APN Convenience Retail REIT (ASX code: AQR) is a listed Australian real estate investment trust which owns high quality Australian service stations and convenience retail assets.
Second-rate dividend payer with questionable track record.
Share Price & News
How has APN Convenience Retail REIT's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: AQR has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: AQR exceeded the Australian REITs industry which returned -23.4% over the past year.
Return vs Market: AQR exceeded the Australian Market which returned -10.7% over the past year.
Price Volatility Vs. Market
How volatile is APN Convenience Retail REIT's share price compared to the market and industry in the last 5 years?
Simply Wall St News
4 weeks ago | Simply Wall StIntroducing APN Convenience Retail REIT (ASX:AQR), A Stock That Climbed 10% In The Last Year
2 months ago | Simply Wall StHere's Why We Think APN Convenience Retail REIT (ASX:AQR) Is Well Worth Watching
3 months ago | Simply Wall StWhat Kind Of Shareholders Own APN Convenience Retail REIT (ASX:AQR)?
Is APN Convenience Retail REIT undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: AQR (A$3.46) is trading below our estimate of fair value (A$3.75)
Significantly Below Fair Value: AQR is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: AQR is poor value based on its PE Ratio (17x) compared to the AU REITs industry average (10.4x).
PE vs Market: AQR is poor value based on its PE Ratio (17x) compared to the Australian market (15.6x).
Price to Earnings Growth Ratio
PEG Ratio: AQR is poor value based on its PEG Ratio (1.5x)
Price to Book Ratio
PB vs Industry: AQR is overvalued based on its PB Ratio (2.2x) compared to the AU REITs industry average (0.9x).
How is APN Convenience Retail REIT forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AQR's forecast earnings growth (11.5% per year) is above the savings rate (2.3%).
Earnings vs Market: AQR's earnings (11.5% per year) are forecast to grow slower than the Australian market (14.2% per year).
High Growth Earnings: AQR's earnings are forecast to grow, but not significantly.
Revenue vs Market: AQR's revenue (6.8% per year) is forecast to grow faster than the Australian market (4.2% per year).
High Growth Revenue: AQR's revenue (6.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: AQR's Return on Equity is forecast to be low in 3 years time (8.3%).
How has APN Convenience Retail REIT performed over the past 5 years?
Last years earnings growth
Earnings and Revenue History
Quality Earnings: AQR has a large one-off gain of A$9.3M impacting its December 31 2019 financial results.
Growing Profit Margin: AQR's current net profit margins (51.1%) are higher than last year (40.5%).
Past Earnings Growth Analysis
Earnings Trend: Insufficient data to determine if AQR's year-on-year earnings growth rate was positive over the past 5 years.
Accelerating Growth: Insufficient data to compare AQR's past year earnings growth to its 5-year average.
Earnings vs Industry: AQR earnings growth over the past year (30.3%) exceeded the REITs industry 3.3%.
Return on Equity
High ROE: AQR's Return on Equity (10%) is considered low.
How is APN Convenience Retail REIT's financial position?
Financial Position Analysis
Short Term Liabilities: AQR's short term assets (A$8.5M) do not cover its short term liabilities (A$82.1M).
Long Term Liabilities: AQR's short term assets (A$8.5M) do not cover its long term liabilities (A$26.7M).
Debt to Equity History and Analysis
Debt Level: AQR's debt to equity ratio (34.8%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if AQR's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: AQR's debt is not well covered by operating cash flow (16.5%).
Interest Coverage: AQR's interest payments on its debt are well covered by EBIT (4.1x coverage).
What is APN Convenience Retail REIT current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: AQR's dividend (6.3%) is higher than the bottom 25% of dividend payers in the Australian market (2.55%).
High Dividend: AQR's dividend (6.3%) is low compared to the top 25% of dividend payers in the Australian market (6.5%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, AQR has been paying a dividend for less than 10 years.
Growing Dividend: AQR's dividend payments have increased, but the company has only paid a dividend for 2 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (92.7%), AQR's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: AQR's dividends in 3 years are forecast to be thoroughly covered by earnings (0.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
APN Convenience Retail REIT has no CEO, or we have no data on them.
|Independent Non-Executive Chairman of APN Funds Management Limited||8.5yrs||no data||0.054% A$206.5k|
|Independent Non-Executive Director APN Funds Management Limited||11.5yrs||no data||no data|
|Independent Director APN Funds Management Limited||22.5yrs||no data||0.054% A$208.2k|
|Independent Non-Executive Director of APN Funds Management Limited||8.5yrs||no data||no data|
|Alternate Director||1.5yrs||no data||0.0055% A$21.1k|
Experienced Board: AQR's board of directors are considered experienced (8.5 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 39%.
APN Convenience Retail REIT's company bio, employee growth, exchange listings and data sources
- Name: APN Convenience Retail REIT
- Ticker: AQR
- Exchange: ASX
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: AU$384.993m
- Shares outstanding: 109.68m
- Website: https://apngroup.com.au/fund/apn-convenience-retail-reit/
- APN Convenience Retail REIT
- 101 Collins Street
- Level 30
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|AQR||CHIA (Chi-X Australia)||Yes||Stapled Securities||AU||AUD||Jul 2017|
|AQR||ASX (Australian Securities Exchange)||Yes||Stapled Securities||AU||AUD||Jul 2017|
APN Convenience Retail REIT (ASX code: AQR) is a listed Australian real estate investment trust which owns high quality Australian service stations and convenience retail assets. The Fund’s portfolio of 72 properties valued at approximately $389 million, is predominantly located on Australia’s eastern seaboard and is leased to leading Australian and international convenience retail tenants. The portfolio provides a long lease expiry profile and contracted annual rent increases delivering the Fund a sustainable and strong level of income security. Convenience Retail has a target gearing range of 25 – 40% as part of its conservative approach to capital management. APN Convenience Retail REIT is governed by an Independent Board of Directors and is managed by APN Property Group, a specialist real estate investment manager established in 1996 with approximately $2.9 billion in assets under management.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/07/14 10:35|
|End of Day Share Price||2020/07/14 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.