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SCP

Shopping Centres Australasia Property Group ASX:SCP Stock Report

Last Price

AU$2.93

Market Cap

AU$3.2b

7D

-0.3%

1Y

12.7%

Updated

09 Aug, 2022

Data

Company Financials +
SCP fundamental analysis
Snowflake Score
Valuation5/6
Future Growth1/6
Past Performance5/6
Financial Health2/6
Dividends3/6

SCP Stock Overview

SCA Property Group (SCP) includes two internally managed real estate investment trusts owning a portfolio of quality neighbourhood and sub-regional shopping centres located across Australia.

Shopping Centres Australasia Property Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Shopping Centres Australasia Property Group
Historical stock prices
Current Share PriceAU$2.93
52 Week HighAU$3.16
52 Week LowAU$2.56
Beta0.34
1 Month Change3.53%
3 Month Change1.03%
1 Year Change12.69%
3 Year Change13.57%
5 Year Change32.58%
Change since IPO103.47%

Recent News & Updates

Shareholder Returns

SCPAU REITsAU Market
7D-0.3%-1.2%0.7%
1Y12.7%-9.7%-8.0%

Return vs Industry: SCP exceeded the Australian REITs industry which returned -9.7% over the past year.

Return vs Market: SCP exceeded the Australian Market which returned -8% over the past year.

Price Volatility

Is SCP's price volatile compared to industry and market?
SCP volatility
SCP Average Weekly Movement3.4%
REITs Industry Average Movement4.1%
Market Average Movement10.5%
10% most volatile stocks in AU Market17.6%
10% least volatile stocks in AU Market4.6%

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

Volatility Over Time: SCP's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2012n/aAnthony Michael Melloweshttps://www.scaproperty.com.au

SCA Property Group (SCP) includes two internally managed real estate investment trusts owning a portfolio of quality neighbourhood and sub-regional shopping centres located across Australia. The SCA Property Group invests in shopping centres predominantly anchored by non-discretionary retailers, with long term leases to tenants such as Woolworths Limited, Coles Group Limited and companies in the Wesfarmers Limited group. The SCA Property Group is a stapled entity comprising Shopping Centres Australasia Property Management Trust (ARSN 160 612 626) and Shopping Centres Australasia Property Retail Trust (ARSN 160 612 788).

Shopping Centres Australasia Property Group Fundamentals Summary

How do Shopping Centres Australasia Property Group's earnings and revenue compare to its market cap?
SCP fundamental statistics
Market CapAU$3.21b
Earnings (TTM)AU$792.40m
Revenue (TTM)AU$332.20m

4.1x

P/E Ratio

9.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SCP income statement (TTM)
RevenueAU$332.20m
Cost of RevenueAU$110.60m
Gross ProfitAU$221.60m
Other Expenses-AU$570.80m
EarningsAU$792.40m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 16, 2022

Earnings per share (EPS)0.71
Gross Margin66.71%
Net Profit Margin238.53%
Debt/Equity Ratio51.7%

How did SCP perform over the long term?

See historical performance and comparison

Dividends

4.9%

Current Dividend Yield

74%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 SCP?

Other financial metrics that can be useful for relative valuation.

SCP 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/Revenue24x
Enterprise Value/EBITDAn/a
PEG Ratio-0.2x

Price to Earnings Ratio vs Peers

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

SCP PE Ratio vs Peers
The above table shows the PE ratio for SCP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average19.8x
HDN HomeCo Daily Needs REIT
65.7x26.4%AU$2.8b
BWP BWP Trust
5.4x-36.6%AU$2.6b
WPR Waypoint REIT
4.1x-40.0%AU$1.8b
CQR Charter Hall Retail REIT
4x-14.4%AU$2.3b
SCP Shopping Centres Australasia Property Group
4.1x-25.2%AU$3.2b

Price-To-Earnings vs Peers: SCP is good value based on its Price-To-Earnings Ratio (4.1x) compared to the peer average (19.8x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: SCP is good value based on its Price-To-Earnings Ratio (4.1x) compared to the Australian REITs industry average (6.7x)


Price to Earnings Ratio vs Fair Ratio

What is SCP'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.

SCP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.1x
Fair PE Ratio8.1x

Price-To-Earnings vs Fair Ratio: SCP is good value based on its Price-To-Earnings Ratio (4.1x) compared to the estimated Fair Price-To-Earnings Ratio (8.1x).


Share Price vs Fair Value

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

Below Fair Value: SCP (A$2.93) is trading below our estimate of fair value (A$4.73)

Significantly Below Fair Value: SCP 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 lower than the current share price.


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Future Growth

How is Shopping Centres Australasia Property Group forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-25.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SCP's earnings are forecast to decline over the next 3 years (-25.2% per year).

Earnings vs Market: SCP's earnings are forecast to decline over the next 3 years (-25.2% per year).

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

Revenue vs Market: SCP's revenue (5.7% per year) is forecast to grow faster than the Australian market (5.6% per year).

High Growth Revenue: SCP's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SCP's Return on Equity is forecast to be low in 3 years time (5.8%).


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Past Performance

How has Shopping Centres Australasia Property Group performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


17.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SCP has a large one-off gain of A$640.6M impacting its December 31 2021 financial results.

Growing Profit Margin: SCP's current net profit margins are higher than last year (34.4%).


Past Earnings Growth Analysis

Earnings Trend: SCP's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: SCP's earnings growth over the past year (706.9%) exceeds its 5-year average (17% per year).

Earnings vs Industry: SCP earnings growth over the past year (706.9%) exceeded the REITs industry 182.6%.


Return on Equity

High ROE: SCP's Return on Equity (25.1%) is considered high.


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Financial Health

How is Shopping Centres Australasia Property Group'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: SCP's short term assets (A$380.3M) exceed its short term liabilities (A$159.3M).

Long Term Liabilities: SCP's short term assets (A$380.3M) do not cover its long term liabilities (A$1.6B).


Debt to Equity History and Analysis

Debt Level: SCP's net debt to equity ratio (51.1%) is considered high.

Reducing Debt: SCP's debt to equity ratio has increased from 49.1% to 51.7% over the past 5 years.

Debt Coverage: SCP's debt is not well covered by operating cash flow (10.5%).

Interest Coverage: SCP's interest payments on its debt are well covered by EBIT (12.6x coverage).


Balance Sheet


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Dividend

What is Shopping Centres Australasia Property Group 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


4.91%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SCP's dividend (4.91%) is higher than the bottom 25% of dividend payers in the Australian market (2.65%).

High Dividend: SCP's dividend (4.91%) is low compared to the top 25% of dividend payers in the Australian market (6.3%).


Stability and Growth of Payments

Stable Dividend: SCP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: SCP's dividend payments have increased, but the company has only paid a dividend for 9 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (73.9%), SCP's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (93.4%), SCP's dividend payments are covered by cash flows.


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Management

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

9.0yrs

Average management tenure


CEO

Anthony Michael Mellowes

9.75yrs

Tenure

AU$1,969,988

Compensation

Mr. Anthony Michael Grainger Mellowes serves as the Chief Executive Officer at Shopping Centres Australasia Property Group Re Limited, a Responsible Entity of Shopping Centres Australasia Property Group si...


CEO Compensation Analysis

Compensation vs Market: Anthony Michael's total compensation ($USD1.38M) is about average for companies of similar size in the Australian market ($USD1.56M).

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


Leadership Team

Experienced Management: SCP's management team is seasoned and experienced (9 years average tenure).


Board Members

Experienced Board: SCP'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: 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 been diluted in the past year, with total shares outstanding growing by 3.4%.


Top Shareholders

Company Information

Shopping Centres Australasia Property Group's employee growth, exchange listings and data sources


Key Information

  • Name: Shopping Centres Australasia Property Group
  • Ticker: SCP
  • Exchange: ASX
  • Founded: 2012
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: AU$3.215b
  • Shares outstanding: 1.12b
  • Website: https://www.scaproperty.com.au

Location

  • Shopping Centres Australasia Property Group
  • 50 Pitt Street
  • Level 5
  • 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 Analysis2022/08/09 00:00
End of Day Share Price2022/08/09 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.