ASX:CDP

Stock Analysis Report

Carindale Property Trust

Executive Summary

Westfield Carindale is situated in an affluent quarter of Brisbane’s south-eastern suburbs approximately 12 kilometres from the Brisbane CBD.


Snowflake Analysis

Good value with moderate growth potential.

Share Price & News

How has Carindale Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CDP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-4.6%

CDP

-1.4%

AU REITs

-2.2%

AU Market


1 Year Return

-20.7%

CDP

14.3%

AU REITs

11.6%

AU Market

Return vs Industry: CDP underperformed the Australian REITs industry which returned 14.3% over the past year.

Return vs Market: CDP underperformed the Australian Market which returned 11.6% over the past year.


Shareholder returns

CDPIndustryMarket
7 Day-4.6%-1.4%-2.2%
30 Day-7.8%1.2%-2.2%
90 Day-7.5%3.3%2.2%
1 Year-16.1%-20.7%19.6%14.3%16.5%11.6%
3 Year-18.9%-30.6%50.2%28.7%36.2%18.1%
5 Year6.8%-17.9%84.0%42.9%46.7%14.1%

Price Volatility Vs. Market

How volatile is Carindale Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Carindale Property Trust undervalued compared to its fair value and its price relative to the market?

44.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CDP (A$5.55) is trading below our estimate of fair value (A$9.97)

Significantly Below Fair Value: CDP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CDP is poor value based on its PE Ratio (19x) compared to the REITs industry average (15.3x).

PE vs Market: CDP is poor value based on its PE Ratio (19x) compared to the Australian market (18.6x).


Price to Earnings Growth Ratio

PEG Ratio: CDP is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: CDP is good value based on its PB Ratio (0.7x) compared to the AU REITs industry average (1.2x).


Next Steps

Future Growth

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

27.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDP's forecast earnings growth (27.2% per year) is above the savings rate (1.1%).

Earnings vs Market: CDP's earnings (27.2% per year) are forecast to grow faster than the Australian market (9.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CDP's revenue is expected to decline over the next 3 years (-3.7% per year).

High Growth Revenue: CDP's revenue is forecast to decline over the next 3 years (-3.7% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CDP's Return on Equity is forecast to be low in 3 years time (4.4%).


Next Steps

Past Performance

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

-26.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CDP has high quality earnings.

Growing Profit Margin: CDP's current net profit margins (38.9%) are higher than last year (38.3%).


Past Earnings Growth Analysis

Earnings Trend: CDP's earnings have declined by -26% per year over the past 5 years.

Accelerating Growth: CDP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CDP had negative earnings growth (-2.1%) over the past year, making it difficult to compare to the REITs industry average (-3.4%).


Return on Equity

High ROE: CDP's Return on Equity (3.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Carindale Property Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CDP has a high level of physical assets or inventory.

Debt Coverage by Assets: CDP's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: CDP's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CDP has a sufficient allowance for bad loans.

Low Risk Liabilities: CDP reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CDP has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CDP has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CDP has an appropriate level of bad loans.


Next Steps

Dividend

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

6.52%

Current Dividend Yield


Dividend Yield vs Market

company6.5%marketbottom25%2.4%markettop25%5.5%industryaverage4.3%forecastin3Years6.8%

Current dividend yield vs market & industry

Notable Dividend: CDP's dividend (6.52%) is higher than the bottom 25% of dividend payers in the Australian market (2.37%).

High Dividend: CDP's dividend (6.52%) is in the top 25% of dividend payers in the Australian market (5.46%)


Stability and Growth of Payments

Stable Dividend: CDP's dividend payments have been volatile in the past 10 years.

Growing Dividend: CDP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (100.4%), CDP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CDP's dividends in 3 years are not forecast to be well covered by earnings (102.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.6yrs

Average management tenure


CEO

Peter Allen (57yo)

6.1yrs

Tenure

AU$3,084,038

Compensation

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 Direc ...


Leadership Team

NamePositionTenureCompensationOwnership
Peter Allen
CEO & Executive Director - Scentre Management Limited - Responsible Entity6.1yrsAU$3.08mno data
Elliot C. Rusanow
Chief Financial Officer of Scentre Group0.8yrsno datano data
Andrew Clarke
Director Finance & Investor Relations0yrsno datano data
Maureen McGrath
General Counsel & Compliance and Secretary of Scentre Group5.7yrsno datano data
Paul Giugni
General Counsel & Company Secretary of Scentre Group5.5yrsno datano data

5.6yrs

Average Tenure

Experienced Management: CDP's management team is seasoned and experienced (5.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Allen
CEO & Executive Director - Scentre Management Limited - Responsible Entity6.1yrsAU$3.08mno data
Sarah Carolyn Kay
Non-Executive Director of Scentre Management Limited - Responsible Entity4yrsno datano data
Andrew Harmos
Non-Executive Director of Scentre Management Limited - Responsible Entity5.7yrsno datano data
Michael Ihlein
Non–Executive Director of Scentre Management Limited - Responsible Entity5.7yrsno datano data
Brian Schwartz
Chairman of Scentre Management Limited - Responsible Entity0yrsno datano data
Aliza Knox
Non-Executive Director of Scentre Management Limited - Responsible Entity4.8yrsno datano data
Margaret Seale
Non-Executive Director of Scentre Management Limited - Responsible Entity4yrsno datano data
Steven Leigh
Independent Director of Scentre Management Limited Limited - Responsible Entity0.8yrsno datano data

4.8yrs

Average Tenure

58yo

Average Age

Experienced Board: CDP's board of directors are considered experienced (4.8 years average tenure).


Ownership

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.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Carindale Property Trust's company bio, employee growth, exchange listings and data sources


Key Information


Location

  • Carindale Property Trust
  • 85 Castlereagh Street
  • Level 30
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CDPASX (Australian Securities Exchange)YesOrdinary UnitsAUAUDJun 1999
CDPCHIA (Chi-X Australia)YesOrdinary UnitsAUAUDJun 1999

Biography

Westfield Carindale is situated in an affluent quarter of Brisbane’s south-eastern suburbs approximately 12 kilometres from the Brisbane CBD. The centre services a trade area population of approximately 676,000 with the nearby Gateway Motorway offering residents to the north and south of the centre convenient access. One of the city’s leading retail and lifestyle destinations, Westfield Carindale is home to many of Australia’s most well-known retailers including David Jones, Myer, Harris Scarfe, Big W, Target, Coles, Woolworths, ALDI and Apple, as well as a host of premium fashion brands. An Event Cinemas complex and a range of other retailers including approximately 400 specialty stores complete the retail offer while the adjoining Carindale Home & Leisure Centre offers bulky goods retail. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 10:34
End of Day Share Price2020/02/25 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


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.