Tritax Big Box REIT (BBOX) AI Stock Analysis

• Market Cap: £3.69B
• Dividend Yield: 5.15%
• Average Volume (3M): 5.66M
• Price to Earnings (P/E): 7.6
• Beta (1Y): 1.36
• Revenue Growth: 38.97%
• EPS Growth: 417.46%
• Country: UK
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 73
• Industry: REIT - Industrial
• EPS (TTM): 0.04
• Shares Outstanding: 2,480,677,500
• 10 Day Avg. Volume: 5,193,831
• 30 Day Avg. Volume: 5,657,287
• PEG Ratio: 0.03
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 14.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £167.25
• Price Target Upside: 12.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 82 Outperform
• Price Target: 174.00p ▲(16.94%Upside)

Tritax Big Box REIT's overall stock score is strong, driven primarily by its robust financial performance and positive earnings call. Attractive valuation metrics and strategic corporate events further bolster the score. The company's growth prospects in data centers and logistics, coupled with efficient cost management, enhance its long-term outlook, despite some risks related to increased leverage and market uncertainties.

Positive Factors

Asset Management

Progress on asset management continues, with £2.3m of incremental rental revenue added YTD; this represents an 8.3% absolute increase in rent, with open market rent reviews delivering +37%.

Data Center Development

The Company reports strong interest in its recently announced data centre development and planning is ongoing with receipt of consent targeted.

Earnings

BBOX reports a positive start to the year, with the market environment remaining supportive of ongoing rental growth.

Negative Factors

Business Confidence

The discount to NTA reflects continued concern over depressed business confidence feeding into lower net absorption and rising vacancy.

Market Vacancy

There are nevertheless still some broader market concerns over vacancy having risen to 6.3% across the market compared to 5.6% at the end of last year.

Real Estate Sector Performance

The real estate sector as a whole suffered a predictable sell-off, with the EPRA UK Index now down 15% since the end of Q3 last year.

Tritax Big Box REIT Business Overview & Revenue Model

Company Description

Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and developments predominantly delivered through pre-let forward funded basis, the Company focuses on large, well-located, modern Big Box logistics assets, let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes. The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (REIT), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.

How the Company Makes Money

Tritax Big Box REIT generates revenue primarily through the leasing of its logistics properties to tenants under long-term rental agreements. The company's key revenue streams include rental income, which is typically subject to upward-only rent reviews, providing stable and growing cash flows. Additionally, Tritax Big Box may realize gains through the appreciation of property values in its portfolio, which can be monetized through property sales or revaluation. The company also benefits from strategic partnerships with developers and investors to expand its portfolio, thereby enhancing its income-generating capabilities. The demand for logistics and distribution space, driven by the growth of e-commerce and the need for efficient supply chain solutions, is a significant factor contributing to Tritax Big Box's earnings.

Tritax Big Box REIT Financial Statement Overview

Summary

Tritax Big Box REIT demonstrates strong financial growth and profitability with a notable turnaround in revenue and high gross profit margins. While financial stability is supported by a solid equity base, increased leverage and past revenue volatility present potential risks.

Income Statement

The income statement shows impressive revenue growth with a significant turnaround from negative to positive revenue in 2024. Gross profit margins are high, and there is a notable improvement in net income from 2023 to 2024. The EBIT margin is exceptionally strong, indicating efficient cost management. However, the volatility in revenue from 2022 to 2023, due to the negative figures, poses potential stability concerns.

Balance Sheet

The balance sheet displays a solid equity ratio, indicating strong financial stability. The debt-to-equity ratio is reasonable, reflecting manageable leverage. The company has increased its stockholders' equity significantly over the years. However, the increase in total debt from 2023 to 2024 requires attention, as it may impact future financial flexibility.

Cash Flow

Cash flow analysis reveals consistent free cash flow generation with a positive operating cash flow trend, supporting the company's operational efficiency. The operating cash flow to net income ratio is favorable, indicating effective cash management. However, the fluctuations in capital expenditures and investing cash flow suggest potential volatility in investment activities.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	294.30M	228.80M	-573.50M	996.10M	487.30M
Gross Profit	276.10M	222.50M	-607.70M	964.80M	464.70M
EBITDA	266.00M	179.10M	0.00	0.00	0.00
Net Income	445.50M	70.00M	-599.40M	972.60M	449.40M
Balance Sheet
Total Assets	6.70B	5.10B	5.16B	5.59B	4.41B
Cash, Cash Equivalents and Short-Term Investments	80.60M	36.40M	47.40M	70.90M	57.60M
Total Debt	1.95B	1.62B	1.61B	1.35B	1.34B
Total Liabilities	2.13B	1.77B	1.81B	1.52B	1.49B
Stockholders Equity	4.57B	3.33B	3.35B	4.08B	2.92B
Cash Flow
Free Cash Flow	195.40M	185.30M	177.40M	191.90M	7.60M
Operating Cash Flow	195.40M	185.30M	177.40M	196.10M	137.60M
Investing Cash Flow	-82.30M	-67.20M	-302.10M	-327.30M	-150.20M
Financing Cash Flow	-68.70M	-81.30M	101.20M	144.50M	49.00M

Tritax Big Box REIT Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 148.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BBOX, the sentiment is Positive. The current price of 148.8 is above the 20-day moving average (MA) of 147.07, above the 50-day MA of 141.94, and above the 200-day MA of 140.06, indicating a bullish trend. The MACD of 1.89 indicates Positive momentum. The RSI at 61.91 is Neutral, neither overbought nor oversold. The STOCH value of 62.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BBOX.

Tritax Big Box REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BBOX	82 Outperform	£3.69B	7.56	11.28%	5.15%	38.97%	417.46%
Sector *	63 Neutral	$6.89B	18.94	-1.05%	7.17%	4.74%	-22.06%
BYLOF		$2.67B	10.21	8.06%	4.16%	―	―
LMP	82 Outperform	£4.18B	11.85	8.66%	4.87%	95.26%	―
SGRO	74 Outperform	£9.34B	15.45	5.18%	5.85%	-9.88%	―
SHED	73 Outperform	£725.54M	40.63	2.39%	5.58%	4.41%	―
LAND	47 Neutral	£4.64B	11.73	6.13%	5.85%	-1.73%	―

Tritax Big Box REIT Corporate Events

Tritax Big Box REIT Secures £400 Million Refinancing to Boost Strategic Investments

Tritax Big Box REIT plc has successfully secured a new £400 million unsecured revolving credit facility, replacing its existing £300 million facility and supporting its strategic investment and development activities. This refinancing, which includes an additional £150 million in bilateral bank facilities, enhances the company’s financial flexibility and aligns with its sustainability and ESG goals, while maintaining a diversified debt maturity profile.

The most recent analyst rating on (GB:BBOX) stock is a Buy with a £2.00 price target. To see the full list of analyst forecasts on Tritax Big Box REIT stock, see the GB:BBOX Stock Forecast page.

Tritax Big Box REIT Confirms Compliance Post-UKCM Acquisition

Tritax Big Box REIT has confirmed compliance with its post-offer intention statements following its all-share acquisition of UK Commercial Property REIT Limited. This confirmation, required by the City Code on Takeovers and Mergers, marks the completion of the acquisition process, potentially strengthening Tritax’s position in the UK commercial property market.

The most recent analyst rating on (GB:BBOX) stock is a Buy with a £185.00 price target. To see the full list of analyst forecasts on Tritax Big Box REIT stock, see the GB:BBOX Stock Forecast page.

Tritax Big Box REIT Declares Interim Dividend for Q1 2025

Tritax Big Box REIT plc has announced an interim dividend of 1.915 pence per ordinary share for the first quarter of 2025, payable on 13 June 2025. This decision aligns with the company’s policy to distribute dividends representing 25% of the previous year’s annual dividend, aiming for a payout ratio exceeding 90% of adjusted earnings. This announcement underscores Tritax Big Box’s commitment to providing consistent returns to its shareholders while maintaining its position as a leader in the UK logistics real estate sector.

Tritax Big Box REIT Successfully Passes All AGM Resolutions

Tritax Big Box REIT plc announced that all resolutions were passed at its Annual General Meeting held on 7 May 2025. The resolutions included the adoption of financial statements, election and re-election of directors, appointment of auditors, and authorizations related to share allotment and market purchases. This successful AGM reflects shareholder confidence and supports the company’s strategic operations and growth in the logistics real estate sector.

Tritax Big Box REIT Reports Strong Progress in Logistics and Data Centre Operations

Tritax Big Box REIT plc has provided a trading update indicating strong progress in its logistics and data centre operations. The company has successfully sold £634 million of assets, reflecting the quality of its portfolio, and is experiencing strong interest in its data centre opportunity at Manor Farm, West London. With a focus on organic growth, Tritax aims to more than double its rental income in the medium term, supported by a stable market environment and ongoing rental growth. The company is also planning an investor seminar to discuss its growth drivers further.

Tritax Big Box REIT Advances Strategic Asset Disposal and Reinvestment Plan

Tritax Big Box REIT has successfully sold 50% of its UKCM non-strategic assets at a 2.9% premium to the December 2023 book value, with an additional 20% under offer. This strategic disposal is part of their capital recycling strategy to enhance income growth and invest in higher-yielding logistics and data center opportunities. The company has made significant progress in its disposal program, aiming to exit non-strategic assets within 24 months of acquisition. The proceeds from these sales are being reinvested into logistics and data centers, targeting yields of 7-10%, which is expected to more than double rental income, reinforcing Tritax Big Box’s strong market position.

Tritax Big Box REIT Announces 2025 AGM Details

Tritax Big Box REIT plc has announced its Annual General Meeting (AGM) scheduled for May 7, 2025, at Ashurst LLP in London. The company has released several documents related to the AGM, including the Notice of Meeting and the 2024 Annual Report, which are available on their website and the National Storage Mechanism. With 2,480,677,459 ordinary shares in issue, all carrying voting rights, the AGM will be a significant event for stakeholders, reflecting the company’s commitment to transparency and shareholder engagement.