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Stockland

ASX:SGP
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SGP
ASX
A$11B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company 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. The last earnings update was 120 days ago. More info.


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SGP Share Price and Events
7 Day Returns
-0.7%
ASX:SGP
-0.7%
AU REITs
-0.1%
AU Market
1 Year Returns
5.7%
ASX:SGP
17.2%
AU REITs
5.1%
AU Market
SGP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Stockland (SGP) -0.7% 7.5% 17.5% 5.7% -6.1% 10.8%
AU REITs -0.7% 3.5% 4.7% 17.2% 18.1% 71.8%
AU Market -0.1% 2.5% 5.5% 5.1% 22.3% 12.3%
1 Year Return vs Industry and Market
  • SGP underperformed the REITs industry which returned 17.2% over the past year.
Price Volatility
SGP
Industry
5yr Volatility vs Market

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Stockland.

ASX:SGP Discounted Cash Flow Data Sources
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 9 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.

Calculation of Discount Rate/ Cost of Equity for ASX:SGP
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 30%) (44.56%))
0.765
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.

ASX:SGP DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2019 751.95 Analyst x2 702.23
2020 729.85 Analyst x2 636.53
2021 745.80 Analyst x2 607.43
2022 748.81 Est @ 0.4% 569.56
2023 756.11 Est @ 0.98% 537.09
2024 766.52 Est @ 1.38% 508.48
2025 779.23 Est @ 1.66% 482.73
2026 793.67 Est @ 1.85% 459.17
2027 809.47 Est @ 1.99% 437.35
2028 826.37 Est @ 2.09% 416.96
Present value of next 10 years cash flows A$5,357.52
ASX:SGP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$826.37 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$17,732.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$17,732.29 ÷ (1 + 7.08%)10
A$8,947.08
ASX:SGP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$5,357.52 + A$8,947.08
A$14,304.59
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$14,304.59 / 2,376.99
A$6.02
ASX:SGP Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$6.02
Current discount Discount to share price of A$4.43
= -1 x (A$4.43 - A$6.02) / A$6.02
26.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Stockland is available for.
Intrinsic value
26%
Share price is A$4.43 vs Future cash flow value of A$6.02
Current Discount Checks
For Stockland to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
ASX:SGP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.26
ASX:SGP Share Price ** ASX (2019-06-18) in AUD A$4.43
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 11.91x
Australia Market PE Ratio Median Figure of 545 Publicly-Listed Companies 16.14x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Stockland.

ASX:SGP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:SGP Share Price ÷ EPS (both in AUD)

= 4.43 ÷ 0.26

16.73x

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?
Raw Data
ASX:SGP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
4.2%per year
Australia REITs Industry PEG Ratio Median Figure of 32 Publicly-Listed REITs Companies 1.07x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

ASX:SGP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.73x ÷ 4.2%

4x

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?
Raw Data
ASX:SGP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$4.28
ASX:SGP Share Price * ASX (2019-06-18) in AUD A$4.43
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.13x
Australia Market PB Ratio Median Figure of 1,688 Publicly-Listed Companies 1.64x
ASX:SGP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:SGP Share Price ÷ Book Value per Share (both in AUD)

= 4.43 ÷ 4.28

1.04x

* 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.
X
Value checks
We assess Stockland's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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 9 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!
Annual Growth Rate
4.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Stockland expected to grow at an attractive rate?
  • 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 positive but not above the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:SGP Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:SGP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 4.2%
ASX:SGP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 2.5%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.9%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.1%
Australia Market Earnings Growth Rate Market Cap Weighted Average 6.9%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*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
Raw Data
ASX:SGP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:SGP Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 2,909 779 829 4
2020-06-30 2,732 774 823 5
2019-06-30 2,791 263 809 5
ASX:SGP Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Stockland's earnings are expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
  • Stockland's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:SGP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Stockland Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:SGP Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.35 0.38 0.33 4.00
2020-06-30 0.35 0.38 0.32 5.00
2019-06-30 0.34 0.37 0.29 4.00
ASX:SGP Past Financials Data
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.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Stockland is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Stockland's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Stockland has a total score of 1/6, 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
Below we compare Stockland's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
Stockland's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Stockland Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:SGP Past Revenue, Cash Flow and Net Income Data
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
2012-06-30 2,129.90 487.00

*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).
X
Past performance checks
We assess Stockland's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Stockland's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from Stockland Company Filings, last reported 5 months ago.

ASX:SGP Past Debt and Equity Data
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
2012-06-30 8,227.40 3,550.50 142.10
  • 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).
X
Financial health checks
We assess Stockland's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Stockland has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
6.37%
Current annual income from Stockland dividends. Estimated to be 6.37% next year.
If you bought A$2,000 of Stockland shares you are expected to receive A$127 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Stockland's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.61%).
  • Stockland's dividend is above the markets top 25% of dividend payers in Australia (5.8%).
Upcoming dividend payment

Purchase Stockland before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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.
Raw Data
ASX:SGP Annualized Past and Future Dividends
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 9 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 415 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
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.

ASX:SGP Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.29 9.00
2020-06-30 0.28 11.00
2019-06-30 0.28 11.00
ASX:SGP Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-06-17 0.282 6.447
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

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.
Current Payout to shareholders
What portion of Stockland's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (3225.8x coverage).
X
Income/ dividend checks
We assess Stockland's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

 What is the CEO of Stockland's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mark Steinert
COMPENSATION A$4,438,632
TENURE AS CEO 6.4 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:

5.3
Average Tenure
  • 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

TITLE
MD, CEO & Executive Director
COMPENSATION
A$4M
TENURE
6.4 yrs

Tiernan O’Rourke

TITLE
Chief Financial Officer
COMPENSATION
A$2M
TENURE
5.7 yrs

Darren Rehn

TITLE
Group Executive & Chief Investment Officer
COMPENSATION
A$2M
TENURE
5.7 yrs

Robyn Elliott

TITLE
Chief Technology & Innovation Officer
COMPENSATION
A$588K
TENURE
1.3 yrs

Katherine Grace

TITLE
General Counsel & Company Secretary
COMPENSATION
A$1M
AGE
43
TENURE
4.8 yrs

Andrew Whitson

TITLE
Group Executive & CEO of Stockland Communities
COMPENSATION
A$2M
TENURE
6 yrs

Louise Mason

TITLE
Group Executive & CEO of Commercial Property
COMPENSATION
A$1M
TENURE
1 yrs

Antoinette Plater

TITLE
Senior Manager of Investor Relations

Larissa Webster

TITLE
Senior Manager of Media Relations & Internal Communications

Karen Lonergan

TITLE
Group Executive of People & Culture
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Stockland board of directors in years:

7.7
Average Tenure
63
Average Age
  • The tenure for the Stockland board of directors is about average.
Board of Directors

Tom Pockett

TITLE
Non-Executive Chairman
COMPENSATION
A$500K
AGE
60
TENURE
2.7 yrs

Mark Steinert

TITLE
MD, CEO & Executive Director
COMPENSATION
A$4M
TENURE
6.4 yrs

Carol Schwartz

TITLE
Non-Executive Director
COMPENSATION
A$210K
AGE
61
TENURE
8.9 yrs

Stephen Newton

TITLE
Non-Executive Director
COMPENSATION
A$264K
AGE
65
TENURE
3 yrs

David A. Lockhart

TITLE
Member of the Advisory Board
AGE
73
TENURE
11 yrs

Ray Greenshields

TITLE
Member of the Advisory Board
AGE
71
TENURE
11 yrs

Margaret Ford

TITLE
Member of the Advisory Board
AGE
59
TENURE
11 yrs

Barry Neil

TITLE
Non-Executive Director
COMPENSATION
A$228K
AGE
69
TENURE
11.7 yrs

Andrew Stevens

TITLE
Non-Executive Director
COMPENSATION
A$195K
TENURE
1.9 yrs

Melinda Conrad

TITLE
Non Executive Director
COMPENSATION
A$21K
AGE
49
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
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
X
Management checks
We assess Stockland's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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

A 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 -

Did 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 -

Do 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 -

Why 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 -

Stockland (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 -

Is 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 -

What 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 -

Should 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 -

The Stockland (ASX:SGP) Ownership Structure Could Be Important

In this article, I will take a quick look at Stockland’s (ASX:SGP) recent ownership structure – an unconventional investing subject, but an important one. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Therefore, it is beneficial for us to examine SGP's ownership structure in more detail.

Simply Wall St -

How Should You Analyze REIT Stock Stockland (ASX:SGP)?

real estate investment trust (REIT) based in Sydney, Australia. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Company 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$10,530,058,527
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
Staff numbers
1,280
Stockland employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 10:33
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/17
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.