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CMW

Cromwell Property GroupASX:CMW Stock Report

Market Cap

AU$2.1b

7D

0.6%

1Y

-10.6%

Updated

18 Oct, 2021

Data

Company Financials +
CMW fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance2/6
Financial Health3/6
Dividends4/6

CMW Overview

Cromwell Property Group (ASX:CMW) is a diversified real estate investor and manager with operations on three continents and a global investor base.

Cromwell Property Group Competitors

Dexus

ASX:DXS

AU$11.4b

Centuria Office REIT

ASX:COF

AU$1.4b

Australian Unity Office Fund

ASX:AOF

AU$391.2m

Garda Property Group

ASX:GDF

AU$348.5m

Price History & Performance

Summary of all time highs, changes and price drops for Cromwell Property Group
Historical stock prices
Current Share PriceAU$0.81
52 Week HighAU$0.79
52 Week LowAU$1.00
Beta0.59
1 Month Change-5.85%
3 Month Change-7.47%
1 Year Change-10.56%
3 Year Change-21.08%
5 Year Change-11.05%
Change since IPO61.00%

Recent News & Updates

Shareholder Returns

CMWAU REITsAU Market
7D0.6%1.5%0.9%
1Y-10.6%20.9%20.2%

Return vs Industry: CMW underperformed the Australian REITs industry which returned 20.9% over the past year.

Return vs Market: CMW underperformed the Australian Market which returned 20.2% over the past year.

Price Volatility

Is CMW's price volatile compared to industry and market?
CMW volatility
CMW Beta0.59
Industry Beta0.86
Market Beta1

Stable Share Price: CMW is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CMW's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1970n/aJonathan Callaghanhttps://www.cromwellpropertygroup.com

Cromwell Property Group (ASX:CMW) is a diversified real estate investor and manager with operations on three continents and a global investor base. As at 30 June 2020, Cromwell had a market capitalisation of $2.4 billion, a direct property investment portfolio valued at $3.0 billion and total assets under management of $11.5 billion across Australia, New Zealand and Europe.

Cromwell Property Group Fundamentals Summary

How do Cromwell Property Group's earnings and revenue compare to its market cap?
CMW fundamental statistics
Market CapAU$2.11b
Earnings (TTM)AU$308.20m
Revenue (TTM)AU$470.90m

6.8x

P/E Ratio

4.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CMW income statement (TTM)
RevenueAU$470.90m
Cost of RevenueAU$88.90m
Gross ProfitAU$382.00m
ExpensesAU$73.80m
EarningsAU$308.20m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.12
Gross Margin81.12%
Net Profit Margin65.45%
Debt/Equity Ratio81.4%

How did CMW perform over the long term?

See historical performance and comparison

Dividends

8.1%

Current Dividend Yield

59%

Payout Ratio

Valuation

Is Cromwell Property Group undervalued compared to its fair value and its price relative to the market?

41.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CMW (A$0.81) is trading below our estimate of fair value (A$1.38)

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


Price To Earnings Ratio

PE vs Industry: CMW is good value based on its PE Ratio (6.8x) compared to the Australian REITs industry average (9.4x).

PE vs Market: CMW is good value based on its PE Ratio (6.8x) compared to the Australian market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: CMW's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CMW is good value based on its PB Ratio (0.8x) compared to the AU REITs industry average (1.1x).


Future Growth

How is Cromwell Property Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-1.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CMW's earnings are forecast to decline over the next 3 years (-1.3% per year).

Earnings vs Market: CMW's earnings are forecast to decline over the next 3 years (-1.3% per year).

High Growth Earnings: CMW's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CMW's revenue is expected to decline over the next 3 years (-2.8% per year).

High Growth Revenue: CMW's revenue is forecast to decline over the next 3 years (-2.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CMW's Return on Equity is forecast to be low in 3 years time (7.7%).


Past Performance

How has Cromwell Property Group performed over the past 5 years?

-9.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CMW has a large one-off gain of A$90.9M impacting its June 30 2021 financial results.

Growing Profit Margin: CMW's current net profit margins (65.4%) are higher than last year (37.2%).


Past Earnings Growth Analysis

Earnings Trend: CMW's earnings have declined by 9.4% per year over the past 5 years.

Accelerating Growth: CMW's earnings growth over the past year (73.5%) exceeds its 5-year average (-9.4% per year).

Earnings vs Industry: CMW earnings growth over the past year (73.5%) underperformed the REITs industry 106.4%.


Return on Equity

High ROE: CMW's Return on Equity (11.6%) is considered low.


Financial Health

How is Cromwell Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: CMW's short term assets (A$232.5M) exceed its short term liabilities (A$157.0M).

Long Term Liabilities: CMW's short term assets (A$232.5M) do not cover its long term liabilities (A$2.2B).


Debt to Equity History and Analysis

Debt Level: CMW's debt to equity ratio (81.4%) is considered high.

Reducing Debt: CMW's debt to equity ratio has reduced from 84.1% to 81.4% over the past 5 years.

Debt Coverage: CMW's debt is not well covered by operating cash flow (8.8%).

Interest Coverage: CMW's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet


Dividend

What is Cromwell Property Group current dividend yield, its reliability and sustainability?

8.07%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CMW's dividend (8.07%) is higher than the bottom 25% of dividend payers in the Australian market (2.27%).

High Dividend: CMW's dividend (8.07%) is in the top 25% of dividend payers in the Australian market (5.32%)


Stability and Growth of Payments

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

Growing Dividend: CMW's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59.4%), CMW's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CMW's dividends in 3 years are forecast to be covered by earnings (84.5% payout ratio).


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Jonathan Callaghan

no data

Tenure

Mr. Jonathan P. Callaghan has been Chief Executive Officer of Cromwell Property Group since October 5, 2021 and its Managing Director and Director since October 7, 2021. He was Chief Executive at Investa P...


Leadership Team

Experienced Management: CMW's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: CMW's board of directors are not considered experienced ( 0.6 years average tenure), which suggests a new board.


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.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Cromwell Property Group's employee growth, exchange listings and data sources


Key Information

  • Name: Cromwell Property Group
  • Ticker: CMW
  • Exchange: ASX
  • Founded: 1970
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: AU$2.107b
  • Shares outstanding: 2.62b
  • Website: https://www.cromwellpropertygroup.com

Number of Employees


Location

  • Cromwell Property Group
  • 200 Mary Street
  • Level 19
  • Brisbane
  • Queensland
  • 4000
  • Australia

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/18 15:21
End of Day Share Price2021/10/18 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


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.