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British Land

LSE:BLND
Snowflake Description

Established dividend payer with moderate growth potential.

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

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. The last earnings update was 3 days ago. More info.


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BLND Share Price and Events
7 Day Returns
-2%
LSE:BLND
0%
GB REITs
1.3%
GB Market
1 Year Returns
-19.4%
LSE:BLND
-6.7%
GB REITs
-5%
GB Market
BLND Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
British Land (BLND) -2% -6.2% -4.7% -19.4% -24.7% -21.2%
GB REITs 0% 0.2% 1.9% -6.7% -5.9% 5.9%
GB Market 1.3% -1.6% 1.9% -5% 15.8% 2.5%
1 Year Return vs Industry and Market
  • BLND underperformed the REITs industry which returned -6.7% over the past year.
  • BLND underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -5% over the past year.
Price Volatility
BLND
Industry
5yr Volatility vs Market

Value

 Is British Land 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 British Land 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 British Land.

LSE:BLND Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.9%
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:BLND
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))
= 0.523 (1 + (1- 19%) (61.38%))
0.854
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.854 * 6.65%)
6.91%

Discounted Cash Flow Calculation for LSE:BLND using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for British Land is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

British Land is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

LSE:BLND DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (GBP, Millions) Source Present Value
Discounted (@ 6.91%)
2019 311.50 Analyst x1 291.37
2020 328.10 Analyst x1 287.07
2021 332.30 Analyst x1 271.96
2022 340.99 Est @ 2.61% 261.04
2023 348.48 Est @ 2.2% 249.54
2024 355.13 Est @ 1.91% 237.87
2025 361.17 Est @ 1.7% 226.29
2026 366.81 Est @ 1.56% 214.97
2027 372.16 Est @ 1.46% 204.02
2028 377.34 Est @ 1.39% 193.49
Present value of next 10 years cash flows £2,437.62
LSE:BLND DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £377.34 × (1 + 1.23%) ÷ (6.91% – 1.23%)
£6,724.30
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £6,724.30 ÷ (1 + 6.91%)10
£3,448.01
LSE:BLND Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £2,437.62 + £3,448.01
£5,885.62
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £5,885.62 / 948.80
£6.2
LSE:BLND Discount to Share Price
Calculation Result
Value per share (GBP) From above. £6.20
Current discount Discount to share price of £5.59
= -1 x (£5.59 - £6.20) / £6.20
10%

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

Current Discount
Amount off the current price British Land is available for.
Intrinsic value
10%
Share price is £5.59 vs Future cash flow value of £6.2
Current Discount Checks
For British Land to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • British Land's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • British Land'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 British Land's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are British Land's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:BLND PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in GBP £-0.30
LSE:BLND Share Price ** LSE (2019-05-17) in GBP £5.59
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 44 Publicly-Listed REITs Companies 12.21x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 790 Publicly-Listed Companies 16.24x

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

** Primary Listing of British Land.

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

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

= 5.59 ÷ -0.30

-18.64x

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

  • British Land is loss making, we can't compare its value to the GB REITs industry average.
  • British Land is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does British Land's expected growth come at a high price?
Raw Data
LSE:BLND PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -18.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
85%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 25 Publicly-Listed REITs Companies -0.28x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 573 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for British Land, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on British Land's assets?
Raw Data
LSE:BLND PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in GBP £8.93
LSE:BLND Share Price * LSE (2019-05-17) in GBP £5.59
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.93x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,368 Publicly-Listed Companies 1.51x
LSE:BLND PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 5.59 ÷ 8.93

0.63x

* Primary Listing of British Land.

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

  • British Land is good value based on assets compared to the GB REITs industry average.
X
Value checks
We assess British Land'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. British Land has a total score of 1/6, 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 British Land expected to perform in the next 1 to 3 years based on estimates from 9 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
85%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is British Land expected to grow at an attractive rate?
  • British Land's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • British Land's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • British Land's revenues are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:BLND Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:BLND Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 85%
LSE:BLND Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts -18.9%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 18%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
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 4.9%

*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:BLND Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:BLND Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31 570 1
2022-03-31 549 352 376 3
2021-03-31 539 361 387 6
2020-03-31 526 342 -167 6
LSE:BLND Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-03-31 971 613 -291
2018-12-31 902 463 -43
2018-09-30 851 313 206
2018-06-30 796 333 350
2018-03-31 741 353 493
2017-12-31 761 368 560
2017-09-30 762 383 627
2017-06-30 739 373 410
2017-03-31 716 363 193
2016-12-31 714 344 264
2016-09-30 712 325 334
2016-06-30 718 310 840

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • British Land's earnings are expected to grow significantly at over 20% yearly.
  • British Land's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:BLND Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from British Land Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BLND Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31
2022-03-31 0.43 0.62 0.25 2.00
2021-03-31 0.27 0.61 -0.19 4.00
2020-03-31 -0.20 -0.09 -0.36 3.00
LSE:BLND Past Financials Data
Date (Data in GBP Millions) EPS *
2019-03-31 -0.30
2018-12-31 -0.04
2018-09-30 0.21
2018-06-30 0.35
2018-03-31 0.49
2017-12-31 0.55
2017-09-30 0.61
2017-06-30 0.40
2017-03-31 0.19
2016-12-31 0.26
2016-09-30 0.32
2016-06-30 0.82

*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.
  • British Land is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess British Land'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.
British Land has a total score of 3/6, 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 British Land 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 British Land'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.
  • British Land does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare British Land's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare British Land's 1-year growth to the GB REITs industry average as it is not currently profitable.
Earnings and Revenue History
British Land'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 British Land Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BLND Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 971.00 -291.00 80.00
2018-12-31 902.00 -42.50 81.50
2018-09-30 851.00 206.00 83.00
2018-06-30 796.00 349.50 82.50
2018-03-31 741.00 493.00 82.00
2017-12-31 760.50 560.00 82.00
2017-09-30 762.00 627.00 82.00
2017-06-30 739.00 410.00 83.00
2017-03-31 716.00 193.00 84.00
2016-12-31 714.00 263.50 85.00
2016-09-30 712.00 334.00 86.00
2016-06-30 718.00 839.50 89.50
2016-03-31 724.00 1,345.00 93.00
2015-12-31 721.50 1,436.50 94.00
2015-09-30 719.00 1,528.00 95.00
2015-06-30 703.00 1,619.00 90.00
2015-03-31 687.00 1,710.00 85.00
2014-12-31 644.50 1,693.50 80.00
2014-09-30 602.00 1,677.00 75.00
2014-06-30 560.00 1,391.50 73.50
2014-03-31 518.00 1,106.00 72.00
2013-12-31 505.00 852.50 70.50
2013-09-30 492.00 599.00 69.00
2013-06-30 482.50 441.50 69.50
2013-03-31 473.00 284.00 70.00
2012-12-31 421.50 278.00 68.50
2012-09-30 409.00 260.00 69.00
2012-06-30 482.00 338.00 68.50

*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.
  • It is difficult to establish if British Land has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if British Land has efficiently used its assets last year compared to the GB REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if British Land improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess British Land'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.
British Land has a total score of 0/6, 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 British Land'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 British Land's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • British Land's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • British Land's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of British Land'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 British Land Company Filings, last reported 1 month ago.

LSE:BLND Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 8,689.00 3,253.00 242.00
2018-12-31 8,689.00 3,253.00 242.00
2018-09-30 9,261.00 2,943.00 116.00
2018-06-30 9,261.00 2,943.00 116.00
2018-03-31 9,506.00 3,328.00 105.00
2017-12-31 9,506.00 3,328.00 105.00
2017-09-30 9,632.00 3,003.00 119.00
2017-06-30 9,632.00 3,003.00 119.00
2017-03-31 9,476.00 3,489.00 114.00
2016-12-31 9,476.00 3,489.00 114.00
2016-09-30 9,181.00 3,734.00 107.00
2016-06-30 9,181.00 3,734.00 107.00
2016-03-31 9,619.00 3,944.00 114.00
2015-12-31 9,619.00 3,944.00 114.00
2015-09-30 9,253.00 4,040.00 188.00
2015-06-30 9,253.00 4,040.00 188.00
2015-03-31 8,565.00 4,116.00 108.00
2014-12-31 8,565.00 4,116.00 108.00
2014-09-30 8,024.00 3,257.00 92.00
2014-06-30 8,024.00 3,257.00 92.00
2014-03-31 7,117.00 3,391.00 142.00
2013-12-31 7,117.00 3,391.00 142.00
2013-09-30 6,106.00 2,855.00 112.00
2013-06-30 6,106.00 2,855.00 112.00
2013-03-31 5,687.00 2,294.00 135.00
2012-12-31 5,687.00 2,294.00 135.00
2012-09-30 5,077.00 2,889.00 207.00
2012-06-30 5,077.00 2,889.00 207.00
  • British Land's level of debt (37.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (47.6% vs 37.4% today).
  • Debt is not well covered by operating cash flow (18.8%, less than 20% of total debt).
  • British Land is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess British Land'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. British Land has a total score of 2/6, 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 British Land'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
5.55%
Current annual income from British Land dividends. Estimated to be 5.74% next year.
If you bought £2,000 of British Land shares you are expected to receive £111 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?
  • British Land's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.99%).
  • British Land's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.21%).
Upcoming dividend payment

Purchase British Land before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:BLND 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 9 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 4.2%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 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 5.2%

Industry and Market average data is calculated daily.

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

LSE:BLND Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 0.31 1.00
2022-03-31 0.32 6.00
2021-03-31 0.32 17.00
2020-03-31 0.31 13.00
LSE:BLND Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.310 5.525
2019-01-23 0.310 5.252
2018-11-14 0.310 5.541
2018-07-17 0.310 5.026
2018-06-12 0.310 4.620
2018-05-17 0.310 4.524
2018-01-30 0.301 4.615
2017-11-16 0.301 4.566
2017-07-18 0.301 4.966
2017-06-15 0.292 4.773
2017-06-12 0.301 4.724
2017-05-17 0.301 4.739
2017-01-19 0.292 4.701
2016-12-23 0.292 4.680
2016-07-18 0.292 4.681
2016-06-10 0.292 4.592
2016-05-16 0.292 3.952
2016-01-19 0.284 4.050
2015-11-17 0.284 3.597
2015-07-20 0.284 3.386
2015-05-14 0.277 3.315
2015-05-13 0.277 3.207
2015-01-27 0.277 3.301
2014-12-31 0.277 3.487
2014-07-16 0.277 3.829
2014-06-26 0.270 3.881
2014-03-13 0.270 3.925
2014-01-02 0.270 4.042
2013-07-24 0.270 4.546
2013-05-14 0.264 4.386
2013-01-29 0.264 4.604
2013-01-03 0.264 4.653
2012-07-06 0.264 4.917
2012-05-21 0.264 5.306
2012-02-09 0.260 5.343
2011-11-15 0.260 5.475
2011-08-01 0.260 5.074
2011-02-15 0.260 4.492
2010-11-16 0.260 5.037
2010-05-18 0.260 5.564
2009-11-17 0.260 5.667
2009-08-18 0.260 5.406
2009-05-21 0.298 7.376
2009-05-20 0.298 7.520

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of British Land's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess British Land'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 British Land afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. British Land has a total score of 5/6, 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 British Land'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.
CEO
Chris Grigg
COMPENSATION £2,244,000
AGE 59
TENURE AS CEO 10.3 years
CEO Bio

Mr. Christopher M. Grigg, also known as Chris, has been the Chief Executive Officer of The British Land Company PLC since January 12, 2009 and has been its Executive Director since January 2009. Mr. Grigg served as President of British Property Federation since July 2012. He served as the Chief Executive Officer at Barclays Commercial Bank at Barclays Bank plc from February 1, 2007 to November 2008 and also served as its Treasurer since October 1, 2005. He served as Group Treasurer of Barclays PLC since October 2005. He served as a Senior Vice President at British Property Federation. Mr. Grigg served as the Head of Debt Capital Markets, Head of Derivatives and Foreign Exchange Sales for UK and European Corporates and Partner at Goldman Sachs International, where he served for 20 years. He also served as Head for Financial Institutions at Goldman Sachs International, European financing group. He joined Goldman Sachs in 1985. He joined Morgan Grenfell as a Graduate in 1981. Mr. Grigg has been a Non-Executive Director of BAE Systems plc since July 2013. Mr. Grigg graduated from Trinity Hall Cambridge with a first class in Economics.

CEO Compensation
  • Chris's compensation has increased whilst company is loss making.
  • Chris's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the British Land management team in years:

3.3
Average Tenure
56.5
Average Age
  • The tenure for the British Land management team is about average.
Management Team

Chris Grigg

TITLE
CEO & Executive Director
COMPENSATION
£2M
AGE
59
TENURE
10.3 yrs

Simon Carter

TITLE
CFO & Director
AGE
42
TENURE
1 yrs

Joff Sharpe

TITLE
Head of Operations
TENURE
4.6 yrs

Sally Jones

TITLE
Head of Strategy & Investments
TENURE
3 yrs

David Walker

TITLE
Head of Investor Relations

Brona McKeown

TITLE
General Counsel & Company Secretary
TENURE
1.3 yrs

Cressida Curtis

TITLE
Head of Corporate Affairs & Sustainability

Ann Henshaw

TITLE
Human Resources Director
TENURE
3.3 yrs

Nigel Webb

TITLE
Head of Developments
AGE
54
TENURE
15.8 yrs

Paul Burgess

TITLE
Head of London Leasing
AGE
61
Board of Directors Tenure

Average tenure and age of the British Land board of directors in years:

3.2
Average Tenure
56
Average Age
  • The tenure for the British Land board of directors is about average.
Board of Directors

John Gildersleeve

TITLE
Non-Executive Chairman of the Board
COMPENSATION
£412K
AGE
73
TENURE
6.3 yrs

Chris Grigg

TITLE
CEO & Executive Director
COMPENSATION
£2M
AGE
59
TENURE
10.3 yrs

Simon Carter

TITLE
CFO & Director
AGE
42
TENURE
1 yrs

William Jackson

TITLE
Senior Independent Director
COMPENSATION
£100K
AGE
54
TENURE
1.8 yrs

Tim Score

TITLE
Non Executive Director
COMPENSATION
£93K
AGE
57
TENURE
5.2 yrs

Lynn Gladden

TITLE
Non-Executive Director
COMPENSATION
£70K
AGE
56
TENURE
4.2 yrs

Laura Wade-Gery

TITLE
Non-Executive Director
COMPENSATION
£70K
AGE
53
TENURE
4 yrs

Nick MacPherson

TITLE
Non-Executive Director
COMPENSATION
£69K
TENURE
2.4 yrs

Per Prebensen

TITLE
Non-Executive Director
COMPENSATION
£40K
AGE
61
TENURE
1.7 yrs

Becky Worthington

TITLE
Independent Non-Executive Director
COMPENSATION
£17K
AGE
47
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by British Land insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
05. Apr 19 Buy Tim Score Individual 05. Apr 19 05. Apr 19 2,286 £5.99 £13,698
05. Apr 19 Buy William Jackson Individual 05. Apr 19 05. Apr 19 2,310 £5.99 £13,842
08. Oct 18 Buy Lynn Gladden Individual 08. Oct 18 08. Oct 18 1,416 £5.97 £8,460
08. Oct 18 Buy Tim Score Individual 08. Oct 18 08. Oct 18 2,293 £5.97 £13,700
08. Oct 18 Buy William Jackson Individual 08. Oct 18 08. Oct 18 2,317 £5.97 £13,843
06. Jul 18 Buy Lynn Gladden Individual 06. Jul 18 06. Jul 18 1,423 £6.66 £9,476
06. Jul 18 Buy Laura Wade-Gery Individual 06. Jul 18 06. Jul 18 751 £6.66 £5,001
06. Jul 18 Buy Tim Score Individual 06. Jul 18 06. Jul 18 2,083 £6.66 £13,871
06. Jul 18 Buy William Jackson Individual 06. Jul 18 06. Jul 18 1,053 £6.66 £7,012
02. Jul 18 Sell Christopher Grigg Individual 29. Jun 18 29. Jun 18 -22,217 £6.71 £-149,005
02. Jul 18 Sell Nigel Webb Individual 29. Jun 18 29. Jun 18 -5,207 £6.71 £-34,922
28. Jun 18 Buy Christopher Grigg Individual 28. Jun 18 28. Jun 18 20,746 £6.69 £138,836
28. Jun 18 Buy Charles Maudsley Individual 28. Jun 18 28. Jun 18 10,641 £6.69 £71,211
28. Jun 18 Buy Timothy Roberts Individual 28. Jun 18 28. Jun 18 10,904 £6.69 £72,971
21. May 18 Buy Nicholas MacPherson Individual 21. May 18 21. May 18 1,000 £6.92 £6,919
X
Management checks
We assess British Land'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. British Land 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

Does British Land Company Plc's (LON:BLND) CEO Pay Matter?

Chris Grigg has been the CEO of British Land Company Plc (LON:BLND) since 2009. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Chris Grigg's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How To Look At British Land Company Plc (LON:BLND)

British Land Company Plc is a UK£5.7b. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … 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

Simply Wall St -

Imagine Owning British Land And Wondering If The 16% Share Price Slide Is Justified

At this point some shareholders may be questioning their investment in British Land Company Plc (LON:BLND), since the last five years saw the share price fall 16%. … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … During the five years over which the share price declined, British Land's earnings per share (EPS) dropped by 8.1% each year.

Simply Wall St -

Looking At British Land Company Plc (LON:BLND) From All Angles

British Land Company Plc (LON:BLND) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … dividend-paying company

Simply Wall St -

How Many Insiders Bought British Land Company Plc (LON:BLND) Shares?

So before you buy or sell British Land Company Plc (LON:BLND), you may well want to know whether insiders have been buying or selling. … British Land Insider Transactions Over The Last Year. … Overall, British Land insiders were net buyers last year

Simply Wall St -

What You Need To Know Before Investing In British Land Company Plc (LON:BLND)

British Land Company Plc is a UK£5.4b. … Check out our latest analysis for British Land … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Why British Land Company Plc's (LON:BLND) CEO Salary Matters To You

Chris Grigg became the CEO of British Land Company Plc (LON:BLND) in 2009. … How Does Chris Grigg's Compensation Compare With Similar Sized Companies. … So Chris Grigg receives a similar amount to the median CEO pay, amongst the companies we looked at.

Simply Wall St -

British Land Company Plc (LON:BLND): The Best Of Both Worlds

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of British Land Company Plc (LON:BLND), it

Simply Wall St -

Will British Land Company Plc (LON:BLND) Continue To Underperform Its Industry?

British Land Company Plc’s (LON:BLND) most recent return on equity was a substandard 5.3% relative to its industry performance of 9.6% over the past year. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into BLND's past performance. … See our latest analysis for British Land

Simply Wall St -

British Land Company Plc (LON:BLND): What Does The Future Look Like?

The latest earnings announcement British Land Company Plc (LON:BLND) released in March 2018a

Simply Wall St -

Company Info

Description

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. We own or manage a portfolio valued at £16.2bn (British Land share: £12.3bn) as at 31 March 2019 making us one of Europe’s largest listed real estate investment companies. Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 51% of our portfolio. Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 45% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 53 acre redevelopment opportunity where we have plans to create a new neighbourhood for London. Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

Details
Name: British Land Company Plc
BLND
Exchange: LSE
Founded: 1856
£5,300,019,479
948,804,060
Website: http://www.britishland.com
Address: British Land Company Plc
York House,
45 Seymour Street,
London,
Greater London, W1H 7LX,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE BLND Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK BRLA.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB BLD Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BMV BLND N Ordinary Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE BLNDL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
OTCPK BTLC.Y SPONSORED ADR Pink Sheets LLC US USD 23. Oct 2003
DB BLDA SPONSORED ADR Deutsche Boerse AG DE EUR 23. Oct 2003
Number of employees
Current staff
Staff numbers
835
British Land employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/18 20:38
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.