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Gazit Globe

TSX:GZT
Snowflake Description

Moderate growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GZT
TSX
₪5B
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Gazit Globe Ltd, through its subsidiaries, acquires, owns, develops, operates, and manages supermarket-anchored shopping centers and retail-based mixed-use properties in North America, Brazil, Israel, and Europe. The last earnings update was 33 days ago. More info.


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GZT Share Price and Events
7 Day Returns
0%
TSX:GZT
-4.1%
CA Real Estate
-4.4%
CA Market
1 Year Returns
-11.6%
TSX:GZT
-7.2%
CA Real Estate
-15.9%
CA Market
GZT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gazit Globe (GZT) 0% 0% 0.2% -11.6% -10.3% -19.6%
CA Real Estate -4.1% -6.5% -15.1% -7.2% 24.9% 28.3%
CA Market -4.4% -8.2% -15% -15.9% 5.2% -2.8%
1 Year Return vs Industry and Market
  • GZT underperformed the Real Estate industry which returned -7.2% over the past year.
  • GZT outperformed the Market in Canada which returned -15.9% over the past year.
Price Volatility
GZT
Industry
5yr Volatility vs Market

GZT Value

 Is Gazit Globe 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 Gazit Globe 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 Gazit Globe.

TSX:GZT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 17.7%
Perpetual Growth Rate 10-Year CA 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 TSX:GZT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 7.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.535 (1 + (1- 23%) (479.52%))
2.51
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.34% + (2 * 7.66%)
17.66%

Discounted Cash Flow Calculation for TSX:GZT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Gazit Globe is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:GZT DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (ILS, Millions) 531.20 430.27 352.82 292.84 245.99
Source Est @ -20%, capped from -22.42% Est @ -19%, capped from -22.42% Est @ -18%, capped from -22.42% Est @ -17%, capped from -22.42% Est @ -16%, capped from -22.42%
Present Value
Discounted (@ 17.66%)
451.47 310.80 216.61 152.80 109.09
Present value of next 5 years cash flows ₪1,240.76
TSX:GZT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ₪245.99 × (1 + 2.34%) ÷ (17.66% – 2.34%)
₪1,643.24
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ₪1,643.24 ÷ (1 + 17.66%)5
₪728.71
TSX:GZT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ₪1,240.76 + ₪728.71
₪1,969.48
Equity Value per Share
(ILS)
= Total value / Shares Outstanding
= ₪1,969.48 / 190.88
₪4.21
TSX:GZT Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in TSX:GZT represents 0.40769x of TASE:GZT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.40769x
Value per Share
(Listing Adjusted, CAD)
= Value per Share (ILS) x Listing Adjustment Factor
= ₪ 10.32 x 0.40769
CA$4.21
Value per share (CAD) From above. CA$4.21
Current discount Discount to share price of CA$11.66
= -1 x (CA$11.66 - CA$4.21) / CA$4.21
-177.2%

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

  • The current share price of Gazit Globe is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Gazit Globe's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gazit Globe's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:GZT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in ILS ₪0.88
TASE:GZT Share Price ** TASE (2018-09-25) in ILS ₪28.6
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 12.93x
Canada Market PE Ratio Median Figure of 556 Publicly-Listed Companies 12.91x

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

** Primary Listing of Gazit Globe.

TSX:GZT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TASE:GZT Share Price ÷ EPS (both in ILS)

= 28.6 ÷ 0.88

32.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gazit Globe is overvalued based on earnings compared to the CA Real Estate industry average.
  • Gazit Globe is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Gazit Globe's expected growth come at a high price?
Raw Data
TSX:GZT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 32.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
32.8%per year
North America Real Estate Industry PEG Ratio Median Figure of 15 Publicly-Listed Real Estate Companies 1.27x
Canada Market PEG Ratio Median Figure of 266 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Gazit Globe, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gazit Globe's assets?
Raw Data
TSX:GZT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in ILS ₪46.84
TASE:GZT Share Price * TASE (2018-09-25) in ILS ₪28.6
Canada Real Estate Industry PB Ratio Median Figure of 36 Publicly-Listed Real Estate Companies 0.93x
Canada Market PB Ratio Median Figure of 2,289 Publicly-Listed Companies 1.33x
TSX:GZT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TASE:GZT Share Price ÷ Book Value per Share (both in ILS)

= 28.6 ÷ 46.84

0.61x

* Primary Listing of Gazit Globe.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gazit Globe is good value based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Gazit Globe'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Gazit Globe has a total score of 1/6, 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.

GZT Future Performance

 How is Gazit Globe expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Gazit Globe, future earnings growth has been estimated based on fundamentals.
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
32.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gazit Globe expected to grow at an attractive rate?
  • Gazit Globe's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Gazit Globe's earnings growth is expected to exceed the Canada market average.
  • Unable to compare Gazit Globe's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:GZT Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:GZT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 32.8%
Canada Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 14.3%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 15.5%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.9%

*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
TSX:GZT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in ILS Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:GZT Future Estimates Data
Date (Data in ILS Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
TSX:GZT Past Financials Data
Date (Data in ILS Millions) Revenue Cash Flow Net Income *
2018-09-30 2,782 165 170
2018-06-30 2,787 599 -16
2018-03-31 2,928 838 283
2017-12-31 2,863 785 774
2017-09-30 3,220 1,459 -236
2017-06-30 3,101 1,613 -209
2017-03-31 2,915 1,746 -1,275
2016-12-31 2,947 1,844 -1,729
2016-09-30 2,454 1,511 -2,558
2016-06-30 3,334 1,620 -2,421
2016-03-31 4,156 1,629 -1,534
2015-12-31 2,934 1,514 -1,321

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gazit Globe's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Gazit Globe is high growth as no revenue estimate data is available.
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
TSX:GZT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Gazit Globe Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:GZT Future Estimates Data
Date (Data in ILS Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
TSX:GZT Past Financials Data
Date (Data in ILS Millions) EPS *
2018-09-30 0.88
2018-06-30 -0.08
2018-03-31 1.46
2017-12-31 3.97
2017-09-30 -1.23
2017-06-30 -1.07
2017-03-31 -6.52
2016-12-31 -8.84
2016-09-30 -13.14
2016-06-30 -12.97
2016-03-31 -8.39
2015-12-31 -7.40

*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.
  • Unable to establish if Gazit Globe will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gazit Globe'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 Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada 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.
Gazit Globe has a total score of 3/6, 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.

GZT Past Performance

  How has Gazit Globe 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 Gazit Globe's growth in the last year to its industry (Real Estate).
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.
  • Gazit Globe's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Gazit Globe has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Gazit Globe has become profitable in the last year making it difficult to compare the CA Real Estate industry average.
Earnings and Revenue History
Gazit Globe'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 Gazit Globe Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:GZT Past Revenue, Cash Flow and Net Income Data
Date (Data in ILS Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 2,782.00 170.00 366.00
2018-06-30 2,787.00 -16.00 385.00
2018-03-31 2,928.00 283.00 387.00
2017-12-31 2,863.00 774.00 386.00
2017-09-30 3,220.00 -236.00 389.00
2017-06-30 3,101.00 -209.00 393.00
2017-03-31 2,915.00 -1,275.00 417.00
2016-12-31 2,947.00 -1,729.00 436.00
2016-09-30 2,454.00 -2,558.00 340.00
2016-06-30 3,334.00 -2,421.00 454.00
2016-03-31 4,156.00 -1,534.00 511.00
2015-12-31 2,934.00 -1,321.00 450.00
2015-09-30 6,124.00 347.00 735.00
2015-06-30 6,240.00 355.00 668.00
2015-03-31 6,204.00 309.00 642.00
2014-12-31 3,728.00 -515.00 386.00
2014-09-30 6,516.00 513.00 602.00
2014-06-30 6,477.00 840.00 598.00
2014-03-31 6,796.00 754.00 602.00
2013-12-31 6,967.00 927.00 610.00
2013-09-30 7,133.00 871.00 647.00
2013-06-30 7,342.00 799.00 629.00
2013-03-31 7,289.00 1,027.00 641.00
2012-12-31 7,308.00 901.00 673.00
2012-09-30 7,120.00 1,001.00 730.00
2012-06-30 6,901.00 997.00 742.00
2012-03-31 6,656.00 990.00 755.00
2011-12-31 6,053.00 706.00 755.00

*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.
  • Gazit Globe has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gazit Globe used its assets less efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Gazit Globe has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gazit Globe'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 Real Estate 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.
Gazit Globe has a total score of 1/6, 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.

GZT Health

 How is Gazit Globe'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 Gazit Globe's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gazit Globe's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Gazit Globe's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gazit Globe'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 0.1x 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 Gazit Globe Company Filings, last reported 2 months ago.

TSX:GZT Past Debt and Equity Data
Date (Data in ILS Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 16,762.00 26,178.00 728.00
2018-06-30 17,246.00 27,612.00 1,555.00
2018-03-31 18,018.00 26,797.00 1,473.00
2017-12-31 18,117.00 26,741.00 983.00
2017-09-30 17,791.00 27,001.00 803.00
2017-06-30 17,060.00 26,290.00 706.00
2017-03-31 17,079.00 26,590.00 1,183.00
2016-12-31 33,768.00 39,801.00 1,557.00
2016-09-30 33,266.00 44,435.00 1,398.00
2016-06-30 33,205.00 44,932.00 1,427.00
2016-03-31 31,540.00 44,814.00 2,433.00
2015-12-31 30,995.00 45,451.00 2,159.00
2015-09-30 30,611.00 45,830.00 1,717.00
2015-06-30 28,891.00 41,308.00 1,989.00
2015-03-31 29,422.00 41,709.00 2,991.00
2014-12-31 25,870.00 37,602.00 762.00
2014-09-30 25,044.00 38,235.00 1,993.00
2014-06-30 23,049.00 38,574.00 1,895.00
2014-03-31 22,102.00 39,346.00 921.00
2013-12-31 22,353.00 39,406.00 1,109.00
2013-09-30 23,037.00 40,132.00 898.00
2013-06-30 22,775.00 40,066.00 1,466.00
2013-03-31 22,399.00 41,089.00 1,979.00
2012-12-31 22,297.00 41,953.00 1,770.00
2012-09-30 23,513.00 41,938.00 1,531.00
2012-06-30 21,030.00 41,542.00 1,504.00
2012-03-31 19,921.00 40,673.00 1,551.00
2011-12-31 19,628.00 39,451.00 1,636.00
  • Gazit Globe's level of debt (156.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (174.2% vs 156.2% today).
  • Debt is not well covered by operating cash flow (0.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Gazit Globe'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. Gazit Globe 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.

GZT Dividends

 What is Gazit Globe'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
5.31%
Current annual income from Gazit Globe dividends. Estimated to be 5.31% next year.
If you bought CA$2,000 of Gazit Globe shares you are expected to receive CA$106 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?
  • Gazit Globe's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.38%).
  • Gazit Globe's dividend is below the markets top 25% of dividend payers in Canada (6.69%).
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
TSX:GZT 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 0 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 2.6%
Canada Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 4%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.4%
Canada Top 25% Dividend Yield 75th Percentile 6.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:GZT Future Dividends Estimate Data
Date (Data in ₪) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.52 1.00
2019-12-31 1.52 1.00
2018-12-31 1.52 1.00
TSX:GZT Past Annualized Dividends Data
Date (Data in ₪) Dividend per share (annual) Avg. Yield (%)
2018-11-20 1.520 5.128
2018-08-21 1.520 4.751
2018-07-15 1.520 4.550
2018-05-28 1.520 4.499
2018-04-30 1.520 4.497
2018-03-28 1.520 4.407
2017-11-20 1.400 3.962
2017-08-22 1.400 4.109
2017-05-23 1.400 4.072
2017-03-27 1.400 3.768
2016-05-26 1.510 4.208
2016-04-03 1.832 5.416
2016-03-31 1.510 4.404
2015-12-15 1.776 5.753
2015-11-30 1.840 4.713
2015-10-20 1.824 4.526
2015-08-20 1.840 4.538
2015-08-19 1.840 4.177
2015-06-01 1.699 3.903
2015-03-25 1.840 3.662
2015-03-24 1.840 3.536
2014-11-25 1.840 3.820
2014-09-01 1.800 3.924
2014-05-28 1.800 3.894
2014-03-26 1.800 3.995
2013-11-20 1.720 3.780
2013-08-27 1.720 3.688
2013-05-28 1.720 3.572
2013-03-20 1.720 3.548
2012-11-27 1.720 3.558
2012-05-23 1.600 4.028
2011-11-21 1.560 4.102
2011-08-22 1.560 4.204
2011-05-23 1.560 3.799
2010-11-28 1.480 3.303
2010-11-24 1.560 3.689
2010-10-17 1.480 3.452
2010-08-29 1.480 3.772
2010-07-15 1.480 4.125
2010-05-23 1.480 4.344
2010-03-22 1.480 3.927
2010-03-01 1.480 3.776
2009-11-25 1.480 3.872
2009-11-01 1.480 4.211
2009-06-30 1.440 4.902
2009-04-16 1.360 6.144
2009-03-31 1.440 7.150
2009-03-02 1.360 8.147
2008-12-24 1.360 7.568

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Gazit Globe'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
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Gazit Globe's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Gazit Globe afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gazit Globe has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GZT Management

 What is the CEO of Gazit Globe'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
Chaim Katzman
COMPENSATION ₪3,564,000
AGE 69
TENURE AS CEO 0.8 years
CEO Bio

Mr. Chaim K. Katzman is Founder of Gazit-Globe Limited and has been its Chief Executive Officer and Vice Chairman since February 1, 2018 and President since January 31, 2018. Mr. Katzman is CEO of Norstar Holdings Inc. Mr. Katzman founded Norstar Holdings Inc. in 1991 and its Chairman since April 30, 1991 until January 2018. Mr. Katzman founded Equity One, Inc. in 1992 and served as its Chief Executive Officer from 1992 to December 2006 and President from 1992 to November 2000. He has been involved in the purchase, development and management of commercial and residential real estate in the southern United States since 1980. He serves as the Chairman of ProMed Properties, Inc. He has been the Chairman and Non-Executive Director of Atrium European Real Estate Limited since August 1, 2008. He has been the Chairman of Citycon Oyj since June 15, 2010. He served as the Chairman of Gazit-Globe Limited until January 1, 2018. He served as the Chairman and Director of Equity One, Inc. since 1992. He served as the Non-Executive Chairman of First Capital Realty Inc. from 2000 to May 4, 2015. He served as the Non-Executive Vice Chairman at Regency Centers Corporation from March 01, 2017 to February 2018. He has been a Director of Citycon Oyj since May 17, 2010. He served as a Director of First Capital Realty Inc. since August 18, 2000 until May 30, 2017 and again serves as Director since December 6, 2018. He is a Member of the National Association of Real Estate Investment Trusts, or NAREIT and the International Council of Shopping Centers, or ICSC. He received an LL.B. degree from Tel Aviv University Law School in 1973.

CEO Compensation
  • Chaim's compensation has been consistent with company performance over the past year.
  • Chaim's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Gazit Globe management team in years:

3.5
Average Tenure
44
Average Age
  • The tenure for the Gazit Globe management team is about average.
Management Team

Chaim Katzman

TITLE
Founder
COMPENSATION
₪4M
AGE
69
TENURE
0.8 yrs

Adi Jemini

TITLE
Deputy CEO
COMPENSATION
₪6M
AGE
40

Zvi Gordon

TITLE
Vice President of Investments
COMPENSATION
₪2M
AGE
33
TENURE
1.5 yrs

Romano Vaisenberger

TITLE
VP & Controller
COMPENSATION
₪3M
AGE
45
TENURE
7.7 yrs

Marcel A. Kokkeel

TITLE
Chief Executive Officer of Citycon
COMPENSATION
₪6M
AGE
60
TENURE
7.8 yrs

Jeff Mooallem

TITLE
CEO & President of Gazit Horizons
COMPENSATION
₪6M
AGE
49
TENURE
1.6 yrs

Mia Stark

TITLE
Chief Executive Officer of Gazit Brazil
COMPENSATION
₪7M
AGE
43
TENURE
5.9 yrs

Doron Lavi Segelson

TITLE
Senior Analyst & Head of Investor Relations
TENURE
1.6 yrs

Revital Kahlon

TITLE
Legal Counsel & Company Secretary
AGE
39
TENURE
3.5 yrs

Shiri Barkay

TITLE
Head of Economics Department
TENURE
13.9 yrs
Board of Directors Tenure

Average tenure and age of the Gazit Globe board of directors in years:

6.3
Average Tenure
68
Average Age
  • The tenure for the Gazit Globe board of directors is about average.
Board of Directors

Ehud Arnon

TITLE
Chairman of the Board
AGE
67
TENURE
0.8 yrs

Chaim Katzman

TITLE
Founder
COMPENSATION
₪4M
AGE
69
TENURE
0.8 yrs

Yair Orgler

TITLE
External Director
COMPENSATION
₪464K
AGE
79
TENURE
11.1 yrs

Ronnie Bar-On

TITLE
External Director
COMPENSATION
₪497K
AGE
70
TENURE
5.6 yrs

Dor Segal

TITLE
Director
COMPENSATION
₪9M
AGE
56
TENURE
25 yrs

Haim Ben-Dor

TITLE
Director
COMPENSATION
₪458K
AGE
80
TENURE
19.9 yrs

Doug Sesler

TITLE
Director
COMPENSATION
₪290K
AGE
57
TENURE
6.9 yrs

Zehavit Cohen

TITLE
Director
COMPENSATION
₪353K
AGE
55
TENURE
2.8 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 (CA$) Value (CA$)
21. Jun 18 Buy Zvi Gordon Individual 20. Jun 18 20. Jun 18 1,000 CA$12.49 CA$12,493
12. Feb 18 Buy Michael Ben-Dor Individual 08. Feb 18 08. Feb 18 12,000 CA$33.26 CA$399,120
X
Management checks
We assess Gazit Globe'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. Gazit Globe 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.

GZT News

External News
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Simply Wall St News

GZT Company Info

Map
Description

Gazit Globe Ltd, through its subsidiaries, acquires, owns, develops, operates, and manages supermarket-anchored shopping centers and retail-based mixed-use properties in North America, Brazil, Israel, and Europe. As of September 30, 2018, the company owned and operated 101 properties with a gross leasable area of approximately 2.5 million square meters. Gazit Globe Ltd was incorporated in 1982 and is headquartered in Tel Aviv, Israel.

Details
Name: Gazit Globe Ltd
GZT
Exchange: TSX
Founded: 1982
₪1,964,374,745
190,883,264
Website: http://www.gazitglobe.com
Address: Gazit Globe Ltd
Nisim Aloni 10,
Tel Aviv,
62919,
Israel
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TASE GZT Ordinary Shares The Tel-Aviv Stock Exchange IL ILS 03. May 1996
NYSE GZT Ordinary Shares New York Stock Exchange US USD 03. May 1996
TSX GZT Ordinary Shares The Toronto Stock Exchange CA CAD 03. May 1996
Number of employees
Current staff
Staff numbers
772
Gazit Globe employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/23 00:34
End of day share price update: 2018/09/25 00:00
Last estimates confirmation: 2018/11/21
Last earnings filing: 2018/11/20
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


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.