BXP INC (BXP) Stock Fundamental Analysis
NYSE:BXP - New York Stock Exchange, Inc. - US1011211018 - REIT - Currency: USD
Overall BXP gets a fundamental rating of 3 out of 10. We evaluated BXP against 129 industry peers in the Diversified REITs industry. While BXP is still in line with the averages on profitability rating, there are concerns on its financial health. BXP has a expensive valuation and it also scores bad on growth. Finally BXP also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
In the past year BXP was profitable.
BXP had a positive operating cash flow in the past year.
Each year in the past 5 years BXP has been profitable.
BXP had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
The Return On Assets of BXP (-0.02%) is comparable to the rest of the industry.
BXP has a Return On Equity (-0.08%) which is comparable to the rest of the industry.
With a decent Return On Invested Capital value of 3.33%, BXP is doing good in the industry, outperforming 63.57% of the companies in the same industry.
BXP had an Average Return On Invested Capital over the past 3 years of 3.37%. This is in line with the industry average of 3.16%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -0.02% | ||
| ROE | -0.08% | ||
| ROIC | 3.33% |
ROA(3y)1.43%
ROA(5y)2.06%
ROE(3y)5.78%
ROE(5y)8.04%
ROIC(3y)3.37%
ROIC(5y)3.39%
1.3 Margins
In the last couple of years the Profit Margin of BXP has declined.
The Operating Margin of BXP (29.85%) is better than 64.34% of its industry peers.
BXP's Operating Margin has declined in the last couple of years.
The Gross Margin of BXP (60.45%) is worse than 67.44% of its industry peers.
BXP's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 29.85% | ||
| PM (TTM) | N/A | ||
| GM | 60.45% |
OM growth 3Y-3.8%
OM growth 5Y-3.26%
PM growth 3Y-71%
PM growth 5Y-52.47%
GM growth 3Y-1.62%
GM growth 5Y-0.75%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), BXP is destroying value.
Compared to 1 year ago, BXP has more shares outstanding
Compared to 5 years ago, BXP has more shares outstanding
Compared to 1 year ago, BXP has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.55, we must say that BXP is in the distress zone and has some risk of bankruptcy.
BXP's Altman-Z score of 0.55 is in line compared to the rest of the industry. BXP outperforms 49.61% of its industry peers.
BXP has a debt to FCF ratio of 130.60. This is a negative value and a sign of low solvency as BXP would need 130.60 years to pay back of all of its debts.
BXP has a Debt to FCF ratio (130.60) which is in line with its industry peers.
BXP has a Debt/Equity ratio of 3.02. This is a high value indicating a heavy dependency on external financing.
BXP's Debt to Equity ratio of 3.02 is on the low side compared to the rest of the industry. BXP is outperformed by 80.62% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.02 | ||
| Debt/FCF | 130.6 | ||
| Altman-Z | 0.55 |
ROIC/WACC0.51
WACC6.51%
2.3 Liquidity
BXP has a Current Ratio of 1.36. This is a normal value and indicates that BXP is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Current ratio value of 1.36, BXP is doing good in the industry, outperforming 68.99% of the companies in the same industry.
A Quick Ratio of 1.36 indicates that BXP should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.36, BXP is in the better half of the industry, outperforming 69.77% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.36 | ||
| Quick Ratio | 1.36 |
3. Growth
3.1 Past
The earnings per share for BXP have decreased strongly by -17.05% in the last year.
Measured over the past years, BXP shows a decrease in Earnings Per Share. The EPS has been decreasing by -7.37% on average per year.
The Revenue has been growing slightly by 3.73% in the past year.
Measured over the past years, BXP shows a small growth in Revenue. The Revenue has been growing by 2.85% on average per year.
EPS 1Y (TTM)-17.05%
EPS 3Y-10.8%
EPS 5Y-7.37%
EPS Q2Q%-21.57%
Revenue 1Y (TTM)3.73%
Revenue growth 3Y5.66%
Revenue growth 5Y2.85%
Sales Q2Q%3.07%
3.2 Future
BXP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.45% yearly.
The Revenue is expected to grow by 2.69% on average over the next years.
EPS Next Y-16.76%
EPS Next 2Y-8.04%
EPS Next 3Y-2.36%
EPS Next 5Y4.45%
Revenue Next Year1.85%
Revenue Next 2Y2.35%
Revenue Next 3Y2.45%
Revenue Next 5Y2.69%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 33.55, the valuation of BXP can be described as expensive.
BXP's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of BXP to the average of the S&P500 Index (28.04), we can say BXP is valued inline with the index average.
BXP is valuated quite expensively with a Price/Forward Earnings ratio of 37.74.
Based on the Price/Forward Earnings ratio, BXP is valued a bit cheaper than the industry average as 65.89% of the companies are valued more expensively.
BXP's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 37.64.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 33.55 | ||
| Fwd PE | 37.74 |
4.2 Price Multiples
The rest of the industry has a similar Enterprise Value to EBITDA ratio as BXP.
BXP's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 92.55 | ||
| EV/EBITDA | 13.85 |
4.3 Compensation for Growth
BXP's earnings are expected to decrease with -2.36% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-8.04%
EPS Next 3Y-2.36%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 5.54%, BXP is a good candidate for dividend investing.
BXP's Dividend Yield is comparable with the industry average which is at 6.44.
BXP's Dividend Yield is rather good when compared to the S&P500 average which is at 2.31.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.54% |
5.2 History
The dividend of BXP has a limited annual growth rate of 0.30%.
BXP has been paying a dividend for at least 10 years, so it has a reliable track record.
BXP has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)0.3%
Div Incr Years0
Div Non Decr Years14
5.3 Sustainability
BXP has negative earnings and hence a negative payout ratio. The dividend may be in danger.
BXP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP-15588.5%
EPS Next 2Y-8.04%
EPS Next 3Y-2.36%
71.8
+1.06 (+1.5%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners108.14%
Inst Owner Change-0.23%
Ins Owners0.19%
Ins Owner Change-0.58%
Market Cap11.37B
Analysts70
Price Target77.78 (8.33%)
Short Float %6.56%
Short Ratio6.55
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.54% |
Yearly Dividend4.38
Dividend Growth(5Y)0.3%
DP-15588.5%
Div Incr Years0
Div Non Decr Years14
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)21.3%
Min EPS beat(2)1.99%
Max EPS beat(2)40.62%
EPS beat(4)3
Avg EPS beat(4)11.54%
Min EPS beat(4)-3.05%
Max EPS beat(4)40.62%
EPS beat(8)6
Avg EPS beat(8)9.59%
EPS beat(12)9
Avg EPS beat(12)31.12%
EPS beat(16)13
Avg EPS beat(16)35.77%
Revenue beat(2)2
Avg Revenue beat(2)1.18%
Min Revenue beat(2)0.35%
Max Revenue beat(2)2.02%
Revenue beat(4)4
Avg Revenue beat(4)1.79%
Min Revenue beat(4)0.35%
Max Revenue beat(4)2.87%
Revenue beat(8)8
Avg Revenue beat(8)1.57%
Revenue beat(12)12
Avg Revenue beat(12)1.68%
Revenue beat(16)15
Avg Revenue beat(16)1.62%
PT rev (1m)1.27%
PT rev (3m)-1.65%
EPS NQ rev (1m)5.19%
EPS NQ rev (3m)6.41%
EPS NY rev (1m)0%
EPS NY rev (3m)4.51%
Revenue NQ rev (1m)0.14%
Revenue NQ rev (3m)0.54%
Revenue NY rev (1m)0.09%
Revenue NY rev (3m)0.84%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 33.55 | ||
| Fwd PE | 37.74 | ||
| P/S | 3.31 | ||
| P/FCF | 92.55 | ||
| P/OCF | 9.12 | ||
| P/B | 2.14 | ||
| P/tB | 2.14 | ||
| EV/EBITDA | 13.85 |
EPS(TTM)2.14
EY2.98%
EPS(NY)1.9
Fwd EY2.65%
FCF(TTM)0.78
FCFY1.08%
OCF(TTM)7.88
OCFY10.97%
SpS21.69
BVpS33.6
TBVpS33.6
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -0.02% | ||
| ROE | -0.08% | ||
| ROCE | 4.3% | ||
| ROIC | 3.33% | ||
| ROICexc | 3.38% | ||
| ROICexgc | 3.38% | ||
| OM | 29.85% | ||
| PM (TTM) | N/A | ||
| GM | 60.45% | ||
| FCFM | 3.58% |
ROA(3y)1.43%
ROA(5y)2.06%
ROE(3y)5.78%
ROE(5y)8.04%
ROIC(3y)3.37%
ROIC(5y)3.39%
ROICexc(3y)3.54%
ROICexc(5y)3.55%
ROICexgc(3y)3.54%
ROICexgc(5y)3.55%
ROCE(3y)4.3%
ROCE(5y)4.3%
ROICexcg growth 3Y-2.23%
ROICexcg growth 5Y-4.04%
ROICexc growth 3Y-2.23%
ROICexc growth 5Y-4.04%
OM growth 3Y-3.8%
OM growth 5Y-3.26%
PM growth 3Y-71%
PM growth 5Y-52.47%
GM growth 3Y-1.62%
GM growth 5Y-0.75%
F-Score5
Asset Turnover0.13
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.02 | ||
| Debt/FCF | 130.6 | ||
| Debt/EBITDA | 8.38 | ||
| Cap/Depr | 126.51% | ||
| Cap/Sales | 32.74% | ||
| Interest Coverage | 1.53 | ||
| Cash Conversion | 65.17% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.36 | ||
| Quick Ratio | 1.36 | ||
| Altman-Z | 0.55 |
F-Score5
WACC6.51%
ROIC/WACC0.51
Cap/Depr(3y)182.14%
Cap/Depr(5y)171.07%
Cap/Sales(3y)45.26%
Cap/Sales(5y)42.47%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-17.05%
EPS 3Y-10.8%
EPS 5Y-7.37%
EPS Q2Q%-21.57%
EPS Next Y-16.76%
EPS Next 2Y-8.04%
EPS Next 3Y-2.36%
EPS Next 5Y4.45%
Revenue 1Y (TTM)3.73%
Revenue growth 3Y5.66%
Revenue growth 5Y2.85%
Sales Q2Q%3.07%
Revenue Next Year1.85%
Revenue Next 2Y2.35%
Revenue Next 3Y2.45%
Revenue Next 5Y2.69%
EBIT growth 1Y-2.35%
EBIT growth 3Y1.65%
EBIT growth 5Y-0.5%
EBIT Next Year87.1%
EBIT Next 3Y25.87%
EBIT Next 5Y15.44%
FCF growth 1Y112.8%
FCF growth 3YN/A
FCF growth 5Y13.2%
OCF growth 1Y-3.85%
OCF growth 3Y2.9%
OCF growth 5Y0.89%