Stockland
- Home ›
- AU ›
- Real Estate
Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, workplace and logistic assets and retirement living villages. The last earnings update was 154 days ago. More info.
Add to Portfolio Compare Print
SGP Share Price and Events
7 Day Returns
1 Year Returns
SGP Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Stockland (SGP) | -0.6% | 6.7% | 16.7% | 13.8% | -7.8% | 14.4% |
| AU REITs | -0.6% | -0.5% | 7.2% | 18.8% | 12.9% | 58.5% |
| AU Market | 0.6% | 0.7% | 5.8% | 5.6% | 19.2% | 12.1% |
1 Year Return vs Industry and Market
- SGP underperformed the REITs industry which returned 18.8% over the past year.
- SGP outperformed the Market in Australia which returned 5.6% over the past year.
Price Volatility
Related Companies
Value
Is Stockland undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Stockland
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Stockland.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.1% |
| Perpetual Growth Rate | 10-Year AU Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year AU Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.47 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.475 (1 + (1- 30%) (43.1%)) |
0.744 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%) |
7.08% |
Discounted Cash Flow Calculation for ASX:SGP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Stockland is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Stockland is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (AUD, Millions) | Source |
Present Value Discounted (@ 7.08%) |
|
|---|---|---|---|
| 2020 | 686.00 | Analyst x1 | 640.64 |
| 2021 | 716.00 | Analyst x1 | 624.45 |
| 2022 | 721.31 | Est @ 0.74% | 587.49 |
| 2023 | 730.06 | Est @ 1.21% | 555.30 |
| 2024 | 741.32 | Est @ 1.54% | 526.58 |
| 2025 | 754.47 | Est @ 1.77% | 500.49 |
| 2026 | 769.07 | Est @ 1.94% | 476.44 |
| 2027 | 784.82 | Est @ 2.05% | 454.05 |
| 2028 | 801.51 | Est @ 2.13% | 433.05 |
| 2029 | 819.01 | Est @ 2.18% | 413.24 |
| Present value of next 10 years cash flows | A$5,211.72 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= A$819.01 × (1 + 2.31%) ÷ (7.08% – 2.31%) |
A$17,574.34 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$17,574.34 ÷ (1 + 7.08%)10 |
A$8,867.38 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$5,211.72 + A$8,867.38 |
A$14,079.10 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$14,079.10 / 2,376.99 |
A$5.92 |
| Calculation | Result | |
|---|---|---|
| Value per share (AUD) | From above. | A$5.92 |
| Current discount | Discount to share price of
A$4.61
= -1 x (A$4.61 - A$5.92) / A$5.92 |
22.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Stockland's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Stockland's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Stockland's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Stockland's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$0.26 |
| ASX:SGP Share Price ** | ASX (2019-07-23) in AUD | A$4.61 |
| Australia REITs Industry PE Ratio | Median Figure of 38 Publicly-Listed REITs Companies | 11.76x |
| Australia Market PE Ratio | Median Figure of 546 Publicly-Listed Companies | 16.1x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Stockland.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:SGP Share Price ÷ EPS (both in AUD) = 4.61 ÷ 0.26 |
17.41x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Stockland is overvalued based on earnings compared to the AU REITs industry average.
- Stockland is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does
Stockland's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 17.41x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
4.7%per year |
| Australia REITs Industry PEG Ratio | Median Figure of 31 Publicly-Listed REITs Companies | -0.26x |
| Australia Market PEG Ratio | Median Figure of 360 Publicly-Listed Companies | 1.37x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 17.41x ÷ 4.7% |
3.7x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Stockland is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Stockland's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$4.28 |
| ASX:SGP Share Price * | ASX (2019-07-23) in AUD | A$4.61 |
| Australia REITs Industry PB Ratio | Median Figure of 42 Publicly-Listed REITs Companies | 1.13x |
| Australia Market PB Ratio | Median Figure of 1,693 Publicly-Listed Companies | 1.71x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:SGP Share Price ÷ Book Value per Share (both in AUD) = 4.61 ÷ 4.28 |
1.08x |
* Primary Listing of Stockland.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Stockland is good value based on assets compared to the AU REITs industry average.
Value checks
We assess Stockland's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Stockland has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Stockland expected to perform in the next 1 to 3 years based on estimates from 5 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Stockland's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- Stockland's earnings growth is positive but not above the Australia market average.
- Stockland's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:SGP Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 4.7% |
| ASX:SGP Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 3.5% |
| Australia REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -7.4% |
| Australia REITs Industry Revenue Growth Rate | Market Cap Weighted Average | -1.3% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 7.6% |
| Australia Market Revenue Growth Rate | Market Cap Weighted Average | 3.5% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 2,964 | 716 | 800 | 2 |
| 2020-06-30 | 2,698 | 782 | 803 | 3 |
| 2019-06-30 | 2,766 | 253 | 797 | 3 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 2,610 | 414 | 641 |
| 2018-09-30 | 2,707 | 571 | 833 |
| 2018-06-30 | 2,804 | 728 | 1,025 |
| 2018-03-31 | 2,873 | 756 | 1,101 |
| 2017-12-31 | 2,941 | 784 | 1,177 |
| 2017-09-30 | 2,857 | 853 | 1,186 |
| 2017-06-30 | 2,773 | 921 | 1,195 |
| 2017-03-31 | 2,618 | 861 | 1,045 |
| 2016-12-31 | 2,462 | 800 | 895 |
| 2016-09-30 | 2,411 | 794 | 892 |
| 2016-06-30 | 2,359 | 787 | 889 |
| 2016-03-31 | 2,288 | 677 | 1,013 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from Stockland Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 0.33 | 0.34 | 0.33 | 2.00 |
| 2020-06-30 | 0.34 | 0.36 | 0.32 | 3.00 |
| 2019-06-30 | 0.33 | 0.37 | 0.29 | 2.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.26 |
| 2018-09-30 | 0.34 |
| 2018-06-30 | 0.42 |
| 2018-03-31 | 0.46 |
| 2017-12-31 | 0.49 |
| 2017-09-30 | 0.49 |
| 2017-06-30 | 0.50 |
| 2017-03-31 | 0.44 |
| 2016-12-31 | 0.37 |
| 2016-09-30 | 0.37 |
| 2016-06-30 | 0.37 |
| 2016-03-31 | 0.43 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Stockland's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Stockland has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Stockland performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Stockland's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- Stockland's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Stockland's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
All data from Stockland Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 2,610.00 | 641.00 | ||
| 2018-09-30 | 2,707.00 | 833.00 | ||
| 2018-06-30 | 2,804.00 | 1,025.00 | ||
| 2018-03-31 | 2,872.50 | 1,101.00 | ||
| 2017-12-31 | 2,941.00 | 1,177.00 | ||
| 2017-09-30 | 2,857.00 | 1,186.00 | ||
| 2017-06-30 | 2,773.00 | 1,195.00 | ||
| 2017-03-31 | 2,617.50 | 1,045.00 | ||
| 2016-12-31 | 2,462.00 | 895.00 | ||
| 2016-09-30 | 2,410.50 | 892.00 | ||
| 2016-06-30 | 2,359.00 | 889.00 | ||
| 2016-03-31 | 2,287.50 | 1,013.00 | ||
| 2015-12-31 | 2,216.00 | 1,137.00 | ||
| 2015-09-30 | 2,187.00 | 1,020.00 | ||
| 2015-06-30 | 2,158.00 | 903.00 | ||
| 2015-03-31 | 2,138.00 | 797.00 | ||
| 2014-12-31 | 2,118.00 | 691.00 | ||
| 2014-09-30 | 2,057.50 | 609.00 | ||
| 2014-06-30 | 1,997.00 | 527.00 | ||
| 2014-03-31 | 1,933.00 | 538.55 | ||
| 2013-12-31 | 1,869.00 | 550.10 | ||
| 2013-09-30 | 1,820.50 | 327.55 | ||
| 2013-06-30 | 1,772.00 | 105.00 | ||
| 2013-03-31 | 1,843.45 | 68.65 | ||
| 2012-12-31 | 1,914.90 | 32.30 | ||
| 2012-09-30 | 2,022.40 | 259.65 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Stockland has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Stockland used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
- Stockland has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Stockland's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Stockland has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Stockland's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Stockland's finances.
The net worth of a company is the difference between its assets and liabilities.
- Stockland's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Stockland's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Stockland Company Filings, last reported 6 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 10,263.00 | 4,692.00 | 178.00 |
| 2018-09-30 | 10,263.00 | 4,692.00 | 178.00 |
| 2018-06-30 | 10,376.00 | 4,042.00 | 345.00 |
| 2018-03-31 | 10,376.00 | 4,042.00 | 345.00 |
| 2017-12-31 | 10,340.00 | 3,794.00 | 174.00 |
| 2017-09-30 | 10,340.00 | 3,794.00 | 174.00 |
| 2017-06-30 | 9,927.00 | 3,691.00 | 238.00 |
| 2017-03-31 | 9,927.00 | 3,691.00 | 238.00 |
| 2016-12-31 | 9,762.00 | 3,916.00 | 282.00 |
| 2016-09-30 | 9,762.00 | 3,916.00 | 282.00 |
| 2016-06-30 | 9,254.00 | 4,090.00 | 287.00 |
| 2016-03-31 | 9,254.00 | 4,090.00 | 287.00 |
| 2015-12-31 | 9,287.00 | 3,677.00 | 279.00 |
| 2015-09-30 | 9,287.00 | 3,677.00 | 279.00 |
| 2015-06-30 | 8,787.00 | 3,567.00 | 172.00 |
| 2015-03-31 | 8,787.00 | 3,567.00 | 172.00 |
| 2014-12-31 | 8,555.00 | 3,235.00 | 523.00 |
| 2014-09-30 | 8,555.00 | 3,235.00 | 523.00 |
| 2014-06-30 | 8,298.00 | 3,490.00 | 236.00 |
| 2014-03-31 | 8,298.00 | 3,490.00 | 236.00 |
| 2013-12-31 | 8,232.70 | 2,880.70 | 200.80 |
| 2013-09-30 | 8,232.70 | 2,880.70 | 200.80 |
| 2013-06-30 | 8,195.00 | 3,033.00 | 230.00 |
| 2013-03-31 | 8,195.00 | 3,033.00 | 230.00 |
| 2012-12-31 | 7,804.40 | 3,009.30 | 165.30 |
| 2012-09-30 | 7,804.40 | 3,009.30 | 165.30 |
- Stockland's level of debt (45.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (35.1% vs 45.7% today).
- Debt is not well covered by operating cash flow (8.8%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 11.1x coverage).
Financial health checks
We assess Stockland's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Stockland has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Stockland's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
A$2,000 of
Stockland
shares you are expected to receive
A$122
in your first year as a dividend.
Dividend Amount
- Stockland's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.54%).
- Stockland's dividend is above the markets top 25% of dividend payers in Australia (5.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Australia REITs Industry Average Dividend Yield | Market Cap Weighted Average of 40 Stocks | 4.4% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 416 Stocks | 4% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.5% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-06-30 | 0.29 | 6.00 |
| 2020-06-30 | 0.28 | 7.00 |
| 2019-06-30 | 0.28 | 7.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-06-17 | 0.282 | 6.350 |
| 2018-12-13 | 0.270 | 7.037 |
| 2018-06-21 | 0.270 | 6.783 |
| 2018-02-20 | 0.260 | 6.339 |
| 2017-06-08 | 0.258 | 5.869 |
| 2017-02-21 | 0.255 | 5.415 |
| 2016-12-15 | 0.252 | 5.640 |
| 2016-06-20 | 0.246 | 5.322 |
| 2016-02-09 | 0.244 | 5.613 |
| 2015-12-16 | 0.245 | 5.960 |
| 2015-06-22 | 0.240 | 5.975 |
| 2014-12-16 | 0.240 | 5.446 |
| 2014-08-18 | 0.240 | 5.840 |
| 2014-02-11 | 0.240 | 6.164 |
| 2013-06-18 | 0.240 | 6.411 |
| 2012-12-18 | 0.240 | 6.538 |
| 2012-08-07 | 0.240 | 7.135 |
| 2012-02-08 | 0.240 | 7.610 |
| 2011-06-20 | 0.238 | 7.593 |
| 2010-08-11 | 0.218 | 5.863 |
| 2009-12-17 | 0.216 | 5.528 |
| 2009-08-12 | 0.340 | 8.820 |
| 2008-12-17 | 0.409 | 13.028 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have fallen over the past 10 years.
Income/ dividend checks
We assess Stockland's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Stockland afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Stockland has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | A$4,438,632 |
| TENURE AS CEO | 6.5 years |
CEO Bio
Mr. Mark Andrew Steinert, BAppSc, G Dip App Fin & Inv (Sec Inst), F Fin, AAPI has been Managing Director and Chief Executive Officer of Stockland since January 29, 2013 and has been its Director since January 29, 2013. Mr. Steinert has over twenty-six years of experience in property and financial services including almost a decade of experience running operating businesses, leading large teams of professionals to drive profitability and employee engagement. Mr. Steinert commenced his career in real estate with eight years in direct property primarily with Jones Lang LaSalle, and 10 years in listed real estate with UBS Investment Bank Ltd. (“UBS”). At UBS Mr. Steinert was Managing Director, Global Head of Real Estate Research and Co-Head of ANZ Real Estate. Mr. Steinert was deeply involved in bringing many Australian REITs to market post the 1990 Real Estate crash and was very involved with industry bodies including the Property Council of Australia and establishing world leading real estate investor conferences. Mr. Steinert transitioned into leading and running operating businesses in 2004 when he was appointed Head of Australasian Equities. During his tenure the business maintained a number one equity position and achieved double digit revenue growth. In late 2005 Mr. Steinert and his family relocated to New York to take up his appointment as Global Head of Research for UBS. Mr. Steinert was also promoted to Group Managing Director and was a member of the Investment Bank Executive Committee. In 2012 Mr. Steinert was made Global Head of Product Development and Management for Global Asset Management at UBS. Mr. Steinert is the immediate past President and current Director of the Property Council of Australia, and also served as a Director of the Green Building Council of Australia until June 30, 2016. Mr. Steinert serves as a Director of Stockland Capital Partners Limited, the Responsible Entity for Stockland’s unlisted property funds.
CEO Compensation
- Mark's compensation has been consistent with company performance over the past year, both up more than 20%.
- Mark's remuneration is about average for companies of similar size in Australia.
Management Team Tenure
Average tenure of the Stockland management team in years:
- The average tenure for the Stockland management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Mark Steinert
MD, CEO & Executive Director
A$4M
6.5 yrs
Tiernan O’Rourke
Chief Financial Officer
A$2M
5.8 yrs
Darren Rehn
Group Executive & Chief Investment Officer
A$2M
5.8 yrs
Robyn Elliott
Chief Technology & Innovation Officer
A$588K
1.3 yrs
Katherine Grace
General Counsel & Company Secretary
A$1M
44
4.9 yrs
Andrew Whitson
Group Executive & CEO of Stockland Communities
A$2M
6.1 yrs
Louise Mason
Group Executive & CEO of Commercial Property
A$1M
1.1 yrs
Antoinette Plater
Senior Manager of Investor Relations
Larissa Webster
Senior Manager of Media Relations & Internal Communications
Karen Lonergan
Group Executive of People & Culture
0.3 yrs
Board of Directors Tenure
Average tenure and age of the Stockland board of directors in years:
- The tenure for the Stockland board of directors is about average.
Board of Directors
Tom Pockett
Non-Executive Chairman
A$500K
61
2.8 yrs
Mark Steinert
MD, CEO & Executive Director
A$4M
6.5 yrs
Carol Schwartz
Non-Executive Director
A$210K
62
9 yrs
Stephen Newton
Non-Executive Director
A$264K
66
3.1 yrs
David A. Lockhart
Member of the Advisory Board
74
11.1 yrs
Ray Greenshields
Member of the Advisory Board
72
11.1 yrs
Margaret Ford
Member of the Advisory Board
60
11.1 yrs
Barry Neil
Non-Executive Director
A$228K
70
11.8 yrs
Andrew Stevens
Non-Executive Director
A$195K
2 yrs
Melinda Conrad
Non Executive Director
A$21K
50
1.2 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27. Jun 19 | Buy | QS Investors LLC | Company | 05. Feb 19 | 05. Feb 19 | 56,769 | A$3.80 | A$215,722 | ||
| 27. Jun 19 | Buy | Brandywine Global Investment Management, LLC | Company | 05. Mar 19 | 05. Mar 19 | 240 | A$3.60 | A$864 | ||
| 27. Jun 19 | Sell | Legg Mason, Inc. | Company | 16. Apr 19 | 25. Jun 19 | -3,973,015 | A$4.16 | A$-16,546,595 | ||
| 27. Jun 19 | Buy | Legg Mason, Inc. | Company | 17. Apr 19 | 25. Jun 19 | 5,048,289 | A$4.41 | A$22,261,956 | ||
| 16. Apr 19 | Sell | Legg Mason, Inc. | Company | 02. Apr 19 | 15. Apr 19 | -1,449,198 | A$3.93 | A$-5,628,007 | ||
| 16. Apr 19 | Buy | Legg Mason, Inc. | Company | 10. Apr 19 | 12. Apr 19 | 10,302 | A$3.87 | A$39,736 | ||
| 02. Apr 19 | Sell | Legg Mason, Inc. | Company | 11. Jan 19 | 01. Apr 19 | -2,202,669 | A$3.79 | A$-8,354,128 | ||
| 02. Apr 19 | Buy | Legg Mason, Inc. | Company | 10. Jan 19 | 29. Mar 19 | 3,591,472 | A$3.76 | A$13,505,852 | ||
| 05. Mar 19 | Buy | Mark Steinert | Individual | 04. Mar 19 | 04. Mar 19 | 10,000 | A$3.58 | A$35,840 | ||
| 05. Mar 19 | Buy | Mark Steinert | Individual | 01. Mar 19 | 01. Mar 19 | 4,000 | A$3.58 | A$14,320 | ||
| 12. Dec 18 | Sell | The Vanguard Group, Inc. | Company | 16. Feb 17 | 07. Dec 18 | -42,740,117 | A$4.89 | A$-208,896,208 | ||
| 12. Dec 18 | Buy | The Vanguard Group, Inc. | Company | 09. Feb 17 | 07. Dec 18 | 67,120,563 | A$4.97 | A$333,589,234 | ||
| 06. Dec 18 | Buy | Mark Steinert | Individual | 04. Dec 18 | 04. Dec 18 | 68,000 | A$3.78 | A$256,761 | ||
| 27. Nov 18 | Buy | Mark Steinert | Individual | 26. Nov 18 | 26. Nov 18 | 68,000 | A$3.65 | A$248,533 | ||
| 07. Oct 18 | Buy | Mark Steinert | Individual | 01. Oct 18 | 01. Oct 18 | 173,330 | A$4.17 | A$721,919 | ||
| 17. Sep 18 | Buy | Melinda Conrad | Individual | 11. Sep 18 | 11. Sep 18 | 60,000 | A$4.21 | A$252,648 | ||
Management checks
We assess Stockland's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Stockland has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Investing In Property Through Stockland (ASX:SGP)
Next, interest coverage ratio shows how many times SGP’s earnings can cover its annual interest payments. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks. … Take a look at our free research report of analyst consensus for SGP’s outlook.
Simply Wall St - – Full articleA Closer Look At Stockland's (ASX:SGP) Uninspiring ROE
The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Stockland: 6.2% = AU$641m ÷ AU$10b (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises. … A company that can achieve a high return on equity without debt could be considered a high quality business.
Simply Wall St - – Full articleA Closer Look At Stockland's (ASX:SGP) Uninspiring ROE
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Stockland has a return on equity of 6.2% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDid You Manage To Avoid Stockland's (ASX:SGP) 13% Share Price Drop?
Unfortunately, that's been the case for longer term Stockland (ASX:SGP) shareholders, since the share price is down 13% in the last three years, falling well short of the market return of around 41%. … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Simply Wall St - – Full articleDo Institutions Own Shares In Stockland (ASX:SGP)?
If you want to know who really controls Stockland (ASX:SGP), then you'll have to look at the makeup of its share registry. … Generally speaking, as a company grows, institutions will increase their ownership. … institutions are noticeable on the share registry.
Simply Wall St - – Full articleWhy You Shouldn't Look At Stockland's (ASX:SGP) Bottom Line
real estate investment trust (REIT) based in Sydney, Australia. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much SGP actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleStockland (ASX:SGP): What's The Analyst Consensus Outlook?
Stockland's (ASX:SGP) released its most recent earnings update in June 2018, whicha … revealed … business
Simply Wall St - – Full articleIs Stockland's (ASX:SGP) ROE Of 9.9% Impressive?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.099 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhat Do Investors Need To Know About Stockland's (ASX:SGP) Future?
Since Stockland (ASX:SGP) released its earnings in June 2018, … it seems that analyst forecasts are fairly … as a -13% fall in profits is expected in the upcoming year
Simply Wall St - – Full articleShould You Worry About Stockland's (ASX:SGP) CEO Salary Level?
First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Mark Steinert's Compensation Compare With Similar Sized Companies. … When we examined a selection of companies with market caps ranging from AU$5.5b to AU$17b, we found the median CEO compensation was AU$4.2m
Simply Wall St - – Full articleCompany Info
Description
Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, workplace and logistic assets and retirement living villages. Stockland is rated as the most sustainable real estate company in the world in 2018 by the Dow Jones Sustainability World Index (DJSI). Stockland is also an Employer of Choice for Gender Equality, as recognised by the Workplace Gender Equality Agency.
Details
| Name: | Stockland |
| SGP | |
| Exchange: | ASX |
| Founded: | 1952 |
| A$10,886,606,784 | |
| 2,376,988,381 | |
| Website: | http://www.stockland.com.au |
| Address: |
Stockland 133 Castlereagh Street, Level 25, Sydney, New South Wales, 2000, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | SGP | Stapled Securities | Australian Securities Exchange | AU | AUD | 02. Jan 1992 | |
| OTCPK | STKA.F | Stapled Securities | Pink Sheets LLC | US | USD | 02. Jan 1992 | |
| DB | LN1 | Stapled Securities | Deutsche Boerse AG | DE | EUR | 02. Jan 1992 | |
| CHIA | SGP | Stapled Securities | Chi-X Australia | AU | AUD | 02. Jan 1992 |
Number of employees
Current staff
Industry
| Diversified REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/23 10:34 |
| End of day share price update: | 2019/07/23 00:00 |
| Last estimates confirmation: | 2019/07/22 |
| Last earnings filing: | 2019/02/19 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/06/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
