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CWP

Cedar Woods Properties ASX:CWP Stock Report

Last Price

AU$3.92

Market Cap

AU$322.3m

7D

-7.5%

1Y

-35.7%

Updated

28 Sep, 2022

Data

Company Financials +
CWP fundamental analysis
Snowflake Score
Valuation6/6
Future Growth2/6
Past Performance3/6
Financial Health3/6
Dividends3/6

CWP Stock Overview

Cedar Woods Properties Limited engages in property investment and development activities in Australia.

Cedar Woods Properties Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Cedar Woods Properties
Historical stock prices
Current Share PriceAU$3.92
52 Week HighAU$6.41
52 Week LowAU$3.42
Beta1.03
1 Month Change-13.08%
3 Month Change6.52%
1 Year Change-35.74%
3 Year Change-42.35%
5 Year Change-24.90%
Change since IPO460.00%

Recent News & Updates

Sep 03
Cedar Woods Properties' (ASX:CWP) Shareholders Will Receive A Bigger Dividend Than Last Year

Cedar Woods Properties' (ASX:CWP) Shareholders Will Receive A Bigger Dividend Than Last Year

The board of Cedar Woods Properties Limited ( ASX:CWP ) has announced that it will be paying its dividend of A$0.145 on...

Shareholder Returns

CWPAU Real EstateAU Market
7D-7.5%-4.6%-3.8%
1Y-35.7%-19.7%-12.6%

Return vs Industry: CWP underperformed the Australian Real Estate industry which returned -18.7% over the past year.

Return vs Market: CWP underperformed the Australian Market which returned -10.6% over the past year.

Price Volatility

Is CWP's price volatile compared to industry and market?
CWP volatility
CWP Average Weekly Movement6.4%
Real Estate Industry Average Movement5.9%
Market Average Movement9.6%
10% most volatile stocks in AU Market16.8%
10% least volatile stocks in AU Market4.2%

Stable Share Price: CWP is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: CWP's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
198799Nathan Blackburnehttps://www.cedarwoods.com.au

Cedar Woods Properties Limited engages in property investment and development activities in Australia. It is involved in the urban land subdivision and development of residential, commercial, and retail properties in Western Australia, South Australia, Victoria, and Queensland. The company’s property portfolio also includes medium and high-density apartments and townhouses.

Cedar Woods Properties Fundamentals Summary

How do Cedar Woods Properties's earnings and revenue compare to its market cap?
CWP fundamental statistics
Market CapAU$322.26m
Earnings (TTM)AU$37.39m
Revenue (TTM)AU$333.04m

8.6x

P/E Ratio

1.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CWP income statement (TTM)
RevenueAU$333.04m
Cost of RevenueAU$256.20m
Gross ProfitAU$76.84m
Other ExpensesAU$39.45m
EarningsAU$37.39m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.45
Gross Margin23.07%
Net Profit Margin11.23%
Debt/Equity Ratio47.9%

How did CWP perform over the long term?

See historical performance and comparison

Dividends

7.0%

Current Dividend Yield

60%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

CWP 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/Revenue1.6x
Enterprise Value/EBITDA9.3x
PEG Ratio4x

Price to Earnings Ratio vs Peers

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

CWP PE Ratio vs Peers
The above table shows the PE ratio for CWP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.1x
PPC Peet
10.5xn/aAU$546.8m
SDG Sunland Group
3.5xn/aAU$326.5m
FRI Finbar Group
16.7xn/aAU$182.3m
LIC Lifestyle Communities
17.8x19.1%AU$1.6b
CWP Cedar Woods Properties
8.6x2.2%AU$322.3m

Price-To-Earnings vs Peers: CWP is good value based on its Price-To-Earnings Ratio (8.6x) compared to the peer average (12.1x).


Price to Earnings Ratio vs Industry

How does CWP's PE Ratio compare vs other companies in the Oceanian Real Estate Industry?

Price-To-Earnings vs Industry: CWP is good value based on its Price-To-Earnings Ratio (8.6x) compared to the Oceanic Real Estate industry average (10.2x)


Price to Earnings Ratio vs Fair Ratio

What is CWP'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.

CWP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.6x
Fair PE Ratio9.1x

Price-To-Earnings vs Fair Ratio: CWP is good value based on its Price-To-Earnings Ratio (8.6x) compared to the estimated Fair Price-To-Earnings Ratio (9.1x).


Share Price vs Fair Value

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

Below Fair Value: CWP (A$3.92) is trading below our estimate of fair value (A$11.7)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Cedar Woods Properties forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


2.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CWP's forecast earnings growth (2.2% per year) is above the savings rate (1.8%).

Earnings vs Market: CWP's earnings (2.2% per year) are forecast to grow slower than the Australian market (6.7% per year).

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

Revenue vs Market: CWP's revenue (4.3% per year) is forecast to grow faster than the Australian market (3.7% per year).

High Growth Revenue: CWP's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CWP's Return on Equity is forecast to be low in 3 years time (8.8%).


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Past Performance

How has Cedar Woods Properties performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-13.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CWP has high quality earnings.

Growing Profit Margin: CWP's current net profit margins (11.2%) are higher than last year (11%).


Past Earnings Growth Analysis

Earnings Trend: CWP's earnings have declined by 13.2% per year over the past 5 years.

Accelerating Growth: CWP's earnings growth over the past year (13.9%) exceeds its 5-year average (-13.2% per year).

Earnings vs Industry: CWP earnings growth over the past year (13.9%) underperformed the Real Estate industry 26.7%.


Return on Equity

High ROE: CWP's Return on Equity (8.9%) is considered low.


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Financial Health

How is Cedar Woods Properties's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CWP's short term assets (A$232.6M) exceed its short term liabilities (A$158.7M).

Long Term Liabilities: CWP's short term assets (A$232.6M) exceed its long term liabilities (A$199.9M).


Debt to Equity History and Analysis

Debt Level: CWP's net debt to equity ratio (47%) is considered high.

Reducing Debt: CWP's debt to equity ratio has increased from 26.9% to 47.9% over the past 5 years.

Debt Coverage: CWP's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: CWP's interest payments on its debt are well covered by EBIT (18.1x coverage).


Balance Sheet


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Dividend

What is Cedar Woods Properties's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


7.02%

Current Dividend Yield

Dividend Yield vs Market

Cedar Woods Properties Dividend Yield vs Market
How does Cedar Woods Properties dividend yield compare to the market?
SegmentDividend Yield
Company (Cedar Woods Properties)7.0%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (Real Estate)3.0%
Analyst forecast in 3 Years (Cedar Woods Properties)7.6%

Notable Dividend: CWP's dividend (7.02%) is higher than the bottom 25% of dividend payers in the Australian market (2.8%).

High Dividend: CWP's dividend (7.02%) is low compared to the top 25% of dividend payers in the Australian market (7.19%).


Stability and Growth of Payments

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

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


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (60.2%), CWP's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: CWP is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

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

4.8yrs

Average management tenure


CEO

Nathan Blackburne

5yrs

Tenure

AU$1,321,072

Compensation

Mr. Nathan John Blackburne, BB, AMP, GAID has been Managing Director of Cedar Woods Properties Limited since September 18, 2017. Mr. Blackburne served as the Chief Operating Officer of Cedar Woods Properti...


CEO Compensation Analysis

Nathan Blackburne's Compensation vs Cedar Woods Properties Earnings
How has Nathan Blackburne's remuneration changed compared to Cedar Woods Properties's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022AU$1mAU$733k

AU$37m

Mar 31 2022n/an/a

AU$31m

Dec 31 2021n/an/a

AU$24m

Sep 30 2021n/an/a

AU$29m

Jun 30 2021AU$983kAU$736k

AU$33m

Mar 31 2021n/an/a

AU$33m

Dec 31 2020n/an/a

AU$33m

Sep 30 2020n/an/a

AU$27m

Jun 30 2020AU$1mAU$737k

AU$20m

Mar 31 2020n/an/a

AU$24m

Dec 31 2019n/an/a

AU$28m

Sep 30 2019n/an/a

AU$38m

Jun 30 2019AU$997kAU$652k

AU$49m

Mar 31 2019n/an/a

AU$59m

Dec 31 2018n/an/a

AU$70m

Sep 30 2018n/an/a

AU$56m

Jun 30 2018AU$803kAU$512k

AU$43m

Mar 31 2018n/an/a

AU$44m

Dec 31 2017n/an/a

AU$46m

Sep 30 2017n/an/a

AU$46m

Jun 30 2017AU$583kAU$410k

AU$45m

Mar 31 2017n/an/a

AU$37m

Dec 31 2016n/an/a

AU$29m

Sep 30 2016n/an/a

AU$36m

Jun 30 2016AU$528kAU$391k

AU$44m

Compensation vs Market: Nathan's total compensation ($USD851.15K) is above average for companies of similar size in the Australian market ($USD620.57K).

Compensation vs Earnings: Nathan's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: CWP's management team is considered experienced (4.8 years average tenure).


Board Members

Experienced Board: CWP's board of directors are considered experienced (5 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.


Recent Insider Transactions

ASX:CWP Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
17 Jun 22BuyAU$18,900Paul SayIndividual5,000AU$3.78
16 Jun 22BuyAU$3,640Valerie DaviesIndividual1,000AU$3.64
16 Jun 22BuyAU$56,250Paul SayIndividual15,000AU$3.75
14 Jun 22BuyAU$20,006Nathan BlackburneIndividual5,335AU$3.75
14 Jun 22BuyAU$98,847William HamesIndividual26,150AU$3.78
03 Jun 22BuyAU$97,980William HamesIndividual23,000AU$4.26
03 Jun 22BuyAU$97,980Joia Holdings Pty LtdCompany23,000AU$4.26
06 May 22BuyAU$19,928Nathan BlackburneIndividual4,700AU$4.24
16 Mar 22BuyAU$148,438William HamesIndividual31,250AU$4.75
09 Mar 22BuyAU$25,135Nathan BlackburneIndividual5,500AU$4.57
08 Mar 22BuyAU$201,240William HamesIndividual43,000AU$4.68
23 Feb 22BuyAU$15,026Nathan BlackburneIndividual3,079AU$4.88
21 Feb 22BuyAU$9,975Nathan BlackburneIndividual2,061AU$4.84
22 Dec 21BuyAU$36,586Joia Holdings Pty LtdCompany6,903AU$5.30
21 Dec 21BuyAU$45,769Valerie DaviesIndividual8,349AU$5.48
15 Dec 21BuyAU$67,772Joia Holdings Pty LtdCompany12,791AU$5.30
10 Dec 21BuyAU$92,761Joia Holdings Pty LtdCompany17,502AU$5.30
28 Oct 21BuyAU$16,473,950AustralianSuper Pty. Ltd.Company2,193,602AU$7.51

Ownership Breakdown

What is the ownership structure of CWP?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders11,041,06413.4%
Private Companies15,372,08918.7%
Institutions17,932,14121.8%
General Public37,864,64346.1%

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


Top Shareholders

Top 25 shareholders own 53.73% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
11.3%
AustralianSuper Pty. Ltd.
9,291,217A$36.4m0%0.1%
10.42%
William Hames
8,563,222A$33.6m-1.69%no data
6.13%
The Nowra Projects Unit Fund
5,040,216A$19.8m0%no data
5.15%
Westland Group Holdings Pty Ltd
4,233,029A$16.6m0%no data
4.11%
Beach Corporation Pty Ltd
3,382,604A$13.3m0%no data
2.8%
Joia Holdings Pty Ltd
2,298,758A$9.0m0%no data
2.63%
Dimensional Fund Advisors LP
2,165,923A$8.5m1.57%no data
2.54%
The Vanguard Group, Inc.
2,085,730A$8.2m-0.02%no data
1.66%
abrdn plc
1,367,552A$5.4m-4.92%no data
1.43%
Netwealth Investments Ltd.
1,178,180A$4.6m0%0.07%
1.32%
Paul Sadleir
1,083,283A$4.2m-3.9%no data
0.9%
MAM Pty Limited
741,800A$2.9m0%0.19%
0.86%
Norges Bank Investment Management
705,101A$2.8m0%no data
0.51%
Gold Plaza Pty Ltd
417,482A$1.6m2.29%no data
0.36%
Alan Gerraty
300,000A$1.2m0%no data
0.29%
K. Tucker
242,500A$950.6k2.1%no data
0.36%
P Gerraty
300,000A$1.2m0%no data
0.29%
J. Tucker
242,500A$950.6k2.1%no data
0.15%
Charles Schwab Investment Management, Inc.
119,485A$468.4k1.93%no data
0.12%
Eaton Vance Management
100,800A$395.1k103.46%no data
0.098%
Paul Freedman
80,511A$315.6k5.58%no data
0.095%
Nathan Blackburne
78,124A$306.2k-42.43%no data
0.087%
State Street Global Advisors, Inc.
71,931A$282.0k0.9%no data
0.057%
Patrick Archer
46,740A$183.2k29.19%no data
0.044%
Mercer Global Investments Europe Limited
35,921A$140.8k0%no data

Company Information

Cedar Woods Properties Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Cedar Woods Properties Limited
  • Ticker: CWP
  • Exchange: ASX
  • Founded: 1987
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Implied Market Cap: AU$322.263m
  • Shares outstanding: 82.21m
  • Website: https://www.cedarwoods.com.au

Number of Employees


Location

  • Cedar Woods Properties Limited
  • 50 Colin Street
  • Ground Floor
  • West Perth
  • Western Australia
  • 6005
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CWPASX (Australian Securities Exchange)YesOrdinary SharesAUAUDSep 1994
CWPCHIA (Chi-X Australia)YesOrdinary SharesAUAUDSep 1994

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


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.