Financials Brixmor Property Group Inc.

Equities

BRX

US11120U1051

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
21.72 ^USD	-0.23%		+1.16%	-6.66%

Apr. 11	Brixmor Property Group CEO James Taylor Takes Medical Leave of Absence	MT
Mar. 27	Goldman Sachs Adjusts Brixmor Property Group's Price Target to $27 From $28, Keeps Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,436	4,907	7,546	6,799	6,995	6,544	-	-
Enterprise Value (EV) ¹	11,276	9,704	12,413	11,813	11,909	11,603	11,680	11,716
P/E ratio	23.5 x	40.4 x	28.2 x	19.4 x	23 x	24.5 x	22.8 x	23.2 x
Yield	5.21%	3.02%	3.48%	4.32%	4.52%	5.01%	5.16%	5.41%
Capitalization / Revenue	5.51 x	4.66 x	6.55 x	5.58 x	5.62 x	5.12 x	4.91 x	4.53 x
EV / Revenue	9.65 x	9.21 x	10.8 x	9.7 x	9.57 x	9.08 x	8.77 x	8.11 x
EV / EBITDA	14.6 x	14.4 x	16.6 x	15 x	14.7 x	14 x	13.4 x	12.7 x
EV / FCF	84.4 x	62.6 x	50.9 x	50.1 x	48.9 x	58.2 x	31.2 x	-
FCF Yield	1.18%	1.6%	1.96%	2%	2.05%	1.72%	3.2%	-
Price to Book	2.35 x	1.83 x	2.78 x	2.37 x	2.45 x	2.36 x	2.68 x	3.41 x
Nbr of stocks (in thousands)	297,846	296,482	296,988	299,913	300,596	301,293	-	-
Reference price ²	21.61	16.55	25.41	22.67	23.27	21.72	21.72	21.72
Announcement Date	2/10/20	2/11/21	2/7/22	2/13/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,168	1,053	1,152	1,218	1,245	1,278	1,332	1,445
EBITDA ¹	770.1	674.4	749	789.1	807.9	827.6	868.9	921.2
EBIT ¹	437.7	338.8	421.9	444.3	445.6	454.5	484.7	527
Operating Margin	37.46%	32.16%	36.61%	36.48%	35.79%	35.57%	36.38%	36.48%
Earnings before Tax (EBT) ¹	274.8	121.2	270.2	354.2	305.1	256.7	290.6	-
Net income ¹	274.8	121.2	270.2	354.2	305.1	267.7	284.6	286.1
Net margin	23.52%	11.5%	23.45%	29.08%	24.5%	20.95%	21.36%	19.8%
EPS ²	0.9200	0.4100	0.9000	1.170	1.010	0.8877	0.9511	0.9349
Free Cash Flow ¹	133.6	154.9	243.7	236	243.6	199.3	373.8	-
FCF margin	11.43%	14.71%	21.15%	19.38%	19.57%	15.6%	28.06%	-
FCF Conversion (EBITDA)	17.35%	22.97%	32.53%	29.91%	30.16%	24.08%	43.02%	-
FCF Conversion (Net income)	48.61%	127.85%	90.18%	66.64%	79.86%	74.44%	131.37%	-
Dividend per Share ²	1.125	0.5000	0.8850	0.9800	1.052	1.088	1.121	1.175
Announcement Date	2/10/20	2/11/21	2/7/22	2/13/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	290.2	295.3	298.6	306.1	304.7	308.6	311.4	309.8	307.3	316.5	312.6	316.2	318.5	325.8	326.9
EBITDA ¹	192.3	186.3	194.2	199.6	198.2	197.1	201.7	201.9	200.9	203.4	203.1	205	207.3	210.5	212.7
EBIT ¹	110.6	105.5	110	114.5	113.4	106.5	113.9	113	104.7	114	111.8	113.6	114.1	119.5	116.9
Operating Margin	38.12%	35.73%	36.83%	37.4%	37.21%	34.5%	36.59%	36.49%	34.06%	36.01%	35.78%	35.92%	35.82%	36.68%	35.76%
Earnings before Tax (EBT) ¹	46.14	81.24	79.51	87.79	79.74	107.2	-	56.41	69.74	72.7	65.43	-	-	-	-
Net income ¹	46.14	81.24	79.51	87.79	79.74	107.2	112.2	56.41	63.74	72.7	64.2	66.01	67.79	71.86	68.14
Net margin	15.9%	27.51%	26.62%	28.68%	26.17%	34.73%	36.04%	18.21%	20.74%	22.97%	20.54%	20.88%	21.29%	22.06%	20.84%
EPS ²	0.1500	0.2700	0.2600	0.2900	0.2600	0.3500	0.3700	0.1900	0.2100	0.2400	0.2139	0.2144	0.2239	0.2371	0.2255
Dividend per Share ²	0.2150	0.2400	0.2400	0.2400	0.2400	0.2600	0.2600	0.2600	0.2600	0.2725	0.2678	0.2687	0.2698	0.2783	0.2685
Announcement Date	11/1/21	2/7/22	5/2/22	8/1/22	11/1/22	2/13/23	5/1/23	7/31/23	10/30/23	2/12/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,840	4,797	4,867	5,014	4,915	5,059	5,136	5,172
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.285 x	7.114 x	6.497 x	6.355 x	6.083 x	6.113 x	5.911 x	5.614 x
Free Cash Flow ¹	134	155	244	236	244	199	374	-
ROE (net income / shareholders' equity)	9.85%	4.47%	10%	12.7%	10.7%	9.73%	10.9%	14%
ROA (Net income/ Total Assets)	3.35%	1.47%	3.23%	4.21%	3.64%	3.07%	3.14%	3.29%
Assets ¹	8,192	8,243	8,360	8,407	8,384	8,710	9,073	8,709
Book Value Per Share ²	9.210	9.040	9.150	9.550	9.480	9.190	8.120	6.380
Cash Flow per Share ²	1.770	1.490	1.850	1.880	1.950	1.440	1.750	2.140
Capex ¹	265	288	309	330	345	362	349	299
Capex / Sales	22.65%	27.36%	26.78%	27.12%	27.72%	28.34%	26.17%	20.71%
Announcement Date	2/10/20	2/11/21	2/7/22	2/13/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Brixmor Property Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

21.72 USD

Average target price

25.94 USD

Spread / Average Target

+19.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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