olivLaw · European equity research
Tritax Big Box REIT plc BBOX.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Tritax Big Box REIT plc is the UK's largest investor in industrial logistics real estate and controls the country's largest logistics development platform. In 2025 it acquired a 1.04 billion GBP portfolio from Blackstone and launched a 'power-first' data centre strategy, while it targets growing adjusted earnings by 50% by 2030.
At the close of 06 Nov 2026, Tritax Big Box REIT plc (BBOX.L) stock was 1.46 GBP (−0.95% on the day), with market capitalisation 3.7 bn GBP, P/E 10.2 on diluted EPS of 0.14 GBP over the last 12 months, dividend yield 5.47%, beta 0.61, 52-week range 1.39–1.73 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.3
- neutral
- Bollinger (20, 2)
- 1.41 – 1.49
- in the upper half of the band · %B 0.66 · band width 6.0%
- SMA 50 / 200
- 1.46 / 1.55
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | −0.6% | +4.0 pp | — |
| 3 months | −12.0% | −4.2% | −7.9 pp | — |
| 6 months | −4.1% | +4.3% | −8.4 pp | — |
| Year to date | −3.9% | +7.5% | −11.4 pp | — |
| 1 year | −4.4% | +9.9% | −14.4 pp | +4.0% |
| 3 years | +0.5% | +49.8% | −49.4 pp | +24.3% |
| 5 years | −35.4% | +42.8% | −78.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.7, median 10.6, max 45.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 70.0 m | 445.5 m | 363.3 m |
| Net income YoY | unavailable | +536.4% | −18.5% |
| Diluted EPS | 0.04 | 0.20 | 0.14 |
| Diluted EPS YoY | unavailable | +428.8% | −26.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.5 m GBP
- Financial debt
- 1.5 bn GBP
- Net debt
- 1.4 bn GBP
- Equity
- 5.1 bn GBP
- Total assets
- 8.0 bn GBP
- Debt / equity
- 0.31x
- Current ratio
- 1.66x
- ROE
- 7.5%
- ROA
- 4.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 126.7 m | 514.6 m | 439.5 m | esef· 09 Apr 2026verified |
| Interest expense | 55.3 m | 71.9 m | 77.0 m | esef· 09 Apr 2026verified |
| Pre-tax income | 70.6 m | 445.8 m | 363.3 m | esef· 09 Apr 2026verified |
| Income tax | 600.0 k | 300.0 k | 0 | esef· 09 Apr 2026verified |
| Net income | 70.0 m | 445.5 m | 363.3 m | esef· 09 Apr 2026verified |
| Diluted EPS | 0.04 | 0.20 | 0.14 | esef· 09 Apr 2026verified |
| Dividend per share | 0.07 | 0.08 | 0.08 | esef· 09 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 36.2 m | 80.6 m | 109.5 m | esef· 09 Apr 2026verified |
| Receivables | 22.0 m | 56.0 m | 27.9 m | esef· 09 Apr 2026verified |
| Current assets | 58.4 m | 579.0 m | 511.4 m | esef· 09 Apr 2026verified |
| Total assets | 5.1 bn | 6.7 bn | 8.0 bn | esef· 09 Apr 2026verified |
| Short-term debt | — | 0 | 65.6 m | esef· 09 Apr 2026verified |
| Long-term debt | 474.7 m | 811.7 m | 1.5 bn | esef· 09 Apr 2026verified |
| Current liabilities | 147.7 m | 173.9 m | 307.4 m | esef· 09 Apr 2026verified |
| Total liabilities | 1.8 bn | 2.1 bn | 3.0 bn | esef· 09 Apr 2026verified |
| Equity | 3.3 bn | 4.6 bn | 5.1 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 1.9 bn | 2.3 bn | 2.5 bn | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 185.3 m | 195.4 m | 312.8 m | esef· 09 Apr 2026verified |
| Investing cash flow | -67.2 m | -82.3 m | -798.8 m | esef· 09 Apr 2026verified |
| Financing cash flow | -129.2 m | -68.7 m | 514.9 m | esef· 09 Apr 2026verified |
| Dividends paid | 135.3 m | 174.1 m | 199.8 m | esef· 09 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn GBP
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 28 (vs peers) | 28% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.7x | 65 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 10.2x | 84 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.4% | 77 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partial77/100 · 1/2 factors with a value
- Valuation· partial84/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRITAX BIG BOX REIT PLC (BBOX.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.5%.
The estimated value range is 1.26–2.13 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.59 GBP, the price of 1.46 GBP leaves a potential of 8.5% (value / price − 1) and a margin of safety of 7.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- P/E (TTM): 10.2x
- Shareholder yield (distributions): 5.4%
What contradicts it
- ROIC: 7.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for BBOX.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tritax Big Box REIT plc is the UK's largest investor in industrial logistics real estate and controls the country's largest logistics development platform. In 2025 it acquired a 1.04 billion GBP portfolio from Blackstone and launched a 'power-first' data centre strategy, while it targets growing adjusted earnings by 50% by 2030.
SWOT
Strengths
- A large portfolio considered high quality, with strong clients and contractual visibility on rent growth 1.
- An extensive development platform with land mostly controlled through long-dated options, offering capital flexibility 1.
- A balance sheet described as strong, with a credit rating upgrade from Moody's during the period 1.
Weaknesses
- Leverage rose after the Blackstone acquisition, and the company plans to reduce it through asset sales 1.
- Dependence on an external manager and its fee structure may limit direct control over costs.
- Many development projects do not yet generate income, delaying their contribution to earnings.
Opportunities
Threats
- An uncertain political and macro environment could delay leasing and investment decisions.
- Rising construction costs or planning delays could reduce project returns.
- Regulatory changes on energy and building efficiency could raise compliance costs.
Risks
- Leverage after acquisitionmedium
Loan to value reached 33.2% at year end 2025, close to the target ceiling, which could limit financial flexibility if asset values fall 1.
- Data centre project executionhigh
The Manor Farm project depends on planning and a pre-let before construction, and delays could postpone expected income 1.
- Logistics development riskmedium
Target yields on cost depend on rent growth and construction costs, and a reversal of these trends could reduce margins 1.
- Change in manager ownershiplow
Aberdeen intends to increase its stake in the manager, and changes in control could affect the relationship with Tritax Management, although the investment structure remains unchanged 1.
- Climate and regulatory riskmedium
Physical and transition risks, including MEES requirements by 2030, could generate adaptation and building upgrade costs 1.
Investment thesis
What would need to be true (bull case)
- Rent reversion and contracts with scheduled reviews could support income growth without major additional investment 1.
- The development and data centre pipelines could generate significant income if pre-lets and planning consents are secured 1.
- The target of 50% adjusted earnings growth by 2030 is presented as an ambition under stable macro conditions, not as a forecast 1.
What would break the thesis
- Higher leverage and the asset sales needed to reduce it could limit growth if the property market weakens 1.
- Development and data centre projects do not yet generate income, and planning delays could postpone earnings 1.
- The growth target relies on favourable macro conditions, and the company acknowledges that political uncertainty remains a concern 1.
What to watch
- Planning decision for Manor Farm and signing of the pre-lease with the data centre operator2026
- Growth in adjusted earnings in 2026, especially after the contribution of the Blackstone assets2026
- Evolution of loan to value, with the target below 30% over the next 12-18 months2027
- Appointment of the new chair and continuity of strategy2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company owns, actively manages and develops big box logistics buildings in strategic UK locations, let to large clients in their supply chains. Revenue comes from rents invoiced quarterly in advance, and costs are low, with an EPRA cost ratio of 12.4% (excluding vacancy costs) in 2025. It is externally managed by Tritax Management, to which it pays a fee based on EPRA net tangible assets, which the report says aligns the manager's interests with shareholders' 1.
Segments
Existing portfolio and rental reversion
The main source of growth without additional capital is rental reversion: the investment portfolio had an estimated rental value of 462.0 million GBP, 28% above contracted rent, and 73% of this reversion could potentially be captured within three years 1.
Logistics development
The development platform reports over 80% of its land controlled through long-dated options and a targeted yield on cost of 6-8%. A pipeline with potential income of 295 million GBP is cited, and development capex for 2026 is expected at 200-250 million GBP 1.
Data centres
The 'power-first' strategy targets yields of 9-11% on cost, with a pipeline of over 1 GW of potential grid capacity and a first 107 MW project at Manor Farm, Slough. The two initial schemes have an estimated rental level of 58 million GBP per year, and Manor Farm income depends on planning and a pre-let 1.
Market context
The company describes demand for modern logistics space and data centres as structurally supported, with power and planning constraints limiting supply in data centres. However, the report also notes political uncertainty that has affected occupier interest and that yields depend on rent growth and construction costs 1.
Trends
- Rent reviews in contractstailwind
Most leases have annual or 5-yearly reviews, with open-market rents, fixed uplifts or inflation-linked increases, giving visibility over income growth 1.
- Data centre demandtailwind
Growth in digital data, AI and cloud infrastructure has created strong demand for high-specification data centres, especially in London and the South East, where power availability is limited 1.
- Political and macro uncertaintyheadwind
The company cites political uncertainty and a challenging macro backdrop, which could influence occupier demand and lead to delays in projects if these conditions persist 1.
- Construction costs and planningmixed
Rising construction costs and planning delays could change project yields, although the company says it has benefited from earlier infrastructure investment on mature schemes 1.
Competitive position
The analysed sources do not explicitly name listed competitors. The company presents itself as the largest investor in UK industrial logistics and a leading player in logistics development, a position that differentiates it from other logistics property owners, although the source does not name them 1. In data centres, competition depends on grid access and partnerships, and the company cites its partnership with EDF Renewables as an advantage 1.
- Other UK industrial logistics property owners
Not named in the source; the company presents itself as the largest investor in this segment.
- UK data centre developers
Not named in the source; access to power and planning is the main barrier cited.
- Grid and energy partners
The company works with EDF Renewables for grid connections, a factor that could influence who can deliver capacity.
- Other UK logistics REIT investors
Not named in the source; a direct comparison cannot be made from the documents provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202414 Jan 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tritax Big Box REIT plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.