BNL

Broadstone Net LeaseNYSE:BNL Stock Report

Market Cap

US$4.5b

7D

-1.2%

1Y

62.5%

Updated

16 Sep, 2021

Data

Company Financials +
BNL fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance1/6
Financial Health2/6
Dividends4/6

BNL Overview

BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

Price History & Performance

Summary of all time highs, changes and price drops for Broadstone Net Lease
Historical stock prices
Current Share PriceUS$26.49
52 Week HighUS$15.90
52 Week LowUS$28.00
Beta0
1 Month Change0.57%
3 Month Change6.60%
1 Year Change62.52%
3 Year Changen/a
5 Year Changen/a
Change since IPO62.52%

Recent News & Updates

Sep 02

Broadstone Net Lease: This Diversified Upstart Has Gotten Ahead Of Itself

BNL boasts unparalleled diversification in its net lease portfolio, with almost two-thirds of properties in industrial or healthcare. Though the REIT has relatively low exposure to investment grade tenants, its lease terms are attractive, especially the 2% average rent escalations. The main holdup is valuation. BNL's FFO multiple is substantially higher than its closest peers, and I doubt it deserves that much of a premium.

Shareholder Returns

BNLUS REITsUS Market
7D-1.2%-0.7%-0.6%
1Y62.5%30.8%33.7%

Return vs Industry: Insufficient data to determine how BNL performed against the US REITs industry.

Return vs Market: Insufficient data to determine how BNL performed against the US Market.

Price Volatility

Is BNL's price volatile compared to industry and market?
BNL volatility
BNL Beta0
Industry Beta0.82
Market Beta1

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

Volatility Over Time: BNL's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
200771Chris Czarneckihttps://www.broadstone.com

BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2020, BNL’s diversified portfolio consisted of 627 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.

Broadstone Net Lease Fundamentals Summary

How do Broadstone Net Lease's earnings and revenue compare to its market cap?
BNL fundamental statistics
Market CapUS$4.51b
Earnings (TTM)US$68.12m
Revenue (TTM)US$330.49m

66.2x

P/E Ratio

13.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BNL income statement (TTM)
RevenueUS$330.49m
Cost of RevenueUS$18.35m
Gross ProfitUS$312.14m
ExpensesUS$244.03m
EarningsUS$68.12m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.50
Gross Margin94.45%
Net Profit Margin20.61%
Debt/Equity Ratio56.4%

How did BNL perform over the long term?

See historical performance and comparison

Dividends

3.9%

Current Dividend Yield

46%

Payout Ratio

Does BNL pay a reliable dividends?

See BNL dividend history and benchmarks
When do you need to buy BNL by to receive an upcoming dividend?
Broadstone Net Lease dividend dates
Ex Dividend DateSep 29 2021
Dividend Pay DateOct 15 2021
Days until Ex dividend12 days
Days until Dividend pay date28 days

Does BNL pay a reliable dividends?

See BNL dividend history and benchmarks

Valuation

Is Broadstone Net Lease 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: BNL ($26.49) is trading below our estimate of fair value ($53.02)

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


Price To Earnings Ratio

PE vs Industry: BNL is poor value based on its PE Ratio (66.2x) compared to the US REITs industry average (47.4x).

PE vs Market: BNL is poor value based on its PE Ratio (66.2x) compared to the US market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: BNL is poor value based on its PEG Ratio (4.7x)


Price to Book Ratio

PB vs Industry: BNL is good value based on its PB Ratio (1.8x) compared to the US REITs industry average (1.9x).


Future Growth

How is Broadstone Net Lease forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

14.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BNL's forecast earnings growth (14.1% per year) is above the savings rate (2%).

Earnings vs Market: BNL's earnings (14.1% per year) are forecast to grow slower than the US market (14.8% per year).

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

Revenue vs Market: BNL's revenue (9.9% per year) is forecast to grow faster than the US market (9.5% per year).

High Growth Revenue: BNL's revenue (9.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BNL's Return on Equity is forecast to be low in 3 years time (4.3%).


Past Performance

How has Broadstone Net Lease performed over the past 5 years?

7.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BNL has a large one-off loss of $29.2M impacting its June 30 2021 financial results.

Growing Profit Margin: BNL's current net profit margins (20.6%) are lower than last year (23.6%).


Past Earnings Growth Analysis

Earnings Trend: BNL's earnings have grown by 7.7% per year over the past 5 years.

Accelerating Growth: BNL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BNL had negative earnings growth (-9.8%) over the past year, making it difficult to compare to the REITs industry average (3.9%).


Return on Equity

High ROE: BNL's Return on Equity (2.7%) is considered low.


Financial Health

How is Broadstone Net Lease's financial position?


Financial Position Analysis

Short Term Liabilities: BNL's short term assets ($234.5M) exceed its short term liabilities ($77.4M).

Long Term Liabilities: BNL's short term assets ($234.5M) do not cover its long term liabilities ($1.6B).


Debt to Equity History and Analysis

Debt Level: BNL's debt to equity ratio (56.4%) is considered high.

Reducing Debt: BNL's debt to equity ratio has reduced from 88.9% to 56.4% over the past 5 years.

Debt Coverage: BNL's debt is not well covered by operating cash flow (12.9%).

Interest Coverage: BNL's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


Dividend

What is Broadstone Net Lease current dividend yield, its reliability and sustainability?

3.85%

Current Dividend Yield


Upcoming Dividend Payment

TodaySep 16 2021Ex Dividend DateSep 29 2021Dividend Pay DateOct 15 202116 days from Ex DividendBuy in the next 12 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: BNL's dividend (3.85%) is higher than the bottom 25% of dividend payers in the US market (1.36%).

High Dividend: BNL's dividend (3.85%) is in the top 25% of dividend payers in the US market (3.6%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether BNL's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if BNL's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.8%), BNL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BNL's dividends in 3 years are forecast to be covered by earnings (65.3% payout ratio).


Next Steps

Management

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

3.1yrs

Average management tenure


CEO

Chris Czarnecki (40 yo)

4.58yrs

Tenure

US$3,384,782

Compensation

Mr. Christopher J. Czarnecki, also known as Chris, has been the Chief Executive Officer of Broadstone Net Lease, Inc. since February 2017 and has been its President since August 9, 2018 and has been its Di...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD3.38M) is below average for companies of similar size in the US market ($USD5.19M).

Compensation vs Earnings: Insufficient data to compare Chris's compensation with company performance.


Leadership Team

Experienced Management: BNL's management team is considered experienced (3.1 years average tenure).


Board Members

Experienced Board: BNL's board of directors are considered experienced (6.3 years average tenure).


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: BNL only recently listed within the past 12 months.


Top Shareholders

Company Information

Broadstone Net Lease, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Broadstone Net Lease, Inc.
  • Ticker: BNL
  • Exchange: NYSE
  • Founded: 2007
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: US$4.512b
  • Market Cap: US$4.235b
  • Shares outstanding: 170.34m
  • Website: https://www.broadstone.com

Number of Employees


Location

  • Broadstone Net Lease, Inc.
  • 800 Clinton Square
  • Rochester
  • New York
  • 14604
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/16 04:45
End of Day Share Price2021/09/15 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.