British Land Company (BLND)

Sector:

Property Investment Trusts

Index:

FTSE 250

396.60p
   
  • Change Today:
    -2.00p
  • 52 Week High: 418.60p
  • 52 Week Low: 291.80p
  • Currency: UK Pounds
  • Shares Issued: 927.51m
  • Volume: 164,716
  • Market Cap: £3,678.51m
  • RiskGrade: 188

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 5.8% 4.1% 3.0% 4.7% 5.3%
           
Continuing Operations          
PE Ratio - Adjusted 13.7 19.6 n/a n/a 16.9
PE Ratio - Diluted n/a
n/a		 5.1
12.5		 n/a
29.6		 n/a
n/a		 n/a
n/a
PEG - Adjusted 2.7 n/a n/a n/a n/a
PEG - Diluted n/a
n/a		 n/a
0.1		 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 (142.34%)
48.56%		 232.52%
108.50%		 (138.03%)
45.73%		 (164.60%)
(164.60%)		 (22.79%)
51.66%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 13.7 19.6 n/a n/a 16.9
PE Ratio - Diluted n/a
n/a		 5.1
12.5		 n/a
2,934.1		 n/a
n/a		 n/a
15.1
PEG - Adjusted 2.7 n/a n/a n/a n/a
PEG - Diluted n/a
n/a		 n/a
0.0		 n/a
n/a		 n/a
n/a		 n/a
3.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing 38.86% 37.09% 38.07% 47.04% 32.90%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 0.7 0.7 0.8 0.4 0.7
Price/Tangible Book Value 0.7 0.7 0.8 0.4 0.7
Price/ Cash Flow 15.0 20.1 31.4 8.4 9.3
Price/Revenue 8.60 11.93 990.58 5.12 6.33
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 596.01p 730.10p 645.41p 765.20p 894.85p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 418.00 412.00 4.72 613.00 904.00
EBITDA (588.00)
210.00		 967.00
456.00		 (6.52)
2.16		 (1,009.00)
(1,009.00)		 (206.00)
467.00
Depreciation (7.00)
(7.00)		 (9.00)
(9.00)		 n/a
n/a		 n/a
n/a		 n/a
n/a
Net Interest 28.00
(60.00)		 5.00
(55.00)		 (0.50)
(0.50)		 (107.00)
(107.00)		 (113.00)
(113.00)
Profit Before Tax (1,034.00)
(324.00)		 963.00
392.00		 (10.63)
2.19		 (1,116.00)
(1,116.00)		 (319.00)
(266.00)
           
Revenue per Share 45.09p 44.44p 0.51p 65.63p 93.10p
Pre-Tax Profit per Share (111.54p)
(34.95p)		 103.88p
42.29p		 (1.15p)
0.24p		 (119.49p)
(119.49p)		 (32.85p)
(27.39p)
Market Capitalisation £ (Millions) 3,638.86 4,975.73 4,734.93 3,153.35 5,657.87
Enterprise Value (EV) £ (Millions) 5,881.86 7,570.73 7,117.93 6,635.35 8,977.87
EBITDA/EV (10.00%)
3.57%		 12.77%
6.02%		 (0.09%)
0.03%		 (15.21%)
(15.21%)		 (2.29%)
5.20%
Operating Margin (142.34%)
48.56%		 232.52%
108.50%		 (138.03%)
45.73%		 (164.60%)
(164.60%)		 (22.79%)
51.66%
Capital Employed £ (Millions) 7,796.00 9,384.00 8,392.00 10,650.00 11,720.00
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) 5,516.00 6,753.00 5,924.00 7,036.00 8,478.00
           
Earnings per Share - Basic (112.00p)
(34.95p)		 103.80p
42.50p		 (111.20p)
17.04p		 (110.00p)
(109.96p)		 (30.00p)
(28.84p)
Earnings per Share - Diluted (112.00p)
(34.84p)		 103.50p
42.37p		 (111.20p)
17.04p		 (110.00p)
(109.96p)		 (30.00p)
(28.75p)
Earnings per Share - Adjusted 28.30p 27.00p (111.20)p (110.00)p 34.90p
Earnings per Share Growth - Basic n/a
n/a		 n/a
149%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Diluted n/a
n/a		 n/a
149%		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Adjusted 5% n/a n/a n/a -7%
PE Ratio - Diluted n/a
n/a		 5.1
12.5		 n/a
29.6		 n/a
n/a		 n/a
n/a
PEG - Diluted n/a
n/a		 n/a
0.1		 n/a
n/a		 n/a
n/a		 n/a
n/a
Tax Rate (0.88%) (0.21%) (4.31%) 0.18% (0.31%)
Dividend Cover 1.25
(1.54)		 1.23
1.94		 (7.39)
1.13		 (6.89)
(6.89)		 1.13
(0.93)
Interest Cover (15.68)
(4.23)		 16.53
8.13		 (15.20)
4.34		 (9.33)
(9.33)		 (1.82)
(1.35)
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (112.00p)
(34.95p)		 103.80p
42.50p		 (1.12p)
0.17p		 (110.00p)
(109.96p)		 (30.00p)
39.24p
Earnings per Share - Diluted (112.00p)
(34.84p)		 103.50p
42.37p		 (1.12p)
0.17p		 (110.00p)
(109.96p)		 (30.00p)
39.12p
Earnings per Share - Adjusted 28.30p 27.00p (1.12p) (110.00p) 34.90p
Earnings per Share Growth - Basic n/a
n/a		 n/a
24,604%		 n/a
n/a		 n/a
n/a		 n/a
5%
Earnings per Share Growth - Diluted n/a
n/a		 n/a
24,525%		 n/a
n/a		 n/a
n/a		 n/a
5%
Earnings per Share Growth - Adjusted 5% n/a n/a n/a -7%
PE Ratio - Diluted n/a
n/a		 5.1
12.5		 n/a
2,934.1		 n/a
n/a		 n/a
15.1
PEG - Diluted n/a
n/a		 n/a
0.0		 n/a
n/a		 n/a
n/a		 n/a
3.0
Dividend Cover 1.25
(1.54)		 1.23
1.94		 (0.07)
0.01		 (6.89)
(6.89)		 1.13
1.27
Return on Equity (ROE) (18.82%)
(5.87%)		 14.26%
5.83%		 (0.18%)
0.03%		 (14.60%)
(14.60%)		 (3.43%)
4.49%
Operating Cash Flow per Share 25.89p 26.43p 16.07p 40.15p 63.13p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 1.51p (8.63p) (0.042p) (5.25p) 14.11p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 22.64p 21.92p 15.04p 15.96p 31.00p
Dividend per Share Growth 3.28% 45.74% (5.79%) (48.50%) 3.06%
Dividend Yield 5.8% 4.1% 3.0% 4.7% 5.3%
Shareholders Funds 5,512.00 6,753.00 5,924.00 7,035.00 8,478.00
Net Borrowings £ (Millions) 2,142.00 2,505.00 2,255.00 3,309.00 3,078.00
Net Asset Value per Share (inc. Intangibles) 594.61p 728.48p 639.05p 753.21p 873.12p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 5,512.00 6,753.00 5,924.00 7,035.00 8,478.00
Net Borrowings £ (Millions) 2,142.00 2,505.00 2,255.00 3,309.00 3,078.00
Net Gearing 38.86% 37.09% 38.07% 47.04% 32.90%
Cash & Near Cash 125.00 111.00 154.00 193.00 242.00
Cash 2.27% 1.64% 2.60% 2.74% 2.85%
Gross Borrowings 2,267.00 2,616.00 2,409.00 3,502.00 3,320.00
Gross Gearing 41.13% 38.74% 40.67% 49.78% 35.75%
Borrowings Under 5 years 2,267.00 2,616.00 2,409.00 3,502.00 3,320.00
Under 5 years 41.13% 38.74% 40.67% 49.78% 39.16%
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-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 5,512.00 6,753.00 5,924.00 7,035.00 8,478.00
Net Borrowings £ (Millions) 2,142.00 2,505.00 2,255.00 3,309.00 3,078.00
Net Gearing 38.86% 37.09% 38.07% 47.04% 32.90%
Cash & Near Cash 125.00 111.00 154.00 193.00 242.00
Cash 2.27% 1.64% 2.60% 2.74% 2.85%
Gross Borrowings 2,267.00 2,616.00 2,409.00 3,502.00 3,320.00
Gross Gearing 41.13% 38.74% 40.67% 49.78% 35.75%
Borrowings Under 5 years 2,267.00 2,616.00 2,409.00 3,502.00 3,320.00
Under 5 years 41.13% 38.74% 40.67% 49.78% 39.16%
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-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio n/a n/a n/a n/a 0.43
Current Ratio 0.27 0.41 0.61 0.30 0.55
Interest Cover (15.68)
(4.23)		 16.53
8.13		 (15.20)
4.34		 (9.33)
(9.33)		 (1.82)
(1.35)

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.

 

Top of Page