DB:O1A

Stock Analysis Report

One Liberty Properties

Executive Summary

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982.

Rewards

Trading at 46.4% below its fair value

Earnings are forecast to grow 3.59% per year

Pays a high and reliable dividend of 6.52%

Risk Analysis

Large one-off items impacting financial results

Profit margins (14.6%) are lower than last year (29.7%)

Shareholders have been diluted in the past year



Snowflake Analysis

Established dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has One Liberty Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: O1A has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.3%

O1A

2.8%

DE REITs

0.06%

DE Market


1 Year Return

9.8%

O1A

34.4%

DE REITs

14.8%

DE Market

Return vs Industry: O1A underperformed the German REITs industry which returned 32.9% over the past year.

Return vs Market: O1A underperformed the German Market which returned 17.1% over the past year.


Shareholder returns

O1AIndustryMarket
7 Day3.3%2.8%0.06%
30 Day2.4%7.0%1.8%
90 Day2.4%6.9%7.1%
1 Year16.8%9.8%39.1%34.4%18.4%14.8%
3 Year35.8%10.6%41.4%21.3%17.4%7.0%
5 Year59.6%12.8%44.7%13.6%27.9%10.4%

Price Volatility Vs. Market

How volatile is One Liberty Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is One Liberty Properties undervalued compared to its fair value and its price relative to the market?

45.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: O1A (€24.6) is trading below our estimate of fair value (€45.93)

Significantly Below Fair Value: O1A is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: O1A is poor value based on its PE Ratio (43.2x) compared to the REITs industry average (8.9x).

PE vs Market: O1A is poor value based on its PE Ratio (43.2x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: O1A is poor value based on its PEG Ratio (12x)


Price to Book Ratio

PB vs Industry: O1A is overvalued based on its PB Ratio (1.8x) compared to the DE REITs industry average (1.6x).


Next Steps

Future Growth

How is One Liberty Properties forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: O1A's forecast earnings growth (3.6% per year) is above the savings rate (-0.4%).

Earnings vs Market: O1A's earnings (3.6% per year) are forecast to grow slower than the German market (13.2% per year).

High Growth Earnings: O1A's earnings are forecast to grow, but not significantly.

Revenue vs Market: O1A's revenue (5.5% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: O1A's revenue (5.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if O1A's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has One Liberty Properties performed over the past 5 years?

-3.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: O1A has a large one-off gain of $2.7M impacting its September 30 2019 financial results.

Growing Profit Margin: O1A's current net profit margins (14.6%) are lower than last year (29.7%).


Past Earnings Growth Analysis

Earnings Trend: O1A's earnings have declined by -3.1% per year over the past 5 years.

Accelerating Growth: O1A's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: O1A had negative earnings growth (-48.5%) over the past year, making it difficult to compare to the REITs industry average (96.7%).


Return on Equity

High ROE: O1A's Return on Equity (4.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is One Liberty Properties'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: O1A has a high level of physical assets or inventory.

Debt Coverage by Assets: O1A's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: O1A's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if O1A has a sufficient allowance for bad loans.

Low Risk Liabilities: O1A reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if O1A has an acceptable proportion of non-loan assets held.

Low Risk Deposits: O1A has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if O1A has an appropriate level of bad loans.


Next Steps

Dividend

What is One Liberty Properties's current dividend yield, its reliability and sustainability?

6.39%

Current Dividend Yield


Dividend Yield vs Market

company6.4%marketbottom25%1.4%markettop25%3.5%industryaverage2.9%forecastin3Years6.4%

Current dividend yield vs market & industry

Notable Dividend: O1A's dividend (6.52%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: O1A's dividend (6.52%) is in the top 25% of dividend payers in the German market (3.53%)


Stability and Growth of Payments

Stable Dividend: O1A's dividends per share have been stable in the past 10 years.

Growing Dividend: O1A's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (95.8%), O1A's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of One Liberty Properties's salary, the management and board of directors tenure and is there insider trading?

14.0yrs

Average management tenure


CEO

Patrick Callan (56yo)

12yrs

Tenure

US$1,834,548

Compensation

Mr. Patrick J. Callan, Jr. has been the Chief Executive Officer and President of One Liberty Properties Inc. since January 1, 2008 and January 3, 2006 respectively. Mr. Callan has been a Senior Vice Presid ...


CEO Compensation Analysis

Compensation vs Market: Patrick's total compensation ($USD1.83M) is above average for companies of similar size in the German market ($USD817.80K).

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


Management Age and Tenure

14.0yrs

Average Tenure

56yo

Average Age

Experienced Management: O1A's management team is seasoned and experienced (14 years average tenure).


Board Age and Tenure

11.9yrs

Average Tenure

67yo

Average Age

Experienced Board: O1A's board of directors are seasoned and experienced ( 11.9 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Sell€110,13521 May 19
Lawrence Ricketts
EntityIndividual
Role
Chief Operating Officer
Executive VP & COO
Shares4,189
Max Price€26.36
Sell€76,12228 Mar 19
Justin Clair
EntityIndividual
Role
Senior Key Executive
Senior Vice President
Shares2,946
Max Price€25.84
Sell€130,89025 Mar 19
Lawrence Ricketts
EntityIndividual
Role
Chief Operating Officer
Executive VP & COO
Shares5,000
Max Price€26.20
Sell€51,96121 Mar 19
Justin Clair
EntityIndividual
Role
Senior Key Executive
Senior Vice President
Shares2,000
Max Price€25.98

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.8%.


Management Team

  • Izzy Rosenzweig (72yo)

    Senior Vice President

    • Tenure: 22.6yrs
  • Jeff Gould (53yo)

    Senior VP & Director

    • Tenure: 20.1yrs
    • Compensation: US$501.73k
  • David Kalish (72yo)

    Senior VP & CFO

    • Tenure: 29.6yrs
    • Compensation: US$496.48k
  • Lawrence Ricketts (42yo)

    Executive VP & COO

    • Tenure: 12yrs
    • Compensation: US$1.16m
  • Mark Lundy (57yo)

    Senior VP & Secretary

    • Tenure: 14yrs
    • Compensation: US$313.08k
  • Patrick Callan (56yo)

    President

    • Tenure: 12yrs
    • Compensation: US$1.83m
  • Alysa Block (58yo)

    Treasurer

    • Tenure: 12.6yrs
  • Justin Clair (36yo)

    Senior Vice President

    • Tenure: 0.6yrs
  • Richard Figueroa (51yo)

    VP & Assistant Secretary

    • Tenure: 19yrs
  • Asher Gaffney

    Investor Relations Contact


    Board Members

    • Fred Gould (83yo)

      Vice Chairman of the Board

      • Tenure: 6.6yrs
    • Matt Gould (59yo)

      Chairman of the Board

      • Tenure: 6.6yrs
    • Jeff Gould (53yo)

      Senior VP & Director

      • Tenure: 20.1yrs
      • Compensation: US$501.73k
    • Bob Lovejoy (74yo)

      Lead Director

      • Tenure: 8.6yrs
      • Compensation: US$152.99k
    • Charles Biederman (85yo)

      Independent Director

      • Tenure: 30.6yrs
      • Compensation: US$127.99k
    • Louis Karol (61yo)

      Independent Director

      • Tenure: 9.8yrs
      • Compensation: US$128.99k
    • Eugene Zuriff (79yo)

      Independent Director

      • Tenure: 14.1yrs
      • Compensation: US$143.49k
    • Patrick Callan (56yo)

      President

      • Tenure: 12yrs
      • Compensation: US$1.83m
    • Joseph DeLuca (73yo)

      Independent Director

      • Tenure: 15.6yrs
      • Compensation: US$128.99k
    • Leor Siri (47yo)

      Independent Director

      • Tenure: 5.3yrs
      • Compensation: US$143.99k

    Company Information

    One Liberty Properties, Inc.'s company bio, employee growth, exchange listings and data sources


    Key Information

    • Name: One Liberty Properties, Inc.
    • Ticker: O1A
    • Exchange: DB
    • Founded: 1982
    • Industry: Diversified REITs
    • Sector: Real Estate
    • Market Cap: US$560.981m
    • Listing Market Cap: US$505.724m
    • Shares outstanding: 19.90m
    • Website: https://www.onelibertyproperties.com

    Number of Employees


    Location

    • One Liberty Properties, Inc.
    • 60 Cutter Mill Road
    • Suite 303
    • Great Neck
    • New York
    • 11021
    • United States

    Listings

    TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
    OLPNYSE (New York Stock Exchange)YesCommon StockUSUSDApr 1983
    O1ADB (Deutsche Boerse AG)YesCommon StockDEEURApr 1983

    Biography

    One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness and theater properties. Many of these properties are subject to long term net leases under which the tenant is typically responsible for the property’s real estate taxes, insurance and ordinary maintenance and repairs. 


    Company Analysis and Financial Data Status

    All financial data provided by Standard & Poor's Capital IQ.
    DataLast Updated (UTC time)
    Company Analysis2020/01/17 20:52
    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.