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UK Commercial Property REIT

LSE:UKCM
Snowflake Description

Adequate balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UKCM
LSE
£1B
Market Cap
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Last updated 2019/06/17 21:01
Company description

UK Commercial Property REIT (UKCPT) was launched in September 2006, registered as a Guernsey investment company and has a full listing on the London Stock Exchange (FTSE 250). The last earnings update was 52 days ago. More info.

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UKCM Share Price and Events
7 Day Returns
0%
LSE:UKCM
-0.1%
GB REITs
0.4%
GB Market
1 Year Returns
3%
LSE:UKCM
-9%
GB REITs
-3.7%
GB Market
UKCM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
UK Commercial Property REIT (UKCM) 0% -1.2% 3.7% 3% 17.1% 9.8%
GB REITs -0.1% -2.4% -3.7% -9% -3.9% 7.1%
GB Market 0.4% 0.3% 0.8% -3.7% 19% 3.4%
1 Year Return vs Industry and Market
  • UKCM outperformed the REITs industry which returned -9% over the past year.
  • UKCM outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.7% over the past year.
Price Volatility
UKCM
Industry
5yr Volatility vs Market

Value

 Is UK Commercial Property REIT 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 UK Commercial Property REIT 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 UK Commercial Property REIT.

LSE:UKCM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

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 LSE:UKCM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
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%) (21.54%)) 		0.722
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)
= 1.23% + (0.8 * 6.65%) 		6.55%

Discounted Cash Flow Calculation for LSE:UKCM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for UK Commercial Property REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:UKCM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.55%)
2019 44.85 Est @ -2.31% 42.09
2020 44.29 Est @ -1.25% 39.01
2021 44.06 Est @ -0.51% 36.43
2022 44.07 Est @ 0.01% 34.20
2023 44.24 Est @ 0.38% 32.22
2024 44.52 Est @ 0.63% 30.43
2025 44.88 Est @ 0.81% 28.79
2026 45.30 Est @ 0.94% 27.27
2027 45.76 Est @ 1.02% 25.86
2028 46.26 Est @ 1.08% 24.53
Present value of next 10 years cash flows £320.84
LSE:UKCM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £46.26 × (1 + 1.23%) ÷ (6.55% – 1.23%) 		£880.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £880.19 ÷ (1 + 6.55%)10 		£466.84
LSE:UKCM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £320.84 + £466.84 		£787.68
Equity Value per Share
(GBP)		 = Total value / Shares Outstanding
= £787.68 / 1,299.41 		£0.61
LSE:UKCM Discount to Share Price
Calculation Result
Value per share (GBP) From above. £0.61
Current discount Discount to share price of £0.90
= -1 x (£0.90 - £0.61) / £0.61 		-48.5%

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

  • The current share price of UK Commercial Property REIT is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 UK Commercial Property REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are UK Commercial Property REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:UKCM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £0.04
LSE:UKCM Share Price ** LSE (2019-06-17) in GBP £0.9
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 43 Publicly-Listed REITs Companies 12.74x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.17x

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

** Primary Listing of UK Commercial Property REIT.

LSE:UKCM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 0.9 ÷ 0.04

 22.06x

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

  • UK Commercial Property REIT is overvalued based on earnings compared to the GB REITs industry average.
  • UK Commercial Property REIT is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does UK Commercial Property REIT's expected growth come at a high price?
Raw Data
LSE:UKCM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.06x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts		 10%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 23 Publicly-Listed REITs Companies 0.85x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 575 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for UK Commercial Property REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on UK Commercial Property REIT's assets?
Raw Data
LSE:UKCM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £0.93
LSE:UKCM Share Price * LSE (2019-06-17) in GBP £0.9
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.9x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,371 Publicly-Listed Companies 1.48x
LSE:UKCM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.9 ÷ 0.93

 0.96x

* Primary Listing of UK Commercial Property REIT.

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

  • UK Commercial Property REIT is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess UK Commercial Property REIT'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. UK Commercial Property REIT has a total score of 0/6, 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.

Future Performance

 How is UK Commercial Property REIT expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover UK Commercial Property REIT, future earnings growth has been estimated based on fundamentals.
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
10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is UK Commercial Property REIT expected to grow at an attractive rate?
  • UK Commercial Property REIT's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • UK Commercial Property REIT's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Unable to compare UK Commercial Property REIT's revenue growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
LSE:UKCM Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:UKCM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 10%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 16.4%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.7%
United Kingdom of Great Britain and Northern Ireland 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
LSE:UKCM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:UKCM Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 72 46 53
2018-09-30 70 45 86
2018-06-30 68 44 118
2018-03-31 69 43 125
2017-12-31 70 42 132
2017-09-30 70 45 104
2017-06-30 70 48 76
2017-03-31 70 49 60
2016-12-31 69 49 45
2016-09-30 69 51 58
2016-06-30 69 53 70
2016-03-31 70 53 79

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • UK Commercial Property REIT's earnings are expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if UK Commercial Property REIT is high growth as no revenue estimate data is available.
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
LSE:UKCM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from UK Commercial Property REIT Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:UKCM Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 0.04
2018-09-30 0.07
2018-06-30 0.09
2018-03-31 0.10
2017-12-31 0.10
2017-09-30 0.08
2017-06-30 0.06
2017-03-31 0.05
2016-12-31 0.03
2016-09-30 0.04
2016-06-30 0.05
2016-03-31 0.06

*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.
  • Unable to establish if UK Commercial Property REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess UK Commercial Property REIT'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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.
UK Commercial Property REIT has a total score of 1/6, 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.

Past Performance

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

LSE:UKCM Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 72.40 53.01
2018-09-30 70.22 85.75
2018-06-30 68.05 118.49
2018-03-31 69.08 125.03
2017-12-31 70.12 131.56
2017-09-30 70.17 103.64
2017-06-30 70.23 75.71
2017-03-31 69.63 60.45
2016-12-31 69.03 45.19
2016-09-30 69.15 57.55
2016-06-30 69.27 69.92
2016-03-31 69.72 78.78
2015-12-31 70.16 87.64
2015-09-30 70.17 109.76 -0.63
2015-06-30 70.17 131.88 -1.26
2015-03-31 70.60 152.29 -0.63
2014-12-31 71.03 172.71
2014-09-30 71.72 168.08 0.05
2014-06-30 72.41 163.46 0.09
2014-03-31 72.54 129.76 0.05
2013-12-31 72.68 96.07
2013-09-30 73.56 56.77 0.29
2013-06-30 74.44 17.47 0.58
2013-03-31 74.96 6.26 0.47
2012-12-31 75.49 -4.95 0.35
2012-09-30 73.89 5.43 0.67
2012-06-30 72.29 15.82 0.99

*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.
  • UK Commercial Property REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • UK Commercial Property REIT used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
  • UK Commercial Property REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess UK Commercial Property REIT'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.
UK Commercial Property REIT has a total score of 0/6, 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.

Health

 How is UK Commercial Property REIT'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 UK Commercial Property REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • UK Commercial Property REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • UK Commercial Property REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of UK Commercial Property REIT'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 0.3x 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 UK Commercial Property REIT Company Filings, last reported 5 months ago.

LSE:UKCM Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,212.62 251.96 43.51
2018-09-30 1,212.62 251.96 43.51
2018-06-30 1,227.40 250.62 84.08
2018-03-31 1,227.40 250.62 84.08
2017-12-31 1,206.05 251.22 72.44
2017-09-30 1,206.05 251.22 72.44
2017-06-30 1,155.00 251.63 98.61
2017-03-31 1,155.00 251.63 98.61
2016-12-31 1,120.64 252.29 104.89
2016-09-30 1,120.64 252.29 104.89
2016-06-30 1,124.61 253.70 114.35
2016-03-31 1,124.61 253.70 114.35
2015-12-31 1,127.19 250.88 75.79
2015-09-30 1,127.19 250.88 75.79
2015-06-30 1,109.41 249.36 132.14
2015-03-31 1,109.41 249.36 132.14
2014-12-31 1,078.95 237.90 63.38
2014-09-30 1,078.95 237.90 63.38
2014-06-30 967.44 234.40 97.40
2014-03-31 967.44 234.40 97.40
2013-12-31 875.75 236.17 80.73
2013-09-30 875.75 236.17 80.73
2013-06-30 824.75 240.35 59.60
2013-03-31 824.75 240.35 59.60
2012-12-31 832.83 245.47 77.06
2012-09-30 832.83 245.47 77.06
2012-06-30 865.75 213.67 47.47
  • UK Commercial Property REIT's level of debt (20.8%) 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 (26.9% vs 20.8% today).
  • Debt is not well covered by operating cash flow (18.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.6x coverage).
Show me more healthy companies in the REITs industry
X
Financial health checks
We assess UK Commercial Property REIT'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. UK Commercial Property REIT 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.

Dividends

 What is UK Commercial Property REIT'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
4.09%
Current annual income from UK Commercial Property REIT dividends.
If you bought £2,000 of UK Commercial Property REIT shares you are expected to receive £82 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?
  • UK Commercial Property REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.97%).
  • UK Commercial Property REIT's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.43%).
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
LSE:UKCM 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 0 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 4.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

LSE:UKCM Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-05-02 0.037 4.065
2019-02-07 0.037 4.221
2018-11-02 0.037 4.321
2018-08-02 0.037 4.177
2018-05-03 0.037 4.184
2018-02-01 0.037 4.151
2017-10-26 0.037 4.167
2017-07-28 0.037 4.095
2017-04-26 0.037 4.106
2017-02-08 0.037 4.332
2016-10-10 0.037 4.504
2016-07-26 0.037 4.634
2016-04-27 0.037 4.700
2016-01-29 0.037 4.485
2015-10-30 0.037 4.414
2015-07-22 0.037 4.230
2015-05-06 0.037 4.116
2015-02-12 0.037 4.035
2014-07-16 0.037 4.342
2014-04-29 0.037 4.518
2014-03-20 0.037 4.528
2014-03-19 0.037 4.653
2014-02-04 0.053 6.661
2013-11-06 0.053 6.841
2013-07-09 0.053 6.937
2013-04-26 0.053 7.067
2013-02-01 0.053 7.546
2012-03-20 0.053 7.647
2012-03-19 0.053 7.338
2011-05-03 0.053 6.886
2011-03-30 0.053 6.516
2011-03-29 0.053 6.402
2010-08-26 0.053 6.639
2010-03-30 0.053 6.621
2010-03-29 0.053 6.252
2009-08-25 0.053 6.873

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of UK Commercial Property REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess UK Commercial Property REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 UK Commercial Property REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. UK Commercial Property REIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of UK Commercial Property REIT'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.
  • UK Commercial Property REIT has no CEO, or we have no data on them.
Management Team

Will Fulton

TITLE
Fund Manager

Sheila Campbell

TITLE
Asset Manager of Real Estate - Ignis Investment Services Limited

David Rodger

TITLE
Portfolio Manager of Real Estate - Ignis Investment Services Limited
Board of Directors Tenure

Average tenure of the UK Commercial Property REIT board of directors in years:

3
Average Tenure
  • The tenure for the UK Commercial Property REIT board of directors is about average.
Board of Directors

Andrew Wilson

TITLE
Chairman of the Board
COMPENSATION
£60K
AGE
63
TENURE
3 yrs

Ken McCullagh

TITLE
Senior Independent Director
COMPENSATION
£49K

Sandra Platts

TITLE
Non-Executive Director
COMPENSATION
£43K
TENURE
5.5 yrs

Margaret Littlejohns

TITLE
Non-Executive Director
COMPENSATION
£43K
TENURE
1.4 yrs

Michael Ayre

TITLE
Non-Executive Director
COMPENSATION
£43K
TENURE
3.3 yrs

Robert Fowlds

TITLE
Non-Executive Director
COMPENSATION
£31K
AGE
56
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 (£)
06. Aug 18 Buy Andrew Wilson Individual 06. Aug 18 06. Aug 18 25,000 £0.88 £21,959
X
Management checks
We assess UK Commercial Property REIT'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. UK Commercial Property REIT 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.

News

Simply Wall St News

Investing In UK Commercial Property REIT Limited (LON:UKCM): What You Need To Know

This tells us how long it will take UKCM to pay off its debt using its income from its main business activities, and gives us an insight into UKCM’s ability to service its borrowings. … However, before you decide on whether or not to invest in UKCM, I highly recommend taking a look at other aspects of the stock to consider: Future Outlook: What are well-informed industry analysts predicting for UKCM’s future growth? … Take a look at our free research report of analyst consensus for UKCM’s outlook.

Simply Wall St - –

UK Commercial Property REIT (LON:UKCM) Shareholders Booked A 10% Gain In The Last Five Years

For example, the UK Commercial Property REIT Limited (LON:UKCM) share price is up 10% in the last 5 years, clearly besting than the market return of around 2.6% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … UK Commercial Property REIT's earnings per share are down 13% per year, despite strong share price performance over five years.

Simply Wall St - –

Taking A Look At UK Commercial Property REIT Limited's (LON:UKCM) ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand UK Commercial Property REIT Limited (LON:UKCM). … Our data shows UK Commercial Property REIT has a return on equity of 9.7% for the last year.

Simply Wall St - –

Should You Invest In UK Commercial Property REIT Limited (LON:UKCM)?

UK Commercial Property REIT Limited is a UK£1.1b. … REITs own and operate income-generating property and adhere to a different set of regulations. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St - –

A Note On UK Commercial Property REIT Limited's (LON:UKCM) ROE and Debt To Equity

By way of learning-by-doing, we'll look at ROE to gain a better understanding UK Commercial Property REIT Limited (LON:UKCM). … UK Commercial Property REIT has a ROE of 9.7%, based on the last twelve months. … One way to conceptualize this, is that for each £1 of shareholders' equity it has, the company made £0.097 in profit.

Simply Wall St - –

Company Info

Description

UK Commercial Property REIT (UKCPT) was launched in September 2006, registered as a Guernsey investment company and has a full listing on the London Stock Exchange (FTSE 250). The initial offering raised £530m and the proceeds were used to acquire a portfolio of properties from closed life funds held by Phoenix Group Holdings. This provided a means for the life funds to collectivise their property exposure, while at the same time reducing exposure by way of UKCPT attracting additional new shareholders.

Details
Name: UK Commercial Property REIT Limited
UKCM
Exchange: LSE
Founded: 2006
£1,169,471,218
1,299,412,465
Website: http://www.ukcpreit.co.uk
Address: UK Commercial Property REIT Limited
Investment House 1 George Street,
Edinburgh,
Eh2 2-ll,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE UKCM Ordinary Shares London Stock Exchange GB GBP 22. Sep 2006
BATS-CHIXE UKCML Ordinary Shares BATS 'Chi-X Europe' GB GBP 22. Sep 2006
Number of employees
Current staff
Staff numbers
0
UK Commercial Property REIT employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 21:01
End of day share price update: 2019/06/17 00:00
Last earnings filing: 2019/04/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.

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