Company Valuation: Tritax Big Box REIT plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,886 4,651 2,590 3,215 3,292 4,021 - -
Change - 61.13% -44.31% 24.14% 2.38% 22.14% - -
Enterprise Value (EV) 1 4,172 5,925 4,168 4,806 5,175 6,397 6,443 6,486
Change - 42.02% -29.64% 15.29% 7.69% 23.61% 0.71% 0.68%
P/E ratio 6.38x 4.5x -4.32x 45.4x 6.75x 9.01x 7.5x 6.66x
PBR - 1.14x 0.77x 0.92x 0.69x 0.78x 0.74x 0.69x
PEG - 0x 0x -0x 0x -0.6x 0.4x 0.5x
Capitalization / Revenue 17.9x 25.2x 12.6x 14.5x 12.3x 12.7x 10.9x 10.3x
EV / Revenue 25.8x 32.1x 20.2x 21.6x 19.4x 20.2x 17.4x 16.6x
EV / EBITDA 27.4x 32.3x 22.6x 24.9x 19.5x 22.2x 19.7x 18.8x
EV / EBIT 28.3x 33.3x 22.8x 24.9x 19.5x 22.8x 19.6x 19x
EV / FCF -29.5x -49x -38.7x - -6,469x -35.5x -74.9x -77.9x
FCF Yield -3.39% -2.04% -2.59% - -0.02% -2.81% -1.33% -1.28%
Dividend per Share 2 0.064 0.067 0.07 0.073 0.0766 0.0796 0.0846 0.0888
Rate of return 3.81% 2.69% 5.05% 4.32% 5.77% 5.35% 5.69% 5.97%
EPS 2 0.263 0.5531 -0.3208 0.0372 0.1967 0.1652 0.1983 0.2235
Distribution rate 24.3% 12.1% -21.8% 196% 38.9% 48.2% 42.7% 39.7%
Net sales 1 161.5 184.6 206 222.1 267.1 317 369.8 389.7
EBITDA 1 152 183.4 184.8 193.2 265.3 288 327.1 344.4
EBIT 1 147.5 178 183.1 193.2 265.3 281 328.2 341.2
Net income 1 449.4 972.6 -599.4 70 445.5 409.8 520.7 600.2
Net Debt 1 1,285 1,274 1,578 1,590 1,883 2,376 2,422 2,466
Reference price 2 1.679 2.490 1.386 1.689 1.327 1.488 1.488 1.488
Nbr of stocks (in thousands) 1,719,142 1,867,781 1,868,827 1,903,738 2,480,677 2,702,122 - -
Announcement Date 3/10/21 3/3/22 3/2/23 3/1/24 2/28/25 - - -
1GBP in Million2GBP
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.01x20.18x22.21x5.35% 5.36B
47.12x18.86x24.57x3.14% 119B
22.43x18.75x21.44x1.02% 40.02B
36.93x15.47x22.05x3.26% 9.58B
29.8x12.48x18.12x4.22% 9.46B
34.49x13.84x20.19x3.08% 7.66B
30.95x12.39x16.86x3.84% 7.24B
13.42x12.98x16.83x3.77% 6.63B
21.58x16.01x24.35x3.22% 6.44B
11.06x18.79x19.58x5.75% 5.86B
Average 25.68x 15.98x 20.62x 3.67% 21.71B
Weighted average by Cap. 36.68x 17.79x 22.75x 2.97%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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