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COF

Centuria Office REIT ASX:COF Stock Report

Last Price

AU$1.84

Market Cap

AU$1.1b

7D

6.4%

1Y

n/a

Updated

28 Jun, 2022

Data

Company Financials +
COF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance4/6
Financial Health2/6
Dividends4/6

COF Stock Overview

COF is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index.

Centuria Office REIT Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Centuria Office REIT
Historical stock prices
Current Share PriceAU$1.84
52 Week HighAU$2.32
52 Week LowAU$1.69
Beta0.89
1 Month Change-9.61%
3 Month Change-16.59%
1 Year Changen/a
3 Year Changen/a
5 Year Changen/a
Change since IPO-18.81%

Recent News & Updates

Shareholder Returns

COFAU REITsAU Market
7D6.4%7.2%4.0%
1Yn/a-8.5%-9.1%

Return vs Industry: Insufficient data to determine how COF performed against the Australian REITs industry.

Return vs Market: Insufficient data to determine how COF performed against the Australian Market.

Price Volatility

Is COF's price volatile compared to industry and market?
COF volatility
COF Average Weekly Movement4.4%
REITs Industry Average Movement4.0%
Market Average Movement9.8%
10% most volatile stocks in AU Market16.6%
10% least volatile stocks in AU Market4.3%

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

Volatility Over Time: Insufficient data to determine COF's volatility change over the past year.

About the Company

FoundedEmployeesCEOWebsite
2014n/aJason Huljichhttps://www.centuria.com.au

COF is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index. COF owns a portfolio of high quality assets situated in core office markets throughout Australia. COF is overseen by a hands-on, active manager and provides investors with income and the opportunity for capital growth from a pure play portfolio of high-quality Australian office assets.

Centuria Office REIT Fundamentals Summary

How do Centuria Office REIT's earnings and revenue compare to its market cap?
COF fundamental statistics
Market CapAU$1.10b
Earnings (TTM)AU$119.02m
Revenue (TTM)AU$156.63m

9.2x

P/E Ratio

7.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
COF income statement (TTM)
RevenueAU$156.63m
Cost of RevenueAU$54.59m
Gross ProfitAU$102.04m
Other Expenses-AU$16.99m
EarningsAU$119.02m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.20
Gross Margin65.15%
Net Profit Margin75.99%
Debt/Equity Ratio54.5%

How did COF perform over the long term?

See historical performance and comparison

Dividends

9.0%

Current Dividend Yield

89%

Payout Ratio

Does COF pay a reliable dividends?

See COF dividend history and benchmarks
When do you need to buy COF by to receive an upcoming dividend?
Centuria Office REIT dividend dates
Ex Dividend DateJun 29 2022
Dividend Pay DateAug 05 2022
Days until Ex dividend0 days
Days until Dividend pay date37 days

Does COF pay a reliable dividends?

See COF dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is COF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for COF?

Other financial metrics that can be useful for relative valuation.

COF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.8x
Enterprise Value/EBITDAn/a
PEG Ratio7.7x

Price to Earnings Ratio vs Peers

How does COF's PE Ratio compare to its peers?

COF PE Ratio vs Peers
The above table shows the PE ratio for COF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14.5x
CMW Cromwell Property Group
7x-10.7%AU$2.1b
GDF Garda Property Group
4x-43.4%AU$356.4m
AOF Australian Unity Office Fund
37.5x18.7%AU$374.8m
ECF Elanor Commercial Property Fund
9.4x-1.2%AU$322.9m
COF Centuria Office REIT
9.2x1.2%AU$1.1b

Price-To-Earnings vs Peers: COF is good value based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (14.5x).


Price to Earnings Ratio vs Industry

How does COF's PE Ratio compare vs other companies in the AU REITs Industry?

Price-To-Earnings vs Industry: COF is expensive based on its Price-To-Earnings Ratio (9.2x) compared to the Australian REITs industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

What is COF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

COF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate COF's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of COF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: COF (A$1.84) is trading below our estimate of fair value (A$4.29)

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


Price to Earnings Growth Ratio

PEG Ratio: COF is poor value based on its PEG Ratio (7.7x)


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Future Growth

How is Centuria Office REIT forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


1.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COF's forecast earnings growth (1.2% per year) is below the savings rate (1.8%).

Earnings vs Market: COF's earnings (1.2% per year) are forecast to grow slower than the Australian market (6% per year).

High Growth Earnings: COF's earnings are forecast to grow, but not significantly.

Revenue vs Market: COF's revenue (3.8% per year) is forecast to grow slower than the Australian market (5.2% per year).

High Growth Revenue: COF's revenue (3.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COF's Return on Equity is forecast to be low in 3 years time (7.5%).


Discover growth companies

Past Performance

How has Centuria Office REIT performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


8.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: COF has a large one-off gain of A$26.0M impacting its December 31 2021 financial results.

Growing Profit Margin: COF's current net profit margins (76%) are higher than last year (11.6%).


Past Earnings Growth Analysis

Earnings Trend: COF's earnings have grown by 8.6% per year over the past 5 years.

Accelerating Growth: COF's earnings growth over the past year (498.2%) exceeds its 5-year average (8.6% per year).

Earnings vs Industry: COF earnings growth over the past year (498.2%) exceeded the REITs industry 215.6%.


Return on Equity

High ROE: COF's Return on Equity (8%) is considered low.


Discover strong past performing companies

Financial Health

How is Centuria Office REIT's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: COF's short term assets (A$109.3M) exceed its short term liabilities (A$68.8M).

Long Term Liabilities: COF's short term assets (A$109.3M) do not cover its long term liabilities (A$842.8M).


Debt to Equity History and Analysis

Debt Level: COF's net debt to equity ratio (48%) is considered high.

Reducing Debt: COF's debt to equity ratio has increased from 50.5% to 54.5% over the past 5 years.

Debt Coverage: COF's debt is not well covered by operating cash flow (12.2%).

Interest Coverage: COF's interest payments on its debt are well covered by EBIT (12.2x coverage).


Balance Sheet


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Dividend

What is Centuria Office REIT current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


8.99%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: COF's dividend (8.99%) is higher than the bottom 25% of dividend payers in the Australian market (2.73%).

High Dividend: COF's dividend (8.99%) is in the top 25% of dividend payers in the Australian market (6.67%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether COF's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if COF's dividend payments are increasing as they only just started paying a dividend.


Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (89.1%), COF's payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (99.5%), COF's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

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

3.0yrs

Average management tenure


CEO

Jason Huljich

no data

Tenure

Mr. Jason C. Huljich, B.Comm, Commercial Law, serves as Director of Augusta Capital Ltd. since January 2021. He has been Joint CEO at Centuria Capital Group since June 21, 2019 and served as its Head of Re...


Leadership Team

Experienced Management: COF's management team is considered experienced (3 years average tenure).


Board Members

Experienced Board: COF's board of directors are considered experienced (8.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: COF insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.1%.


Top Shareholders

Company Information

Centuria Office REIT's employee growth, exchange listings and data sources


Key Information

  • Name: Centuria Office REIT
  • Ticker: COF
  • Exchange: ASX
  • Founded: 2014
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: AU$1.096b
  • Shares outstanding: 597.34m
  • Website: https://www.centuria.com.au

Location

  • Centuria Office REIT
  • Chifley Tower
  • Level 41
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/28 00:00
End of Day Share Price2022/06/28 00:00
Earnings2021/12/31
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.