British Land
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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
1 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for British Land.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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?
| 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 |
| 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.
Value checks
We assess British Land's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess British Land's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- 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)
- 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)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from British Land Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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.
Past performance checks
We assess British Land's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from British Land Company Filings, last reported 1 month ago.
| 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.
Financial health checks
We assess British Land's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) British Land has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
£2,000 of
British Land
shares you are expected to receive
£111
in your first year as a dividend.
Dividend Amount
- 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.
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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
Income/ dividend checks
We assess British Land's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the British Land management team is about average.
Management Team
Chris Grigg
CEO & Executive Director
£2M
59
10.3 yrs
Simon Carter
CFO & Director
42
1 yrs
Joff Sharpe
Head of Operations
4.6 yrs
Sally Jones
Head of Strategy & Investments
3 yrs
David Walker
Head of Investor Relations
Brona McKeown
General Counsel & Company Secretary
1.3 yrs
Cressida Curtis
Head of Corporate Affairs & Sustainability
Ann Henshaw
Human Resources Director
3.3 yrs
Nigel Webb
Head of Developments
54
15.8 yrs
Paul Burgess
Head of London Leasing
61
Board of Directors Tenure
Average tenure and age of the British Land board of directors in years:
- The tenure for the British Land board of directors is about average.
Board of Directors
John Gildersleeve
Non-Executive Chairman of the Board
£412K
73
6.3 yrs
Chris Grigg
CEO & Executive Director
£2M
59
10.3 yrs
Simon Carter
CFO & Director
42
1 yrs
William Jackson
Senior Independent Director
£100K
54
1.8 yrs
Tim Score
Non Executive Director
£93K
57
5.2 yrs
Lynn Gladden
Non-Executive Director
£70K
56
4.2 yrs
Laura Wade-Gery
Non-Executive Director
£70K
53
4 yrs
Nick MacPherson
Non-Executive Director
£69K
2.4 yrs
Per Prebensen
Non-Executive Director
£40K
61
1.7 yrs
Becky Worthington
Independent Non-Executive Director
£17K
47
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 | ||
Management checks
We assess British Land's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleHow 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 - – Full articleImagine 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 - – Full articleLooking 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 - – Full articleHow 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 - – Full articleWhat 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 - – Full articleWhy 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 - – Full articleBritish 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 - – Full articleWill 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 - – Full articleBritish 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 - – Full articleCompany 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
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.
