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:
$5.00
▼(-6.54% Downside)
Action:UpgradedDate:11/30/25
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
Leasing momentum & occupancy
Sustained leasing success and rising occupancy are durable drivers of rental income and cash flow. Being ahead of ERV on large lettings and lifting EPRA occupancy to 88% indicate the portfolio captures tenant demand in prime locations, supporting predictable rental growth and lower vacancy-related volatility.
Negative Factors
Declining free cash flow
A falling and volatile free cash flow trend undermines the company's ability to self-fund developments, pay dividends, and reduce reliance on external financing. Over months this can constrain growth execution and increase sensitivity to higher borrowing costs or slower asset disposals.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing momentum & occupancy
Sustained leasing success and rising occupancy are durable drivers of rental income and cash flow. Being ahead of ERV on large lettings and lifting EPRA occupancy to 88% indicate the portfolio captures tenant demand in prime locations, supporting predictable rental growth and lower vacancy-related volatility.
Read all positive factors
The British Land Company (BTLCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.11B
Dividend Yield3.89%
Average Volume (3M)7.01K
Price to Earnings (P/E)3.9
Beta (1Y)0.58
Revenue Growth-19.69%
EPS GrowthN/A
CountryUS
Employees645
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.20
Shares Outstanding999,895,400
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 Cap1.27
Enterprise Value/Revenue11.82
Enterprise Value/Gross Profit15.58
Enterprise Value/Ebitda20.76
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.42
Revenue Forecast (FY)$762.39M
The British Land Company Business Overview & Revenue Model
Company Description
Our 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 list...
How the Company Makes Money
British Land primarily makes money by owning and operating income-producing real estate and earning cash flows from tenants. The main revenue stream is rental income from leasing space across its portfolio (e.g., offices, retail destinations, and ...
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.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%.
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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%.
Read all positive updates
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
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 549.31M | 454.00M | 575.00M | 505.41M | 562.73M | 611.14M |
| Gross Profit | 416.49M | 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
5.23
Negative
5.24
Negative
4.97
Positive
Market Momentum
-0.09
Negative
57.47
Neutral
88.85
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 above the 20-day moving average (MA) of 4.82, above the 50-day MA of 5.23, and above the 200-day MA of 4.97, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 57.47 is Neutral, neither overbought nor oversold. The STOCH value of 88.85 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.67B | 23.43 | 6.45% | 3.88% | 24.60% | 8.05% | |
72 Outperform | $15.65B | 30.43 | 5.68% | 5.51% | 5.59% | -34.75% | |
71 Outperform | $5.11B | 3.94 | 7.75% | 3.89% | -19.69% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $3.73B | 31.75 | 3.41% | 6.72% | 3.87% | -37.59% | |
62 Neutral | $2.74B | 25.79 | 8.71% | 3.99% | 5.29% | -60.36% | |
54 Neutral | $2.05B | -8.52 | -12.68% | 10.29% | -28.94% | -28.24% |
* Real Estate Sector Average
BTLCY
The British Land Company
5.13
1.07
26.25%
WPC
W. P. Carey Inc.
71.42
16.09
29.08%
UE
Urban Edge Properties
20.62
3.73
22.05%
GNL
Global Net Lease
9.55
3.02
46.27%
EPRT
Essential Properties Realty
31.68
2.25
7.63%
BNL
Broadstone Net Lease
19.51
5.15
35.83%
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.