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Tritax Big Box REIT plc (BBOX) Fair Value & Analysis

Real Estate · GB · Market cap 4.1B GBX

TB Tritax Big Box REIT plc BBOX · LSE
Price£1.61
Fair Value£1.56
Upside-3.2%
Quality95/100
Evidence: High Range £1.22 – £1.64

Fair value as of: Jun 26, 2026

From 25 valuation models · updated 3 days ago

Share price +8.0% over the past month.

Price vs Fair Value (12 months)

£1.67 £1.27 Fair Value £1.56 Jun 2025 Jun 2026

12‑month range £1.27 – £1.67 · fair‑value band £1.22 – £1.64 · the £1.61 price screens above the £1.56 fair value. As of Jun 26, 2026.

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Analysis

Tritax Big Box REIT plc (BBOX) currently trades at £1.61, while our model-based Fair Value estimate is £1.56 — implying the stock looks roughly 3.2% overvalued today. We read business quality at 95/100 (high quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Trailing-twelve-month revenue stands at £328M. Revenue grew 2.3% year over year. It earns a return on equity of 7.6%. Net debt stands at £2.5B. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) 328M GBX
Revenue growth (YoY) +2.3%
Net margin 111%
Return on equity 7.6%
Free cash flow 313M GBX FY2025
P/E ratio 10.7
More key figures
Operating margin 83.3%
EPS (TTM) £0.1400
Dividend yield 5.4%
EPS growth (YoY) -26.6%
Net debt 2.5B GBX FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

About the company

Tritax Big Box REIT plc is the largest listed investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK. Tritax Big Box targets attractive and sustainable returns for shareholders by investing in and actively managing existing built investments and land suitable for logistics development. The Company focuses on well-located, modern logistics assets, typically letting institutional-grade clients on long-term leases with upward-on-only rent reviews and geographic and client diversification throughout the UK. Additionally, having adopted a approach, the Company has recently secured its first data center development opportunities (amounting to over 250MW), and has a pipeline of c.1-gigawatt of further opportunities, offering the potential to deliver exceptional returns on an accelerated basis. The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies, is listed on the Official Li…

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tritax Big Box REIT plc reported revenue of £345M in FY2025 versus £996M in FY2021, a compound −23.3%/yr. Reported net income was £363M in FY2025, compounding −21.8%/yr from FY2021.

Revenue −23.3%/yr
FY21 £996M
FY22 −£574M
FY23 £229M
FY24 £294M
FY25 £345M
Net income −21.8%/yr
FY21 £973M
FY22 −£599M
FY23 £70.0M
FY24 £446M
FY25 £363M

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Extra Space Storage Inc EXR $146.08 $153.59 +5%
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Frequently asked questions

Is Tritax Big Box REIT plc (BBOX) undervalued?
As of Jun 26, 2026, our model estimates a fair value of £1.56 versus a price of £1.61 — about −3% (overvalued). Model-based estimate, not financial advice.
What is the fair value of BBOX?
Our 21-model fair value for Tritax Big Box REIT plc is £1.56 (as of Jun 26, 2026), built from audited fundamentals. The current price is £1.61.
What is the quality score of BBOX?
Tritax Big Box REIT plc has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Tritax Big Box REIT plc (BBOX)?
Tritax Big Box REIT plc reported trailing-twelve-month revenue of about £328M (latest available figure, as of Jun 26, 2026).
What is the net profit margin of BBOX?
The net profit margin of Tritax Big Box REIT plc is about 110.8%, meaning it keeps roughly 110.8% of revenue as net income. Based on the latest reported figures.
Does Tritax Big Box REIT plc pay a dividend?
Tritax Big Box REIT plc currently shows a dividend yield of about 5.38% relative to its recent price (as of Jun 26, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.