Projected Income Statement: The British Land Company PLC

Forecast Balance Sheet: The British Land Company PLC

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 3,458 3,221 3,261 3,637 2,820 3,858 3,908 3,848
Change - -6.85% 1.24% 11.53% -22.46% 36.81% 1.3% -1.54%
Announcement Date 18/05/22 17/05/23 22/05/24 22/05/25 20/05/26 - - -
1GBP in Million
Estimates

Cash Flow Forecast: The British Land Company PLC

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 259 209 312 216 124 183.7 189.7 112.9
Change - -19.31% 49.28% -30.77% -42.59% 48.12% 3.27% -40.48%
Free Cash Flow (FCF) 1 -14 31 97 54 185 160.3 153.7 124
Change - 321.43% 212.9% -44.33% 242.59% -13.33% -4.16% -19.31%
Announcement Date 18/05/22 17/05/23 22/05/24 22/05/25 20/05/26 - - -
1GBP in Million
Estimates

Forecast Financial Ratios: The British Land Company PLC

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 72.04% 67.34% 69.75% 71.69% 70.05% 78.26% 79.21% 80.01%
EBIT Margin (%) 72.04% 65.92% 68.07% 70.04% 69.15% 78.06% 76.57% 76.73%
EBT Margin (%) 195.51% -209.74% 3.15% 70.66% 81.67% 81.18% 85.12% 79%
Net margin (%) 195.51% -210.55% -0.21% 69.83% 82.4% 89.79% 97.29% 96.15%
FCF margin (%) -2.86% 6.29% 20.38% 11.16% 33.58% 27.11% 24.35% 18.46%
FCF / Net Income (%) -1.46% -2.99% -9,700% 15.98% 40.75% 30.19% 25.03% 19.2%

Profitability

        
ROA 2.72% 2.89% -0.01% 4.01% 3.18% 3.86% 3.95% 4.53%
ROE 4.03% 4.29% 7.12% 6.14% 4.98% 5.13% 5.18% 5.04%

Financial Health

        
Leverage (Debt/EBITDA) 9.8x 9.7x 9.82x 10.48x 7.31x 8.33x 7.82x 7.16x
Debt / Free cash flow -247x 103.9x 33.62x 67.35x 15.24x 24.06x 25.43x 31.03x

Capital Intensity

        
CAPEX / Current Assets (%) 52.86% 42.39% 65.55% 44.63% 22.5% 31.05% 30.06% 16.81%
CAPEX / EBITDA (%) 73.37% 62.95% 93.98% 62.25% 32.12% 39.68% 37.95% 21.01%
CAPEX / FCF (%) -1,850% 674.19% 321.65% 400% 67.03% 114.55% 123.43% 91.04%

Items per share

        
Cash flow per share 1 0.2634 0.2572 0.4379 0.2687 0.3078 0.3427 0.3625 0.3859
Change - -2.35% 70.26% -38.64% 14.55% 11.34% 5.77% 6.46%
Dividend per Share 1 0.2192 0.2264 0.228 0.228 0.2312 0.2455 0.2599 0.2716
Change - 3.28% 0.71% 0% 1.4% 6.19% 5.85% 4.49%
Book Value Per Share 1 7.161 5.874 5.713 5.715 5.933 6.271 6.634 7.098
Change - -17.97% -2.74% 0.03% 3.81% 5.71% 5.78% 7%
EPS 1 1.03 -1.12 -0.001 0.35 0.454 0.5421 0.6224 0.6055
Change - -208.74% 99.91% 35,100% 29.71% 19.4% 14.82% -2.72%
Nbr of stocks (in thousands) 926,843 927,061 927,490 999,154 999,895 1,024,404 1,024,404 1,024,404
Announcement Date 18/05/22 17/05/23 22/05/24 22/05/25 20/05/26 - - -
1GBP
Estimates
2027 *2028 *
P/E Ratio 7.71x 6.72x
PBR 0.67x 0.63x
EV / Sales 13.8x 13x
Yield 5.87% 6.22%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
4.180GBP
Average target price
4.542GBP
Spread / Average Target
+8.67%

Annual profits - Rate of surprise

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