ASX:SCP

Stock Analysis Report

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.

Snowflake

Fundamentals

Second-rate dividend payer with limited growth.


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


Market Performance


7 Day Return

1.5%

SCP

1.5%

AU REITs

-0.2%

AU Market


1 Year Return

7.9%

SCP

19.5%

AU REITs

10.5%

AU Market

Return vs Industry: SCP underperformed the Australian REITs industry which returned 19.5% over the past year.

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


Shareholder returns

SCPIndustryMarket
7 Day1.5%1.5%-0.2%
30 Day6.6%1.9%-1.4%
90 Day12.3%-0.7%-1.0%
1 Year14.2%7.9%25.5%19.5%16.9%10.5%
3 Year46.1%22.9%50.2%28.5%36.9%18.6%
5 Year108.9%57.0%100.2%55.6%50.2%16.2%

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?

23.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SCP (A$2.74) is trading below our estimate of fair value (A$3.57)

Significantly Below Fair Value: SCP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: SCP is poor value based on its PE Ratio (21.7x) compared to the REITs industry average (16.3x).

PE vs Market: SCP is poor value based on its PE Ratio (21.7x) compared to the Australian market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: SCP is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

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


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 7 analysts?

15.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SCP's forecast earnings growth (15.5% per year) is above the savings rate (2.3%).

Earnings vs Market: SCP's earnings (15.5% per year) are forecast to grow faster than the Australian market (10.2% per year).

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

Revenue vs Market: SCP's revenue (3.1% per year) is forecast to grow slower than the Australian market (3.6% per year).

High Growth Revenue: SCP's revenue (3.1% 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?

3.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SCP's earnings have grown by 3.4% 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 (-37.4%) over the past year, making it difficult to compare to the REITs industry average (-16.4%).


Return on Equity

High ROE: SCP's Return on Equity (5.2%) is considered low.


Return on Assets

ROA vs Industry: SCP's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: SCP's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Shopping Centres Australasia Property Group's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: SCP has a high level of physical assets or inventory.

Debt Coverage by Assets: SCP's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: SCP's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if SCP has a sufficient allowance for bad loans.

Low Risk Liabilities: SCP reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if SCP has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SCP has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if SCP has an appropriate level of bad loans.


Next Steps

Dividend

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

5.44%

Current Dividend Yield


Dividend Yield vs Market

company5.4%marketbottom25%2.4%markettop25%5.6%industryaverage4.4%forecastin3Years5.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SCP's dividend (5.44%) is higher than the bottom 25% of dividend payers in the Australian market (2.44%).

High Dividend: SCP's dividend (5.44%) is low compared to the top 25% of dividend payers in the Australian market (5.61%).

Stable Dividend: Whilst dividend payments have been stable, SCP has been paying a dividend for less than 10 years.

Growing Dividend: SCP's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (84.3%), SCP's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SCP's dividends in 3 years are forecast to be thoroughly covered by earnings (0.1% payout ratio).


Next Steps

Management

What is the CEO of Shopping Centres Australasia Property Group's salary, the management and board of directors tenure and is there insider trading?

6.9yrs

Average management tenure


CEO

Anthony Michael Mellowes 0

6.9yrs

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 ($USD1.36M) is about average for companies of similar size in the Australian market ($USD1.38M).

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


Management Age and Tenure

6.9yrs

Average Tenure

Experienced Management: SCP's management team is seasoned and experienced (6.9 years average tenure).


Board Age and Tenure

5.9yrs

Average Tenure

Experienced Board: SCP's board of directors are considered experienced (5.9 years average tenure).


Insider Trading

Insider Buying: SCP insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellAU$49,29326 Aug 19
Mark Fleming
EntityIndividual
Role
Member of the Board of Directors
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited
Shares19,255
Max PriceAU$2.56
SellAU$176,18626 Aug 19
Mark Fleming
EntityIndividual
Role
Member of the Board of Directors
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited
Shares68,289
Max PriceAU$2.58
SellAU$1,024,72012 Aug 19
Anthony Michael Mellowes
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited
Shares400,000
Max PriceAU$2.56
BuyAU$22,933,45025 Jun 19
Legg Mason, Inc.
EntityCompany
Shares8,911,744
Max PriceAU$2.57
BuyAU$138,88025 Jun 19
QS Investors LLC
EntityCompany
Shares56,000
Max PriceAU$2.48
SellAU$2,032,44425 Jun 19
QS Investors LLC
EntityCompany
Shares782,853
Max PriceAU$2.60
SellAU$2,089,60625 Jun 19
Legg Mason, Inc.
EntityCompany
Shares814,525
Max PriceAU$2.57
BuyAU$65,00025 Jun 19
Belinda Robson
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director of Shopping Centres Australasia Property Group Re Limited
Shares25,000
Max PriceAU$2.60
SellAU$2,673,54323 Jun 19
State Street Global Advisors, Inc.
EntityCompany
Shares1,020,095
Max PriceAU$2.64
BuyAU$240,43623 Jun 19
State Street Global Advisors, Inc.
EntityCompany
Shares91,406
Max PriceAU$2.65
BuyAU$28,72928 May 19
State Street Global Advisors, Inc.
EntityCompany
Shares11,048
Max PriceAU$2.61
BuyAU$49,140,32514 Apr 19
State Street Global Advisors, Inc.
EntityCompany
Shares18,406,006
Max PriceAU$2.69
BuyAU$10,42021 Mar 19
Beth Laughton
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited
Shares4,000
Max PriceAU$2.60
BuyAU$124,80007 Feb 19
Steven Crane
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited
Shares50,000
Max PriceAU$2.50
SellAU$936,16011 Dec 18
Legg Mason, Inc.
EntityCompany
Shares343,797
Max PriceAU$2.72
SellAU$12,337,08810 Dec 18
Legg Mason, Inc.
EntityCompany
Shares4,673,654
Max PriceAU$2.64
BuyAU$3,991,13910 Dec 18
Legg Mason, Inc.
EntityCompany
Shares1,652,387
Max PriceAU$2.42
SellAU$3,385,68609 Nov 18
Investors Mutual Limited
EntityCompany
Shares1,313,900
Max PriceAU$2.59
SellAU$32,251,17031 Oct 18
Investors Mutual Limited
EntityCompany
Shares12,583,056
Max PriceAU$2.56

Ownership Breakdown


Management Team

  • Mark Lamb

    General Counsel & Company Secretary of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 7.1yrs
    • Compensation: AU$816.47k
  • Mark Fleming

    CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 4.4yrs
    • Compensation: AU$1.14m
  • Anthony Michael Mellowes

    CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 6.9yrs
    • Compensation: AU$1.99m
  • Campbell Aitken

    Chief Investment Officer

    • Tenure: 0yrs

Board Members

  • Steve Crane (67yo)

    Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 0.8yrs
    • Compensation: AU$83.43k
  • Philip Clark

    Independent Chairman of Shopping Centres Australasia Property Group Re Limited

    • Tenure: 7.1yrs
    • Compensation: AU$333.85k
  • Phil Redmond

    Independent Non-Executive Director

    • Tenure: 7.1yrs
    • Compensation: AU$163.24k
  • Mark Fleming

    CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 4.4yrs
    • Compensation: AU$1.14m
  • Kirstin Ferguson (46yo)

    Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 4.8yrs
    • Compensation: AU$157.67k
  • Beth Laughton

    Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 0.8yrs
    • Compensation: AU$83.43k
  • Anthony Michael Mellowes

    CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited

    • Tenure: 6.9yrs
    • Compensation: AU$1.99m
  • Belinda Robson

    Independent Non-Executive Director of Shopping Centres Australasia Property Group Re Limited

    • Tenure: 7.1yrs
    • Compensation: AU$169.26k

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$2.497b
  • Shares outstanding: 931.78m
  • 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 Analysis2019/10/21 10:36
End of Day Share Price2019/10/21 00:00
Earnings2019/06/30
Annual Earnings2019/06/30


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.