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Carindale Property Trust

ASX:CDP
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDP
ASX
A$470M
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Carindale Property Trust (ASX Code: CDP) was listed on the Australian Stock Exchange in 1996.The Trust’s sole investment is a 50% interest in Westfield Carindale, one of Brisbane’s largest regional shopping centre at approximately 136,609 square metres. The last earnings update was 125 days ago. More info.


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CDP Share Price and Events
7 Day Returns
-0.4%
ASX:CDP
0.8%
AU REITs
1.6%
AU Market
1 Year Returns
-17.6%
ASX:CDP
17.2%
AU REITs
5.3%
AU Market
CDP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Carindale Property Trust (CDP) -0.4% 0.3% -5.2% -17.6% -22.3% 17.9%
AU REITs 0.8% 2.4% 5.7% 17.2% 21.4% 63%
AU Market 1.6% 3.2% 8.3% 5.3% 28.1% 13.8%
1 Year Return vs Industry and Market
  • CDP underperformed the REITs industry which returned 17.2% over the past year.
  • CDP underperformed the Market in Australia which returned 5.3% over the past year.
Price Volatility
CDP
Industry
5yr Volatility vs Market

Value

 Is Carindale Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Carindale Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Carindale Property Trust.

ASX:CDP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:CDP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 30%) (52.93%))
0.784
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:CDP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Carindale Property Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Carindale Property Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ASX:CDP DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2019 17.00 Analyst x1 15.88
2020 11.00 Analyst x1 9.59
2021 22.00 Analyst x1 17.92
2022 24.46 Est @ 11.17% 18.60
2023 26.54 Est @ 8.51% 18.85
2024 28.30 Est @ 6.65% 18.78
2025 29.82 Est @ 5.35% 18.47
2026 31.14 Est @ 4.44% 18.02
2027 32.33 Est @ 3.8% 17.47
2028 33.41 Est @ 3.35% 16.86
Present value of next 10 years cash flows A$170.43
ASX:CDP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$33.41 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$716.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$716.93 ÷ (1 + 7.08%)10
A$361.74
ASX:CDP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$170.43 + A$361.74
A$532.17
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$532.17 / 70.00
A$7.6
ASX:CDP Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$7.60
Current discount Discount to share price of A$6.72
= -1 x (A$6.72 - A$7.60) / A$7.60
11.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Carindale Property Trust is available for.
Intrinsic value
12%
Share price is A$6.72 vs Future cash flow value of A$7.6
Current Discount Checks
For Carindale Property Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Carindale Property Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Carindale Property Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Carindale Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Carindale Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:CDP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.30
ASX:CDP Share Price ** ASX (2019-06-24) in AUD A$6.72
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.2x
Australia Market PE Ratio Median Figure of 545 Publicly-Listed Companies 16.25x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Carindale Property Trust.

ASX:CDP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:CDP Share Price ÷ EPS (both in AUD)

= 6.72 ÷ 0.30

22.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carindale Property Trust is overvalued based on earnings compared to the AU REITs industry average.
  • Carindale Property Trust is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Carindale Property Trust's expected growth come at a high price?
Raw Data
ASX:CDP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
21.5%per year
Australia REITs Industry PEG Ratio Median Figure of 32 Publicly-Listed REITs Companies 1.08x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

ASX:CDP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.48x ÷ 21.5%

1.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carindale Property Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Carindale Property Trust's assets?
Raw Data
ASX:CDP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$8.08
ASX:CDP Share Price * ASX (2019-06-24) in AUD A$6.72
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.15x
Australia Market PB Ratio Median Figure of 1,689 Publicly-Listed Companies 1.63x
ASX:CDP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:CDP Share Price ÷ Book Value per Share (both in AUD)

= 6.72 ÷ 8.08

0.83x

* Primary Listing of Carindale Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carindale Property Trust is good value based on assets compared to the AU REITs industry average.
X
Value checks
We assess Carindale Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Carindale Property Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Carindale Property Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Carindale Property Trust expected to grow at an attractive rate?
  • Carindale Property Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Carindale Property Trust's earnings growth is expected to exceed the Australia market average.
  • Carindale Property Trust's revenues are expected to decrease over the next 1-3 years, this is below the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:CDP Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:CDP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 21.5%
ASX:CDP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -3.1%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.6%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.2%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:CDP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:CDP Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 44 28 40 2
2020-06-30 40 24 37 2
2019-06-30 40 24 29 2
ASX:CDP Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 55 28 21
2018-09-30 55 28 24
2018-06-30 56 28 27
2018-03-31 56 28 28
2017-12-31 56 28 30
2017-09-30 56 28 37
2017-06-30 56 28 44
2017-03-31 56 28 54
2016-12-31 56 28 64
2016-09-30 56 28 56
2016-06-30 56 27 49
2016-03-31 56 23 47

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Carindale Property Trust's earnings are expected to grow significantly at over 20% yearly.
  • Carindale Property Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:CDP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Carindale Property Trust Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CDP Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.57 0.78 0.37 2.00
2020-06-30 0.52 0.73 0.32 2.00
2019-06-30 0.42 0.48 0.35 2.00
ASX:CDP Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.30
2018-09-30 0.34
2018-06-30 0.39
2018-03-31 0.40
2017-12-31 0.42
2017-09-30 0.53
2017-06-30 0.63
2017-03-31 0.77
2016-12-31 0.91
2016-09-30 0.81
2016-06-30 0.71
2016-03-31 0.67

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Carindale Property Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Carindale Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Carindale Property Trust has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Carindale Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Carindale Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Carindale Property Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Carindale Property Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Carindale Property Trust's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Carindale Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Carindale Property Trust Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CDP Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 54.59 20.93
2018-09-30 55.16 23.96
2018-06-30 55.72 26.99
2018-03-31 55.78 28.33
2017-12-31 55.83 29.67
2017-09-30 55.95 36.99
2017-06-30 56.06 44.30
2017-03-31 56.12 53.93
2016-12-31 56.19 63.57
2016-09-30 56.11 56.48
2016-06-30 56.03 49.38
2016-03-31 56.03 46.55
2015-12-31 56.02 43.72
2015-09-30 55.75 49.68
2015-06-30 55.49 55.65
2015-03-31 54.94 68.01
2014-12-31 54.39 80.37
2014-09-30 53.87 76.11
2014-06-30 53.34 71.84
2014-03-31 52.88 53.65
2013-12-31 52.41 35.45
2013-09-30 51.35 30.26
2013-06-30 50.28 25.08
2013-03-31 46.72 54.19
2012-12-31 43.17 83.30
2012-09-30 39.76 80.69
2012-06-30 36.35 78.09

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Carindale Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Carindale Property Trust used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • Carindale Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Carindale Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Carindale Property Trust has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Carindale Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Carindale Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Carindale Property Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Carindale Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Carindale Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Carindale Property Trust Company Filings, last reported 5 months ago.

ASX:CDP Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 565.84 248.93 4.24
2018-09-30 565.84 248.93 4.24
2018-06-30 569.84 226.91 1.78
2018-03-31 569.84 226.91 1.78
2017-12-31 571.80 225.68 1.73
2017-09-30 571.80 225.68 1.73
2017-06-30 570.99 220.99 1.78
2017-03-31 570.99 220.99 1.78
2016-12-31 570.27 220.78 2.00
2016-09-30 570.27 220.78 2.00
2016-06-30 554.83 220.23 2.11
2016-03-31 554.83 220.23 2.11
2015-12-31 534.50 217.99 1.99
2015-09-30 534.50 217.99 1.99
2015-06-30 532.89 216.12 3.06
2015-03-31 532.89 216.12 3.06
2014-12-31 517.09 216.33 1.64
2014-09-30 517.09 216.33 1.64
2014-06-30 501.73 213.83 3.44
2014-03-31 501.73 213.83 3.44
2013-12-31 459.74 215.16 4.97
2013-09-30 459.74 215.16 4.97
2013-06-30 451.59 212.43 3.07
2013-03-31 451.59 212.43 3.07
2012-12-31 445.22 210.82 4.10
2012-09-30 445.22 210.82 4.10
2012-06-30 446.60 191.08 1.25
  • Carindale Property Trust's level of debt (44%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (46.8% vs 44% today).
  • Debt is not well covered by operating cash flow (11.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess Carindale Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Carindale Property Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Carindale Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.39%
Current annual income from Carindale Property Trust dividends. Estimated to be 4.23% next year.
If you bought A$2,000 of Carindale Property Trust shares you are expected to receive A$108 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Carindale Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.58%).
  • Carindale Property Trust's dividend is below the markets top 25% of dividend payers in Australia (5.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:CDP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 416 Stocks 4.1%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
Australia Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:CDP Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.30 2.00
2020-06-30 0.27 2.00
2019-06-30 0.28 2.00
ASX:CDP Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-12-19 0.362 5.179
2018-08-20 0.402 5.096
2018-02-20 0.402 5.169
2017-06-26 0.402 5.124
2017-02-20 0.402 4.992
2016-08-22 0.392 4.989
2015-12-21 0.392 5.012
2015-08-24 0.360 5.272
2014-12-22 0.340 5.118
2014-06-23 0.318 5.241
2013-12-17 0.302 5.358
2013-08-28 0.296 5.341
2012-12-18 0.278 4.939
2012-08-15 0.278 5.122
2012-02-15 0.278 6.142
2011-06-21 0.278 6.963
2011-02-16 0.281 6.482
2010-08-18 0.280 6.603
2010-02-17 0.272 6.407
2009-08-26 0.272 6.459

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Carindale Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (92.2x coverage).
X
Income/ dividend checks
We assess Carindale Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Carindale Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Carindale Property Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Carindale Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Allen
COMPENSATION A$3,084,038
AGE 56
TENURE AS CEO 5.4 years
CEO Bio

Mr. Peter Kenneth Allen has been the Chief Executive Officer and Executive Director of Scentre Group since 2010 and May 25, 2011 respectively. Mr. Allen has been Chief Executive Officer and Executive Director of Scentre Management Limited (formerly, Westfield Management Limited), the responsible entity of Scentre Group Trust 1 and Carindale Property Trust since June 30, 2014 and May 25, 2011 respectively. He served as Group Chief Financial Officer at Westfield Corporation Limited. He served as Managing Director of Australia & Newzealand Operations at Westfield America Trust. Prior to the establishment of Scentre Group, Mr. Allen served as the Group Chief Financial Officer for Westfield Group from 2004 to 2014. He served as the Director of­ Finance and Chief Executive Officer of UK/Europe of Westfield Corp. from 1998 to 2004. He worked for Citibank in Melbourne, New York and London before joining the Westfield Group in 1996 as Director for Business Development. He has more than 20 years of global experience in senior financial, property and commercial roles. He served as Group Chief Financial Officer at Scentre Management Limited. He serves as a Director of Scentre Trust (NZ) Limited. He serves as a Director of Scentre Design And Construction Pty Limited and Scentre Shopping Centre Management Pty Ltd. He served as an Executive Director of Westfield Group since May 25, 2011. He served as an Executive Director of Westfield Corp. since May 25, 2011. He served as Director of Westfield UK & Europe Finance Plc. He served as a Director of Scentre Capital Corporation Pty Limited. He served as Director of Scentre Finance (NZ) Limited (formerly Westfield Finance (NZ) Limited) since June 25, 2004. He served as a Director of Westfield Capital Corporation Ltd, Westfield Trust (N.Z.) Ltd., Westfield Europe Finance Plc and SCG1 Finance (Aust) Pty Limited (formerly, WT Finance (Aust) Pty. Ltd.). Mr. Allen was a Non-Executive Director of Westfield Retail Trust and an Executive Director of Westfield Holdings Limited. He served as a Director of Westfield America Management Ltd from May 2011 to June 30, 2014. He serves as the Chairman of the Shopping Centre Council of Australia. He serves as a Director of the Victor Chang Cardiac Research Institute and sits on the Board of the Kolling Foundation. He has been Director of RE1 Limited and RE2 Limited since December 21, 2010. He is a member of the President’s Council of the Art Gallery of NSW. Mr. Allen is also an Associate Member of the Australian Property Institute (AAPI).

CEO Compensation
  • Insufficient data for Peter to compare compensation growth.
  • Insufficient data for Peter to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team Tenure

Average tenure of the Carindale Property Trust management team in years:

4.9
Average Tenure
  • The tenure for the Carindale Property Trust management team is about average.
Management Team

Peter Allen

TITLE
CEO & Executive Director - Scentre Management Limited - Responsible Entity
COMPENSATION
A$3M
AGE
56
TENURE
5.4 yrs

Greg Miles

TITLE
Chief Financial Officer of Scentre Group
AGE
54
TENURE
3.6 yrs

Andrew Clarke Clarke

TITLE
Director Finance & Investor Relations

Maureen McGrath

TITLE
General Counsel & Compliance and Secretary of Scentre Group
TENURE
5 yrs

Paul Giugni

TITLE
General Counsel & Company Secretary of Scentre Group
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Carindale Property Trust board of directors in years:

4.1
Average Tenure
57
Average Age
  • The tenure for the Carindale Property Trust board of directors is about average.
Board of Directors

Brian Schwartz

TITLE
Chairman of Scentre Management Limited - Responsible Entity
AGE
65

Peter Allen

TITLE
CEO & Executive Director - Scentre Management Limited - Responsible Entity
COMPENSATION
A$3M
AGE
56
TENURE
8.1 yrs

Mike Ihlein

TITLE
Non–Executive Director of Scentre Management Limited - Responsible Entity
AGE
62
TENURE
5 yrs

Andrew Harmos

TITLE
Non-Executive Director of Scentre Management Limited - Responsible Entity
AGE
58
TENURE
5 yrs

Aliza Knox

TITLE
Non-Executive Director of Scentre Management Limited - Responsible Entity
AGE
56
TENURE
4.1 yrs

Sarah Carolyn Kay

TITLE
Non-Executive Director of Scentre Management Limited - Responsible Entity
AGE
57
TENURE
3.3 yrs

Margie Seale

TITLE
Non-Executive Director of Scentre Management Limited - Responsible Entity
AGE
57
TENURE
3.3 yrs

Steven Leigh

TITLE
Director of Scentre Management Limited Limited - Responsible Entity
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
X
Management checks
We assess Carindale Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Carindale Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Imagine Owning Carindale Property Trust (ASX:CDP) And Wondering If The 22% Share Price Slide Is Justified

Unfortunately, that's been the case for longer term Carindale Property Trust (ASX:CDP) shareholders, since the share price is down 22% in the last three years, falling well short of the market return of around 44%. … During the three years that the share price fell, Carindale Property Trust's earnings per share (EPS) dropped by 22% each year. … We note that for Carindale Property Trust the TSR over the last 3 years was -9.8%, which is better than the share price return mentioned above.

Simply Wall St -

Is Carindale Property Trust (ASX:CDP) A Healthy REIT?

Carindale Property Trust is a AU$469m small-cap, real estate investment trust (REIT) based in Sydney, Australia. … See our latest analysis for Carindale Property Trust A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Next Steps: Carindale Property Trust can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

Does Carindale Property Trust's (ASX:CDP) April Stock Price Reflect Its Future Growth?

Looking at Carindale Property Trust’s (ASX:CDP) fundamentals some investors are wondering if its last closing price of A$6.89 represents a good value for money for this high growth stock. … See our latest analysis for Carindale Property Trust? … The excitement around Carindale Property Trust's growth potential is not unfounded

Simply Wall St -

What Kind Of Shareholder Owns Most Carindale Property Trust (ASX:CDP) Stock?

A look at the shareholders of Carindale Property Trust (ASX:CDP) can tell us which group is most powerful. … Companies that used to be publicly owned tend to have lower insider ownership. … With a market capitalization of AU$496m, Carindale Property Trust is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Introducing Carindale Property Trust, A Stock That Climbed 22% In The Last Five Years

For example, long term Carindale Property Trust (ASX:CDP) shareholders have enjoyed a 22% share price rise over the last half decade, well in excess of the market return of around 5.9% (not including dividends). … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Carindale Property Trust's earnings per share are down 10% per year, despite strong share price performance over five years.

Simply Wall St -

Read This Before Judging Carindale Property Trust's (ASX:CDP) ROE

Our data shows Carindale Property Trust has a return on equity of 4.7% for the last year. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.047 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investing In Carindale Property Trust (ASX:CDP): What You Need To Know

Carindale Property Trust is a AU$503m. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

What Do Analysts Think About Carindale Property Trust's (ASX:CDP) Future?

The latest earnings release Carindale Property Trust's (ASX:CDP) announced in June 2018a

Simply Wall St -

How Much Of Carindale Property Trust (ASX:CDP) Do Institutions Own?

A look at the shareholders of Carindale Property Trust (ASX:CDP) can tell us which group is most powerful. … Carindale Property Trust is a smaller company with a market capitalization of AU$539m, so it may still be flying under the radar of many institutional investors. … institutional investors have bought into the company.

Simply Wall St -

Carindale Property Trust (ASX:CDP): Earnings Growth Remains Elusive

Looking at Carindale Property Trust's (ASX:CDP) earnings update in June 2018,. … as a -9.4% fall in profits is expected in the upcoming year

Simply Wall St -

Company Info

Description

Carindale Property Trust (ASX Code: CDP) was listed on the Australian Stock Exchange in 1996.The Trust’s sole investment is a 50% interest in Westfield Carindale, one of Brisbane’s largest regional shopping centre at approximately 136,609 square metres. Westfield Carindale currently generates annual sales of $896.5 million through its two department stores, two discount department stores, three supermarkets and more than 400 specialty retailers.The Trust is managed by Scentre Management Limited, a member of the Scentre Group. As such, Scentre Management Limited has adopted and is bound by the Group’s Corporate Governance Charters and Policies.

Details
Name: Carindale Property Trust
CDP
Exchange: ASX
Founded:
A$470,400,000
70,000,000
Website: http://www.carindalepropertytrust.com.au
Address: Carindale Property Trust
85 Castlereagh Street,
Level 30,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX CDP Ordinary Units Australian Securities Exchange AU AUD 21. Jun 1999
CHIA CDP Ordinary Units Chi-X Australia AU AUD 21. Jun 1999
Number of employees
Current staff
Staff numbers
0
Carindale Property Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 10:33
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/20
Last earnings filing: 2019/02/19
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.