British Land
Market Cap
UK£3.0b
Last Updated
2020/03/30 20:43 UTC
Data Sources
Company Financials +
Executive Summary
Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK.
Rewards
Risk Analysis
Snowflake Analysis
Established dividend payer and fair value.
Similar Companies
Share Price & News
How has British Land's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: BLND's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
-3.5%
BLND
6.8%
GB REITs
6.2%
GB Market
1 Year Return
-45.4%
BLND
-20.0%
GB REITs
-22.7%
GB Market
Return vs Industry: BLND underperformed the UK REITs industry which returned -20% over the past year.
Return vs Market: BLND underperformed the UK Market which returned -22.7% over the past year.
Shareholder returns
| BLND | Industry | Market | |
|---|---|---|---|
| 7 Day | -3.5% | 6.8% | 6.2% |
| 30 Day | -35.1% | -20.6% | -17.8% |
| 90 Day | -49.1% | -28.8% | -27.7% |
| 1 Year | -43.1%-45.4% | -16.2%-20.0% | -18.6%-22.7% |
| 3 Year | -38.1%-46.2% | -1.8%-16.1% | -13.4%-24.6% |
| 5 Year | -51.4%-61.2% | -1.5%-22.0% | 1.3%-22.0% |
Price Volatility Vs. Market
How volatile is British Land's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
Should You Take Comfort From Insider Transactions At British Land Company Plc (LON:BLND)?1 month ago | Simply Wall St
Is There Now An Opportunity In British Land Company Plc (LON:BLND)?2 months ago | Simply Wall St
Did Changing Sentiment Drive British Land's (LON:BLND) Share Price Down By 29%?Valuation
Is British Land undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BLND (£3.42) is trading below our estimate of fair value (£8.01)
Significantly Below Fair Value: BLND is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BLND is unprofitable, so we can't compare its PE Ratio to the REITs industry average.
PE vs Market: BLND is unprofitable, so we can't compare its PE Ratio to the UK market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate BLND's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: BLND is good value based on its PB Ratio (0.4x) compared to the GB REITs industry average (0.7x).
Next Steps
Future Growth
How is British Land forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
71.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BLND is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.5%).
Earnings vs Market: BLND is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: BLND's is expected to become profitable in the next 3 years.
Revenue vs Market: BLND's revenue (0.1% per year) is forecast to grow slower than the UK market (2.6% per year).
High Growth Revenue: BLND's revenue (0.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BLND's Return on Equity is forecast to be low in 3 years time (4.4%).
Next Steps
Past Performance
How has British Land performed over the past 5 years?
-56.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BLND is currently unprofitable.
Growing Profit Margin: BLND is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: BLND is unprofitable, and losses have increased over the past 5 years at a rate of -56.9% per year.
Accelerating Growth: Unable to compare BLND's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: BLND is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-21.6%).
Return on Equity
High ROE: BLND has a negative Return on Equity (-8.78%), as it is currently unprofitable.
Next Steps
Financial Health
How is British Land's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: BLND has a high level of physical assets or inventory.
Debt Coverage by Assets: BLND's debt is not covered by short term assets (assets are 0.1x debt).
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: BLND has been profitable on average in the past, therefore cash runway is not a concern.
Forecast Cash Runway: BLND has been profitable on average in the past, therefore cash runway is not a concern.
Financial Institutions Analysis
Asset Level: BLND's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if BLND has a sufficient allowance for bad loans.
Low Risk Liabilities: BLND reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if BLND has an acceptable proportion of non-loan assets held.
Low Risk Deposits: BLND has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if BLND has an appropriate level of bad loans.
Next Steps
Dividend
What is British Land's current dividend yield, its reliability and sustainability?
9.82%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BLND's dividend (9.34%) is higher than the bottom 25% of dividend payers in the UK market (2.7%).
High Dividend: BLND's dividend (9.34%) is in the top 25% of dividend payers in the UK market (7.3%)
Stability and Growth of Payments
Stable Dividend: BLND's dividend payments have been volatile in the past 10 years.
Growing Dividend: BLND's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (59.2%), BLND's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BLND's dividends in 3 years are forecast to be covered by earnings (92.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.8yrs
Average management tenure
CEO
Chris Grigg (60yo)
11.17s
Tenure
UK£1,977,000
Compensation
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 ...
CEO Compensation Analysis
Compensation vs Market: Chris's total compensation ($USD2.45M) is about average for companies of similar size in the UK market ($USD2.48M).
Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 11.17yrs | UK£1.98m | 0.15% £4.6m | |
| CFO & Director | 1.83yrs | UK£1.39m | 0.015% £462.9k | |
| Head of Strategy & Investments | 3.83yrs | no data | no data | |
| Head of Investor Relations | no data | no data | no data | |
| General Counsel & Company Secretary | 2.17yrs | no data | no data | |
| Head of Corporate Affairs & Sustainability | no data | no data | no data | |
| Chief Marketing Officer | 0.17yr | no data | no data | |
| Human Resources Director | 4.17yrs | no data | no data | |
| Head of Developments | 16.67yrs | no data | 0.0088% £264.6k | |
| Head of London Leasing | no data | no data | no data |
3.8yrs
Average Tenure
57.5yo
Average Age
Experienced Management: BLND's management team is considered experienced (3.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 11.17yrs | UK£1.98m | 0.15% £4.6m | |
| CFO & Director | 1.83yrs | UK£1.39m | 0.015% £462.9k | |
| Senior Independent Director | 2.67yrs | UK£105.00k | 0.016% £467.4k | |
| Independent Chairman of the Board | 0.67yr | UK£95.00k | 0.0059% £176.6k | |
| Independent Non-Executive Director | 2.17yrs | UK£74.00k | 0.00032% £9.6k | |
| Former Senior Independent Director | 2.5yrs | UK£71.00k | 0.0022% £65.1k | |
| Independent Non-Executive Director | 2.17yrs | UK£73.00k | 0.00080% £24.1k | |
| Non-Executive Director | 4.83yrs | UK£72.00k | 0.0010% £31.0k | |
| Non-Executive Director | 3.25yrs | UK£71.00k | 0.00060% £18.1k | |
| Non-Executive Director | 5yrs | UK£71.00k | 0.0020% £59.7k |
2.6yrs
Average Tenure
56yo
Average Age
Experienced Board: BLND's board of directors are not considered experienced ( 2.6 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: Insufficient data to determine if 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
British Land Company Plc's company bio, employee growth, exchange listings and data sources
Key Information
- Name: British Land Company Plc
- Ticker: BLND
- Exchange: LSE
- Founded: 1856
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: UK£3.014b
- Shares outstanding: 926.66m
- Website: https://www.britishland.com
Number of Employees
Location
- British Land Company Plc
- York House
- 45 Seymour Street
- London
- Greater London
- W1H 7LX
- United Kingdom
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BRLA.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Jan 1992 |
| BLD | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jan 1992 |
| BLND | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | GBP | Jan 1992 |
| BLNDL | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | GBP | Jan 1992 |
| BLND N | BMV (Bolsa Mexicana de Valores) | Yes | Ordinary Shares | MX | MXN | Jan 1992 |
| BLDCHF | BRSE (Berne Stock Exchange) | Yes | Ordinary Shares | CH | CHF | Jan 1992 |
| BTLC.Y | OTCPK (Pink Sheets LLC) | ADR EACH REP 1 ORD GBP0.25 SPON | US | USD | Oct 2003 | |
| BLDA | DB (Deutsche Boerse AG) | ADR EACH REP 1 ORD GBP0.25 SPON | DE | EUR | Oct 2003 |
Biography
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 £15.4bn (British Land share: £11.7bn) as at 30 September 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 55% of our portfolio. Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 41% 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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/30 20:43 |
| End of Day Share Price | 2020/03/30 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2019/03/31 |
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.