We’ve recently updated our valuation analysis.

Tritax Big Box REIT Valuation

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

[object Object] Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

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/EBITDA23.3x
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BBOX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average5.7x
LMP LondonMetric Property
7.3x52.6%UK£1.7b
SGRO SEGRO
2.4x-0.6%UK£9.7b
WHR Warehouse REIT
7.9xn/aUK£463.1m
SHED Urban Logistics REIT
5.3x4.6%UK£658.4m
BBOX Tritax Big Box REIT
2.6x10.2%UK£2.7b

Price-To-Earnings vs Peers: BBOX is good value based on its Price-To-Earnings Ratio (2.6x) compared to the peer average (5.7x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a9.5%
n/an/an/a

Price-To-Earnings vs Industry: BBOX is good value based on its Price-To-Earnings Ratio (2.6x) compared to the UK REITs industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

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

BBOX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.6x
Fair PE Ratio9.9x

Price-To-Earnings vs Fair Ratio: BBOX is good value based on its Price-To-Earnings Ratio (2.6x) compared to the estimated Fair Price-To-Earnings Ratio (9.9x).


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 (£1.46) is trading below our estimate of fair value (£2.14)

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


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£1.46
UK£1.78
+22.0%
18.9%UK£2.54UK£1.33n/a13
Nov ’23UK£1.41
UK£1.80
+27.4%
18.7%UK£2.54UK£1.33n/a13
Oct ’23UK£1.36
UK£2.05
+50.7%
20.1%UK£2.95UK£1.35n/a11
Sep ’23UK£1.58
UK£2.29
+44.8%
17.9%UK£2.95UK£1.87n/a11
Aug ’23UK£1.97
UK£2.43
+23.4%
14.9%UK£2.95UK£2.00n/a11
Jul ’23UK£1.79
UK£2.69
+50.6%
10.6%UK£3.05UK£2.00n/a11
Jun ’23UK£2.00
UK£2.73
+36.3%
7.8%UK£3.05UK£2.33n/a11
May ’23UK£2.44
UK£2.75
+13.0%
6.3%UK£3.05UK£2.40n/a11
Apr ’23UK£2.44
UK£2.71
+11.0%
6.9%UK£3.05UK£2.35n/a11
Mar ’23UK£2.33
UK£2.64
+13.4%
8.1%UK£3.05UK£2.35n/a11
Feb ’23UK£2.37
UK£2.63
+10.8%
9.0%UK£3.05UK£2.20n/a11
Jan ’23UK£2.49
UK£2.60
+4.3%
8.9%UK£3.05UK£2.20n/a11
Dec ’22UK£2.40
UK£2.49
+3.6%
5.7%UK£2.65UK£2.20UK£1.4610
Nov ’22UK£2.25
UK£2.47
+10.1%
5.6%UK£2.65UK£2.20UK£1.419
Oct ’22UK£2.14
UK£2.47
+15.2%
6.4%UK£2.65UK£2.20UK£1.368
Sep ’22UK£2.40
UK£2.45
+2.3%
7.1%UK£2.65UK£2.20UK£1.588
Aug ’22UK£2.11
UK£2.17
+2.8%
6.5%UK£2.40UK£1.95UK£1.978
Jul ’22UK£1.98
UK£2.09
+5.7%
7.9%UK£2.40UK£1.78UK£1.798
Jun ’22UK£1.97
UK£2.07
+4.8%
8.3%UK£2.40UK£1.78UK£2.008
May ’22UK£1.90
UK£2.01
+5.6%
5.5%UK£2.20UK£1.78UK£2.448
Apr ’22UK£1.81
UK£1.99
+9.7%
8.1%UK£2.20UK£1.60UK£2.448
Mar ’22UK£1.81
UK£1.97
+8.8%
8.0%UK£2.20UK£1.60UK£2.338
Feb ’22UK£1.85
UK£1.87
+1.2%
12.1%UK£2.20UK£1.50UK£2.378
Jan ’22UK£1.68
UK£1.72
+2.1%
9.3%UK£2.00UK£1.50UK£2.498
Dec ’21UK£1.66
UK£1.70
+2.1%
10.6%UK£2.00UK£1.45UK£2.408

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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