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NBG Pangaea Real Estate Investment

ATSE:PANGAEA
Snowflake Description

Proven track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PANGAEA
ATSE
€1B
Market Cap
  1. Home
  2. GR
  3. Real Estate
Company description

NBG Pangaea Real Estate Investment Company, together with its subsidiaries, invests in, manages, and operates real estate properties primarily in Greece, Italy, and Romania. The last earnings update was 26 days ago. More info.


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PANGAEA Share Price and Events
7 Day Returns
0%
ATSE:PANGAEA
0.1%
GR REITs
0.7%
GR Market
1 Year Returns
9.8%
ATSE:PANGAEA
16.6%
GR REITs
3.8%
GR Market
PANGAEA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
NBG Pangaea Real Estate Investment (PANGAEA) 0% 0% 7.6% 9.8% 36.4% -
GR REITs 0.1% -1.6% 16.1% 16.6% 12.5% 11.3%
GR Market 0.7% 13.9% 15.9% 3.8% 49.7% -82.3%
1 Year Return vs Industry and Market
  • PANGAEA underperformed the REITs industry which returned 16.6% over the past year.
  • PANGAEA outperformed the Market in Greece which returned 3.8% over the past year.
Price Volatility
PANGAEA
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for NBG Pangaea Real Estate Investment's competitors could be found in our database.

PANGAEA Value

 Is NBG Pangaea Real Estate Investment 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 NBG Pangaea Real Estate Investment 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 NBG Pangaea Real Estate Investment.

ATSE:PANGAEA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 0 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.9%
Perpetual Growth Rate 10-Year GR Government Bond Rate 4.9%

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 ATSE:PANGAEA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GR Govt Bond Rate 4.9%
Equity Risk Premium S&P Global 15%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 29%) (54.71%))
0.789
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)
= 4.93% + (0.8 * 14.99%)
16.92%

Discounted Cash Flow Calculation for ATSE:PANGAEA using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for NBG Pangaea Real Estate Investment 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.

NBG Pangaea Real Estate Investment is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ATSE:PANGAEA DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 16.92%)
2019 69.66 Est @ 3.2% 59.58
2020 72.26 Est @ 3.72% 52.85
2021 75.21 Est @ 4.08% 47.05
2022 78.47 Est @ 4.34% 41.98
2023 82.01 Est @ 4.52% 37.53
2024 85.82 Est @ 4.64% 33.59
2025 89.88 Est @ 4.73% 30.08
2026 94.18 Est @ 4.79% 26.96
2027 98.74 Est @ 4.83% 24.17
2028 103.54 Est @ 4.86% 21.68
Present value of next 10 years cash flows €375.48
ATSE:PANGAEA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €103.54 × (1 + 4.93%) ÷ (16.92% – 4.93%)
€905.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €905.96 ÷ (1 + 16.92%)10
€189.70
ATSE:PANGAEA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €375.48 + €189.70
€565.19
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €565.19 / 255.49
€2.21
ATSE:PANGAEA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €2.21
Current discount Discount to share price of €5.25
= -1 x (€5.25 - €2.21) / €2.21
-137.3%

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

  • The current share price of NBG Pangaea Real Estate Investment 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 NBG Pangaea Real Estate Investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are NBG Pangaea Real Estate Investment's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ATSE:PANGAEA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.52
ATSE:PANGAEA Share Price ** ATSE (2019-06-25) in EUR €5.25
Greece REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 10.1x
Greece Market PE Ratio Median Figure of 97 Publicly-Listed Companies 15.74x

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

** Primary Listing of NBG Pangaea Real Estate Investment.

ATSE:PANGAEA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:PANGAEA Share Price ÷ EPS (both in EUR)

= 5.25 ÷ 0.52

10.1x

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

  • NBG Pangaea Real Estate Investment is good value based on earnings compared to the GR REITs industry average.
  • NBG Pangaea Real Estate Investment is good value based on earnings compared to the Greece market.
Price based on expected Growth
Does NBG Pangaea Real Estate Investment's expected growth come at a high price?
Raw Data
ATSE:PANGAEA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
3%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.61x
Greece Market PEG Ratio Median Figure of 21 Publicly-Listed Companies 1.78x

*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 NBG Pangaea Real Estate Investment, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on NBG Pangaea Real Estate Investment's assets?
Raw Data
ATSE:PANGAEA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €5.14
ATSE:PANGAEA Share Price * ATSE (2019-06-25) in EUR €5.25
Greece REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 0.96x
Greece Market PB Ratio Median Figure of 138 Publicly-Listed Companies 0.92x
ATSE:PANGAEA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:PANGAEA Share Price ÷ Book Value per Share (both in EUR)

= 5.25 ÷ 5.14

1.02x

* Primary Listing of NBG Pangaea Real Estate Investment.

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

  • NBG Pangaea Real Estate Investment is overvalued based on assets compared to the GR REITs industry average.
X
Value checks
We assess NBG Pangaea Real Estate Investment'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. NBG Pangaea Real Estate Investment has a total score of 2/6, 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.

PANGAEA Future Performance

 How is NBG Pangaea Real Estate Investment expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover NBG Pangaea Real Estate Investment, 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
3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is NBG Pangaea Real Estate Investment expected to grow at an attractive rate?
  • NBG Pangaea Real Estate Investment's earnings growth is positive but not above the low risk savings rate of 4.9%.
Growth vs Market Checks
  • NBG Pangaea Real Estate Investment's earnings growth is positive but not above the Greece market average.
  • Unable to compare NBG Pangaea Real Estate Investment's revenue growth to the Greece market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ATSE:PANGAEA Future Growth Rates Data Sources
Data Point Source Value (per year)
ATSE:PANGAEA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 3%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Greece Market Earnings Growth Rate Market Cap Weighted Average 16.5%
Greece Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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
ATSE:PANGAEA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ATSE:PANGAEA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 124 63 133
2018-12-31 121 73 115
2018-09-30 121 77 105
2018-06-30 121 61 107
2018-03-31 120 85 75
2017-12-31 118 74 84
2017-09-30 117 74 74
2017-06-30 116 89 74
2017-03-31 115 64 52
2016-12-31 115 65 53
2016-09-30 114 52 84
2016-06-30 113 53 85

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • NBG Pangaea Real Estate Investment's earnings are expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if NBG Pangaea Real Estate Investment 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
ATSE:PANGAEA 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 0 Analyst Estimates (S&P Global) See Below

All data from NBG Pangaea Real Estate Investment Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:PANGAEA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.52
2018-12-31 0.45
2018-09-30 0.41
2018-06-30 0.42
2018-03-31 0.30
2017-12-31 0.33
2017-09-30 0.29
2017-06-30 0.29
2017-03-31 0.20
2016-12-31 0.21
2016-09-30 0.33
2016-06-30 0.33

*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 NBG Pangaea Real Estate Investment will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess NBG Pangaea Real Estate Investment'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 Europe 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.
NBG Pangaea Real Estate Investment has a total score of 0/6, 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.

PANGAEA Past Performance

  How has NBG Pangaea Real Estate Investment 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 NBG Pangaea Real Estate Investment'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.
  • NBG Pangaea Real Estate Investment's year on year earnings growth rate has been positive over the past 5 years.
  • NBG Pangaea Real Estate Investment's 1-year earnings growth exceeds its 5-year average (76.2% vs 10.8%)
  • NBG Pangaea Real Estate Investment's earnings growth has not exceeded the GR REITs industry average in the past year (76.2% vs 218.5%).
Earnings and Revenue History
NBG Pangaea Real Estate Investment'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 NBG Pangaea Real Estate Investment Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:PANGAEA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 123.96 132.84 3.59
2018-12-31 121.37 115.10 3.34
2018-09-30 121.05 104.67 2.96
2018-06-30 120.75 107.21 2.75
2018-03-31 119.73 75.37 2.62
2017-12-31 117.95 83.70 2.62
2017-09-30 117.29 73.57 2.47
2017-06-30 116.09 73.82 2.47
2017-03-31 115.50 51.54 2.33
2016-12-31 115.43 53.46 2.32
2016-09-30 114.38 84.28 2.38
2016-06-30 113.20 84.56 2.38
2016-03-31 112.21 41.99 2.29
2015-12-31 110.86 42.76 2.32
2015-09-30 109.10 5.76 2.36
2014-12-31 93.05 177.60 1.31

*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.
  • NBG Pangaea Real Estate Investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • NBG Pangaea Real Estate Investment used its assets more efficiently than the GR REITs industry average last year based on Return on Assets.
  • NBG Pangaea Real Estate Investment has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess NBG Pangaea Real Estate Investment'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.
NBG Pangaea Real Estate Investment has a total score of 4/6, 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.

PANGAEA Health

 How is NBG Pangaea Real Estate Investment'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 NBG Pangaea Real Estate Investment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • NBG Pangaea Real Estate Investment's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • NBG Pangaea Real Estate Investment's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of NBG Pangaea Real Estate Investment'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.
  • High level of physical assets or inventory.
  • 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 NBG Pangaea Real Estate Investment Company Filings, last reported 2 months ago.

ATSE:PANGAEA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,329.07 733.78 151.01
2018-12-31 1,286.68 560.29 46.88
2018-09-30 1,251.08 474.94 64.13
2018-06-30 1,236.24 473.70 50.84
2018-03-31 1,236.41 475.25 85.60
2017-12-31 1,227.85 447.36 49.34
2017-09-30 1,202.62 449.05 56.96
2017-06-30 1,185.18 448.53 47.75
2017-03-31 1,212.07 405.92 65.81
2016-12-31 1,194.94 405.97 54.73
2016-09-30 1,179.80 399.12 73.63
2016-06-30 1,163.16 398.28 65.47
2016-03-31 1,212.33 400.89 98.92
2015-12-31 1,193.71 399.89 90.43
2015-09-30 1,147.81 401.17 88.42
2014-12-31 1,260.44 338.72 125.64
  • NBG Pangaea Real Estate Investment's level of debt (55.2%) compared to net worth is high (greater than 40%).
  • Unable to establish if NBG Pangaea Real Estate Investment's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (8.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.1x coverage).
X
Financial health checks
We assess NBG Pangaea Real Estate Investment'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. NBG Pangaea Real Estate Investment has a total score of 1/6, 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.

PANGAEA Dividends

 What is NBG Pangaea Real Estate Investment'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
5.45%
Current annual income from NBG Pangaea Real Estate Investment dividends.
If you bought €2,000 of NBG Pangaea Real Estate Investment shares you are expected to receive €109 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?
  • NBG Pangaea Real Estate Investment's pays a higher dividend yield than the bottom 25% of dividend payers in Greece (1.9%).
  • NBG Pangaea Real Estate Investment's dividend is above the markets top 25% of dividend payers in Greece (3.88%).
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
ATSE:PANGAEA 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
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 121 Stocks 5%
Greece Market Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4%
Greece Minimum Threshold Dividend Yield 10th Percentile 1.3%
Greece Bottom 25% Dividend Yield 25th Percentile 1.9%
Greece 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.

ATSE:PANGAEA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-31 0.286 5.448
2019-04-24 0.286 5.717
2018-05-04 0.220 4.599
2018-03-28 0.220 4.594
2017-03-29 0.266 5.573
2016-11-14 0.134 3.195
2016-05-31 0.204 5.225
2016-03-22 0.204 5.213
2015-11-30 0.572 16.584

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

  • NBG Pangaea Real Estate Investment has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • NBG Pangaea Real Estate Investment has only been paying a dividend for 4 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of NBG Pangaea Real Estate Investment's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x 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 NBG Pangaea Real Estate Investment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 NBG Pangaea Real Estate Investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. NBG Pangaea Real Estate Investment 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.

PANGAEA Management

 What is the CEO of NBG Pangaea Real Estate Investment'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
Aristotle Karytinos
AGE 62
CEO Bio

Mr. Aristotelis D. Karytinos, also known as Aristotle, serves as the Chief Executive Officer and Executive Member at NBG Pangaea Real Estate Investment Company. Mr. Karytinos serves as Chief Executive Officer and Executive Director of NBG Pangaea Real Estate Investment CO SA. Mr. Karytinos served as a Consultant at Astir Palace Vouliagmenis S.A. Mr. Karytinos serves as Chairman and Chief Executive Officer of NBG Property Services S.A. He served as Chief Executive Officer of MIG Real Estate R.E.I.C. Mr. Karytinos served as an Executive Director at Grivalia Properties Real Estate Investment Company S.A. (Grivalia Properties REIC) since March 2013 until June 18, 2013 and MIG Real Estate R.E.I.C. He served as General Manager of Real Estate at National Bank of Greece SA. Before joining National Bank, Mr. Karytinos held senior positions within the Eurobank EFG Group, including Head of the Real Estate Group, Head of Mortgage Lending and Chief Executive Officer of Eurobank Properties REIC. His resume includes several years of service as Manager of various companies in the public and private sector. He serves as Chairman of Grand Hotel Summer Palace S.A., Hellenic Tourist Constructions S.A., Dionysos S.A., Mortgage-Tourist Protypos S.A., Pronomiouhos S.A and Genikon Apothikon Hellados and Vice-Chairman of Ektenepol and Propindex S.A. He served as a Non-Executive Director of Astir Palace Vouliagmenis S.A. He served as an Executive Director of Eurobank Properties Real Estate Investments Company S.A. Mr. Karytinos holds a PhD in Finance from the University of Warwick, United Kingdom. He holds a B.Sc in Economics from University of Athens and Master's degree (MSc) in Urban Economics from Pantion University.

CEO Compensation
  • Insufficient data for Aristotle to compare compensation growth.
  • Insufficient data for Aristotle to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Aristotle Karytinos

TITLE
CEO & Executive Director
AGE
62

Chris Papachristophorou

TITLE
Vice-Chairman B
AGE
48

Thiresia Messari

TITLE
CFO, COO

Athanasios Christopoulos

TITLE
Investment Manager
Board of Directors Tenure

Average tenure of the NBG Pangaea Real Estate Investment board of directors in years:

3
Average Tenure
  • The tenure for the NBG Pangaea Real Estate Investment board of directors is about average.
Board of Directors

Christos Protopapas

TITLE
Chairman

Aristotle Karytinos

TITLE
CEO & Executive Director
AGE
62

Chris Papachristophorou

TITLE
Vice-Chairman B
AGE
48

Ioannis Kyriakopoulos

TITLE
Vice-Chairman A
TENURE
2.8 yrs

Thiresia Messari

TITLE
CFO, COO

Spyridon Makridakis

TITLE
Independent Non-Executive Director

Prodromos Vlamis

TITLE
Independent Non-Executive Director

Nikolaos Iatrou

TITLE
Non-Executive Director
TENURE
3 yrs

Athanasios Karagiannis

TITLE
Non-Executive Director
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess NBG Pangaea Real Estate Investment'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. NBG Pangaea Real Estate Investment 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.

PANGAEA News

Simply Wall St News

Does NBG Pangaea Real Estate Investment Company (ATH:PANGAEA) Create Value For Shareholders?

To keep the lesson grounded in practicality, we'll use ROE to better understand NBG Pangaea Real Estate Investment Company (ATH:PANGAEA). … NBG Pangaea Real Estate Investment has a ROE of 8.4%, based on the last twelve months. … See our latest analysis for NBG Pangaea Real Estate Investment?

Simply Wall St -

What You Need To Know Before Investing In NBG Pangaea Real Estate Investment Company (ATH:PANGAEA)

NBG Pangaea Real Estate Investment Company is a €1.2b. … real estate investment trust (REIT) based in Athens, Greece. … See our latest analysis for NBG Pangaea Real Estate Investment

Simply Wall St -

How Good Is NBG Pangaea Real Estate Investment Company (ATH:PANGAEA), When It Comes To ROE?

We'll use ROE to examine NBG Pangaea Real Estate Investment Company (ATH:PANGAEA), by way of a worked example. … Over the last twelve months NBG Pangaea Real Estate Investment has recorded a ROE of 8.4%. … See our latest analysis for NBG Pangaea Real Estate Investment?

Simply Wall St -

You May Have Been Looking At NBG Pangaea Real Estate Investment Company (ATH:PANGAEA) All Wrong

NBG Pangaea Real Estate Investment Company is a €1.2b. … real estate investment trust (REIT) based in Athens, Greece. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

How To Look At NBG Pangaea Real Estate Investment Company (ATH:PANGAEA)

NBG Pangaea Real Estate Investment Company is a €1.22b. … real estate investment trust (REIT) based in Athens, Greece. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Why NBG Pangaea Real Estate Investment Company's (ATH:PANGAEA) Investor Composition Impacts Your Returns

Today, I will be analyzing NBG Pangaea Real Estate Investment Company’s (ATSE:PANGAEA) recent ownership structure, an important but not-so-popular subject among individual investors. … View our latest analysis for NBG Pangaea Real Estate Investment ATSE:PANGAEA Ownership_summary Apr 3rd 18 Institutional Ownership Institutions account for 96.05% of PANGAEA's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … This size of ownership, while considerably small for a public company, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Simply Wall St -

Did NBG Pangaea Real Estate Investment Company (ATH:PANGAEA) Create Value For Investors Over The Past Year?

See our latest analysis for NBG Pangaea Real Estate Investment Breaking down ROE — the mother of all ratios Return on Equity (ROE) weighs NBG Pangaea Real Estate Investment’s profit against the level of its shareholders’ equity. … For now, let’s just look at the cost of equity number for NBG Pangaea Real Estate Investment, which is 8.85%. … This means NBG Pangaea Real Estate Investment’s returns actually do not cover its own cost of equity, with a discrepancy of -2.73%.

Simply Wall St -

How To Look At NBG Pangaea Real Estate Investment Company (ATH:PANGAEA)

NBG Pangaea Real Estate Investment Company is a €1.23B small-cap real estate investment trust (REIT) based in Athens, Greece. … See our latest analysis for NBG Pangaea Real Estate Investment 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. … Next Steps: NBG Pangaea Real Estate Investment can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

PANGAEA Company Info

Description

NBG Pangaea Real Estate Investment Company, together with its subsidiaries, invests in, manages, and operates real estate properties primarily in Greece, Italy, and Romania. The company’s properties include retail and office properties, and land plots, as well as city hotels, storage spaces, archives, petrol stations, and parking spaces. It primarily serves blue-chip tenants. The company is headquartered in Athens, Greece. NBG Pangaea Real Estate Investment Company is a subsidiary of Invel Real Estate (Netherlands) II B.V.

Details
Name: NBG Pangaea Real Estate Investment Company
PANGAEA
Exchange: ATSE
Founded:
€1,341,346,303
255,494,534
Website: http://www.nbgpangaea.gr
Address: NBG Pangaea Real Estate Investment Company
6, Karageorgi Servias Street,
Athens,
105 62,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE PANGAEA Common Shares The Athens Stock Exchange GR EUR 02. Oct 2015
Number of employees
Current staff
Staff numbers
465
NBG Pangaea Real Estate Investment employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 02:53
End of day share price update: 2019/06/25 00:00
Last earnings filing: 2019/05/31
Last earnings reported: 2019/03/31
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.