XTRA:AOX

Stock Analysis Report

alstria office REIT-AG

Executive Summary

Alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets.

Snowflake

Fundamentals

Solid track record average dividend payer.


Similar Companies

Share Price & News

How has alstria office REIT-AG's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.3%

XTRA:AOX

1.4%

DE REITs

0.8%

DE Market


1 Year Return

12.6%

XTRA:AOX

14.5%

DE REITs

-10.9%

DE Market

AOX underperformed the REITs industry which returned 14.5% over the past year.

AOX outperformed the Market in Germany which returned -10.9% over the past year.


Share holder returns

AOXIndustryMarket
7 Day2.3%1.4%0.8%
30 Day2.4%1.6%-5.0%
90 Day6.4%5.7%-2.9%
1 Year16.8%12.6%18.6%14.5%-8.1%-10.9%
3 Year33.6%18.3%16.9%0.4%10.4%0.9%
5 Year79.1%45.9%39.9%9.2%25.5%8.1%

Price Volatility Vs. Market

How volatile is alstria office REIT-AG's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is alstria office REIT-AG undervalued based on future cash flows and its price relative to the stock market?

3.54x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

alstria office REIT-AG's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

alstria office REIT-AG's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

alstria office REIT-AG is good value based on earnings compared to the DE REITs industry average.

alstria office REIT-AG is good value based on earnings compared to the Germany market.


Price Based on Expected Growth

alstria office REIT-AG earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

alstria office REIT-AG is good value based on assets compared to the DE REITs industry average.


Next Steps

Future Growth

How is alstria office REIT-AG expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

-27.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

alstria office REIT-AG's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).

alstria office REIT-AG's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

alstria office REIT-AG's revenue growth is positive but not above the Germany market average.

alstria office REIT-AG's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.

alstria office REIT-AG's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

alstria office REIT-AG is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has alstria office REIT-AG performed over the past 5 years?

60.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

alstria office REIT-AG has delivered over 20% year on year earnings growth in the past 5 years.

alstria office REIT-AG's 1-year earnings growth exceeds its 5-year average (164.8% vs 60.2%)

alstria office REIT-AG's earnings growth has exceeded the DE REITs industry average in the past year (164.8% vs 77.4%).


Return on Equity

alstria office REIT-AG has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).


Return on Assets

alstria office REIT-AG used its assets more efficiently than the DE REITs industry average last year based on Return on Assets.


Return on Capital Employed

alstria office REIT-AG's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is alstria office REIT-AG's financial position?


Financial Position Analysis

alstria office REIT-AG is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

alstria office REIT-AG's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

alstria office REIT-AG's level of debt (45.7%) 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 (110.7% vs 45.7% today).

Debt is not well covered by operating cash flow (9%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

What is alstria office REIT-AG's current dividend yield, its reliability and sustainability?

3.64%

Expected Dividend Yield


Dividend Yield and Payments Analysis

alstria office REIT-AG's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.53%).

alstria office REIT-AG's dividend is below the markets top 25% of dividend payers in Germany (4.08%).

Dividends per share have been stable in the past 10 years.

No dividend growth in 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.2x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (221.7x coverage).


Next Steps

Management

What is the CEO of alstria office REIT-AG's salary, the management and board of directors tenure and is there insider trading?

12.2yrs

Average management tenure


CEO

Olivier Elamine (47yo)

12.8yrs

Tenure

€1,226,000

Compensation

Mr. Olivier Elamine has been the Chief Executive Officer at alstria office REIT-AG since November 2006 and Member of Management Board since 2006 and serves as its Chairman of the Management Board. Mr. Elam ...


CEO Compensation Analysis

Olivier's remuneration is lower than average for companies of similar size in Germany.

Olivier's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

12.2yrs

Average Tenure

The average tenure for the alstria office REIT-AG management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

3.3yrs

Average Tenure

55yo

Average Age

The tenure for the alstria office REIT-AG board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Alexander Dexne (54yo)

    CFO & Member of Management Board

    • Tenure: 12.2yrs
    • Compensation: €1.01m
  • Olivier Elamine (47yo)

    Chairman of the Management Board & CEO

    • Tenure: 12.8yrs
    • Compensation: €1.23m
  • Ralf Dibbern

    Head of Investor Relations & Public Relations

    • Tenure: 9.3yrs

Board Members

  • Richard Mully (58yo)

    Vice Chairman of the Supervisory Board

    • Tenure: 2.8yrs
  • Bernhard Düttmann (60yo)

    Supervisory Board Member

    • Tenure: 2.6yrs
  • Johannes Conradi (57yo)

    Supervisory Board Chairman

    • Tenure: 3.3yrs
  • Marianne Voigt (53yo)

    Supervisory Board Member

    • Tenure: 7.8yrs
  • Benoît Hérault (52yo)

    Supervisory Board Member

    • Tenure: 7.4yrs
  • Stefanie Frensch (50yo)

    Supervisory Board Member

    • Tenure: 3.3yrs

Company Information

alstria office REIT-AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: alstria office REIT-AG
  • Ticker: AOX
  • Exchange: XTRA
  • Founded: 2006
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €2.637b
  • Shares outstanding: 177.59m
  • Website: https://www.alstria.com

Number of Employees


Location

  • alstria office REIT-AG
  • Steinstrasse 7
  • Hamburg
  • Hamburg
  • 20095
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AOXDB (Deutsche Boerse AG)YesOrdinary Bearer SharesDEEURApr 2007
0O9QLSE (London Stock Exchange)YesOrdinary Bearer SharesGBEURApr 2007
AOXXTRA (XETRA Trading Platform)YesOrdinary Bearer SharesDEEURApr 2007
AOXDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Bearer SharesGBEURApr 2007
AOXSWX (SIX Swiss Exchange)YesOrdinary Bearer SharesCHCHFApr 2007
AOXWBAG (Wiener Boerse AG)YesOrdinary Bearer SharesATEURApr 2007
ALSR.FOTCPK (Pink Sheets LLC)YesOrdinary Bearer SharesUSUSDApr 2007

Biography

Alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. Our strategy is based on the ownership and an active management of our prope ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/24 21:27
End of Day Share Price2019/08/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.