DB:CAL

Stock Analysis Report

Camden Property Trust

Executive Summary

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.

Rewards

Trading at 20.6% below its fair value

Earnings are forecast to grow 6.99% per year

Risk Analysis

Unstable dividend track record

Shareholders have been diluted in the past year



Snowflake Analysis

Average dividend payer with limited growth.


Similar Companies

Share Price & News

How has Camden Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CAL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.7%

CAL

2.8%

DE REITs

0.07%

DE Market


1 Year Return

22.8%

CAL

34.4%

DE REITs

14.8%

DE Market

Return vs Industry: CAL underperformed the German REITs industry which returned 32.9% over the past year.

Return vs Market: CAL exceeded the German Market which returned 17.1% over the past year.


Shareholder returns

CALIndustryMarket
7 Day3.7%2.8%0.07%
30 Day3.7%4.7%1.4%
90 Day-2.9%6.0%6.1%
1 Year26.6%22.8%39.1%34.4%18.4%14.8%
3 Year40.3%27.0%41.4%21.3%17.4%7.0%
5 Year73.0%38.5%44.7%13.6%27.9%10.4%

Price Volatility Vs. Market

How volatile is Camden Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Camden Property Trust undervalued compared to its fair value and its price relative to the market?

18.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CAL (€95.5) is trading below our estimate of fair value (€120.33)

Significantly Below Fair Value: CAL is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CAL is poor value based on its PE Ratio (63.9x) compared to the REITs industry average (8.9x).

PE vs Market: CAL is poor value based on its PE Ratio (63.9x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: CAL is poor value based on its PEG Ratio (9.1x)


Price to Book Ratio

PB vs Industry: CAL is overvalued based on its PB Ratio (2.9x) compared to the DE REITs industry average (1.6x).


Next Steps

Future Growth

How is Camden Property Trust forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

6.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CAL's forecast earnings growth (7% per year) is above the savings rate (-0.4%).

Earnings vs Market: CAL's earnings (7% per year) are forecast to grow slower than the German market (13.2% per year).

High Growth Earnings: CAL's earnings are forecast to grow, but not significantly.

Revenue vs Market: CAL's revenue (4.8% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: CAL's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CAL's Return on Equity is forecast to be low in 3 years time (7.3%).


Next Steps

Past Performance

How has Camden Property Trust performed over the past 5 years?

-11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CAL has high quality earnings.

Growing Profit Margin: CAL's current net profit margins (15.9%) are lower than last year (21.2%).


Past Earnings Growth Analysis

Earnings Trend: CAL's earnings have declined by -11% per year over the past 5 years.

Accelerating Growth: CAL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CAL had negative earnings growth (-19.8%) over the past year, making it difficult to compare to the REITs industry average (96.7%).


Return on Equity

High ROE: CAL's Return on Equity (4.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Camden Property Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CAL has a high level of physical assets or inventory.

Debt Coverage by Assets: CAL's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: CAL's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CAL has a sufficient allowance for bad loans.

Low Risk Liabilities: CAL reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CAL has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CAL has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CAL has an appropriate level of bad loans.


Next Steps

Dividend

What is Camden Property Trust's current dividend yield, its reliability and sustainability?

2.91%

Current Dividend Yield


Dividend Yield vs Market

company2.9%marketbottom25%1.4%markettop25%3.5%industryaverage2.9%forecastin3Years3.1%

Current dividend yield vs market & industry

Notable Dividend: CAL's dividend (2.99%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: CAL's dividend (2.99%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: CAL's dividend payments have been volatile in the past 10 years.

Growing Dividend: CAL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (62.4%), CAL's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CAL's dividends in 3 years are forecast to be thoroughly covered by earnings (0.6% payout ratio).


Next Steps

Management

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

6.7yrs

Average management tenure


CEO

Ric Campo (64yo)

26.7yrs

Tenure

US$4,009,587

Compensation

Mr. Richard J. Campo, also known as Ric, serves as the Chief Executive Officer, Chairman and Trust Manager of Camden Property Trust since May 1993. As the Chairman and CEO of one of the nation’s largest mu ...


CEO Compensation Analysis

Compensation vs Market: Ric's total compensation ($USD4.01M) is about average for companies of similar size in the German market ($USD4.52M).

Compensation vs Earnings: Ric's compensation has been consistent with company performance over the past year.


Management Age and Tenure

6.7yrs

Average Tenure

56yo

Average Age

Experienced Management: CAL's management team is seasoned and experienced (6.7 years average tenure).


Board Age and Tenure

11.6yrs

Average Tenure

63.5yo

Average Age

Experienced Board: CAL's board of directors are seasoned and experienced ( 11.6 years average tenure).


Insider Trading

Insider Buying: CAL insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Sell€2,805,29607 Jan 20
D. Oden
EntityIndividual
Role
Vice Chairman
Executive Vice Chairman of the Board
Shares29,637
Max Price€94.66
Sell€90,86907 Jan 20
Kelvin Westbrook
EntityIndividual
Role
Lead Director
Lead Independent Trust Manager
Shares960
Max Price€94.66
Sell€232,56807 Jan 20
William Sengelmann
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Real Estate Investments
Shares2,457
Max Price€94.66
Sell€30,47907 Jan 20
Scott Ingraham
EntityIndividual
Role
Member of the Board of Directors
Trust Manager
Shares322
Max Price€94.66
Sell€2,859,62807 Jan 20
Richard Campo
EntityIndividual
Role
Chief Executive Officer
Chairman of the Board of Trust Managers & CEO
Shares30,211
Max Price€94.66
Sell€185,51005 Aug 19
William McGuire
EntityIndividual
Role
Member of the Board of Directors
Trust Manager
Shares1,979
Max Price€93.74
Sell€1,549,86520 Jun 19
H. Stewart
EntityIndividual
Role
President
President & COO
Shares16,200
Max Price€95.67
Sell€181,14122 May 19
William Paulsen
EntityIndividual
Role
Member of the Board of Directors
Trust Manager
Shares1,979
Max Price€91.53
Sell€246,19606 Feb 19
William Paulsen
EntityIndividual
Role
Member of the Board of Directors
Trust Manager
Shares2,890
Max Price€85.19

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.


Management Team

  • Ric Campo (64yo)

    Chairman of the Board of Trust Managers & CEO

    • Tenure: 26.7yrs
    • Compensation: US$4.01m
  • D. Oden (62yo)

    Executive Vice Chairman of the Board

    • Tenure: 0.5yrs
    • Compensation: US$4.01m
  • H. Stewart (67yo)

    President & COO

    • Tenure: 0.5yrs
    • Compensation: US$2.85m
  • Michael Gallagher (50yo)

    Senior VP of Accounting & Chief Accounting Officer

    • Tenure: 6.9yrs
  • Alex Jessett (45yo)

    Executive VP of Finance

    • Tenure: 6.7yrs
    • Compensation: US$2.25m
  • Bill Sengelmann (60yo)

    Executive Vice President of Real Estate Investments

    • Tenure: 11.8yrs
    • Compensation: US$1.98m
  • Kristy Simonette (52yo)

    Senior VP of Strategic Services & Chief Information Officer

    • Josh Lebar

      Senior VP

      • Kim Callahan (49yo)

        Senior Vice President of Investor Relations

        • Julie Keel

          Vice President of Marketing

          • Tenure: 1.4yrs

        Board Members

        • William McGuire (74yo)

          Trust Manager

          • Tenure: 14.8yrs
          • Compensation: US$308.84k
        • Bill Paulsen (72yo)

          Trust Manager

          • Tenure: 14.8yrs
          • Compensation: US$346.85k
        • Ric Campo (64yo)

          Chairman of the Board of Trust Managers & CEO

          • Tenure: 26.7yrs
          • Compensation: US$4.01m
        • D. Oden (62yo)

          Executive Vice Chairman of the Board

          • Tenure: 0.5yrs
          • Compensation: US$4.01m
        • Steve Webster (68yo)

          Trust Manager

          • Tenure: 27yrs
          • Compensation: US$185.08k
        • Scott Ingraham (65yo)

          Trust Manager

          • Tenure: 22yrs
          • Compensation: US$193.08k
        • Kelvin Westbrook (63yo)

          Lead Independent Trust Manager

          • Tenure: 3yrs
          • Compensation: US$207.58k
        • Frances Sevilla-Sacasa (63yo)

          Trust Manager

          • Tenure: 8.4yrs
          • Compensation: US$200.70k
        • Heather Brunner (50yo)

          Trust Manager

          • Tenure: 3yrs
          • Compensation: US$193.08k
        • Renu Khator (63yo)

          Trust Manager

          • Tenure: 3yrs
          • Compensation: US$193.08k

        Company Information

        Camden Property Trust's company bio, employee growth, exchange listings and data sources


        Key Information

        • Name: Camden Property Trust
        • Ticker: CAL
        • Exchange: DB
        • Founded: 1993
        • Industry: Residential REITs
        • Sector: Real Estate
        • Implied Market Cap: US$10.847b
        • Market Cap: US$9.600b
        • Listing Market Cap: US$9.778b
        • Shares outstanding: 98.63m
        • Website: https://www.camdenliving.com

        Number of Employees


        Location

        • Camden Property Trust
        • 11 Greenway Plaza
        • Suite 2400
        • Houston
        • Texas
        • 77046
        • United States

        Listings

        TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
        CPTNYSE (New York Stock Exchange)YesCommon SharesUSUSDJul 1993
        CALDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 1993

        Biography

        Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 165 properties containing 56,271 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 58,209 apartment homes in 172 properties. Camden was recently named by FORTUNE Magazine for the 12th consecutive year as one of the 100 Best Companies to Work For in America, ranking #19. 


        Company Analysis and Financial Data Status

        All financial data provided by Standard & Poor's Capital IQ.
        DataLast Updated (UTC time)
        Company Analysis2020/01/19 20:47
        End of Day Share Price2020/01/17 00:00
        Earnings2019/09/30
        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.