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INA

Ingenia Communities Group ASX:INA Stock Report

Last Price

AU$3.78

Market Cap

AU$1.5b

7D

-6.0%

1Y

-43.1%

Updated

28 Sep, 2022

Data

Company Financials +
INA fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance3/6
Financial Health4/6
Dividends5/6

INA Stock Overview

Ingenia Communities (Ingenia) is a leading Australian property group that owns, operates and develops a growing portfolio of lifestyle and holiday communities across key urban and coastal markets.

Ingenia Communities Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Ingenia Communities Group
Historical stock prices
Current Share PriceAU$3.78
52 Week HighAU$6.77
52 Week LowAU$3.40
Beta0.79
1 Month Change-10.43%
3 Month Change-4.30%
1 Year Change-43.07%
3 Year Change-6.90%
5 Year Change45.95%
Change since IPO-36.36%

Recent News & Updates

Shareholder Returns

INAAU REITsAU Market
7D-6.0%-6.4%-3.3%
1Y-43.1%-23.3%-10.6%

Return vs Industry: INA underperformed the Australian REITs industry which returned -23.3% over the past year.

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

Price Volatility

Is INA's price volatile compared to industry and market?
INA volatility
INA Average Weekly Movement4.0%
REITs Industry Average Movement3.7%
Market Average Movement9.6%
10% most volatile stocks in AU Market16.7%
10% least volatile stocks in AU Market4.3%

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

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

About the Company

FoundedEmployeesCEOWebsite
20071,260Simon Owenhttps://www.ingeniacommunities.com.au

Ingenia Communities (Ingenia) is a leading Australian property group that owns, operates and develops a growing portfolio of lifestyle and holiday communities across key urban and coastal markets. We are committed to creating communities where our residents and visitors can truly belong. Ingenia is an S&P/ASX 200 entity with a market capitalisation of over $1.2 billion and listed on the Australian Securities Exchange under the stock market trading code ‘INA’.

Ingenia Communities Group Fundamentals Summary

How do Ingenia Communities Group's earnings and revenue compare to its market cap?
INA fundamental statistics
Market CapAU$1.54b
Earnings (TTM)AU$100.59m
Revenue (TTM)AU$346.26m

15.3x

P/E Ratio

4.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INA income statement (TTM)
RevenueAU$346.26m
Cost of RevenueAU$121.52m
Gross ProfitAU$224.74m
Other ExpensesAU$124.15m
EarningsAU$100.59m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.25
Gross Margin64.91%
Net Profit Margin29.05%
Debt/Equity Ratio28.5%

How did INA perform over the long term?

See historical performance and comparison

Dividends

2.9%

Current Dividend Yield

34%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is INA 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

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

INA 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/Revenue5.8x
Enterprise Value/EBITDA18.1x
PEG Ratio1.7x

Price to Earnings Ratio vs Peers

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

INA PE Ratio vs Peers
The above table shows the PE ratio for INA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average6.9x
USQ US Student Housing REIT
13.5xn/aAU$64.4m
CMW Cromwell Property Group
6.7x-10.4%AU$1.8b
WPR Waypoint REIT
4x-25.2%AU$1.6b
ARF Arena REIT
3.5x-29.8%AU$1.2b
INA Ingenia Communities Group
15.3x9.0%AU$1.5b

Price-To-Earnings vs Peers: INA is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (6.9x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: INA is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the Australian REITs industry average (6x)


Price to Earnings Ratio vs Fair Ratio

What is INA'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.

INA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.3x
Fair PE Ratio12.3x

Price-To-Earnings vs Fair Ratio: INA is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the estimated Fair Price-To-Earnings Ratio (12.3x).


Share Price vs Fair Value

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

Below Fair Value: INA (A$3.78) is trading below our estimate of fair value (A$7.9)

Significantly Below Fair Value: INA 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 Ingenia Communities Group forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


9.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INA's forecast earnings growth (9% per year) is above the savings rate (1.8%).

Earnings vs Market: INA's earnings (9% per year) are forecast to grow faster than the Australian market (6.7% per year).

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

Revenue vs Market: INA's revenue (7.2% per year) is forecast to grow faster than the Australian market (3.7% per year).

High Growth Revenue: INA's revenue (7.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: INA's Return on Equity is forecast to be low in 3 years time (7.3%).


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Past Performance

How has Ingenia Communities Group 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


26.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INA has a large one-off gain of A$37.1M impacting its June 30 2022 financial results.

Growing Profit Margin: INA's current net profit margins (29%) are higher than last year (24.6%).


Past Earnings Growth Analysis

Earnings Trend: INA's earnings have grown significantly by 26% per year over the past 5 years.

Accelerating Growth: INA's earnings growth over the past year (38.2%) exceeds its 5-year average (26% per year).

Earnings vs Industry: INA earnings growth over the past year (38.2%) underperformed the REITs industry 47.6%.


Return on Equity

High ROE: INA's Return on Equity (6.6%) is considered low.


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Financial Health

How is Ingenia Communities Group's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: INA's short term assets (A$52.7M) do not cover its short term liabilities (A$117.2M).

Long Term Liabilities: INA's short term assets (A$52.7M) do not cover its long term liabilities (A$536.4M).


Debt to Equity History and Analysis

Debt Level: INA's net debt to equity ratio (27.6%) is considered satisfactory.

Reducing Debt: INA's debt to equity ratio has reduced from 32.1% to 28.5% over the past 5 years.

Debt Coverage: INA's debt is well covered by operating cash flow (26.3%).

Interest Coverage: INA's interest payments on its debt are well covered by EBIT (12x coverage).


Balance Sheet


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Dividend

What is Ingenia Communities Group current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.91%

Current Dividend Yield

Dividend Yield vs Market

Ingenia Communities Group Dividend Yield vs Market
How does Ingenia Communities Group dividend yield compare to the market?
SegmentDividend Yield
Company (Ingenia Communities Group)2.9%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (REITs)5.2%
Analyst forecast in 3 Years (Ingenia Communities Group)3.6%

Notable Dividend: INA's dividend (2.91%) is higher than the bottom 25% of dividend payers in the Australian market (2.8%).

High Dividend: INA's dividend (2.91%) is low compared to the top 25% of dividend payers in the Australian market (7.19%).


Stability and Growth of Payments

Stable Dividend: INA's dividends per share have been stable in the past 10 years.

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


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (34.1%), INA's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (40%), INA's dividend payments are well covered by cash flows.


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Management

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

5.3yrs

Average management tenure


CEO

Simon Owen

10.83yrs

Tenure

AU$1,704,451

Compensation

Mr. Simon Richard Owen has been Chief Executive Officer at Ingenia Communities Holdings Limited since November 2009 and serves as its Managing Director and Executive Director. Mr. Owen joined Ingenia Commu...


CEO Compensation Analysis

Simon Owen's Compensation vs Ingenia Communities Group Earnings
How has Simon Owen's remuneration changed compared to Ingenia Communities Group's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022AU$2mAU$676k

AU$101m

Mar 31 2022n/an/a

AU$90m

Dec 31 2021n/an/a

AU$80m

Sep 30 2021n/an/a

AU$76m

Jun 30 2021AU$1mAU$678k

AU$73m

Mar 31 2021n/an/a

AU$57m

Dec 31 2020n/an/a

AU$40m

Sep 30 2020n/an/a

AU$36m

Jun 30 2020AU$1mAU$663k

AU$31m

Mar 31 2020n/an/a

AU$36m

Dec 31 2019n/an/a

AU$40m

Sep 30 2019n/an/a

AU$35m

Jun 30 2019AU$1mAU$662k

AU$29m

Mar 31 2019n/an/a

AU$30m

Dec 31 2018n/an/a

AU$30m

Sep 30 2018n/an/a

AU$32m

Jun 30 2018AU$1mAU$657k

AU$34m

Mar 31 2018n/an/a

AU$35m

Dec 31 2017n/an/a

AU$36m

Sep 30 2017n/an/a

AU$31m

Jun 30 2017AU$1mAU$663k

AU$26m

Mar 31 2017n/an/a

AU$24m

Dec 31 2016n/an/a

AU$21m

Sep 30 2016n/an/a

AU$23m

Jun 30 2016AU$1mAU$631k

AU$24m

Compensation vs Market: Simon's total compensation ($USD1.10M) is about average for companies of similar size in the Australian market ($USD1.09M).

Compensation vs Earnings: Simon's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: INA's management team is seasoned and experienced (5.3 years average tenure).


Board Members

Experienced Board: INA's board of directors are considered experienced (6.2 years average tenure).


Ownership

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


Insider Trading Volume

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


Recent Insider Transactions

ASX:INA Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
15 Sep 22BuyAU$21,885,024Cohen & Steers Capital Management, Inc.Company4,573,187AU$4.79
13 Sep 22SellAU$2,352,321Cohen & Steers Capital Management, Inc.Company507,937AU$4.63
30 Aug 22BuyAU$89,996Sally EvansIndividual19,736AU$4.56
27 Jul 22BuyAU$7,093,256Cohen & Steers Capital Management, Inc.Company1,571,652AU$4.51
22 Jul 22BuyAU$51,670,087Cohen & Steers Capital Management, Inc.Company12,220,591AU$4.23
16 May 22BuyAU$45,225Simon OwenIndividual11,250AU$4.02
25 Feb 22BuyAU$29,940Simon OwenIndividual6,000AU$4.99
23 Feb 22BuyAU$104,092Gregory HayesIndividual20,000AU$5.20
23 Dec 21SellAU$424,327Simon OwenIndividual70,000AU$6.08
15 Nov 21BuyAU$48,331,472Sun Communities Operating Limited PartnershipCompany7,897,300AU$6.12
12 Nov 21BuyAU$59,996Sally EvansIndividual9,584AU$6.26
10 Nov 21SellAU$486,456Simon OwenIndividual76,020AU$6.40

Ownership Breakdown

What is the ownership structure of INA?
Owner TypeNumber of SharesOwnership Percentage
Private Companies1,293,4870.3%
Individual Insiders3,134,3500.8%
General Public178,322,95143.8%
Institutions224,832,47655.2%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 23.9%.


Top Shareholders

Top 25 shareholders own 52.93% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
10.25%
Sun Communities Operating Limited Partnership
41,779,555A$157.9m0%no data
7.25%
Cohen & Steers Capital Management, Inc.
29,553,226A$111.7m121.09%0.15%
6.14%
The Vanguard Group, Inc.
25,007,362A$94.5m0%no data
4.32%
BlackRock, Inc.
17,616,306A$66.6m0%no data
3.89%
AMP Capital Investors Limited
15,871,032A$60.0m-1.02%2.96%
3.42%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
13,945,804A$52.7m-2%0.01%
2.91%
Brahman Capital Management Pte. Ltd.
11,857,849A$44.8m0%12.59%
2.5%
Dimensional Fund Advisors LP
10,172,082A$38.5m3.58%0.01%
1.84%
CPP Investments
7,500,000A$28.4m0%0.02%
1.22%
Norges Bank Investment Management
4,992,667A$18.9m0%no data
1.18%
PGIM, Inc.
4,816,092A$18.2m-16.21%0.02%
1.01%
Daiwa Asset Management Co. Ltd.
4,130,761A$15.6m0%0.01%
0.93%
Van Eck Associates Corporation
3,775,812A$14.3m3.85%0.02%
0.93%
State Street Global Advisors, Inc.
3,771,473A$14.3m3.06%no data
0.91%
B&I Capital AG
3,693,339A$14.0m0%1.35%
0.74%
Brookfield Asset Management Inc.
3,001,200A$11.3m15.14%0.02%
0.74%
Schroder Investment Management Limited
2,998,942A$11.3m0.26%0.01%
0.52%
FMR LLC
2,125,670A$8.0m1.1%no data
0.39%
BetaShares Capital Limited
1,605,019A$6.1m4.76%0.05%
0.37%
Simon Owen
1,512,976A$5.7m0.75%no data
0.35%
First Sentier Investors (Australia) IM Ltd
1,432,423A$5.4m0%0.01%
0.33%
Variable Annuity Life Insurance Company, Asset Management Arm
1,342,024A$5.1m-23.72%0.77%
0.27%
Asset Management One Co., Ltd.
1,098,902A$4.2m0%no data
0.27%
JPMorgan Chase & Co, Brokerage and Securities Investments
1,093,538A$4.1m0%no data
0.25%
Zurich Investment Management Limited
1,038,967A$3.9m0%0.58%

Company Information

Ingenia Communities Group's employee growth, exchange listings and data sources


Key Information

  • Name: Ingenia Communities Group
  • Ticker: INA
  • Exchange: ASX
  • Founded: 2007
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: AU$1.541b
  • Shares outstanding: 407.58m
  • Website: https://www.ingeniacommunities.com.au

Number of Employees


Location

  • Ingenia Communities Group
  • 115 Pitt Street
  • Level 9
  • Sydney
  • New South Wales
  • 2000
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INAASX (Australian Securities Exchange)YesStapled UnitsAUAUDJul 2004
INGE.FOTCPK (Pink Sheets LLC)YesStapled UnitsUSUSDJul 2004
INACHIA (Chi-X Australia)YesStapled UnitsAUAUDJul 2004

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.