Balanced Commercial Property Trust Limited (BCPT)

Sector:

Property Investment Trusts

Index:

FTSE 250

85.20p
   
  • Change Today:
      1.90p
  • 52 Week High: 86.00p
  • 52 Week Low: 61.00p
  • Currency: UK Pounds
  • Shares Issued: 701.55m
  • Volume: 830,042
  • Market Cap: £597.72m
  • RiskGrade: 186

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 7.0% 5.4% 4.0% 3.4% 4.8%
           
Continuing Operations          
PE Ratio - Adjusted 14.2 18.4 5.3 n/a n/a
PE Ratio - Diluted n/a
14.3		 n/a
18.4		 5.3
5.3		 n/a
n/a		 n/a
n/a
PEG - Adjusted 2.4 n/a n/a n/a n/a
PEG - Diluted n/a
2.9		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin (26.00%)
77.90%		 (142.69%)
77.34%		 301.72%
301.72%		 (110.60%)
(110.60%)		 (16.57%)
(16.57%)
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 14.2 18.4 525.4 n/a n/a
PE Ratio - Diluted n/a
14.3		 n/a
18.4		 525.4
524.6		 n/a
n/a		 n/a
n/a
PEG - Adjusted 2.4 0.0 n/a n/a n/a
PEG - Diluted n/a
2.9		 n/a
0.0		 n/a
n/a		 n/a
n/a		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 31.78% 30.60% 16.76% 29.10% 26.99%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value 0.7 0.8 0.8 0.7 0.9
Price/Tangible Book Value 0.7 0.8 0.8 0.7 0.9
Price/ Cash Flow 15.3 19.2 23.5 16.4 24.9
Price/Revenue 8.57 10.87 1,465.66 9.80 14.35
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 109.76p 115.33p 129.32p 117.55p 130.94p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 59.35 58.68 0.56 65.27 64.38
EBITDA (15.43)
46.23		 (83.72)
45.38		 1.70
1.70		 (72.19)
(72.19)		 (10.67)
(10.67)
Depreciation n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Net Interest (10.57)
(10.57)		 (10.31)
(10.31)		 (0.11)
(0.11)		 (11.16)
(11.16)		 (10.87)
(10.87)
Profit Before Tax (26.00)
35.66		 (94.03)
35.07		 1.59
1.59		 (83.36)
(83.36)		 (21.54)
(21.54)
           
Revenue per Share 8.46p 8.14p 0.072p 8.17p 8.05p
Pre-Tax Profit per Share (3.71p)
5.08p		 (13.04p)
4.86p		 0.20p
0.20p		 (10.43p)
(10.43p)		 (2.69p)
(2.69p)
Market Capitalisation £ (Millions) 579.54 707.44 790.76 639.49 924.07
Enterprise Value (EV) £ (Millions) 794.73 1,015.69 1,099.40 947.80 1,232.32
EBITDA/EV (1.94%)
5.82%		 (8.24%)
4.47%		 0.15%
0.15%		 (7.62%)
(7.62%)		 (0.87%)
(0.87%)
Operating Margin (26.00%)
77.90%		 (142.69%)
77.34%		 301.72%
301.72%		 (110.60%)
(110.60%)		 (16.57%)
(16.57%)
Capital Employed £ (Millions) 1,056.50 1,140.74 1,326.16 1,247.95 1,355.06
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 770.04 831.47 1,017.52 939.64 1,046.69
           
Earnings per Share - Basic (3.70p)
5.07p		 (13.10p)
4.82p		 19.80p
19.83p		 (10.50p)
(10.54p)		 (2.80p)
(2.81p)
Earnings per Share - Diluted (3.70p)
5.07p		 (13.10p)
4.82p		 19.80p
19.83p		 (10.50p)
(10.54p)		 (2.80p)
(2.81p)
Earnings per Share - Adjusted 5.10p 4.80p 19.80p (10.50)p (2.80)p
Earnings per Share Growth - Basic n/a
5%		 n/a
-76%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Diluted n/a
5%		 n/a
-76%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Adjusted 6% -76% n/a n/a n/a
PE Ratio - Diluted n/a
14.3		 n/a
18.4		 5.3
5.3		 n/a
n/a		 n/a
n/a
PEG - Diluted n/a
2.9		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Tax Rate (0.27%) (0.37%) 0.84% (1.07%) (4.34%)
Dividend Cover 1.00
1.00		 1.00
1.00		 4.66
4.67		 (3.82)
(3.83)		 (0.51)
(0.51)
Interest Cover (1.06)
3.83		 (7.46)
4.15		 15.12
15.12		 (6.44)
(6.44)		 (0.97)
(0.97)
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (3.70p)
5.07p		 (13.10p)
4.82p		 0.20p
0.20p		 (10.50p)
(10.54p)		 (2.80p)
(2.81p)
Earnings per Share - Diluted (3.70p)
5.07p		 (13.10p)
4.82p		 0.20p
0.20p		 (10.50p)
(10.54p)		 (2.80p)
(2.81p)
Earnings per Share - Adjusted 5.10p 4.80p 0.20p (10.50p) (2.80p)
Earnings per Share Growth - Basic n/a
5%		 n/a
2,306%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Diluted n/a
5%		 n/a
2,306%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Adjusted 6% 2,302% n/a n/a n/a
PE Ratio - Diluted n/a
14.3		 n/a
18.4		 525.4
524.6		 n/a
n/a		 n/a
n/a
PEG - Diluted n/a
2.9		 n/a
0.0		 n/a
n/a		 n/a
n/a		 n/a
n/a
Dividend Cover 1.00
1.00		 1.00
1.00		 0.05
0.05		 (3.82)
(3.83)		 (0.51)
(0.51)
Return on Equity (ROE) (3.39%)
4.62%		 (11.35%)
4.18%		 0.15%
0.15%		 (8.97%)
(8.97%)		 (2.15%)
(2.15%)
Operating Cash Flow per Share 4.74p 4.61p 4.46p 4.86p 4.65p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (11.87p) (11.55p) 0.13p 1.13p 1.97p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 5.08p 4.80p 4.25p 2.75p 5.50p
Dividend per Share Growth 5.83% 12.94% 54.55% (50.00%) (8.33%)
Dividend Yield 7.0% 5.4% 4.0% 3.4% 4.8%
Shareholders Funds 770.04 831.47 1,017.52 939.64 1,046.69
Net Borrowings £ (Millions) 244.75 254.44 170.56 273.41 282.47
Net Asset Value per Share (inc. Intangibles) 109.76p 115.33p 129.32p 117.55p 130.94p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 770.04 831.47 1,017.52 939.64 1,046.69
Net Borrowings £ (Millions) 244.75 254.44 170.56 273.41 282.47
Net Gearing 31.78% 30.60% 16.76% 29.10% 26.99%
Cash & Near Cash 41.72 54.84 138.08 34.90 25.89
Cash 5.42% 6.60% 13.57% 3.71% 2.47%
Gross Borrowings 286.47 309.28 308.64 308.30 308.37
Gross Gearing 37.20% 37.20% 30.33% 32.81% 29.46%
Borrowings Under 5 years 286.47 309.28 308.64 308.30 308.37
Under 5 years 37.20% 37.20% 30.33% 32.81% 29.46%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 770.04 831.47 1,017.52 939.64 1,046.69
Net Borrowings £ (Millions) 244.75 254.44 170.56 273.41 282.47
Net Gearing 31.78% 30.60% 16.76% 29.10% 26.99%
Cash & Near Cash 41.72 54.84 138.08 34.90 25.89
Cash 5.42% 6.60% 13.57% 3.71% 2.47%
Gross Borrowings 286.47 309.28 308.64 308.30 308.37
Gross Gearing 37.20% 37.20% 30.33% 32.81% 29.46%
Borrowings Under 5 years 286.47 309.28 308.64 308.30 308.37
Under 5 years 37.20% 37.20% 30.33% 32.81% 29.46%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 0.45 0.97 7.90 2.06 2.26

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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