ASX:SCP

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Shopping Centres Australasia Property Group

Executive Summary

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. More Details


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Shopping Centres Australasia Property Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SCP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.9%

SCP

2.7%

AU REITs

-0.1%

AU Market


1 Year Return

-12.8%

SCP

-15.7%

AU REITs

-12.0%

AU Market

Return vs Industry: SCP exceeded the Australian REITs industry which returned -15.5% over the past year.

Return vs Market: SCP underperformed the Australian Market which returned -10.5% over the past year.


Shareholder returns

SCPIndustryMarket
7 Day0.9%2.7%-0.1%
30 Day4.2%4.3%-2.9%
90 Day-5.1%3.6%1.1%
1 Year-8.4%-12.8%-12.2%-15.7%-8.7%-12.0%
3 Year16.9%-0.9%21.2%4.8%17.7%2.6%
5 Year52.8%15.7%50.4%17.1%44.5%14.1%

Price Volatility Vs. Market

How volatile is Shopping Centres Australasia Property Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Shopping Centres Australasia Property Group undervalued compared to its fair value and its price relative to the market?

23.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SCP (A$2.25) is trading below our estimate of fair value (A$2.96)

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


Price To Earnings Ratio

PE vs Industry: SCP is poor value based on its PE Ratio (25.3x) compared to the AU REITs industry average (15.8x).

PE vs Market: SCP is poor value based on its PE Ratio (25.3x) compared to the Australian market (19.9x).


Price to Earnings Growth Ratio

PEG Ratio: SCP is poor value based on its PEG Ratio (2x)


Price to Book Ratio

PB vs Industry: SCP's PB Ratio (1x) is in line with the AU REITs industry average.


Next Steps

Future Growth

How is Shopping Centres Australasia Property Group forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

12.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SCP's forecast earnings growth (12.6% per year) is above the savings rate (2.3%).

Earnings vs Market: SCP's earnings (12.6% per year) are forecast to grow slower than the Australian market (19.2% per year).

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

Revenue vs Market: SCP's revenue (1.6% per year) is forecast to grow slower than the Australian market (4.4% per year).

High Growth Revenue: SCP's revenue (1.6% 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 (7%).


Next Steps

Past Performance

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

-7.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SCP has a large one-off loss of A$87.9M impacting its June 30 2020 financial results.

Growing Profit Margin: SCP's current net profit margins (29.2%) are lower than last year (40.5%).


Past Earnings Growth Analysis

Earnings Trend: SCP's earnings have declined by 7.8% per year over the past 5 years.

Accelerating Growth: SCP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SCP had negative earnings growth (-22.2%) over the past year, making it difficult to compare to the REITs industry average (6.8%).


Return on Equity

High ROE: SCP's Return on Equity (3.6%) is considered low.


Next Steps

Financial Health

How is Shopping Centres Australasia Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: SCP's short term assets (A$249.6M) do not cover its short term liabilities (A$341.1M).

Long Term Liabilities: SCP's short term assets (A$249.6M) do not cover its long term liabilities (A$874.6M).


Debt to Equity History and Analysis

Debt Level: SCP's debt to equity ratio (46.1%) is considered high.

Reducing Debt: SCP's debt to equity ratio has reduced from 53.4% to 46.1% over the past 5 years.

Debt Coverage: SCP's debt is not well covered by operating cash flow (13.5%).

Interest Coverage: SCP earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Shopping Centres Australasia Property Group current dividend yield, its reliability and sustainability?

5.56%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SCP's dividend (5.56%) is higher than the bottom 25% of dividend payers in the Australian market (2.36%).

High Dividend: SCP's dividend (5.56%) is low compared to the top 25% of dividend payers in the Australian market (5.7%).


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 7 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (98.7%), SCP's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SCP's dividends in 3 years are forecast to be covered by earnings (90.5% payout ratio).


Next Steps

Management

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

7.5yrs

Average management tenure


CEO

Anthony Michael Mellowes

7.83yrs

Tenure

AU$1,990,701

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 ($USD1.46M) is about average for companies of similar size in the Australian market ($USD1.37M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Anthony Michael Mellowes
CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited7.83yrsAU$1.99m0.13%
A$ 3.0m
Mark Fleming
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited5.33yrsAU$1.14m0.037%
A$ 906.4k
Mark Lamb
General Counsel & Company Secretary of Shopping Centres Australasia Property Group RE Limited8yrsAU$816.47kno data
Campbell Aitken
Chief Investment Officerno datano datano data
Erica Rees
Senior Legal Counsel & Company Secretary of Shopping Centres Australasia Property Group Re Limited0.58yrno datano data

7.5yrs

Average Tenure

Experienced Management: SCP's management team is seasoned and experienced (7.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Anthony Michael Mellowes
CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited7.83yrsAU$1.99m0.13%
A$ 3.0m
Mark Fleming
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited5.33yrsAU$1.14m0.037%
A$ 906.4k
Steven Crane
Independent Non-Executive Deputy Chair of Shopping Centres Australasia Property Group RE Limitedno dataAU$83.43k0.0083%
A$ 200.1k
Philip Clark
Independent Chairman of Shopping Centres Australasia Property Group Re Limited8yrsAU$333.85k0.019%
A$ 452.5k
Philip Redmond
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited8yrsAU$163.24k0.0082%
A$ 197.7k
Kirstin Ferguson
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited5.67yrsAU$157.67k0.0033%
A$ 80.7k
Beth Laughton
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited1.75yrsAU$83.43k0.0017%
A$ 42.1k
Belinda Robson
Independent Non-Executive Director of Shopping Centres Australasia Property Group Re Limited8yrsAU$169.26k0.0058%
A$ 140.5k

7.9yrs

Average Tenure

Experienced Board: SCP's board of directors are considered experienced (7.9 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 15.5%.


Top Shareholders

Company Information

Shopping Centres Australasia Property Group's company bio, 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
  • Market Cap: AU$2.422b
  • Shares outstanding: 1.08b
  • Website: https://www.scaproperty.com.au

Location

  • Shopping Centres Australasia Property Group
  • 50 Pitt Street
  • Level 5
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SCPASX (Australian Securities Exchange)YesStapled UnitsAUAUDNov 2012
SCPA.FOTCPK (Pink Sheets LLC)YesStapled UnitsUSUSDNov 2012
SCPCHIA (Chi-X Australia)YesStapled UnitsAUAUDNov 2012

Biography

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 Proper ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/17 19:09
End of Day Share Price2020/09/17 00:00
Earnings2020/06/30
Annual Earnings2020/06/30


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.