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The British Land Company PLC (BTLCY)
OTHER OTC:BTLCY
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The British Land Company
(OTC:BTLCY)
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Rating:71Outperform
Price Target:
$6.00
▲(12.15% Upside)
The British Land Company's stock is supported by strong technical indicators and a positive earnings call, indicating robust market positioning and growth potential. While financial performance shows improved profitability, challenges in cash generation and inconsistent revenue growth need attention. The valuation is attractive with a reasonable P/E ratio and high dividend yield.
Positive Factors
Strategic Positioning
The company's focus on Campuses and Retail Parks, which make up 90% of its business, positions it well for sustainable earnings growth and market demand.
Development Achievements
Successful development projects enhance portfolio value and income potential, supporting long-term growth and competitive positioning.
Improved Cost Efficiency
Cost reductions improve profitability and demonstrate effective management, contributing to sustainable financial performance.
Negative Factors
Inconsistent Revenue Growth
Inconsistent revenue growth can hinder long-term planning and investment, affecting the company's ability to sustain competitive advantages.
Increased Finance Costs
Rising finance costs reduce profitability and may limit future investment capacity, impacting long-term growth potential.
Cash Generation Challenges
Challenges in cash generation can strain financial flexibility, affecting the company's ability to fund operations and growth initiatives.
The British Land Company (BTLCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.68B
Dividend Yield3.89%
Average Volume (3M)7.01K
Price to Earnings (P/E)9.6
Beta (1Y)0.47
Revenue Growth-19.69%
EPS GrowthN/A
CountryUS
Employees645
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.20
Shares Outstanding999,847,300
10 Day Avg. Volume0
30 Day Avg. Volume7,009
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.62
Price to Sales (P/S)7.82
P/FCF Ratio65.78
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue12.43
Enterprise Value/Gross Profit30.07
Enterprise Value/Ebitda21.83
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
The British Land Company Business Overview & Revenue Model
Company DescriptionOur portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. We own or manage a portfolio valued at £13.7bn (British Land share: £10.3bn) as at 30 September 2020 making us one of Europe's largest listed real estate investment companies. Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 65% of our portfolio. Our Retail portfolio is focused on retail parks and shopping centres, and accounts for 31% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 53 acre redevelopment opportunity where we have plans to create a new neighbourhood for London. Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.
How the Company Makes MoneyBritish Land generates revenue primarily through rental income from its diverse portfolio of commercial properties, which includes office spaces, retail properties, and mixed-use developments. The company benefits from long-term leases with tenants, which provide a stable and predictable cash flow. Additionally, British Land engages in property development, where it creates new spaces or refurbishes existing properties, adding to its portfolio value and generating further income upon leasing. The company also earns income through property sales and joint ventures, often partnering with other investors or developers to enhance its projects and share the financial burden. Factors contributing to its earnings include market demand for commercial real estate, tenant retention rates, and the overall economic environment affecting commercial property investments.
The British Land Company Earnings Call Summary
Earnings Call Date:Nov 19, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The earnings call demonstrates strong performance in leasing, asset management, and development, with notable achievements in rental growth and cost efficiency. However, increased finance costs and a higher EPRA cost ratio present challenges. Despite these lowlights, the positive aspects of growth and strategic planning indicate a robust position in the market.Q2-2026 Updates
Positive Updates
Strong Leasing and Asset Management Performance
Leased 486,000 square feet at 3% ahead of ERV, with an additional 629,000 square feet under offer at 6% ahead of ERV. EPRA occupancy increased by 5% to 88%.
Development Achievements
On-site developments are achieving record rents, driving development yields above 7% and mid-teens IRRs. Key developments include 1 Triton Square and Broadgate Tower.
Retail Parks Growth
Retail Parks footfall grew 13.5% above the UK Retail benchmark over the last 5 years. Recent acquisitions delivered IRRs as high as 14%.
Financial Performance
Underlying profit increased by 8% to GBP 155 million, and underlying EPS rose by 1% to 15.4p. Dividend increased by 1%.
Improved Cost Efficiency
Admin costs reduced by GBP 5 million or 12% year-on-year, contributing 0.5p to EPS.
Negative Updates
Increased Finance Costs
Finance costs increased by GBP 13 million, reducing EPS by 1.3p, mainly due to no longer capitalizing interest on completed developments.
EPRA Cost Ratio Increase
EPRA cost ratio increased to 17.4% due to higher PropEx, although expected to come down to the mid-teens in future years.
Limited Impact of Fee Income
Fee income remained flat in the first half at GBP 13 million, though a 10% growth is expected for the full year.
Company Guidance
The guidance provided during the call highlights the company's optimistic outlook on its strategic positioning in Campuses and Retail Parks, which comprise 90% of its business. The company anticipates an attractive total return profile supported by sustainable earnings growth, with guidance pointing to 3% to 5% growth in prime office and retail park sectors. The supply-demand dynamics in the office market, particularly in prime London, are expected to drive strong rental growth, with vacancy for new and refurbished space projected to fall below 2% over the next four years. The company is well-positioned to capture this demand, currently accounting for 7 out of the top 20 leasing deals in London. In Retail Parks, despite a competitive market, the company is achieving acquisitions at yields above 7% and expects 5% like-for-like growth across the portfolio. With an underlying profit increase of 8% to GBP 155 million and an EPS growth of at least 6% anticipated for FY '27, the company remains confident in delivering total accounting returns of 8% to 10% through the cycle.The British Land Company Financial Statement Overview
Summary
The British Land Company shows improved margins and profitability, but inconsistent revenue growth and challenges in cash generation. The balance sheet is stable with effective leverage management.Income Statement
The British Land Company has shown a mixed performance in its income statement. The gross profit margin declined over time, decreasing from 64.5% in 2020 to 72.9% in 2025, indicating improved cost management. The net profit margin improved significantly from negative values to 74.4% in 2025, showing a recovery from previous losses. However, revenue growth has been inconsistent, with a notable decline in 2025. The EBIT and EBITDA margins have improved, highlighting operational efficiency gains.65
Positive
Balance Sheet
The company has a relatively stable balance sheet with a decreasing debt-to-equity ratio, from 52% in 2020 to 50% in 2025, reflecting improved leverage management. The return on equity fluctuated significantly, showing a strong positive trend in 2025. The equity ratio remains healthy, indicating a stable capital structure with a high proportion of assets financed by equity.70
Positive
Cash Flow
The cash flow statement shows volatility with a declining trend in free cash flow from 2020 to 2025, indicating potential challenges in generating cash. The operating cash flow to net income ratio improved significantly in 2025, reflecting better conversion of income into cash. However, the free cash flow to net income ratio showed inconsistency, pointing to potential concerns in cash generation relative to net income.60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 549.31M | 454.00M | 575.00M | 505.41M | 562.73M | 611.14M |
| Gross Profit | 227.00M | 331.00M | 429.00M | 388.68M | 381.07M | 376.09M |
| EBITDA | 312.67M | 454.00M | 122.00M | -941.00M | 326.44M | 270.00M |
| Net Income | 446.42M | 338.00M | -1.00M | -1.25B | 1.32B | -1.35B |
Balance Sheet | ||||||
| Total Assets | 8.99B | 8.88B | 7.97B | 10.25B | 13.05B | 12.24B |
| Cash, Cash Equivalents and Short-Term Investments | 86.00M | 57.00M | 108.00M | 154.56M | 146.15M | 212.47M |
| Total Debt | 2.77B | 2.84B | 2.34B | 2.96B | 3.62B | 3.51B |
| Total Liabilities | 3.17B | 3.17B | 2.66B | 3.42B | 4.14B | 3.99B |
| Stockholders Equity | 5.82B | 5.71B | 5.30B | 6.82B | 8.89B | 8.17B |
Cash Flow | ||||||
| Free Cash Flow | 227.81M | 54.00M | 97.00M | 79.80M | 75.63M | 22.57M |
| Operating Cash Flow | 301.62M | 270.00M | 409.00M | 288.80M | 334.63M | 194.57M |
| Investing Cash Flow | -518.95M | -853.00M | -172.00M | 392.29M | -577.75M | 1.19B |
| Financing Cash Flow | 215.26M | 552.00M | -274.00M | -664.25M | 133.85M | -1.43B |
The British Land Company Technical Analysis
Positive
5.35
Price Trends
5.31
Positive
5.04
Positive
4.94
Positive
Market Momentum
0.11
Negative
66.22
Neutral
94.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTLCY, the sentiment is Positive. The current price of 5.35 is below the 20-day moving average (MA) of 5.52, above the 50-day MA of 5.31, and above the 200-day MA of 4.94, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 66.22 is Neutral, neither overbought nor oversold. The STOCH value of 94.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BTLCY.
The British Land Company Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $6.03B | 24.47 | 6.84% | 3.88% | 24.60% | 8.05% | |
71 Outperform | $5.68B | 9.64 | 6.12% | 3.89% | -19.69% | ― | |
70 Outperform | $15.29B | 42.20 | 4.36% | 5.51% | 5.59% | -34.75% | |
66 Neutral | $2.58B | 22.16 | 8.71% | 3.99% | 5.29% | -60.36% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $3.50B | 39.97 | 3.05% | 6.72% | 3.87% | -37.59% | |
59 Neutral | $2.07B | -7.80 | -12.53% | 10.29% | -28.94% | -28.24% |
* Real Estate Sector Average
BTLCY
The British Land Company
5.69
1.26
28.43%
WPC
W. P. Carey Inc.
69.75
16.61
31.25%
UE
Urban Edge Properties
19.43
0.09
0.47%
GNL
Global Net Lease
9.46
3.05
47.56%
EPRT
Essential Properties Realty
30.36
-0.57
-1.84%
BNL
Broadstone Net Lease
18.51
3.67
24.71%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.