Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Tritax Big Box REIT plc is a UK-based real estate investment trust specializing in high-quality logistics warehouse assets, known as 'Big Box' distribution centres. It serves as the largest listed investor in these properties, owning and actively managing a substantial portfolio of modern, strategically located facilities across key UK regions, including the South East and Midlands. The company focuses on large-scale logistics real estate leased to institutional-grade clients in sectors such as retail, consumer products, automotive, and logistics, with tenants including major firms like Sainsbury's, Tesco, DHL, and Ocado. Notable features include long-term leases with upward-only rent reviews, significant rental reversion potential, and a development pipeline that incorporates urban small box assets alongside mega facilities, such as those pre-let to Amazon and IKEA. Tritax Big Box REIT plc also pursues innovative opportunities like data centre developments with a 1GW pipeline, emphasizing sustainability and supply chain infrastructure critical to the UK economy. With a gross asset value approaching £7.9 billion post-recent acquisitions, it plays a pivotal role in providing resilient income and capital returns through expert asset management and geographic diversification.
£1.62
£0.00 (-0.25%)
EOD Jul 3, 2026
Revenue declined 9.3% YoY. The question is whether this is cyclical or a structural shift.
Net debt of £2.62B represents 8.4x FCF, leverage limits flexibility.
11.3x earnings, 13.1x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£492M
▼ -9.3% YoY
Net Income (TTM)
£363M
▼ -18.5% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
£313M
▲ +60.1% YoY
Op. Cash Flow (TTM)
£477M
▲ +1.3% YoY
Net Debt
£2.62B
Cash & Equiv.
£110M
3Y CAGR: +20.8%
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At a P/E of 11.3 and a price-to-free-cash-flow of 13.1, Tritax Big Box REIT (BBOX.XLON) trades below a two-stage DCF intrinsic value of about £2.40 per share, so at £1.62 the stock looks undervalued (47.7% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Tritax Big Box REIT scores 54/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 4.9%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £2.40 per share for BBOX.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £1.80. At today's £1.62, that puts the stock about 47.7% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Tritax Big Box REIT scores 54 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a mixed business on these measures. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Tritax Big Box REIT pays a regular dividend of about £0.08 per share per year (typically in quarterly installments), a yield of roughly 4.9% at the current price. That is a payout ratio of about 55.0% of earnings, so the dividend is well covered. Tritax Big Box REIT has grown the dividend at roughly 15.0% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For BBOX.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. BBOX.XLON currently trades below its estimated intrinsic value and scores 54/100 on quality (mixed). It also yields about 4.9%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.