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Key financial summary
Financials in GBP| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | £m | 487 | 996 | -573 | 229 | 294 | 345 | 357 | 363 |
| Operating profit | £m | 278 | 288 | ||||||
| Net profit | £m | 449 | 973 | -599 | 70 | 446 | 363 | 272 | 217 |
| EPS reported | £ | 0.14 | 0.10 | ||||||
| Operating cashflow per share | £ | 0.10 | 0.09 | ||||||
| Capex per share | £ | 0.10 | 0.00 | ||||||
| FCF per share | £ | 0.10 | 0.09 | ||||||
| Free cash flow | £m | 255 | 237 | ||||||
| Net debt | £m | 2,538 | 2,506 | ||||||
| Book value equity | £m | 5,059 | 5,038 | ||||||
| Book value per share | £ | 2.00 | 1.86 | ||||||
| Number of shares | m | 2,525.46 | 2,705.81 | ||||||
| DPS (TTM paid) | £ | 0.08 | 0.08 |
Financial summary
Financials in GBP| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 10.87 | - | ||||||
| P/B LTM | x | 0.76 | 0.76 | ||||||
| P/S LTM | x | 11.15 | 10.72 | ||||||
| P/FCF LTM | x | 15.06 | 16.11 | ||||||
| EV/EBITDA LTM | x | 14.46 | 17.59 | ||||||
| EV/Sales LTM | x | 18.52 | 17.75 | ||||||
| Earnings Yield LTM | % | 9.20% | 7.15% | ||||||
| FCF Yield | % | 6.64% | 6.21% | ||||||
| Quality | |||||||||
| ROE | % | 7.18% | 5.39% | ||||||
| ROIC | % | 3.48% | 3.66% | ||||||
| Operating margin | % | 80.58% | 80.81% | ||||||
| Gross margin | % | 84.79% | 89.06% | ||||||
| FCF/Sales | % | 74.02% | 66.54% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | -30.00% | -23.08% | ||||||
| Sales Growth YoY | % | +17.06% | +46.14% | ||||||
| Net Income Growth YoY | % | -18.45% | -20.33% | ||||||
| FCF Growth | % | +30.50% | +47.33% | ||||||
| Operating Profit Growth | % | -46.06% | -27.41% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 5.20% | 5.80% | ||||||
| Dividend Growth | % | +5.38% | +4.21% | ||||||
| Payout Ratio | % | 56.51% | 55.00% | ||||||
| FCF/Debt | x | 0.10 | 0.09 | ||||||
| Net Debt/EBITDA | x | 5.75 | 6.97 | ||||||
| EBIT/Net interest | x | 3.61 | 3.24 | ||||||
| Net debt/market cap | % | 66.07% | 65.58% | ||||||
| Net debt/Equity | x | 0.50 | 0.50 | ||||||
| Gross debt/equity | x | 0.53 | 0.52 | ||||||
ETFs that hold Tritax Big Box REIT
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| iShares UK Property UCITS ETF | UKPH.SG | 5 | 7.54% |
Funds with Tritax Big Box REIT among their ten largest holdings, largest fund first.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
Company overview
Tritax Big Box REIT plc is a unique publicly listed company that specializes exclusively in the acquisition and management of substantial logistics distribution centers, commonly referred to as "Big Boxes," across the United Kingdom. The company's primary objective is to generate appealing and sustainable returns for its investors. Its investment approach is multifaceted, encompassing the active oversight of existing operational properties, the procurement of land earmarked for future large-scale logistics developments, and the initiation of new projects, frequently advanced through pre-leasing commitments and forward funding. Tritax Big Box concentrates on acquiring expansive, strategically located, contemporary logistics assets. These properties are typically leased to high-quality, institutional-grade occupiers under extended contracts, generally a minimum of 12 years, which incorporate upward-only rent review clauses. The company also prioritizes a diversified portfolio in terms of both its tenant base and geographical presence throughout the UK. Tritax Big Box aims to leverage the considerable market potential within this particular segment of the UK logistics market, a situation characterized by robust tenant demand and a restricted availability of suitable large-scale warehouse spaces. Operating as a Real Estate Investment Trust (REIT) under the provisions of Part 12 of the UK Corporation Tax Act 2010, the company's shares are admitted to the premium listing segment of the UK Financial Conduct Authority's Official List. Furthermore, it is a constituent of prominent financial benchmarks, including the FTSE 250, FTSE EPRA/NAREIT, and MSCI indices.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
Tritax Big Box REIT plc (BBOX.L)
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| iShares UK Property UCITS ETF | UKPH.SG | 5 | 7.54% |
Funds with Tritax Big Box REIT among their ten largest holdings, largest fund first.
Based on consensus from external analysts. Not Kvantra's opinion.
Tritax Big Box REIT plc is a unique publicly listed company that specializes exclusively in the acquisition and management of substantial logistics distribution centers, commonly referred to as "Big Boxes," across the United Kingdom. The company's primary objective is to generate appealing and sustainable returns for its investors. Its investment approach is multifaceted, encompassing the active oversight of existing operational properties, the procurement of land earmarked for future large-scale logistics developments, and the initiation of new projects, frequently advanced through pre-leasing commitments and forward funding. Tritax Big Box concentrates on acquiring expansive, strategically located, contemporary logistics assets. These properties are typically leased to high-quality, institutional-grade occupiers under extended contracts, generally a minimum of 12 years, which incorporate upward-only rent review clauses. The company also prioritizes a diversified portfolio in terms of both its tenant base and geographical presence throughout the UK. Tritax Big Box aims to leverage the considerable market potential within this particular segment of the UK logistics market, a situation characterized by robust tenant demand and a restricted availability of suitable large-scale warehouse spaces. Operating as a Real Estate Investment Trust (REIT) under the provisions of Part 12 of the UK Corporation Tax Act 2010, the company's shares are admitted to the premium listing segment of the UK Financial Conduct Authority's Official List. Furthermore, it is a constituent of prominent financial benchmarks, including the FTSE 250, FTSE EPRA/NAREIT, and MSCI indices.
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