olivLaw · European equity research
Henry Boot PLC BOOT.L
United Kingdom · London Stock Exchange · ISIN GB0001110096 · Vertical: Listed companies from United Kingdom
Henry Boot PLC is a British group active in urban regeneration, residential and industrial-logistics land, with a focus on promoting and selling land for housing. In 2025 it sold a record number of residential plots, and this activity remained the company's main focus in a still fragile market.
At the close of 05 Nov 2026, Henry Boot PLC (BOOT.L) stock was 1.52 GBP (+0.00% on the day), with market capitalisation 203.1 m GBP, P/E 8.9 on diluted EPS of 0.17 GBP over the last 12 months, beta 0.13, 52-week range 1.40–2.30 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)
- 55.0
- neutral
- Bollinger (20, 2)
- 1.45 – 1.54
- in the upper half of the band · %B 0.74 · band width 6.0%
- SMA 50 / 200
- 1.47 / 1.70
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- 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 | +3.4% | −0.6% | +4.1 pp | — |
| 3 months | −1.3% | −4.2% | +2.9 pp | — |
| 6 months | −10.1% | +4.3% | −14.4 pp | — |
| Year to date | −32.4% | +7.5% | −40.0 pp | — |
| 1 year | −32.7% | +9.9% | −42.7 pp | +5.8% |
| 3 years | −14.1% | +49.8% | −64.0 pp | +26.3% |
| 5 years | −46.7% | +42.8% | −89.5 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 0 percentile of its own 3-quarter history (min 10.8, median 13.2, max 13.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 359.4 m | 266.2 m | 251.5 m |
| Revenue YoY | unavailable | −25.9% | −5.5% |
| Net income | 26.3 m | 23.3 m | 23.5 m |
| Net income YoY | unavailable | −11.3% | +0.8% |
| Diluted EPS | 0.19 | 0.17 | 0.17 |
| Diluted EPS YoY | unavailable | −11.9% | +0.6% |
| net % | 7.3% | 8.8% | 9.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable GBP
- Financial debt
- 113.1 m GBP
- Net debt
- unavailable GBP
- Equity
- 420.1 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.27x
- Current ratio
- 4.85x
- ROE
- 5.6%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 359.4 m | 266.2 m | 251.5 m | esef· 11 Jun 2026verified |
| Cost of revenue | 282.6 m | 194.3 m | 185.7 m | esef· 11 Jun 2026verified |
| Gross profit | 76.8 m | 71.9 m | 65.8 m | esef· 11 Jun 2026verified |
| Operating income | 40.2 m | 36.5 m | 30.5 m | esef· 11 Jun 2026verified |
| Interest expense | 6.3 m | 8.7 m | 8.0 m | esef· 11 Jun 2026verified |
| Pre-tax income | 37.3 m | 33.0 m | 26.4 m | esef· 11 Jun 2026verified |
| Income tax | 8.8 m | 7.4 m | 8.1 m | esef· 11 Jun 2026verified |
| Net income | 26.3 m | 23.3 m | 23.5 m | esef· 11 Jun 2026verified |
| Diluted EPS | 0.19 | 0.17 | 0.17 | esef· 11 Jun 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Receivables | 76.4 m | 90.5 m | 69.9 m | esef· 11 Jun 2026verified |
| Inventories | 297.6 m | 332.9 m | 368.1 m | esef· 11 Jun 2026verified |
| Current assets | 400.7 m | 462.1 m | 454.8 m | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | 29.2 m | 29.3 m | 26.9 m | esef· 11 Jun 2026verified |
| Short-term debt | 84.8 m | 1.9 m | 871.0 k | esef· 11 Jun 2026verified |
| Long-term debt | 1.7 m | 73.6 m | 112.2 m | esef· 11 Jun 2026verified |
| Current liabilities | 170.0 m | 102.2 m | 93.7 m | esef· 11 Jun 2026verified |
| Equity | 410.1 m | 425.1 m | 420.1 m | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 133.5 m | 134.1 m | 133.6 m | esef· 11 Jun 2026derived |
Cash flow · GBP
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 203.1 m GBP
Key indicators
Coverage and freshness
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.3% | 46 (vs peers) | 19% |
| 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 | 3.8x | 36 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 8.9x | 83 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial46/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial83/100 · 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
HENRY BOOT PLC (BOOT.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 251.5 m GBP in 2025; YoY growth -5.5%; net margin 9.3%; ROE 5.6%.
The estimated value range is 1.93–2.98 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.47 GBP, the price of 1.52 GBP leaves a potential of 62.3% (value / price − 1) and a margin of safety of 38.4% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.9x
- P/E (TTM): 8.9x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| BOOT.LHenry Boot PLC | 203.1 m | 8.9 | 5.6% | 9.3% | −5.5% | −33% / −17% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| 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% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BOOT.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.84 Total return -45% · Per year -45% | 1.49 Total return -2% · Per year -2% | 2.25 Total return 48% · Per year 48% |
| 3 years | 0.66 Total return -56% · Per year -24% | 1.34 Total return -12% · Per year -4% | 2.25 Total return 48% · Per year 14% |
| 5 years | 0.53 Total return -65% · Per year -19% | 1.21 Total return -20% · Per year -4% | 2.25 Total return 48% · Per year 8% |
- Exit P/E± 0.34
- Net margin± 0.23
- Annual revenue growth± 0.21
- Annual dilution± 0.02
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
Henry Boot PLC is a British group active in urban regeneration, residential and industrial-logistics land, with a focus on promoting and selling land for housing. In 2025 it sold a record number of residential plots 1, and this activity remained the company's main focus in a still fragile market.
SWOT
Strengths
- The company has a proven ability to secure planning consents and sell plots to large developers, with attractive internal rates of return on sales 1.
- The portfolio of consented plots and plots in the planning system gives visibility over future sales 1.
- Relationships with public and private customers and experience in partnerships support access to new projects 1.
Weaknesses
- Revenue depends heavily on land sales, and so on the pace of consents and housebuilder demand 1.
- Integrating a recent acquisition and reorganising through a divestment creates operational and reporting risks 1.
- Climate risk reporting is only partly consistent with recommendations, and quantitative scenario modelling is not finished 1.
Opportunities
- Planning system reform could speed up consents and increase the volume of plots delivered 1.
- Growing the industrial and logistics segment through partnerships such as Origin could diversify revenue 1.
- Sustainability commitments and energy certifications could attract customers who require high standards 1.
Risks
- Dependence on planninghigh
Sales depend on securing consents, and delays could postpone delivery of plots and receipts 1.
- Exposure to land valuesmedium
A fall in land values could reduce profit per plot on future sales 1.
- Integration of acquisitionsmedium
Integrating Stonebridge Homes may delay alignment of environmental policies and data systems 1.
- Climate and decarbonisation risksmedium
Net zero targets for direct emissions and Scope 3 reporting remain in progress, with risks not yet fully assessed 1.
- Supply chain and contractorslow
Turbulent market conditions can affect contractors and subcontractors, and the company offers them dedicated support 1.
Investment thesis
What would need to be true (bull case)
- Strong housebuilder demand for consented plots, combined with a sizeable portfolio in the planning system, could support solid sales in coming years 1.
- Planning reform could convert applications into consents more quickly, increasing the volume of land available for sale 1.
- Diversifying into industrial and logistics through partnerships could reduce dependence on a single market segment 1.
What would break the thesis
- The land market has already shown a slight fall in values, and a deeper correction could reduce margins per plot 1.
- Reorganising through a divestment and integrating an acquisition may bring unforeseen costs and divert management attention 1.
- Climate targets and Scope 3 reporting are still incomplete, which could draw additional demands from investors and authorities 1.
What to watch
- Development of the consented plot count and the plots awaiting decision in the planning systemnext annual report
- Average gross profit per plot in the land promotion division2026
- Completion of the Stonebridge Homes integration and the next decarbonisation plan2026
- Publication of the Scope 3 target and the climate transition plannext annual report
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
Henry Boot PLC organises its activity around three key markets: urban regeneration, residential, and industrial and logistics, through which it promotes, secures consents for and sells land to developers. The company presents itself as a partner of choice for public and private customers, with joint venture and partnership capabilities 1. In 2025 the Origin partnership with Feldberg Capital received further funding to grow its pipeline of industrial and logistics sites 1.
The 2025 annual report also describes a period of transition: the company announced the divestment of Henry Boot Construction and the integration of Stonebridge Homes into the group 1. These changes alter the operating structure and environmental reporting, and the company treated them as a reorganisation that affects how decarbonisation targets are tracked 1.
Beyond commercial activity, the group commits to sustainability goals, including net zero for direct emissions by 2030, and to policies on human rights and modern slavery 1. These form part of a responsible business strategy aligned with its commercial activity.
Segments
Land promotion (Hallam Land Management)
Hallam Land, the land promotion division, sold a record number of residential plots in 2025, with average gross profit per plot above the prior year 1. Key disposals included large sites at Sittingbourne, Yalding and Tamworth, with buyers such as Taylor Wimpey, Fernham Homes and Persimmon 1.
Planning and land portfolio
Following reforms to the planning system, the division accelerated planning applications, and a substantial volume of plots now sits in the system awaiting decision 1. This creates a base of assets that could support future sales if consents are granted within expected timelines.
Industrial and logistics partnerships (Origin)
The Origin partnership with Feldberg Capital aims to build a pipeline of sites with high sustainability standards, including BREEAM Excellent and EPC A ratings 1. Expanding this segment could diversify revenue away from residential land.
Market context
The UK market for land with development potential saw a slight fall in values in 2025, of 1.4 percent, according to Savills Research 1. Demand from housebuilders for land with existing consent nevertheless remained strong, and companies holding consented plots are less exposed to this decline.
Changes to the planning system after the NPPF revision have increased the ability to obtain outline consents, which could accelerate land delivery to the market 1. The effect on prices and volumes remains uncertain and depends on macroeconomic conditions.
Trends
- Housebuilder demand for consented landtailwind
Demand for plots with consent stayed strong in 2025, and Hallam Land achieved attractive internal rates of return on sales 1. This trend could support volumes if the residential market stays stable.
- Planning system reformtailwind
Changes to the NPPF have made it easier to obtain land consents, and the company increased resources to speed up applications 1. The positive effect depends on whether local authorities keep to decision deadlines.
- Falling land valuesheadwind
Values of land with development potential eased slightly in 2025 1. A further correction could reduce margins on undeveloped land in the portfolio.
- Climate transition and reportingmixed
Moving to UK sustainability reporting standards and delays in quantitative climate scenario modelling bring new compliance requirements 1. Costs and complexity could rise, though this may improve transparency for investors.
Competitive position
Hallam Land competes for land with other promoters and with large housebuilders, which can buy consented plots directly. The company's advantage lies in its experience of securing consents and its relationships with large buyers, evidenced by its 2025 sales 1.
In industrial and logistics, the company relies on partnerships such as Origin to compete with specialist developers. The annual report does not detail competitors, so the comparison remains limited to the information available 1.
- Taylor Wimpey
British residential developer and buyer of Hallam Land plots in 2025, an important player in the same market 1.
- Persimmon
British residential developer that bought a large lot of plots from Hallam Land in 2025 1.
- Fernham Homes
Residential developer that acquired plots at Yalding, Kent, in 2025 1.
- Feldberg Capital
Partner in the Origin industrial and logistics partnership, more a partner than a direct competitor 1.
News & filings
In the press
- Henry Boot H1 Earnings Call HighlightsYahoo Finance — News · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202511 Jun 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Henry Boot 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.