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ECF

Elanor Commercial Property FundASX:ECF Stock Report

Market Cap

AU$308.1m

7D

0.5%

1Y

7.4%

Updated

20 Oct, 2021

Data

Company Financials +
ECF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance2/6
Financial Health2/6
Dividends4/6

ECF Overview

Elanor Commercial Property Fund (ASX: ECF) is an externally managed real estate investment trust that invests in Australian commercial office assets.

Price History & Performance

Summary of all time highs, changes and price drops for Elanor Commercial Property Fund
Historical stock prices
Current Share PriceAU$1.10
52 Week HighAU$0.99
52 Week LowAU$1.21
Beta0
1 Month Change-3.95%
3 Month Change-4.78%
1 Year Change7.35%
3 Year Changen/a
5 Year Changen/a
Change since IPO-10.25%

Recent News & Updates

Aug 30
Here's Why I Think Elanor Commercial Property Fund (ASX:ECF) Might Deserve Your Attention Today

Here's Why I Think Elanor Commercial Property Fund (ASX:ECF) Might Deserve Your Attention Today

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...

Shareholder Returns

ECFAU REITsAU Market
7D0.5%1.5%1.7%
1Y7.4%21.5%20.2%

Return vs Industry: ECF underperformed the Australian REITs industry which returned 21.5% over the past year.

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

Price Volatility

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

Stable Share Price: ECF is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: ECF's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2016n/aGlenn Willishttps://www.elanorinvestors.com/ecf/

Elanor Commercial Property Fund (ASX: ECF) is an externally managed real estate investment trust that invests in Australian commercial office assets. It was listed on the ASX in 2019 and currently owns 7 office assets with a combined valuation of $374 million.

Elanor Commercial Property Fund Fundamentals Summary

How do Elanor Commercial Property Fund's earnings and revenue compare to its market cap?
ECF fundamental statistics
Market CapAU$308.11m
Earnings (TTM)AU$31.26m
Revenue (TTM)AU$40.03m

9.9x

P/E Ratio

7.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ECF income statement (TTM)
RevenueAU$40.03m
Cost of RevenueAU$2.51m
Gross ProfitAU$37.52m
ExpensesAU$6.26m
EarningsAU$31.26m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.11
Gross Margin93.72%
Net Profit Margin78.08%
Debt/Equity Ratio58.4%

How did ECF perform over the long term?

See historical performance and comparison

Dividends

9.2%

Current Dividend Yield

79%

Payout Ratio

Valuation

Is Elanor Commercial Property Fund undervalued compared to its fair value and its price relative to the market?

46.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ECF (A$1.1) is trading below our estimate of fair value (A$2.05)

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


Price To Earnings Ratio

PE vs Industry: ECF is poor value based on its PE Ratio (9.9x) compared to the Australian REITs industry average (9.6x).

PE vs Market: ECF is good value based on its PE Ratio (9.9x) compared to the Australian market (19.7x).


Price to Earnings Growth Ratio

PEG Ratio: ECF is poor value based on its PEG Ratio (8.9x)


Price to Book Ratio

PB vs Industry: ECF is overvalued based on its PB Ratio (1.4x) compared to the AU REITs industry average (1.2x).


Future Growth

How is Elanor Commercial Property Fund forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

1.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ECF's forecast earnings growth (1.1% per year) is below the savings rate (1.9%).

Earnings vs Market: ECF's earnings (1.1% per year) are forecast to grow slower than the Australian market (11.9% per year).

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

Revenue vs Market: ECF's revenue (3.4% per year) is forecast to grow slower than the Australian market (5.4% per year).

High Growth Revenue: ECF's revenue (3.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ECF's Return on Equity is forecast to be low in 3 years time (9.7%).


Past Performance

How has Elanor Commercial Property Fund performed over the past 5 years?

53.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ECF has a large one-off gain of A$5.6M impacting its June 30 2021 financial results.

Growing Profit Margin: ECF became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: ECF's earnings have grown significantly by 53.4% per year over the past 5 years.

Accelerating Growth: ECF has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: ECF has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (106.4%).


Return on Equity

High ROE: ECF's Return on Equity (12.8%) is considered low.


Financial Health

How is Elanor Commercial Property Fund's financial position?


Financial Position Analysis

Short Term Liabilities: ECF's short term assets (A$9.7M) exceed its short term liabilities (A$8.8M).

Long Term Liabilities: ECF's short term assets (A$9.7M) do not cover its long term liabilities (A$141.9M).


Debt to Equity History and Analysis

Debt Level: ECF's debt to equity ratio (58.4%) is considered high.

Reducing Debt: Insufficient data to determine if ECF's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: ECF's debt is not well covered by operating cash flow (15.6%).

Interest Coverage: ECF's interest payments on its debt are well covered by EBIT (9.3x coverage).


Balance Sheet


Dividend

What is Elanor Commercial Property Fund current dividend yield, its reliability and sustainability?

9.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ECF's dividend (9.16%) is higher than the bottom 25% of dividend payers in the Australian market (2.27%).

High Dividend: ECF's dividend (9.16%) is in the top 25% of dividend payers in the Australian market (5.33%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79.1%), ECF's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ECF's dividends in 3 years are forecast to be covered by earnings (89.8% payout ratio).


Next Steps

Management

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

7.3yrs

Average board tenure


CEO

Glenn Willis

no data

Tenure

Mr. Glenn Norman Willis is a Co-Founder and Chief Executive Officer at Moss Capital Pty Limited. He serves as Chief Executive Officer and Managing Director of Elanor Funds Management Limited, manager of El...


Board Members

Experienced Board: ECF's board of directors are considered experienced (7.3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: ECF 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 37.7%.


Top Shareholders

Company Information

Elanor Commercial Property Fund's employee growth, exchange listings and data sources


Key Information

  • Name: Elanor Commercial Property Fund
  • Ticker: ECF
  • Exchange: ASX
  • Founded: 2016
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: AU$308.115m
  • Shares outstanding: 281.38m
  • Website: https://www.elanorinvestors.com/ecf/

Location

  • Elanor Commercial Property Fund
  • Level 38
  • 259 George Street
  • 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 Analysis2021/10/20 07:03
End of Day Share Price2021/10/20 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.