AIM:SHED

Stock Analysis Report

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Executive Summary

Urban Logistics REIT plc, previously Pacific Industrial & Logistics REIT plc, (the "Company") and its subsidiaries (the "Group") carry on the business of property lettings throughout the United Kingdom.


Snowflake Analysis

High growth potential and good value.

Share Price & News

How has Urban Logistics REIT's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.4%

SHED

8.0%

GB REITs

3.0%

GB Market


1 Year Return

-1.2%

SHED

-14.1%

GB REITs

-11.7%

GB Market

Return vs Industry: SHED exceeded the UK REITs industry which returned -14.1% over the past year.

Return vs Market: SHED exceeded the UK Market which returned -11.7% over the past year.


Shareholder returns

SHEDIndustryMarket
7 Day-0.4%8.0%3.0%
30 Day-3.8%2.2%7.3%
90 Day-10.6%-18.2%-7.9%
1 Year7.9%-1.2%-11.0%-14.1%-7.4%-11.7%
3 Year22.5%3.7%-9.7%-16.3%-4.7%-16.3%
5 Yearn/a-2.1%-20.1%14.1%-11.5%

Price Volatility Vs. Market

How volatile is Urban Logistics REIT's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Urban Logistics REIT undervalued compared to its fair value and its price relative to the market?

7.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SHED (£1.27) is trading below our estimate of fair value (£1.37)

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


Price To Earnings Ratio

PE vs Industry: SHED is good value based on its PE Ratio (12.8x) compared to the REITs industry average (14.8x).

PE vs Market: SHED is good value based on its PE Ratio (12.8x) compared to the UK market (14.7x).


Price to Earnings Growth Ratio

PEG Ratio: SHED is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: SHED is overvalued based on its PB Ratio (0.9x) compared to the GB REITs industry average (0.7x).


Next Steps

Future Growth

How is Urban Logistics REIT forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

49.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SHED's forecast earnings growth (49% per year) is above the savings rate (1.2%).

Earnings vs Market: SHED's earnings (49% per year) are forecast to grow faster than the UK market (20.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: SHED's revenue (35.1% per year) is forecast to grow faster than the UK market (3.7% per year).

High Growth Revenue: SHED's revenue (35.1% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Urban Logistics REIT performed over the past 5 years?

-50.1%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: SHED has a large one-off gain of £6.3M impacting its March 31 2020 financial results.

Growing Profit Margin: SHED's current net profit margins (74.3%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if SHED's year-on-year earnings growth rate was positive over the past 5 years.

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

Earnings vs Industry: SHED had negative earnings growth (-50.1%) over the past year, making it difficult to compare to the REITs industry average (-32.2%).


Return on Equity

High ROE: SHED's Return on Equity (3.6%) is considered low.


Next Steps

Financial Health

How is Urban Logistics REIT's financial position?


Financial Position Analysis

Short Term Liabilities: SHED's short term assets (£134.1M) exceed its short term liabilities (£5.7M).

Long Term Liabilities: SHED's short term assets (£134.1M) exceed its long term liabilities (£78.8M).


Debt to Equity History and Analysis

Debt Level: SHED's debt to equity ratio (29.4%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if SHED's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: SHED's debt is not well covered by operating cash flow (12.8%).

Interest Coverage: SHED's interest payments on its debt are not well covered by EBIT (1.9x coverage).


Balance Sheet


Next Steps

Dividend

What is Urban Logistics REIT's current dividend yield, its reliability and sustainability?

2.95%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SHED's dividend (2.95%) is higher than the bottom 25% of dividend payers in the UK market (1.99%).

High Dividend: SHED's dividend (2.95%) is low compared to the top 25% of dividend payers in the UK market (5.69%).


Stability and Growth of Payments

Stable Dividend: SHED has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: SHED has only been paying a dividend for 4 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69.8%), SHED's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SHED's dividends in 3 years are forecast to be covered by earnings (90.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average board tenure


CEO

John Moffitt (54yo)

no data

Tenure

Mr. John Richard Moffitt served as the Head of Industrial and Executive Director at CBRE Limited, where he was Head of the UK Industrial team. Mr. Moffitt serves as Chief Executive Officer of Urban Logisti ...


Board Members

NamePositionTenureCompensationOwnership
John Moffitt
CEO & Directorno datano data0.21% £505.9k
Nigel Sutherland Rich
Independent Non-Executive Chairman3.42yrsUK£75.00k0.18% £426.1k
Mark Johnson
Non-Executive Director3.42yrsno data0.10% £245.7k
Bruce Anderson
Independent Non-Executive Director4.17yrsUK£35.00k0.027% £63.5k
Jonathan James Olav Gray
Senior Independent Directorno dataUK£35.00k0.032% £76.2k

3.8yrs

Average Tenure

55yo

Average Age

Experienced Board: SHED's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SHED insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 114.9%.


Top Shareholders

Company Information

Urban Logistics REIT plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Urban Logistics REIT plc
  • Ticker: SHED
  • Exchange: AIM
  • Founded:
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: UK£239.542m
  • Shares outstanding: 188.62m
  • Website: https://www.urbanlogisticsreit.com

Location

  • Urban Logistics REIT plc
  • 124 Sloane Street
  • London
  • East Lothian
  • SW1X 9BW
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SHEDAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPApr 2016

Biography

Urban Logistics REIT plc, previously Pacific Industrial & Logistics REIT plc, (the "Company") and its subsidiaries (the "Group") carry on the business of property lettings throughout the United Kingdom. The Company is a public limited company incorporated and domiciled in England and Wales and listed on the AIM Market of The London Stock Exchange. The registered office address is 124 Sloane Street, London, SW1X 9BW. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 00:57
End of Day Share Price2020/06/01 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.