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alstria office REIT-AG

XTRA:AOX
Snowflake Description

Outstanding track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AOX
XTRA
€2B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. The last earnings update was 50 days ago. More info.


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AOX Share Price and Events
7 Day Returns
-2.5%
XTRA:AOX
-1.9%
DE REITs
1.5%
DE Market
1 Year Returns
9.4%
XTRA:AOX
11.2%
DE REITs
-5.8%
DE Market
AOX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
alstria office REIT-AG (AOX) -2.5% 0.9% -0.8% 9.4% 18.7% 45.3%
DE REITs -1.9% 1.7% 3.8% 11.2% 12.5% 11.3%
DE Market 1.5% 1.3% 2.2% -5.8% 17.6% 8.7%
1 Year Return vs Industry and Market
  • AOX underperformed the REITs industry which returned 11.2% over the past year.
  • AOX outperformed the Market in Germany which returned -5.8% over the past year.
Price Volatility
AOX
Industry
5yr Volatility vs Market

Value

 Is alstria office REIT-AG 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 alstria office REIT-AG 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 alstria office REIT-AG.

XTRA:AOX 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 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 XTRA:AOX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
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%) (52.6%))
0.782
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)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for XTRA:AOX using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for alstria office REIT-AG 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.

alstria office REIT-AG 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.

XTRA:AOX DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (EUR, Millions) Source Present Value
Discounted (@ 5%)
2019 0.00 Est @ 3.87% 0.00
2020 105.00 Analyst x1 95.25
2021 110.00 Analyst x1 95.03
2022 117.00 Analyst x1 96.27
2023 120.25 Est @ 2.77% 94.23
2024 122.66 Est @ 2.01% 91.55
2025 124.47 Est @ 1.48% 88.49
2026 125.85 Est @ 1.1% 85.20
2027 126.90 Est @ 0.84% 81.83
2028 127.73 Est @ 0.66% 78.45
Present value of next 10 years cash flows €806.30
XTRA:AOX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €127.73 × (1 + 0.23%) ÷ (5% – 0.23%)
€2,685.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,685.10 ÷ (1 + 5%)10
€1,649.05
XTRA:AOX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €806.30 + €1,649.05
€2,455.35
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,455.35 / 177.42
€13.84
XTRA:AOX Discount to Share Price
Calculation Result
Value per share (EUR) From above. €13.84
Current discount Discount to share price of €14.09
= -1 x (€14.09 - €13.84) / €13.84
-1.8%

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

  • The current share price of alstria office REIT-AG 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 alstria office REIT-AG's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are alstria office REIT-AG's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:AOX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €3.09
XTRA:AOX Share Price ** XTRA (2019-06-25) in EUR €14.09
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 13.09x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.8x

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

** Primary Listing of alstria office REIT-AG.

XTRA:AOX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:AOX Share Price ÷ EPS (both in EUR)

= 14.09 ÷ 3.09

4.56x

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

  • 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
Does alstria office REIT-AG's expected growth come at a high price?
Raw Data
XTRA:AOX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
-18.1%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.61x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

XTRA:AOX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.56x ÷ -18.1%

-0.25x

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

  • 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
What value do investors place on alstria office REIT-AG's assets?
Raw Data
XTRA:AOX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €15.44
XTRA:AOX Share Price * XTRA (2019-06-25) in EUR €14.09
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.33x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
XTRA:AOX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:AOX Share Price ÷ Book Value per Share (both in EUR)

= 14.09 ÷ 15.44

0.91x

* Primary Listing of alstria office REIT-AG.

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

  • alstria office REIT-AG is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess alstria office REIT-AG'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. alstria office REIT-AG has a total score of 3/6, 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 alstria office REIT-AG expected to perform in the next 1 to 3 years based on estimates from 10 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
-18.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is alstria office REIT-AG expected to grow at an attractive rate?
  • 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%.
Growth vs Market Checks
  • 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 revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:AOX Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:AOX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts -18.1%
XTRA:AOX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 2.3%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.4%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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
XTRA:AOX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:AOX Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 221 158 167 2
2021-12-31 205 126 223 6
2020-12-31 197 121 225 9
2019-12-31 192 112 241 7
XTRA:AOX Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 230 117 550
2018-12-31 232 119 527
2018-09-30 235 113 280
2018-06-30 240 123 281
2018-03-31 263 127 298
2017-12-31 259 122 297
2017-09-30 252 123 210
2017-06-30 244 126 203
2017-03-31 216 116 194
2016-12-31 208 120 177
2016-09-30 201 103 -57
2016-06-30 172 74 -73

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • 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 is expected to grow by 2.3% 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
XTRA:AOX 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 10 Analyst Estimates (S&P Global) See Below

All data from alstria office REIT-AG Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:AOX Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.94 0.94 0.94 1.00
2021-12-31 1.24 1.81 0.84 7.00
2020-12-31 1.28 2.75 0.75 9.00
2019-12-31 1.36 1.47 1.25 2.00
XTRA:AOX Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 3.09
2018-12-31 3.02
2018-09-30 1.67
2018-06-30 1.74
2018-03-31 1.92
2017-12-31 1.94
2017-09-30 1.38
2017-06-30 1.32
2017-03-31 1.27
2016-12-31 1.16
2016-09-30 -0.39
2016-06-30 -0.56

*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.
  • alstria office REIT-AG is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess alstria office REIT-AG'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
alstria office REIT-AG has a total score of 0/6, 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 alstria office REIT-AG 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 alstria office REIT-AG'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.
  • 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 (84.2% vs 57.5%)
  • alstria office REIT-AG's earnings growth has exceeded the DE REITs industry average in the past year (84.2% vs 69.6%).
Earnings and Revenue History
alstria office REIT-AG'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 alstria office REIT-AG Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:AOX Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 229.95 549.70 25.89
2018-12-31 232.28 527.41 24.74
2018-09-30 234.71 279.75 23.77
2018-06-30 240.40 280.93 23.19
2018-03-31 263.07 298.44 23.11
2017-12-31 259.19 296.99 21.86
2017-09-30 251.81 210.43 19.80
2017-06-30 243.81 202.63 19.43
2017-03-31 216.29 193.75 20.14
2016-12-31 208.14 176.87 21.15
2016-09-30 200.93 -56.91 22.41
2016-06-30 172.14 -73.21 20.55
2016-03-31 144.92 -86.42 18.42
2015-12-31 117.33 -110.97 17.25
2015-09-30 110.77 42.15 15.09
2015-06-30 110.91 45.45 15.14
2015-03-31 112.06 22.40 13.50
2014-12-31 114.58 36.95 12.56
2014-09-30 103.40 33.73 12.81
2014-06-30 104.32 16.48 13.70
2014-03-31 104.64 27.96 13.75
2013-12-31 104.50 38.95 13.12
2013-09-30 102.95 31.47 12.96
2013-06-30 103.43 47.23 12.18
2013-03-31 103.14 44.68 12.47
2012-12-31 100.55 39.91 12.57
2012-09-30 112.89 32.39 12.57
2012-06-30 109.54 30.35 11.98

*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.
  • alstria office REIT-AG has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • alstria office REIT-AG used its assets more efficiently than the DE REITs industry average last year based on Return on Assets.
  • alstria office REIT-AG has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess alstria office REIT-AG'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.
alstria office REIT-AG has a total score of 6/6, 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 alstria office REIT-AG'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 alstria office REIT-AG's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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.
Balance sheet
This treemap shows a more detailed breakdown of alstria office REIT-AG'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x 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 alstria office REIT-AG Company Filings, last reported 2 months ago.

XTRA:AOX Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,739.16 1,314.87 192.48
2018-12-31 2,684.09 1,350.26 132.90
2018-09-30 2,250.77 1,399.48 161.76
2018-06-30 2,218.42 1,390.98 178.14
2018-03-31 2,278.23 1,395.05 265.59
2017-12-31 1,954.66 1,468.42 102.08
2017-09-30 1,761.50 1,502.02 59.64
2017-06-30 1,728.06 1,494.57 51.80
2017-03-31 1,759.60 1,471.16 275.99
2016-12-31 1,728.44 1,485.85 247.49
2016-09-30 1,699.78 1,787.92 231.63
2016-06-30 1,673.14 1,780.60 165.74
2016-03-31 1,672.49 1,749.86 112.64
2015-12-31 1,657.66 2,092.37 428.22
2015-09-30 932.27 856.23 92.28
2015-06-30 922.24 877.55 123.08
2015-03-31 938.74 880.53 163.49
2014-12-31 846.59 887.93 63.15
2014-09-30 827.65 899.55 55.01
2014-06-30 814.39 901.49 49.86
2014-03-31 849.84 891.37 81.87
2013-12-31 844.11 913.00 83.17
2013-09-30 827.27 923.29 69.48
2013-06-30 828.86 964.07 157.16
2013-03-31 849.70 917.98 131.74
2012-12-31 829.29 927.17 118.70
2012-09-30 819.62 892.96 69.83
2012-06-30 810.54 891.63 61.21
  • alstria office REIT-AG's level of debt (48%) 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 (104.9% vs 48% today).
  • Debt is not well covered by operating cash flow (8.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).
X
Financial health checks
We assess alstria office REIT-AG'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. alstria office REIT-AG has a total score of 3/6, 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 alstria office REIT-AG'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
3.69%
Current annual income from alstria office REIT-AG dividends. Estimated to be 3.83% next year.
If you bought €2,000 of alstria office REIT-AG shares you are expected to receive €74 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?
  • alstria office REIT-AG's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • alstria office REIT-AG's dividend is below the markets top 25% of dividend payers in Germany (3.81%).
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
XTRA:AOX 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 10 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

XTRA:AOX Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.61 2.00
2021-12-31 0.56 10.00
2020-12-31 0.53 13.00
2019-12-31 0.52 12.00
XTRA:AOX Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-01 0.520 3.709
2019-02-27 0.520 3.909
2018-03-02 0.520 4.081
2017-03-03 0.520 4.245
2016-08-08 0.500 4.239
2016-03-30 0.500 4.117
2015-02-26 0.500 4.132
2015-02-13 0.500 4.098
2014-05-15 0.500 4.963
2013-02-15 0.500 5.385
2013-01-15 0.500 5.420
2012-08-07 0.440 4.807
2012-02-21 0.440 5.330
2012-02-15 0.440 4.973
2011-08-08 0.440 5.046
2011-05-05 0.440 4.230
2011-02-23 0.440 4.214
2010-03-01 0.500 5.542

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

  • Whilst dividend payments have been stable, alstria office REIT-AG has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but alstria office REIT-AG only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of alstria office REIT-AG's earnings are paid to the shareholders as a dividend.
  • 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 (220.3x coverage).
X
Income/ dividend checks
We assess alstria office REIT-AG's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 alstria office REIT-AG afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. alstria office REIT-AG 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 alstria office REIT-AG'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
Olivier Elamine
COMPENSATION €1,226,000
AGE 46
TENURE AS CEO 12.6 years
CEO Bio

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. Elamine is the Founder of alstria office REIT-AG. He serves as Advisor at Fluxus Ventures LLP. He served as Manager in the Real Estate Corporate Finance team at Ernst & Young. He was one of the founders/founding partners of Ixis Capital Partners Limited (now NATIXIS Capital Partners). He served as Director of CDC IXIS's Investment Banking team (focusing on real estate) and consultant at Ernst & Young (also focusing on real estate). He has been Vice Chairman of Supervisory Board at DO Deutsche Office AG since November 04, 2015. He has been a Non-Executive Independent Director of COIMA RES S.p.A. since May 10, 2017 and a Member of Supervisory Board at DO Deutsche Office AG since November 04, 2015. He holds a Bachelor of Science in Civil Works from Ecole Nationale des Travaux publics de l'Etat in 1996. He holds a civil engineering degree in real estate and construction and a Master in building and construction science from the University of Lyon.

CEO Compensation
  • Olivier's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Olivier's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the alstria office REIT-AG management team in years:

12
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.
Management Team

Olivier Elamine

TITLE
Chairman of the Management Board & CEO
COMPENSATION
€1M
AGE
46
TENURE
12.6 yrs

Alexander Dexne

TITLE
CFO & Member of Management Board
COMPENSATION
€1M
AGE
53
TENURE
12 yrs

Ralf Dibbern

TITLE
Head of Investor Relations & Public Relations
TENURE
9.1 yrs
Board of Directors Tenure

Average tenure and age of the alstria office REIT-AG board of directors in years:

3.1
Average Tenure
54
Average Age
  • The tenure for the alstria office REIT-AG board of directors is about average.
Board of Directors

Johannes Conradi

TITLE
Supervisory Board Chairman
AGE
56
TENURE
3.1 yrs

Richard Mully

TITLE
Vice Chairman of the Supervisory Board
AGE
57
TENURE
2.6 yrs

Marianne Voigt

TITLE
Supervisory Board Member
AGE
52
TENURE
7.7 yrs

Benoît Hérault

TITLE
Supervisory Board Member
AGE
51
TENURE
7.3 yrs

Stefanie Frensch

TITLE
Supervisory Board Member
AGE
49
TENURE
3.1 yrs

Bernhard Düttmann

TITLE
Supervisory Board Member
AGE
59
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess alstria office REIT-AG'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. alstria office REIT-AG 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

alstria office REIT-AG (ETR:AOX) Takes On Some Risk With Its Use Of Debt

We can see that alstria office REIT-AG (ETR:AOX) does use debt in its business. … Either way, since alstria office REIT-AG does have more debt than cash, it's worth keeping an eye on its balance sheet. … Over the most recent three years, alstria office REIT-AG recorded free cash flow worth 75% of its EBIT, which is around normal, given free cash flow excludes interest and tax.

Simply Wall St -

Our Take On alstria office REIT-AG's (ETR:AOX) CEO Salary

Check out our latest analysis for alstria office REIT-AG How Does Olivier Elamine's Compensation Compare With Similar Sized Companies? … According to our data, alstria office REIT-AG has a market capitalization of €2.5b, and pays its CEO total annual compensation worth €1.2m. … It looks like alstria office REIT-AG pays its CEO less than similar sized companies.

Simply Wall St -

Should You Be Holding alstria office REIT-AG (ETR:AOX)?

alstria office REIT-AG (ETR:AOX) is a stock with outstanding fundamental characteristics. … For those interested in understanding where the figures come from and want to see the analysis, read the full report on alstria office REIT-AG here. … XTRA:AOX Historical Dividend Yield, May 22nd 2019 Next Steps: For alstria office REIT-AG, I've put together three essential factors you should look at: Future Outlook: What are well-informed industry analysts predicting for AOX’s future growth?

Simply Wall St -

Is alstria office REIT-AG (ETR:AOX) A High Quality Stock To Own?

Our data shows alstria office REIT-AG has a return on equity of 20% for the last year. … That means that for every €1 worth of shareholders' equity, it generated €0.20 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Here's Why We Think alstria office REIT-AG (ETR:AOX) Is Well Worth Watching

Like a falcon taking flight, alstria office REIT-AG's EPS soared from €1.94 to €3.02, over the last year. … I note that alstria office REIT-AG's revenue from operations was lower than its revenue in the last twelve months, so that could distort my analysis of its margins. … To cut to the chase alstria office REIT-AG's EBIT margins dropped last year, and so did its revenue.

Simply Wall St -

Do Institutions Own alstria office REIT-AG (ETR:AOX) Shares?

A look at the shareholders of alstria office REIT-AG (ETR:AOX) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … alstria office REIT-AG has a market capitalization of €2.6b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Did You Miss alstria office REIT-AG's (ETR:AOX) 44% Share Price Gain?

To wit, the alstria office REIT-AG share price has climbed 44% in five years, easily topping the market return of 11% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … It might be well worthwhile taking a look at our free report on alstria office REIT-AG's earnings, revenue and cash flow.

Simply Wall St -

How Much Did alstria office REIT-AG's (ETR:AOX) CEO Pocket Last Year?

Olivier Elamine became the CEO of alstria office REIT-AG (ETR:AOX) in 2006. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Olivier Elamine's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should You Care About alstria office REIT-AG’s (ETR:AOX) Cash Levels?

alstria office REIT-AG (ETR:AOX) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … Today we will examine alstria office REIT-AG’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … alstria office REIT-AG generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating

Simply Wall St -

A Closer Look At alstria office REIT-AG's (ETR:AOX) Impressive ROE

We'll use ROE to examine alstria office REIT-AG (ETR:AOX), by way of a worked example. … alstria office REIT-AG has a ROE of 12%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Company Info

Description

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 properties throughout their entire life cycle, strong added-value services to our customers and deep knowledge of the markets in which we operate. alstria strives for sustainable long-term value creation while taking advantage of short-term arbitrage of inefficiencies in the real estate markets. The portfolio comprises 115 buildings with a lettable area of 1.5 million sqm and a total portfolio value of EUR 3.9 billion as per March 31, 2019.

Details
Name: alstria office REIT-AG
AOX
Exchange: XTRA
Founded: 2006
€2,499,798,442
177,416,497
Website: http://www.alstria.com
Address: alstria office REIT-AG
Steinstrasse 7,
Hamburg,
Hamburg, 20095,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA AOX Ordinary Bearer Shares XETRA Trading Platform DE EUR 03. Apr 2007
OTCPK ALSR.F Ordinary Bearer Shares Pink Sheets LLC US USD 03. Apr 2007
DB AOX Ordinary Bearer Shares Deutsche Boerse AG DE EUR 03. Apr 2007
LSE 0O9Q Ordinary Bearer Shares London Stock Exchange GB EUR 03. Apr 2007
SWX AOX Ordinary Bearer Shares SIX Swiss Exchange CH CHF 03. Apr 2007
WBAG AOX Ordinary Bearer Shares Wiener Boerse AG AT EUR 03. Apr 2007
BATS-CHIXE AOXD Ordinary Bearer Shares BATS 'Chi-X Europe' GB EUR 03. Apr 2007
Number of employees
Current staff
Staff numbers
149
alstria office REIT-AG employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/25 21:19
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/06/03
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.