Saul Centers, Inc. (BFS) vs CBL & Associates Properties, Inc. (CBL)

Saul Centers, Inc. and CBL & Associates Properties, Inc. are both Reit Retail companies. CBL & Associates Properties, Inc. is the larger, with a market value of $1.6B against $737.8M — 2.2× the size. CBL & Associates Properties, Inc. trades at the lower P/E: 7.4× against 30.9×. CBL & Associates Properties, Inc. grew revenue faster over the last twelve months: 9.03% against 8.74%. CBL & Associates Properties, Inc. has the higher net margin (36.4% vs 7.83%) and the higher return on invested capital (45.5% vs 1.38%). Both pay a dividend; CBL & Associates Properties, Inc. yields more (6.42% vs 6.22%). Across the 23 metrics below, CBL & Associates Properties, Inc. leads on 18 and Saul Centers, Inc. on 5.

Valuation

Metric BFS CBL Reit Retail median
P/E 30.93 7.37 24.82
P/S 2.42 2.67 6.69
P/B 2.57 3.72 1.75
Price to free cash flow 16.04 13.29 13.29
EV/EBITDA 20.92 3.86 15.42
EV/Sales 7.71 2.32 10.60
Earnings yield 3.23% 13.56% 3.91%
Free cash flow yield 6.23% 7.53% 2.98%

Profitability

Metric BFS CBL Reit Retail median
Gross margin 70.26% 65.04% 71.78%
Operating margin 15.15% 27.20% 34.62%
Net margin 7.83% 36.36% 27.14%
Free cash flow margin 15.08% 20.07% 18.82%
Return on equity 8.05% 61.12% 7.05%
Return on assets 1.10% 8.16% 3.40%
Return on invested capital 1.38% 45.53% 3.18%

Growth

Metric BFS CBL Reit Retail median
Revenue growth (TTM) 8.74% 9.03% 8.49%
EPS growth (last fiscal year) (33.13%) 132.09% —
Revenue growth, 5-year CAGR 5.18% 0.09% 8.62%
Net income growth, 5-year CAGR (2.05%) 0.00% 1.85%

Health

Metric BFS CBL Reit Retail median
Debt to equity 3.42 0.00 0.94
Current ratio 1.62 0.11 1.62
Net debt to EBITDA 14.37 (0.44) 5.40

Dividend

Metric BFS CBL Reit Retail median
Dividend yield 6.22% 6.42% 4.57%
Payout ratio 1.44 0.00 1.21

Size

Metric BFS CBL Reit Retail median
Market cap 737.81m 1.62b 3.65b

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