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1. Company Snapshot

1.a. Company Description

Tritax EuroBox plc invest in and manage a well-diversified portfolio of large, high-quality logistics real estate assets, known as Big Boxes.It seeks to invests in properties fulfilling a key part of the logistics and distribution supply chain for occupiers including retailers, manufacturers and third-party logistics operators.The fund focus on key logistics hubs, which are close to major population centres in Europe's most-established logistics markets and have good availability of labour.


It seeks to invest in Foundation assets, Value add assets, Growth covenant assets and strategic land.Tritax EuroBox plc primarily invests across core countries in Continental Europe.

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1.b. Last Insights on BOXE

Tritax EuroBox plc's recent stock performance was driven by strong Q3 earnings and a positive outlook for FY2025. The company's self-storage and logistics segments showed strength, and its impressive earnings surprise history and positive earnings outlook contributed to the stock's performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.40%)

6. Segments

Rental

Expected Growth: 7.5%

Tritax EuroBox plc's 7.5% rental growth is driven by strong demand for logistics space, e-commerce growth, and urbanization. Additionally, the company's strategic focus on high-quality, well-located assets and active asset management contribute to the growth. Furthermore, the increasing need for last-mile delivery and omnichannel retailing also support the upward trend.

Service Charges Recoverable

Expected Growth: 7.0%

The 7.0% growth in Service Charges Recoverable from Tritax EuroBox plc is driven by increasing demand for logistics and e-commerce facilities, strategic acquisitions, and expansion into high-growth markets. Additionally, the company's focus on operational efficiency and cost savings initiatives contribute to the growth. Strong property management and proactive asset management also support the upward trend.

Spreading of Customer Incentives

Expected Growth: 9.0%

Tritax EuroBox plc's 9.0% growth in spreading customer incentives is driven by strategic acquisitions, expanding e-commerce logistics, and increasing demand for last-mile delivery solutions. Additionally, the company's focus on operational efficiency, cost savings, and investment in digitalization have contributed to the growth.

Other

Expected Growth: 6.0%

Tritax EuroBox plc's 6.0% growth is driven by increasing demand for logistics and warehouse space, fueled by e-commerce growth and supply chain reconfigurations. Additionally, the company's strategic focus on high-quality, modern assets and its ability to secure long-term leases with strong covenants contribute to its growth momentum.

Amortisation of Capital Contribution and Lease Commission

Expected Growth: 5.0%

Tritax EuroBox plc's 5.0% growth is driven by the amortisation of capital contributions, which enhances cash flow and reduces debt. Lease commissions also contribute to growth, as the company expands its portfolio of high-quality logistics assets, increasing rental income and driving net asset value growth.

7. Detailed Products

Logistics Warehouses

Tritax EuroBox plc offers high-quality logistics warehouses for rent, strategically located near major transportation hubs, providing efficient and cost-effective storage and distribution solutions for businesses.

Distribution Centers

The company provides modern and well-equipped distribution centers, designed to optimize the supply chain and logistics operations for businesses.

Light Industrial Units

Tritax EuroBox plc offers flexible and adaptable light industrial units, suitable for a range of businesses, from manufacturing to research and development.

Cold Storage Facilities

The company provides temperature-controlled cold storage facilities, ideal for businesses requiring precise temperature control, such as food and pharmaceutical companies.

Data Centers

Tritax EuroBox plc offers secure and reliable data centers, designed to support the growing demand for data storage and processing.

8. Tritax EuroBox plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Tritax EuroBox plc is medium due to the availability of alternative investment options in the real estate sector.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the logistics and industrial property market, which limits their negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of a few large construction companies and material suppliers, which can exert some pressure on prices.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the logistics and industrial property market, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the logistics and industrial property market, leading to intense competition for tenants and investment opportunities.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.45%
Debt Cost 3.95%
Equity Weight 50.55%
Equity Cost 7.36%
WACC 5.67%
Leverage 97.81%

11. Quality Control: Tritax EuroBox plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Fiducial Real Estate

A-Score: 6.0/10

Value: 5.4

Growth: 4.0

Quality: 6.6

Yield: 3.1

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Plazza

A-Score: 6.0/10

Value: 2.4

Growth: 4.4

Quality: 6.2

Yield: 3.8

Momentum: 9.0

Volatility: 10.0

1-Year Total Return ->

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Foxtons

A-Score: 5.7/10

Value: 7.8

Growth: 5.6

Quality: 7.8

Yield: 3.1

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

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Deutsche EuroShop

A-Score: 5.4/10

Value: 5.7

Growth: 3.1

Quality: 6.2

Yield: 8.8

Momentum: 2.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Tritax EuroBox

A-Score: 4.7/10

Value: 7.2

Growth: 3.6

Quality: 3.8

Yield: 4.4

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

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Corem Property

A-Score: 3.4/10

Value: 6.5

Growth: 2.7

Quality: 3.6

Yield: 5.6

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.01$

Current Price

0.01$

Potential

-0.00%

Expected Cash-Flows