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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  British Land Company    BLND   GB0001367019

BRITISH LAND COMPANY

(BLND)
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British Land annual NAV declines on high-street retail closures

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05/15/2019 | 03:12am EDT

(Reuters) - Real estate firm British Land Co reported a 6.4% drop in annual net asset value (NAV) on Wednesday, as retailers invested less in physical stores amid increased online competition.

Britain's second-largest listed property developer said EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, was 905 pence per share in the year ended March 31, down from 967 pence a year earlier.

The company said its retail valuations were down 11.1 percent, as many retail firms were shutting down stores to cut costs and focus on the online space, dealing a blow to real estate firms that get a large chunk of their business from retailers.

Rivals echoed similar concerns and blamed a string of collapses on Britain's high street that led to higher vacancies and declining asset value.

Land Securities Group Plc on Tuesday said full-year NAV fell 4.5%, while shopping centre operator Intu Properties lowered its full-year rental income forecast earlier this month.

British Land, which counts Marks and Spencer, Tesco and IKEA as tenants, said London market would remain active but there was however a "notable pause" in the early part of 2019 as Brexit uncertainty increased.

The company also said its London office business portfolio value rose 1.1%.

(Reporting by Justin George Varghese in Bengaluru; editing by Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
BRITISH LAND COMPANY -1.17% 539.2 Delayed Quote.1.13%
EURO / BRITISH POUND (EUR/GBP) -0.36% 0.8901 Delayed Quote.-1.07%
INTU PROPERTIES -1.78% 85.88 Delayed Quote.-24.27%
LAND SECURITIES GROUP PLC -1.43% 841.6 Delayed Quote.4.62%
MARKS & SPENCER GROUP 0.00% 216 Delayed Quote.-8.64%
TESCO -2.22% 224.4 Delayed Quote.18.04%
VALUE8 1.82% 5.6 Delayed Quote.18.14%
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Financials (GBP)
Sales 2020 542 M
EBIT 2020 422 M
Net income 2020 -190 M
Debt 2020 3 763 M
Yield 2020 5,87%
P/E ratio 2020 -
P/E ratio 2021 29,45
EV / Sales 2020 16,3x
EV / Sales 2021 16,0x
Capitalization 5 088 M
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Technical analysis trends BRITISH LAND COMPANY
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TrendsBearishNeutralNeutral
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 17
Average target price 5,85  GBP
Spread / Average Target 8,9%
EPS Revisions
Managers
NameTitle
Christopher Grigg Chief Executive Officer & Executive Director
John Gildersleeve Non-Executive Chairman
Joff Sharpe Head-Operations
Simon Carter Chief Financial Officer & Director
Timothy Andrew Roberts Executive Director, Head-Offices & Residential
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