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SAUL CENTERS INC (BFS) Stock Fundamental Analysis

NYSE:BFS - New York Stock Exchange, Inc. - US8043951016 - REIT - Currency: USD

32.55  -0.05 (-0.15%)

After market: 32.55 0 (0%)

Fundamental Rating

4

BFS gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 130 industry peers in the Diversified REITs industry. While BFS belongs to the best of the industry regarding profitability, there are concerns on its financial health. BFS does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

BFS had positive earnings in the past year.
In the past year BFS had a positive cash flow from operations.
BFS had positive earnings in each of the past 5 years.
BFS had a positive operating cash flow in each of the past 5 years.
BFS Yearly Net Income VS EBIT VS OCF VS FCFBFS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M 100M

1.2 Ratios

Looking at the Return On Assets, with a value of 1.86%, BFS is in the better half of the industry, outperforming 65.38% of the companies in the same industry.
With an excellent Return On Equity value of 11.75%, BFS belongs to the best of the industry, outperforming 92.31% of the companies in the same industry.
BFS has a better Return On Invested Capital (4.66%) than 86.15% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BFS is in line with the industry average of 3.17%.
Industry RankSector Rank
ROA 1.86%
ROE 11.75%
ROIC 4.66%
ROA(3y)2.02%
ROA(5y)1.99%
ROE(3y)11.13%
ROE(5y)10.12%
ROIC(3y)4.81%
ROIC(5y)4.84%
BFS Yearly ROA, ROE, ROICBFS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

BFS's Profit Margin of 14.63% is fine compared to the rest of the industry. BFS outperforms 68.46% of its industry peers.
BFS's Profit Margin has been stable in the last couple of years.
BFS has a Operating Margin of 44.94%. This is amongst the best in the industry. BFS outperforms 89.23% of its industry peers.
In the last couple of years the Operating Margin of BFS has remained more or less at the same level.
BFS's Gross Margin of 73.28% is fine compared to the rest of the industry. BFS outperforms 68.46% of its industry peers.
BFS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 44.94%
PM (TTM) 14.63%
GM 73.28%
OM growth 3Y0.27%
OM growth 5Y-0.33%
PM growth 3Y-1.91%
PM growth 5Y-1.27%
GM growth 3Y-0.47%
GM growth 5Y-0.49%
BFS Yearly Profit, Operating, Gross MarginsBFS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BFS is destroying value.
Compared to 1 year ago, BFS has more shares outstanding
Compared to 5 years ago, BFS has more shares outstanding
The debt/assets ratio for BFS is higher compared to a year ago.
BFS Yearly Shares OutstandingBFS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
BFS Yearly Total Debt VS Total AssetsBFS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

BFS has an Altman-Z score of 0.37. This is a bad value and indicates that BFS is not financially healthy and even has some risk of bankruptcy.
BFS has a Altman-Z score (0.37) which is in line with its industry peers.
A Debt/Equity ratio of 4.56 is on the high side and indicates that BFS has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 4.56, BFS is doing worse than 84.62% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 4.56
Debt/FCF N/A
Altman-Z 0.37
ROIC/WACC0.76
WACC6.11%
BFS Yearly LT Debt VS Equity VS FCFBFS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

2.3 Liquidity

A Current Ratio of 0.88 indicates that BFS may have some problems paying its short term obligations.
With a Current ratio value of 0.88, BFS perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
A Quick Ratio of 0.88 indicates that BFS may have some problems paying its short term obligations.
BFS's Quick ratio of 0.88 is in line compared to the rest of the industry. BFS outperforms 50.77% of its industry peers.
Industry RankSector Rank
Current Ratio 0.88
Quick Ratio 0.88
BFS Yearly Current Assets VS Current LiabilitesBFS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M

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3

3. Growth

3.1 Past

BFS shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.62%.
BFS shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 0.81% yearly.
The Revenue has been growing slightly by 4.64% in the past year.
Measured over the past years, BFS shows a small growth in Revenue. The Revenue has been growing by 2.99% on average per year.
EPS 1Y (TTM)-5.62%
EPS 3Y1.35%
EPS 5Y0.81%
EPS Q2Q%-49.4%
Revenue 1Y (TTM)4.64%
Revenue growth 3Y3.97%
Revenue growth 5Y2.99%
Sales Q2Q%1.29%

3.2 Future

Based on estimates for the next years, BFS will show a very negative growth in Earnings Per Share. The EPS will decrease by -10.25% on average per year.
The Revenue is expected to grow by 6.54% on average over the next years.
EPS Next Y-12.63%
EPS Next 2Y-10.25%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.31%
Revenue Next 2Y6.54%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
BFS Yearly Revenue VS EstimatesBFS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 100M 200M 300M
BFS Yearly EPS VS EstimatesBFS Yearly EPS VS EstimatesYearly EPS VS Estimates 2024 2025 2026 0.5 1 1.5

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3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 19.97, which indicates a rather expensive current valuation of BFS.
Compared to the rest of the industry, the Price/Earnings ratio of BFS indicates a somewhat cheap valuation: BFS is cheaper than 77.69% of the companies listed in the same industry.
BFS's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.78.
BFS is valuated rather expensively with a Price/Forward Earnings ratio of 22.86.
86.92% of the companies in the same industry are more expensive than BFS, based on the Price/Forward Earnings ratio.
BFS is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 21.32, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 19.97
Fwd PE 22.86
BFS Price Earnings VS Forward Price EarningsBFS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100

4.2 Price Multiples

BFS's Enterprise Value to EBITDA is on the same level as the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 13.45
BFS Per share dataBFS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10

4.3 Compensation for Growth

BFS has a very decent profitability rating, which may justify a higher PE ratio.
BFS's earnings are expected to decrease with -10.25% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)24.78
EPS Next 2Y-10.25%
EPS Next 3YN/A

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5

5. Dividend

5.1 Amount

BFS has a Yearly Dividend Yield of 7.24%, which is a nice return.
Compared to an average industry Dividend Yield of 16.32, BFS pays a bit more dividend than its industry peers.
BFS's Dividend Yield is rather good when compared to the S&P500 average which is at 2.46.
Industry RankSector Rank
Dividend Yield 7.24%

5.2 History

The dividend of BFS has a limited annual growth rate of 1.15%.
BFS has been paying a dividend for at least 10 years, so it has a reliable track record.
BFS has decreased its dividend recently.
Dividend Growth(5Y)1.15%
Div Incr Years0
Div Non Decr Years1
BFS Yearly Dividends per shareBFS Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

172.57% of the earnings are spent on dividend by BFS. This is not a sustainable payout ratio.
The Dividend Rate of BFS has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP172.57%
EPS Next 2Y-10.25%
EPS Next 3YN/A
BFS Yearly Income VS Free CF VS DividendBFS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M
BFS Dividend Payout.BFS Dividend Payout, showing the Payout Ratio.BFS Dividend Payout.PayoutRetained Earnings

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SAUL CENTERS INC

NYSE:BFS (4/25/2025, 8:04:00 PM)

After market: 32.55 0 (0%)

32.55

-0.05 (-0.15%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-28 2025-02-28/amc
Earnings (Next)05-01 2025-05-01
Inst Owners46.53%
Inst Owner Change-24.36%
Ins Owners48.44%
Ins Owner Change4%
Market Cap787.71M
Analysts80
Price Target47.94 (47.28%)
Short Float %0.9%
Short Ratio2
Dividend
Industry RankSector Rank
Dividend Yield 7.24%
Yearly Dividend2.81
Dividend Growth(5Y)1.15%
DP172.57%
Div Incr Years0
Div Non Decr Years1
Ex-Date04-15 2025-04-15 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-8.44%
Min EPS beat(2)-27.39%
Max EPS beat(2)10.52%
EPS beat(4)3
Avg EPS beat(4)6.35%
Min EPS beat(4)-27.39%
Max EPS beat(4)21.86%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.59%
Min Revenue beat(2)-2.45%
Max Revenue beat(2)1.28%
Revenue beat(4)3
Avg Revenue beat(4)0.8%
Min Revenue beat(4)-2.45%
Max Revenue beat(4)2.99%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)9.68%
EPS NY rev (1m)0%
EPS NY rev (3m)3.68%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.01%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 19.97
Fwd PE 22.86
P/S 2.92
P/FCF N/A
P/OCF 6.5
P/B 2.35
P/tB 2.35
EV/EBITDA 13.45
EPS(TTM)1.63
EY5.01%
EPS(NY)1.42
Fwd EY4.38%
FCF(TTM)-2.8
FCFYN/A
OCF(TTM)5.01
OCFY15.39%
SpS11.14
BVpS13.87
TBVpS13.87
PEG (NY)N/A
PEG (5Y)24.78
Profitability
Industry RankSector Rank
ROA 1.86%
ROE 11.75%
ROCE 5.89%
ROIC 4.66%
ROICexc 4.68%
ROICexgc 4.71%
OM 44.94%
PM (TTM) 14.63%
GM 73.28%
FCFM N/A
ROA(3y)2.02%
ROA(5y)1.99%
ROE(3y)11.13%
ROE(5y)10.12%
ROIC(3y)4.81%
ROIC(5y)4.84%
ROICexc(3y)4.84%
ROICexc(5y)4.88%
ROICexgc(3y)4.88%
ROICexgc(5y)4.91%
ROCE(3y)6.09%
ROCE(5y)6.12%
ROICexcg growth 3Y-2.38%
ROICexcg growth 5Y-2.84%
ROICexc growth 3Y-2.29%
ROICexc growth 5Y-2.91%
OM growth 3Y0.27%
OM growth 5Y-0.33%
PM growth 3Y-1.91%
PM growth 5Y-1.27%
GM growth 3Y-0.47%
GM growth 5Y-0.49%
F-Score4
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 4.56
Debt/FCF N/A
Debt/EBITDA 8.93
Cap/Depr 374.07%
Cap/Sales 70.04%
Interest Coverage 2.35
Cash Conversion 70.59%
Profit Quality N/A
Current Ratio 0.88
Quick Ratio 0.88
Altman-Z 0.37
F-Score4
WACC6.11%
ROIC/WACC0.76
Cap/Depr(3y)344.4%
Cap/Depr(5y)250.98%
Cap/Sales(3y)65.54%
Cap/Sales(5y)48.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-5.62%
EPS 3Y1.35%
EPS 5Y0.81%
EPS Q2Q%-49.4%
EPS Next Y-12.63%
EPS Next 2Y-10.25%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.64%
Revenue growth 3Y3.97%
Revenue growth 5Y2.99%
Sales Q2Q%1.29%
Revenue Next Year6.31%
Revenue Next 2Y6.54%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y2.57%
EBIT growth 3Y4.25%
EBIT growth 5Y2.64%
EBIT Next Year51.55%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y21.25%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y2.97%
OCF growth 3Y0.79%
OCF growth 5Y0.99%