British Land: Headwinds Make The Company Unattractive (OTCMKTS:BTLCY)

Suburban streets, farmland vista

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Investment thesis

Our current investment thesis is:

  • Brexit, e-commerce, working-from-home, and economic conditions are acting as a drag on BL’s performance. We are concerned that the company faces a continued decline.
  • BL is highly indebted but we are not too

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