We’ve recently updated our valuation analysis.

British Land Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

BLND key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.2x
Enterprise Value/EBITDA16.9x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BLND vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.1x
LAND Land Securities Group
13x62.8%UK£5.3b
UKCM UK Commercial Property REIT
2.3xn/aUK£775.7m
LXI LXI REIT
34.1x74.1%UK£2.0b
BCPT Balanced Commercial Property Trust
3.1xn/aUK£580.2m
BLND British Land
7.4x20.9%UK£4.1b

Price-To-Earnings vs Peers: BLND is good value based on its Price-To-Earnings Ratio (7.4x) compared to the peer average (13.1x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a20.1%
n/an/an/a

Price-To-Earnings vs Industry: BLND is expensive based on its Price-To-Earnings Ratio (7.4x) compared to the UK REITs industry average (6.9x)


Price to Earnings Ratio vs Fair Ratio

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

BLND PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.4x
Fair PE Ratio12x

Price-To-Earnings vs Fair Ratio: BLND is good value based on its Price-To-Earnings Ratio (7.4x) compared to the estimated Fair Price-To-Earnings Ratio (12x).


Share Price vs Fair Value

What is the Fair Price of BLND when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BLND (£4.42) is trading above our estimate of fair value (£4.01)

Significantly Below Fair Value: BLND is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BLND forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£4.42
UK£4.40
-0.5%
11.8%UK£5.30UK£3.55n/a16
Jan ’24UK£3.95
UK£4.35
+10.0%
13.3%UK£5.50UK£3.45n/a16
Dec ’23UK£3.97
UK£4.49
+13.2%
15.5%UK£5.65UK£3.45n/a17
Nov ’23UK£3.73
UK£4.58
+22.8%
18.6%UK£5.65UK£3.20n/a17
Oct ’23UK£3.51
UK£4.85
+38.2%
15.5%UK£6.15UK£3.50n/a17
Sep ’23UK£4.06
UK£5.38
+32.4%
15.7%UK£7.00UK£3.75n/a17
Aug ’23UK£4.86
UK£5.48
+12.7%
15.1%UK£7.00UK£3.75n/a17
Jul ’23UK£4.42
UK£5.64
+27.5%
13.2%UK£7.10UK£4.40n/a17
Jun ’23UK£5.21
UK£5.68
+8.9%
12.9%UK£7.10UK£4.70n/a17
May ’23UK£5.18
UK£5.74
+10.8%
13.4%UK£7.10UK£4.55n/a17
Apr ’23UK£5.25
UK£5.70
+8.5%
12.7%UK£6.60UK£4.55n/a17
Mar ’23UK£5.12
UK£5.80
+13.3%
12.6%UK£6.90UK£4.55n/a17
Feb ’23UK£5.45
UK£5.71
+4.8%
14.1%UK£6.90UK£4.07n/a18
Jan ’23UK£5.31
UK£5.55
+4.5%
13.7%UK£6.90UK£4.07UK£3.9518
Dec ’22UK£5.18
UK£5.45
+5.3%
13.0%UK£6.90UK£4.07UK£3.9717
Nov ’22UK£4.95
UK£5.23
+5.6%
12.6%UK£6.70UK£3.99UK£3.7317
Oct ’22UK£4.94
UK£5.23
+5.9%
12.9%UK£6.60UK£3.80UK£3.5117
Sep ’22UK£5.42
UK£5.06
-6.6%
17.2%UK£6.60UK£2.85UK£4.0617
Aug ’22UK£5.11
UK£4.97
-2.7%
17.0%UK£6.60UK£2.85UK£4.8617
Jul ’22UK£5.06
UK£4.97
-1.7%
17.6%UK£6.60UK£2.85UK£4.4217
Jun ’22UK£5.13
UK£4.89
-4.7%
17.3%UK£6.66UK£2.85UK£5.2119
May ’22UK£5.18
UK£4.79
-7.5%
18.8%UK£6.66UK£2.85UK£5.1819
Apr ’22UK£5.10
UK£4.70
-7.7%
16.9%UK£6.05UK£2.85UK£5.2519
Mar ’22UK£5.01
UK£4.65
-7.1%
17.7%UK£6.05UK£2.85UK£5.1219
Feb ’22UK£4.40
UK£4.50
+2.2%
18.3%UK£5.95UK£2.85UK£5.4519
Jan ’22UK£4.89
UK£4.37
-10.7%
19.2%UK£5.95UK£2.85UK£5.3119

Analyst Forecast: Target price is lower than the current share price.


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