BRITISH LAND COMPANY PLC |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 392.8 GBX | +1.13% |
|
+3.31% | -1.70% |
| 12/04 | JPMorgan raises Taylor Wimpey, Persimmon | AN |
| 28/03 | UK landlords bet on green offices as hybrid work makes tenants picky | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,591 | 3,115 | 4,678 | 4,916 | 3,595 | 3,643 | - | - |
| Enterprise Value (EV) 1 | 8,356 | 6,424 | 6,927 | 8,374 | 6,816 | 6,809 | 6,910 | 7,099 |
| P/E ratio | -19.6 x | -3.06 x | -4.54 x | 5.15 x | -3.46 x | -13.8 x | 12.2 x | 6.61 x |
| Yield | 5.26% | 4.75% | 2.98% | 4.13% | 5.84% | 5.72% | 5.7% | 6.02% |
| Capitalization / Revenue | 9.71 x | 5.56 x | 9.21 x | 10 x | 7.29 x | 7.47 x | 7.41 x | 6.92 x |
| EV / Revenue | 14.5 x | 11.5 x | 13.6 x | 17.1 x | 13.8 x | 14 x | 14.1 x | 13.5 x |
| EV / EBITDA | 18.1 x | 15.4 x | 22.8 x | 23.7 x | 20.5 x | 18.8 x | 18.8 x | 18.6 x |
| EV / FCF | 21.2 x | 55.4 x | -301 x | -598 x | 220 x | 139 x | 31 x | - |
| FCF Yield | 4.73% | 1.81% | -0.33% | -0.17% | 0.45% | 0.72% | 3.23% | - |
| Price to Book | 0.67 x | 0.44 x | 0.79 x | 0.74 x | 0.66 x | 0.75 x | 0.73 x | 0.66 x |
| Nbr of stocks (in thousands) | 9,49,315 | 9,26,664 | 9,26,708 | 9,26,843 | 9,27,061 | 9,27,503 | - | - |
| Reference price 2 | 5.890 | 3.362 | 5.048 | 5.304 | 3.878 | 3.928 | 3.928 | 3.928 |
| Announcement Date | 15/05/19 | 27/05/20 | 26/05/21 | 18/05/22 | 17/05/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 576 | 560 | 508 | 490 | 493 | 487.6 | 491.7 | 526.2 |
| EBITDA 1 | 461 | 417 | 304 | 353 | 332 | 362.7 | 367.1 | 382.1 |
| EBIT 1 | 461 | 417 | 304 | 353 | 325 | 367.6 | 360.2 | 391.7 |
| Operating Margin | 80.03% | 74.46% | 59.84% | 72.04% | 65.92% | 75.38% | 73.27% | 74.44% |
| Earnings before Tax (EBT) | -319 | -1,116 | -1,053 | 958 | -1,034 | - | - | - |
| Net income 1 | -291 | -1,027 | -1,031 | 958 | -1,038 | -324.6 | 384.7 | 550.2 |
| Net margin | -50.52% | -183.39% | -202.95% | 195.51% | -210.55% | -66.57% | 78.24% | 104.55% |
| EPS 2 | -0.3000 | -1.100 | -1.112 | 1.030 | -1.120 | -0.2839 | 0.3216 | 0.5944 |
| Free Cash Flow 1 | 395 | 116 | -23 | -14 | 31 | 49 | 223 | - |
| FCF margin | 68.58% | 20.71% | -4.53% | -2.86% | 6.29% | 10.05% | 45.36% | - |
| FCF Conversion (EBITDA) | 85.68% | 27.82% | - | - | 9.34% | 13.51% | 60.74% | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | 57.97% | - |
| Dividend per Share 2 | 0.3100 | 0.1597 | 0.1504 | 0.2192 | 0.2264 | 0.2245 | 0.2237 | 0.2365 |
| Announcement Date | 15/05/19 | 27/05/20 | 26/05/21 | 18/05/22 | 17/05/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S1 | 2020 S2 | 2021 S1 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 275 | 285 | - | - | - | - | - | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 194 | - | - | - | 182 | 168 | 157 | 163 | 136.7 | 143.5 | 147.5 |
| Operating Margin | 70.55% | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | -757 | - | - | - | - | - | - | - | - |
| Net income | -404 | - | -730 | - | - | - | - | - | - | - | - |
| Net margin | -146.91% | - | - | - | - | - | - | - | - | - | - |
| EPS | - | - | -0.7870 | - | - | - | - | - | - | - | - |
| Dividend per Share | 0.1597 | - | 0.0840 | 0.1032 | - | 0.1160 | - | 0.1216 | - | - | - |
| Announcement Date | 13/11/19 | 27/05/20 | 18/11/20 | 17/11/21 | 18/05/22 | 16/11/22 | 17/05/23 | 13/11/23 | - | - | - |
1GBP in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,765 | 3,309 | 2,249 | 3,458 | 3,221 | 3,166 | 3,267 | 3,456 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.998 x | 7.935 x | 7.398 x | 9.796 x | 9.702 x | 8.729 x | 8.899 x | 9.046 x |
| Free Cash Flow 1 | 395 | 116 | -23 | -14 | 31 | 49 | 223 | - |
| ROE (net income / shareholders' equity) | 3.84% | 3.95% | 2.7% | 4.03% | 4.29% | 4.95% | 5.08% | 5.44% |
| ROA (Net income/ Total Assets) | 2.67% | 2.6% | -10.2% | 2.72% | 2.89% | 2.55% | 2.72% | - |
| Assets 1 | -10,885 | -39,439 | 10,060 | 35,159 | -35,916 | -12,755 | 14,159 | - |
| Book Value Per Share 2 | 8.730 | 7.590 | 6.390 | 7.160 | 5.870 | 5.260 | 5.410 | 5.910 |
| Cash Flow per Share 2 | 0.6300 | 0.4000 | 0.1600 | 0.2600 | 0.2600 | 0.3500 | 0.2800 | 0.2900 |
| Capex 1 | 218 | 259 | 172 | 259 | 209 | 298 | 259 | 367 |
| Capex / Sales | 37.85% | 46.25% | 33.86% | 52.86% | 42.39% | 61.05% | 52.64% | 69.79% |
| Announcement Date | 15/05/19 | 27/05/20 | 26/05/21 | 18/05/22 | 17/05/23 | - | - | - |
1GBP in Million2GBP
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
3.928
GBP
Average target price
4.196
GBP
Spread / Average Target
+6.83%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -1.70% | 4.54B | |
| -15.09% | 12.04B | |
| -7.21% | 5.46B | |
| -1.91% | 5.28B | |
| -11.21% | 5.15B | |
| +0.51% | 4.5B | |
| -9.21% | 4.49B | |
| +3.97% | 3.86B | |
| -15.40% | 3.1B | |
| +5.97% | 3.01B |
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- Financials British Land Company PLC
