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BFS

Saul Centers NYSE:BFS Stock Report

Last Price

US$48.09

Market Cap

US$1.6b

7D

-6.4%

1Y

3.5%

Updated

09 Aug, 2022

Data

Company Financials +
BFS fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance3/6
Financial Health2/6
Dividends6/6

BFS Stock Overview

Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties.

Saul Centers Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Saul Centers
Historical stock prices
Current Share PriceUS$48.09
52 Week HighUS$56.22
52 Week LowUS$41.73
Beta1.03
1 Month Change0.73%
3 Month Change3.40%
1 Year Change3.51%
3 Year Change-8.70%
5 Year Change-18.52%
Change since IPO140.45%

Recent News & Updates

Shareholder Returns

BFSUS REITsUS Market
7D-6.4%1.8%0.3%
1Y3.5%-5.0%-13.5%

Return vs Industry: BFS exceeded the US REITs industry which returned -6.7% over the past year.

Return vs Market: BFS exceeded the US Market which returned -13% over the past year.

Price Volatility

Is BFS's price volatile compared to industry and market?
BFS volatility
BFS Average Weekly Movement4.5%
REITs Industry Average Movement4.3%
Market Average Movement7.9%
10% most volatile stocks in US Market17.2%
10% least volatile stocks in US Market3.2%

Stable Share Price: BFS is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

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

About the Company

FoundedEmployeesCEOWebsite
1993118Bernard Saulhttps://www.saulcenters.com

Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.

Saul Centers Fundamentals Summary

How do Saul Centers's earnings and revenue compare to its market cap?
BFS fundamental statistics
Market CapUS$1.59b
Earnings (TTM)US$40.57m
Revenue (TTM)US$242.93m

28.3x

P/E Ratio

4.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BFS income statement (TTM)
RevenueUS$242.93m
Cost of RevenueUS$62.20m
Gross ProfitUS$180.73m
Other ExpensesUS$140.16m
EarningsUS$40.57m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.70
Gross Margin74.39%
Net Profit Margin16.70%
Debt/Equity Ratio219.8%

How did BFS perform over the long term?

See historical performance and comparison

Dividends

4.9%

Current Dividend Yield

61%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 BFS?

Other financial metrics that can be useful for relative valuation.

BFS 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/Revenue10.8x
Enterprise Value/EBITDA16.8x
PEG Ratio32.9x

Price to Earnings Ratio vs Peers

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

BFS PE Ratio vs Peers
The above table shows the PE ratio for BFS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average38.6x
AKR Acadia Realty Trust
50.8x-50.8%US$1.6b
IVT InvenTrust Properties
42.9x-105.4%US$1.9b
UE Urban Edge Properties
20.6x-2.0%US$2.0b
SKT Tanger Factory Outlet Centers
40.1x26.8%US$1.8b
BFS Saul Centers
28.3x0.9%US$1.6b

Price-To-Earnings vs Peers: BFS is good value based on its Price-To-Earnings Ratio (28.3x) compared to the peer average (38.6x).


Price to Earnings Ratio vs Industry

How does BFS's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: BFS is good value based on its Price-To-Earnings Ratio (28.3x) compared to the US REITs industry average (31.3x)


Price to Earnings Ratio vs Fair Ratio

What is BFS'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.

BFS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.3x
Fair PE Ratio29.7x

Price-To-Earnings vs Fair Ratio: BFS is good value based on its Price-To-Earnings Ratio (28.3x) compared to the estimated Fair Price-To-Earnings Ratio (29.7x).


Share Price vs Fair Value

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

Below Fair Value: BFS ($48.09) is trading below our estimate of fair value ($67.91)

Significantly Below Fair Value: BFS is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Saul Centers forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


0.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BFS's forecast earnings growth (0.9% per year) is below the savings rate (1.9%).

Earnings vs Market: BFS's earnings (0.9% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: BFS's earnings are forecast to grow, but not significantly.

Revenue vs Market: BFS's revenue (3% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: BFS's revenue (3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BFS's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Saul Centers performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-0.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BFS has high quality earnings.

Growing Profit Margin: BFS's current net profit margins (16.7%) are higher than last year (13.1%).


Past Earnings Growth Analysis

Earnings Trend: BFS's earnings have declined by 0.2% per year over the past 5 years.

Accelerating Growth: BFS's earnings growth over the past year (32.6%) exceeds its 5-year average (-0.2% per year).

Earnings vs Industry: BFS earnings growth over the past year (32.6%) underperformed the REITs industry 47.6%.


Return on Equity

High ROE: BFS's Return on Equity (12.7%) is considered low.


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Financial Health

How is Saul Centers's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BFS's short term assets ($66.7M) exceed its short term liabilities ($58.1M).

Long Term Liabilities: BFS's short term assets ($66.7M) do not cover its long term liabilities ($1.2B).


Debt to Equity History and Analysis

Debt Level: BFS's net debt to equity ratio (217.7%) is considered high.

Reducing Debt: BFS's debt to equity ratio has reduced from 251.1% to 219.8% over the past 5 years.

Debt Coverage: BFS's debt is not well covered by operating cash flow (10.1%).

Interest Coverage: BFS's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


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Dividend

What is Saul Centers's current dividend yield, its reliability and sustainability?

Dividend Score

6/6

Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.91%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BFS's dividend (4.91%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: BFS's dividend (4.91%) is in the top 25% of dividend payers in the US market (4.08%)


Stability and Growth of Payments

Stable Dividend: BFS's dividends per share have been stable in the past 10 years.

Growing Dividend: BFS's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (61%), BFS's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (65.2%), BFS's dividend payments are covered by cash flows.


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Management

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

8.3yrs

Average management tenure


CEO

Bernard Saul (89 yo)

29.17yrs

Tenure

US$248,465

Compensation

Mr. Bernard Francis Saul, II has been Chairman and Chief Executive Officer of Saul Centers Inc., since June 1993 and had been its President since October 1, 2019 until May 7, 2021. Mr. Saul has been the Pr...


CEO Compensation Analysis

Compensation vs Market: Bernard's total compensation ($USD248.47K) is below average for companies of similar size in the US market ($USD5.45M).

Compensation vs Earnings: Bernard's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: BFS's management team is seasoned and experienced (8.3 years average tenure).


Board Members

Experienced Board: BFS's board of directors are seasoned and experienced ( 10.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BFS insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.9%.


Top Shareholders

Company Information

Saul Centers, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Saul Centers, Inc.
  • Ticker: BFS
  • Exchange: NYSE
  • Founded: 1993
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.594b
  • Market Cap: US$1.148b
  • Shares outstanding: 32.68m
  • Website: https://www.saulcenters.com

Number of Employees


Location

  • Saul Centers, Inc.
  • 7501 Wisconsin Avenue
  • Suite 1500E
  • Bethesda
  • Maryland
  • 20814
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/09 00:00
End of Day Share Price2022/08/09 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.