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Great Portland Estates

DB:G9KB
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
G9KB
DB
£2B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

We are a FTSE 250 property investment and development company owning £2.6 billion of real estate in central London. The last earnings update was 17 days ago. More info.


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G9KB Share Price and Events
7 Day Returns
1%
DB:G9KB
1.2%
DE REITs
0.3%
DE Market
1 Year Returns
-1.5%
DB:G9KB
11.8%
DE REITs
-11.7%
DE Market
G9KB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Great Portland Estates (G9KB) 1% -8.9% - -1.5% -31% -15.4%
DE REITs 1.2% 1.8% 7% 11.8% 4.7% 12.4%
DE Market 0.3% -2.3% -1.1% -11.7% 12.2% 6.1%
1 Year Return vs Industry and Market
  • G9KB underperformed the REITs industry which returned 11.8% over the past year.
  • G9KB outperformed the Market in Germany which returned -11.7% over the past year.
Price Volatility
G9KB
Industry
5yr Volatility vs Market

G9KB Value

 Is Great Portland Estates 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 Great Portland Estates 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 Great Portland Estates.

DB:G9KB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 6x Analysts Estimates of Net Asset Value
Discount Rate (Cost of Equity) See below 5.5%
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 DB:G9KB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.499 (1 + (1- 19%) (17.58%))
0.712
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 * 6.65%)
5.55%

Discounted Cash Flow Calculation for DB:G9KB using 6x Analysts Estimates of Net Asset Value Model

In the case of Real Estate Investment Trusts (REITs) like Great Portland Estates our preference is to use estimates of Adjusted Funds from Operations (AFFO) to calculate the intrinsic value using a discounted cash flow calculation.

However, in the case of Great Portland Estates these estimates are not available, instead we are able to use analyst estimates of Net Asset Value (NAV).

The Net Asset Value (NAV) model is the most common intrinsic valuation methodology for REITs. The underlying idea is that you can value a REIT by valuing its real estate assets and then adjusting for its other assets and subtracting liabilities.

See our documentation to learn about this calculation.

DB:G9KB Net Asset Value (NAV)
Calculation Result
Average NAV from 6 analysts: GBP2,139.09 = GBP2,139.09 / 268 GBP8.79
DB:G9KB Discount to Share Price
Calculation Result
Value per share (EUR) From above. €8.79
Current discount Discount to share price of €7.87
= -1 x (€7.87 - €8.79) / €8.79
10.5%

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

Current Discount
Amount off the current price Great Portland Estates is available for.
Intrinsic value
10%
Share price is €7.87 vs Future cash flow value of €8.79
Current Discount Checks
For Great Portland Estates to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Great Portland Estates's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Great Portland Estates's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Great Portland Estates's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Great Portland Estates's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:G9KB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in GBP £0.18
LSE:GPOR Share Price ** LSE (2019-06-17) in GBP £7.14
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 12.62x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.7x

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

** Primary Listing of Great Portland Estates.

DB:G9KB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:GPOR Share Price ÷ EPS (both in GBP)

= 7.14 ÷ 0.18

39.8x

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

  • Great Portland Estates is overvalued based on earnings compared to the DE REITs industry average.
  • Great Portland Estates is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Great Portland Estates's expected growth come at a high price?
Raw Data
DB:G9KB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
25.8%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.65x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

DB:G9KB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.8x ÷ 25.8%

1.54x

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

  • Great Portland Estates is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Great Portland Estates's assets?
Raw Data
DB:G9KB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in GBP £8.55
LSE:GPOR Share Price * LSE (2019-06-17) in GBP £7.14
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.34x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
DB:G9KB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:GPOR Share Price ÷ Book Value per Share (both in GBP)

= 7.14 ÷ 8.55

0.84x

* Primary Listing of Great Portland Estates.

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

  • Great Portland Estates is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess Great Portland Estates'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. Great Portland Estates 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.

G9KB Future Performance

 How is Great Portland Estates expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Great Portland Estates expected to grow at an attractive rate?
  • Great Portland Estates's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Great Portland Estates's earnings growth is expected to exceed the Germany market average.
  • Great Portland Estates's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:G9KB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:G9KB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 25.8%
DB:G9KB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts -1.2%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.3%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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
DB:G9KB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:G9KB Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 219
2023-03-31 209
2022-03-31 105 60 74 1
2021-03-31 89 61 147 1
2020-03-31 79 47 34 1
DB:G9KB Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-03-31 105 27 50
2018-12-31 237 131 64
2018-09-30 368 234 79
2018-06-30 375 237 75
2018-03-31 381 240 70
2017-12-31 251 112 10
2017-09-30 121 -16 -51
2017-06-30 116 -37 -95
2017-03-31 112 -58 -139
2016-12-31 108 -49 -9
2016-09-30 105 -40 122
2016-06-30 113 -12 339

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Great Portland Estates's earnings are expected to grow significantly at over 20% yearly.
  • Great Portland Estates's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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
DB:G9KB 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 9 Analyst Estimates (S&P Global) See Below

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

DB:G9KB Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 0.79 0.79 0.79 1.00
2023-03-31 0.76 0.76 0.76 1.00
2022-03-31 0.21 0.65 -0.22 4.00
2021-03-31 0.51 0.63 0.40 3.00
2020-03-31 0.14 0.59 -0.36 7.00
DB:G9KB Past Financials Data
Date (Data in GBP Millions) EPS *
2019-03-31 0.18
2018-12-31 0.21
2018-09-30 0.24
2018-06-30 0.23
2018-03-31 0.22
2017-12-31 0.03
2017-09-30 -0.18
2017-06-30 -0.34
2017-03-31 -0.50
2016-12-31 -0.03
2016-09-30 0.44
2016-06-30 1.21

*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.
  • Great Portland Estates is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Great Portland Estates'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.
Great Portland Estates 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.

G9KB Past Performance

  How has Great Portland Estates 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 Great Portland Estates'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.
  • Great Portland Estates's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Great Portland Estates's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Great Portland Estates's 1-year earnings growth is negative, it can't be compared to the DE REITs industry average.
Earnings and Revenue History
Great Portland Estates'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 Great Portland Estates Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:G9KB Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 105.10 49.50 25.10
2018-12-31 236.70 64.10 25.05
2018-09-30 368.30 78.70 25.00
2018-06-30 374.75 74.50 24.55
2018-03-31 381.20 70.30 24.10
2017-12-31 251.10 9.50 22.80
2017-09-30 121.00 -51.30 21.50
2017-06-30 116.45 -95.35 20.80
2017-03-31 111.90 -139.40 20.10
2016-12-31 108.45 -8.50 20.95
2016-09-30 105.00 122.40 21.80
2016-06-30 112.50 339.30 23.10
2016-03-31 120.00 556.20 24.40
2015-12-31 116.65 594.45 23.10
2015-09-30 113.30 632.70 21.80
2015-06-30 99.35 570.45 20.95
2015-03-31 85.40 508.20 20.10
2014-12-31 82.35 515.00 22.40
2014-09-30 79.30 521.80 24.70
2014-06-30 82.65 472.00 24.65
2014-03-31 86.00 422.20 24.60
2013-12-31 68.60 336.50 23.60
2013-09-30 51.20 250.80 22.60
2013-06-30 58.40 215.70 22.70
2013-03-31 65.60 180.60 22.80
2012-12-31 88.55 166.70 22.10
2012-09-30 111.50 152.80 21.40
2012-06-30 106.75 154.00 20.65

*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.
  • Great Portland Estates has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Great Portland Estates used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • Great Portland Estates has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Great Portland Estates'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.
Great Portland Estates 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.

G9KB Health

 How is Great Portland Estates'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 Great Portland Estates's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Great Portland Estates is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Great Portland Estates's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Great Portland Estates'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 0.5x 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 Great Portland Estates Company Filings, last reported 2 months ago.

DB:G9KB Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,309.70 336.70 139.40
2018-12-31 2,309.70 336.70 139.40
2018-09-30 2,381.40 336.70 179.60
2018-06-30 2,381.40 336.70 179.60
2018-03-31 2,366.90 387.90 351.40
2017-12-31 2,366.90 387.90 351.40
2017-09-30 2,634.80 572.30 13.80
2017-06-30 2,634.80 572.30 13.80
2017-03-31 2,738.40 573.60 26.00
2016-12-31 2,738.40 573.60 26.00
2016-09-30 2,826.80 792.60 10.50
2016-06-30 2,826.80 792.60 10.50
2016-03-31 2,912.20 650.70 14.70
2015-12-31 2,912.20 650.70 14.70
2015-09-30 2,746.70 756.70 3.40
2015-06-30 2,746.70 756.70 3.40
2015-03-31 2,390.90 667.00 7.60
2014-12-31 2,390.90 667.00 7.60
2014-09-30 2,160.80 695.80 2.40
2014-06-30 2,160.80 695.80 2.40
2014-03-31 1,931.90 652.60 7.80
2013-12-31 1,931.90 652.60 7.80
2013-09-30 1,668.30 841.10 4.90
2013-06-30 1,668.30 841.10 4.90
2013-03-31 1,537.70 706.40 6.30
2012-12-31 1,537.70 706.40 6.30
2012-09-30 1,304.80 746.20 6.80
2012-06-30 1,304.80 746.20 6.80
  • Great Portland Estates's level of debt (14.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (33.8% vs 14.6% today).
  • Debt is not well covered by operating cash flow (8%, less than 20% of total debt).
  • Great Portland Estates earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Great Portland Estates'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. Great Portland Estates has a total score of 4/6, 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.

G9KB Dividends

 What is Great Portland Estates'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
1.71%
Current annual income from Great Portland Estates dividends. Estimated to be 1.94% next year.
If you bought €2,000 of Great Portland Estates shares you are expected to receive €34 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?
  • Great Portland Estates's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Great Portland Estates's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
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
DB:G9KB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 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 3.9%

Industry and Market average data is calculated daily.

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

DB:G9KB Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 0.16 2.00
2023-03-31 0.15 3.00
2022-03-31 0.15 12.00
2021-03-31 0.13 17.00
2020-03-31 0.13 11.00
DB:G9KB Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-05-31 0.122 1.721
2018-11-15 0.116 1.598
2018-06-01 0.113 1.607
2018-05-23 0.113 1.650
2017-06-02 0.123 1.716
2017-05-24 0.123 1.676
2016-11-17 0.114 1.440
2016-06-08 0.112 1.430
2016-05-25 0.112 1.223
2015-05-29 0.110 1.129
2015-05-20 0.110 1.077
2014-05-22 0.108 1.249
2013-05-22 0.105 1.473
2012-06-01 0.205 3.621
2012-05-23 0.103 2.169
2011-06-01 0.100 2.235
2011-05-24 0.100 1.924
2010-06-01 0.098 2.322
2010-05-20 0.098 2.670

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

  • Great Portland Estates has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Great Portland Estates only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Great Portland Estates's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Great Portland Estates'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 Great Portland Estates afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Great Portland Estates 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.

G9KB Management

 What is the CEO of Great Portland Estates'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
Toby Courtauld
COMPENSATION £905,000
AGE 50
TENURE AS CEO 17.2 years
CEO Bio

Mr. Toby Courtauld, MA, MRICS has been the Chief Executive Officer and Executive Director of Great Portland Estates Plc since joining it in April 2002. Mr. Courtauld was the President of British Property Federation. Previously with the property company MEPC for 11 years, he gained broad experience ranging from portfolio management through to corporate transactions and general management. His skills include: Real Estate. He is Member of the British Property Federation Board, Director of The New West End Company, Non-Executive Director of Liv-Ex Limited and Member of Imperial College London Council.

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

Average tenure of the Great Portland Estates management team in years:

6.3
Average Tenure
  • The average tenure for the Great Portland Estates management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Toby Courtauld

TITLE
CEO & Director
COMPENSATION
£905K
AGE
50
TENURE
17.2 yrs

Nick Sanderson

TITLE
Finance & Operations Director and Director
COMPENSATION
£619K
AGE
45
TENURE
7.9 yrs

Robin Matthews

TITLE
Investment Director
TENURE
2.8 yrs

Martin Leighton

TITLE
Director of Corporate Finance
TENURE
2.4 yrs

Stephen Burrows

TITLE
Director of Financial Reporting & Investor Relations

Andrew White

TITLE
Development Director
TENURE
6.3 yrs

Rachel Aylett

TITLE
Head of Human Resources
TENURE
0.8 yrs

Janine Cole

TITLE
Head of Sustainability
TENURE
8.4 yrs

Kirsty Davie

TITLE
Head of Investment Analysis & Management Information
TENURE
6.3 yrs

Helen Hare

TITLE
Head of Project Management
TENURE
2.4 yrs
Board of Directors Tenure

Average tenure and age of the Great Portland Estates board of directors in years:

2.3
Average Tenure
51
Average Age
  • The average tenure for the Great Portland Estates board of directors is less than 3 years, this suggests a new board.
Board of Directors

Richard Mully

TITLE
Non-Executive Chairman
COMPENSATION
£94K
AGE
57
TENURE
0.3 yrs

Toby Courtauld

TITLE
CEO & Director
COMPENSATION
£905K
AGE
50
TENURE
17.2 yrs

Nick Sanderson

TITLE
Finance & Operations Director and Director
COMPENSATION
£619K
AGE
45
TENURE
7.9 yrs

Nick Hampton

TITLE
Non-Executive Director
COMPENSATION
£66K
AGE
51
TENURE
2.7 yrs

Wendy Becker

TITLE
Non-Executive Director
COMPENSATION
£71K
AGE
52
TENURE
2.3 yrs

Charles E. Philipps

TITLE
Senior Independent Director
COMPENSATION
£70K
AGE
58
TENURE
2.2 yrs

Alison Rose-Slade

TITLE
Non-Executive Director
COMPENSATION
£60K
AGE
49
TENURE
1.2 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 (€) Value (€)
X
Management checks
We assess Great Portland Estates'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. Great Portland Estates 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.

G9KB News

Simply Wall St News

G9KB Company Info

Description

We are a FTSE 250 property investment and development company owning £2.6 billion of real estate in central London. We proactively manage our portfolio, flexing our activities in tune with London’s property cycle to deliver long-term out-performance. We create in-demand spaces that people want to be part of; helping our occupiers, local communities and the city to thrive.

Details
Name: Great Portland Estates Plc
G9KB
Exchange: DB
Founded:
£2,140,560,434
268,178,441
Website: http://www.gpe.co.uk
Address: Great Portland Estates Plc
33 Cavendish Square,
London,
East Lothian, W1G 0PW,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE GPOR Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK GPEA.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB G9KB Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BATS-CHIXE GPORL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
LSE GPOR ORD GBP0.15263157894 London Stock Exchange GB GBP 27. Mar 2018
BATS-CHIXE GPORL ORD GBP0.15263157894 BATS 'Chi-X Europe' GB GBP 27. Mar 2018
Number of employees
Current staff
Staff numbers
107
Great Portland Estates employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 20:53
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/31
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.