BOSTON PROPERTIES INC (BXP)
US1011211018 - REIT
We assign a fundamental rating of 4 out of 10 to BXP. BXP was compared to 126 industry peers in the Diversified REITs industry. BXP has an average financial health and profitability rating. 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
BXP had positive earnings in the past year.
In the past year BXP had a positive cash flow from operations.
BXP had positive earnings in each of the past 5 years.
Each year in the past 5 years BXP had a positive operating cash flow.
1.2 Ratios
BXP has a Return On Assets (0.73%) which is comparable to the rest of the industry.
BXP has a better Return On Equity (3.24%) than 63.41% of its industry peers.
With a decent Return On Invested Capital value of 3.29%, BXP is doing good in the industry, outperforming 66.67% of the companies in the same industry.
BXP had an Average Return On Invested Capital over the past 3 years of 3.48%. This is in line with the industry average of 2.95%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.73% | ||
| ROE | 3.24% | ||
| ROIC | 3.29% |
ROA(3y)2.15%
ROA(5y)2.53%
ROE(3y)8.52%
ROE(5y)9.79%
ROIC(3y)3.48%
ROIC(5y)3.55%
1.3 Margins
BXP has a Profit Margin of 5.81%. This is comparable to the rest of the industry: BXP outperforms 53.66% of its industry peers.
BXP's Profit Margin has declined in the last couple of years.
BXP's Operating Margin of 31.73% is fine compared to the rest of the industry. BXP outperforms 69.11% of its industry peers.
BXP's Operating Margin has been stable in the last couple of years.
With a Gross Margin value of 62.30%, BXP is not doing good in the industry: 68.29% of the companies in the same industry are doing better.
In the last couple of years the Gross Margin of BXP has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 31.73% | ||
| PM (TTM) | 5.81% | ||
| GM | 62.3% |
OM growth 3Y-1.09%
OM growth 5Y-1.44%
PM growth 3Y-42.88%
PM growth 5Y-22.71%
GM growth 3Y-0.01%
GM growth 5Y-0.02%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BXP is destroying value.
BXP has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for BXP has been increased compared to 5 years ago.
BXP has a worse debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 0.58, we must say that BXP is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.58, BXP is in line with its industry, outperforming 56.10% of the companies in the same industry.
The Debt to FCF ratio of BXP is 58.11, which is on the high side as it means it would take BXP, 58.11 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BXP (58.11) is comparable to the rest of the industry.
BXP has a Debt/Equity ratio of 2.77. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of BXP (2.77) is worse than 83.74% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.77 | ||
| Debt/FCF | 58.11 | ||
| Altman-Z | 0.58 |
ROIC/WACC0.5
WACC6.57%
2.3 Liquidity
BXP has a Current Ratio of 2.77. This indicates that BXP is financially healthy and has no problem in meeting its short term obligations.
BXP has a better Current ratio (2.77) than 86.18% of its industry peers.
A Quick Ratio of 2.77 indicates that BXP has no problem at all paying its short term obligations.
BXP's Quick ratio of 2.77 is amongst the best of the industry. BXP outperforms 86.18% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.77 | ||
| Quick Ratio | 2.77 |
3. Growth
3.1 Past
BXP shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -52.41%.
BXP shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -7.13% yearly.
The Revenue has been growing slightly by 5.31% in the past year.
Measured over the past years, BXP shows a small growth in Revenue. The Revenue has been growing by 3.80% on average per year.
EPS 1Y (TTM)-52.41%
EPS 3Y-24.15%
EPS 5Y-7.13%
EPS growth Q2Q-2.56%
Revenue 1Y (TTM)5.31%
Revenue growth 3Y5.78%
Revenue growth 5Y3.8%
Revenue growth Q2Q4.95%
3.2 Future
The Earnings Per Share is expected to grow by 4.03% on average over the next years.
The Revenue is expected to grow by 2.37% on average over the next years.
EPS Next Y-13.93%
EPS Next 2Y-10.12%
EPS Next 3Y-3.23%
EPS Next 5Y4.03%
Revenue Next Year0.89%
Revenue Next 2Y1.79%
Revenue Next 3Y2.67%
Revenue Next 5Y2.37%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 23.42, the valuation of BXP can be described as rather expensive.
Based on the Price/Earnings ratio, BXP is valued a bit cheaper than 72.36% of the companies in the same industry.
BXP is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 24.76, which is the current average of the S&P500 Index.
BXP is valuated quite expensively with a Price/Forward Earnings ratio of 27.22.
BXP's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BXP is cheaper than 78.86% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of BXP to the average of the S&P500 Index (21.26), we can say BXP is valued slightly more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.42 | ||
| Fwd PE | 27.22 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BXP is valued a bit cheaper than the industry average as 65.04% of the companies are valued more expensively.
BXP's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 33.75 | ||
| EV/EBITDA | 12.82 |
4.3 Compensation for Growth
A cheap valuation may be justified as BXP's earnings are expected to decrease with -3.23% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-10.12%
EPS Next 3Y-3.23%
5. Dividend
5.1 Amount
BXP has a Yearly Dividend Yield of 6.32%, which is a nice return.
Compared to an average industry Dividend Yield of 5.97, BXP pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.40, BXP pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.32% |
5.2 History
The dividend of BXP has a limited annual growth rate of 2.81%.
BXP has paid a dividend for at least 10 years, which is a reliable track record.
As BXP did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)2.81%
Div Incr Years0
Div Non Decr Years7
5.3 Sustainability
361.58% of the earnings are spent on dividend by BXP. This is not a sustainable payout ratio.
BXP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP361.58%
EPS Next 2Y-10.12%
EPS Next 3Y-3.23%
BOSTON PROPERTIES INC
NYSE:BXP (4/19/2024, 7:04:01 PM)
After market: 60.2 0 (0%)60.2
+1.51 (+2.57%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap9.45B
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.32% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.42 | ||
| Fwd PE | 27.22 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.73% | ||
| ROE | 3.24% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 31.73% | ||
| PM (TTM) | 5.81% | ||
| GM | 62.3% | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.13
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.77 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 2.77 | ||
| Quick Ratio | 2.77 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)-52.41%
EPS 3Y-24.15%
EPS 5Y
EPS growth Q2Q
EPS Next Y-13.93%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)5.31%
Revenue growth 3Y5.78%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y