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BLND

British LandLSE:BLND Stock Report

Market Cap

UK£4.6b

7D

-1.8%

1Y

55.7%

Updated

24 Sep, 2021

Data

Company Financials +
BLND fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance0/6
Financial Health0/6
Dividends3/6

BLND Overview

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK.

British Land Competitors

Price History & Performance

Summary of all time highs, changes and price drops for British Land
Historical stock prices
Current Share PriceUK£5.01
52 Week HighUK£3.16
52 Week LowUK£5.51
Beta1.54
1 Month Change-5.22%
3 Month Change-3.39%
1 Year Change55.65%
3 Year Change-18.74%
5 Year Change-20.76%
Change since IPO98.89%

Recent News & Updates

Shareholder Returns

BLNDGB REITsGB Market
7D-1.8%0.3%0.4%
1Y55.7%37.4%24.5%

Return vs Industry: BLND exceeded the UK REITs industry which returned 37.4% over the past year.

Return vs Market: BLND exceeded the UK Market which returned 24.5% over the past year.

Price Volatility

Is BLND's price volatile compared to industry and market?
BLND volatility
BLND Beta1.54
Industry Beta0.84
Market Beta1

Stable Share Price: BLND is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BLND's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1856613Simon Carterhttps://www.britishland.com

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 £13.7bn (British Land share: £10.3bn) as at 30 September 2020 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.

British Land Fundamentals Summary

How do British Land's earnings and revenue compare to its market cap?
BLND fundamental statistics
Market CapUK£4.64b
Earnings (TTM)-UK£1.03b
Revenue (TTM)UK£521.00m

8.9x

P/S Ratio

-4.5x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BLND income statement (TTM)
RevenueUK£521.00m
Cost of RevenueUK£180.00m
Gross ProfitUK£341.00m
ExpensesUK£1.37b
Earnings-UK£1.03b

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

Nov 17, 2021

Earnings per share (EPS)-1.11
Gross Margin65.45%
Net Profit Margin-197.89%
Debt/Equity Ratio42.4%

How did BLND perform over the long term?

See historical performance and comparison

Dividends

2.6%

Current Dividend Yield

51%

Payout Ratio

Valuation

Is British Land undervalued compared to its fair value and its price relative to the market?

9.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BLND (£5.01) is trading below our estimate of fair value (£5.56)

Significantly Below Fair Value: BLND is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BLND is unprofitable, so we can't compare its PE Ratio to the UK 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 (0.8x) compared to the GB REITs industry average (0.9x).


Future Growth

How is British Land forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

79.6%

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 (0.9%).

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 is expected to decline over the next 3 years (-1.3% per year).

High Growth Revenue: BLND's revenue is forecast to decline over the next 3 years (-1.3% 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 (3.8%).


Past Performance

How has British Land performed over the past 5 years?

-71.2%

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 71.2% 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 (46.5%).


Return on Equity

High ROE: BLND has a negative Return on Equity (-18.1%), as it is currently unprofitable.


Financial Health

How is British Land's financial position?


Financial Position Analysis

Short Term Liabilities: BLND's short term assets (£236.0M) do not cover its short term liabilities (£387.0M).

Long Term Liabilities: BLND's short term assets (£236.0M) do not cover its long term liabilities (£2.5B).


Debt to Equity History and Analysis

Debt Level: BLND's debt to equity ratio (42.4%) is considered high.

Reducing Debt: BLND's debt to equity ratio has increased from 40.5% to 42.4% over the past 5 years.

Debt Coverage: BLND's debt is not well covered by operating cash flow (5.9%).

Interest Coverage: BLND's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet


Dividend

What is British Land current dividend yield, its reliability and sustainability?

2.65%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BLND's dividend (2.65%) is higher than the bottom 25% of dividend payers in the UK market (1.35%).

High Dividend: BLND's dividend (2.65%) is low compared to the top 25% of dividend payers in the UK market (3.91%).


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 fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51%), 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 (85% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.7yrs

Average management tenure


CEO

Simon Carter (45 yo)

0.83

Tenure

UK£1,149,000

Compensation

Mr. Simon Carter, MA, ACA, had been Chief Financial Officer of British Land Company Plc from May 21, 2018 to November 18, 2020 and serves its Director since May 2018. He serves as Chief Executive Officer o...


CEO Compensation Analysis

Compensation vs Market: Simon's total compensation ($USD1.57M) is about average for companies of similar size in the UK market ($USD2.10M).

Compensation vs Earnings: Simon's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: BLND's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: BLND's board of directors are not considered experienced ( 2.8 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: BLND 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 employee growth, exchange listings and data sources


Key Information

  • Name: British Land Company Plc
  • Ticker: BLND
  • Exchange: LSE
  • Founded: 1856
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: UK£4.645b
  • Shares outstanding: 926.72m
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/24 22:53
End of Day Share Price2021/09/24 00:00
Earnings2021/03/31
Annual Earnings2021/03/31


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.