OTCPK:BTLC.Y

Stock Analysis Report

Executive Summary

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


Snowflake Analysis

Average dividend payer with moderate growth potential.


Similar Companies

Share Price & News

How has British Land's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BTLC.Y has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

8.1%

BTLC.Y

0.4%

US REITs

0.3%

US Market


1 Year Return

13.6%

BTLC.Y

12.5%

US REITs

18.5%

US Market

Return vs Industry: BTLC.Y exceeded the US REITs industry which returned 12.5% over the past year.

Return vs Market: BTLC.Y underperformed the US Market which returned 18.5% over the past year.


Shareholder returns

BTLC.YIndustryMarket
7 Day8.1%0.4%0.3%
30 Day8.1%1.5%1.5%
90 Day25.3%0.4%5.7%
1 Year18.3%13.6%17.3%12.5%21.1%18.5%
3 Year12.7%1.3%34.9%18.1%45.9%36.4%
5 Year-18.2%-30.4%56.8%24.4%71.4%52.5%

Price Volatility Vs. Market

How volatile is British Land's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

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

0.72x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: BTLC.Y ($8.05) is trading above our estimate of fair value ($7.83)

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


Price To Earnings Ratio

PE vs Industry: BTLC.Y is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: BTLC.Y is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BTLC.Y's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BTLC.Y is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is British Land forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

65.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BTLC.Y is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).

Earnings vs Market: BTLC.Y is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BTLC.Y's is expected to become profitable in the next 3 years.

Revenue vs Market: BTLC.Y's revenue is expected to decline over the next 3 years (-0.4% per year).

High Growth Revenue: BTLC.Y's revenue is forecast to decline over the next 3 years (-0.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has British Land performed over the past 5 years?

-56.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BTLC.Y is currently unprofitable.

Growing Profit Margin: BTLC.Y is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BTLC.Y is unprofitable, and losses have increased over the past 5 years at a rate of -56.9% per year.

Accelerating Growth: Unable to compare BTLC.Y's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BTLC.Y is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (8.3%).


Return on Equity

High ROE: BTLC.Y has a negative Return on Equity (-8.78%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is British Land's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BTLC.Y has a high level of physical assets or inventory.

Debt Coverage by Assets: BTLC.Y's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: BTLC.Y's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BTLC.Y has a sufficient allowance for bad loans.

Low Risk Liabilities: BTLC.Y reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BTLC.Y has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BTLC.Y has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BTLC.Y has an appropriate level of bad loans.


Next Steps

Dividend

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

5.26%

Current Dividend Yield


Dividend Yield vs Market

company5.3%marketbottom25%1.4%markettop25%3.7%industryaverage3.7%forecastin3Years5.4%

Current dividend yield vs market & industry

Notable Dividend: BTLC.Y's dividend (5.26%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: BTLC.Y's dividend (5.26%) is in the top 25% of dividend payers in the US market (3.7%)


Stability and Growth of Payments

Stable Dividend: BTLC.Y's dividend payments have been volatile in the past 10 years.

Growing Dividend: BTLC.Y's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59.2%), BTLC.Y's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BTLC.Y's dividends in 3 years are forecast to be covered by earnings (97.1% payout ratio).


Next Steps

Management

What is the CEO of British Land's salary, the management and board of directors tenure and is there insider trading?

3.9yrs

Average management tenure


CEO

Chris Grigg (60yo)

10.9yrs

Tenure

UK£1,977,000

Compensation

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  ...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD2.59M) is below average for companies of similar size in the US market ($USD6.81M).

Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.9yrs

Average Tenure

57.5yo

Average Age

Experienced Management: BTLC.Y's management team is considered experienced (3.9 years average tenure).


Board Age and Tenure

2.3yrs

Average Tenure

56yo

Average Age

Experienced Board: BTLC.Y's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Nigel Webb (55yo)

    Head of Developments

    • Tenure: 16.4yrs
  • Paul Burgess (62yo)

    Head of London Leasing

    • Tenure: 0yrs
  • Chris Grigg (60yo)

    CEO & Executive Director

    • Tenure: 10.9yrs
    • Compensation: UK£1.98m
  • Simon Carter (43yo)

    CFO & Director

    • Tenure: 1.6yrs
    • Compensation: UK£1.39m
  • Joff Sharpe

    Head of Operations

    • Tenure: 5.2yrs
  • Sally Jones

    Head of Strategy & Investments

    • Tenure: 3.6yrs
  • Cressida Curtis

    Head of Corporate Affairs & Sustainability

    • Tenure: 0yrs
  • Brona McKeown

    General Counsel & Company Secretary

    • Tenure: 1.9yrs
  • Ann Henshaw

    Human Resources Director

    • Tenure: 3.9yrs
  • David Walker

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • William Jackson (55yo)

    Senior Independent Director

    • Tenure: 2.4yrs
    • Compensation: UK£105.00k
  • Tim Score (58yo)

    Independent Chairman of the Board

    • Tenure: 0.4yrs
    • Compensation: UK£95.00k
  • Becky Worthington (48yo)

    Independent Non-Executive Director

    • Tenure: 1.9yrs
    • Compensation: UK£74.00k
  • Preben Prebensen (62yo)

    Non-Executive Director

    • Tenure: 2.3yrs
    • Compensation: UK£71.00k
  • Alastair Hughes (54yo)

    Non-Executive Director

    • Tenure: 1.9yrs
    • Compensation: UK£73.00k
  • Chris Grigg (60yo)

    CEO & Executive Director

    • Tenure: 10.9yrs
    • Compensation: UK£1.98m
  • Simon Carter (43yo)

    CFO & Director

    • Tenure: 1.6yrs
    • Compensation: UK£1.39m
  • Laura Wade-Gery (54yo)

    Non-Executive Director

    • Tenure: 4.6yrs
    • Compensation: UK£72.00k
  • Nick MacPherson (60yo)

    Non-Executive Director

    • Tenure: 3yrs
    • Compensation: UK£71.00k
  • Lynn Gladden (57yo)

    Non-Executive Director

    • Tenure: 4.8yrs
    • Compensation: UK£71.00k

Company Information

British Land Company Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: British Land Company Plc
  • Ticker: BTLC.Y
  • Exchange: OTCPK
  • Founded: 1856
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: UK£5.426b
  • Listing Market Cap: UK£7.109b
  • Shares outstanding: 926.62m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BRLA.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
BLDDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
BLNDLSE (London Stock Exchange)YesOrdinary SharesGBGBPJan 1992
BLNDLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPJan 1992
BLND NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992
BTLC.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDOct 2003
BLDADB (Deutsche Boerse AG)SPONSORED ADRDEEUROct 2003

Biography

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 £15.4bn (British Land share: £11.7bn) as at 30 September 2 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/08 23:53
End of Day Share Price2019/12/06 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


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.