UK£1.33UK£1.4013
Oct ’23UK£1.36
UK£2.05
+50.7%
20.1%UK£2.95UK£1.35UK£1.4011
Sep ’23UK£1.58
UK£2.29
+44.8%
17.9%UK£2.95UK£1.87UK£1.3911
Aug ’23UK£1.97
UK£2.43
+23.4%
14.9%UK£2.95UK£2.00UK£1.3811
Jul ’23UK£1.79
UK£2.69
+50.6%
10.6%UK£3.05UK£2.00UK£1.2511
Jun ’23UK£2.00
UK£2.73
+36.3%
7.8%UK£3.05UK£2.33UK£1.4111
May ’23UK£2.44
UK£2.75
+13.0%
6.3%UK£3.05UK£2.40UK£1.5511
Apr ’23UK£2.44
UK£2.71
+11.0%
6.9%UK£3.05UK£2.35UK£1.4011
Mar ’23UK£2.33
UK£2.64
+13.4%
8.1%UK£3.05UK£2.35UK£1.4711
Feb ’23UK£2.37
UK£2.63
+10.8%
9.0%UK£3.05UK£2.20UK£1.5611
Jan ’23UK£2.49
UK£2.60
+4.3%
8.9%UK£3.05UK£2.20UK£1.3911
Dec ’22UK£2.40
UK£2.49
+3.6%
5.7%UK£2.65UK£2.20UK£1.4610

Analyst Forecast: Target price is less than 20% higher than the current share price.


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