Shaftesbury (LSE:SHB) - Share price, News & Analysis

SHB fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	4/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

SHB Stock Overview

Shaftesbury is a Real Estate Investment Trust which invests exclusively in the liveliest parts of London's West End.

Rewards

Earnings are forecast to grow 68.4% per year

Risk Analysis

Shareholders have been diluted in the past year

Shaftesbury Competitors

Supermarket Income REIT

LSE:SUPR

UK£1.6b

Capital & Counties Properties

LSE:CAPC

UK£1.4b

Hammerson

LSE:HMSO

UK£1.3b

NewRiver REIT

LSE:NRR

UK£287.5m

Price History & Performance

Summary of all time highs, changes and price drops for Shaftesbury
Historical stock prices
Current Share Price	UK£5.65
52 Week High	UK£6.69
52 Week Low	UK£5.28
Beta	0.82
1 Month Change	-5.36%
3 Month Change	-3.99%
1 Year Change	-5.91%
3 Year Change	-31.76%
5 Year Change	-41.57%
Change since IPO	841.68%

Shareholder Returns

	SHB	GB REITs	GB Market
7D	0.5%	2.3%	1.1%
1Y	-5.9%	1.5%	-2.5%

Return vs Industry: SHB underperformed the UK REITs industry which returned 1.2% over the past year.

Return vs Market: SHB underperformed the UK Market which returned -2.5% over the past year.

Price Volatility

Is SHB's price volatile compared to industry and market?
SHB volatility
SHB Average Weekly Movement	3.7%
REITs Industry Average Movement	3.6%
Market Average Movement	6.1%
10% most volatile stocks in GB Market	11.7%
10% least volatile stocks in GB Market	3.2%

Stable Share Price: SHB is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SHB's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1986	54	Brian Bickell	https://www.shaftesbury.co.uk

Shaftesbury is a Real Estate Investment Trust which invests exclusively in the liveliest parts of London's West End. Focused on food, beverage, retail and leisure, our portfolio is clustered mainly in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in East and West Covent Garden, Soho and Fitzrovia. Extending to 16 acres, the portfolio comprises 611 restaurants, cafés, pubs and shops, extending to 1.1 million sq.

Shaftesbury Fundamentals Summary

How do Shaftesbury's earnings and revenue compare to its market cap?
SHB fundamental statistics
Market Cap	UK£2.22b
Earnings (TTM)	-UK£194.90m
Revenue (TTM)	UK£112.70m

19.2x

P/S Ratio

-11.1x

P/E Ratio

Is SHB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SHB income statement (TTM)
Revenue	UK£112.70m
Cost of Revenue	UK£30.30m
Gross Profit	UK£82.40m
Other Expenses	UK£277.30m
Earnings	-UK£194.90m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

May 24, 2022

Earnings per share (EPS)	-0.51
Gross Margin	73.11%
Net Profit Margin	-172.94%
Debt/Equity Ratio	40.1%

How did SHB perform over the long term?

See historical performance and comparison

Dividends

1.1%

Current Dividend Yield

104%

Payout Ratio

Valuation

Is Shaftesbury undervalued compared to its fair value and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

0.91x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: SHB (£5.78) is trading above our estimate of fair value (£0.6)

Significantly Below Fair Value: SHB is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: SHB is unprofitable, so we can't compare its PE Ratio to the UK REITs industry average.

PE vs Market: SHB is unprofitable, so we can't compare its PE Ratio to the UK market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SHB's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: SHB's PB Ratio (0.9x) is in line with the GB REITs industry average.

Future Growth

How is Shaftesbury forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

68.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SHB is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.9%).

Earnings vs Market: SHB is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: SHB's is expected to become profitable in the next 3 years.

Revenue vs Market: SHB's revenue (7.8% per year) is forecast to grow faster than the UK market (4.1% per year).

High Growth Revenue: SHB's revenue (7.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SHB's Return on Equity is forecast to be low in 3 years time (1.8%).

Past Performance

How has Shaftesbury performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-65.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SHB is currently unprofitable.

Growing Profit Margin: SHB is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: SHB is unprofitable, and losses have increased over the past 5 years at a rate of 65.2% per year.

Accelerating Growth: Unable to compare SHB's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: SHB is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (129.6%).

Return on Equity

High ROE: SHB has a negative Return on Equity (-8.21%), as it is currently unprofitable.

Financial Health

How is Shaftesbury's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SHB's short term assets (£255.7M) exceed its short term liabilities (£31.6M).

Long Term Liabilities: SHB's short term assets (£255.7M) do not cover its long term liabilities (£952.3M).

Debt to Equity History and Analysis

Debt Level: SHB's net debt to equity ratio (31.2%) is considered satisfactory.

Reducing Debt: SHB's debt to equity ratio has increased from 36.7% to 40.1% over the past 5 years.

Debt Coverage: SHB's debt is not well covered by operating cash flow (0.9%).

Interest Coverage: SHB's interest payments on its debt are not well covered by EBIT (1.5x coverage).

Balance Sheet

Dividend

What is Shaftesbury current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.13%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SHB's dividend (1.11%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (1.79%).

High Dividend: SHB's dividend (1.11%) is low compared to the top 25% of dividend payers in the UK market (4.82%).

Stability and Growth of Payments

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

Growing Dividend: SHB's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (104.5%), SHB's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (275.9%), SHB's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies

Management

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

4.5yrs

Average management tenure

CEO

Brian Bickell (67 yo)

10.58yrs

Tenure

UK£1,253,000

Compensation

Mr. Brian Bickell, FCA serves as Director at Shaftesbury Chinatown PLC. He is Director of Shaftesbury Carnaby PLC. He has been the Chief Executive Officer of Shaftesbury Plc since October 01, 2011 and its...

CEO Compensation Analysis

Compensation vs Market: Brian's total compensation ($USD1.55M) is below average for companies of similar size in the UK market ($USD2.99M).

Compensation vs Earnings: Brian's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: SHB's management team is considered experienced (4.5 years average tenure).

Board Members

Experienced Board: SHB's board of directors are considered experienced (5.7 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: Insufficient data to determine if 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 diluted in the past year, with total shares outstanding growing by 25%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/19 00:00
End of Day Share Price	2022/05/19 00:00
Earnings	2021/09/30
Annual Earnings	2021/09/30