ISE:HBRN

Stock Analysis Report

Executive Summary

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange.


Snowflake Analysis

Fair value second-rate dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-6.2%

HBRN

-4.6%

IE REITs

-5.8%

IE Market


1 Year Return

1.6%

HBRN

11.5%

IE REITs

9.0%

IE Market

Return vs Industry: HBRN underperformed the Irish REITs industry which returned 11.5% over the past year.

Return vs Market: HBRN underperformed the Irish Market which returned 9% over the past year.


Shareholder returns

HBRNIndustryMarket
7 Day-6.2%-4.6%-5.8%
30 Day-7.0%-1.2%-3.1%
90 Day-10.1%-0.2%-2.7%
1 Year4.3%1.6%17.6%11.5%11.4%9.0%
3 Year12.7%5.3%35.1%15.9%17.5%11.8%
5 Year19.0%8.7%38.1%8.5%52.2%39.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

10.56x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HBRN (€1.29) is trading above our estimate of fair value (€0.94)

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


Price To Earnings Ratio

PE vs Industry: HBRN is good value based on its PE Ratio (10.6x) compared to the REITs industry average (14.5x).

PE vs Market: HBRN is good value based on its PE Ratio (10.6x) compared to the Irish market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: HBRN is poor value based on its PEG Ratio (29.9x)


Price to Book Ratio

PB vs Industry: HBRN is good value based on its PB Ratio (0.7x) compared to the XE REITs industry average (1x).


Next Steps

Future Growth

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

0.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HBRN's forecast earnings growth (0.4% per year) is above the savings rate (0.06%).

Earnings vs Market: HBRN's earnings (0.4% per year) are forecast to grow slower than the Irish market (10% per year).

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

Revenue vs Market: HBRN's revenue (5.8% per year) is forecast to grow faster than the Irish market (4.1% per year).

High Growth Revenue: HBRN's revenue (5.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Hibernia REIT performed over the past 5 years?

-2.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HBRN has a large one-off gain of €51.8M impacting its September 30 2019 financial results.

Growing Profit Margin: HBRN's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: HBRN's earnings have declined by -2.8% per year over the past 5 years.

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

Earnings vs Industry: HBRN had negative earnings growth (-15.4%) over the past year, making it difficult to compare to the REITs industry average (13.9%).


Return on Equity

High ROE: HBRN's Return on Equity (7%) is considered low.


Next Steps

Financial Health

How is Hibernia REIT'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: HBRN has a high level of physical assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

2.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: HBRN's dividend (2.9%) is higher than the bottom 25% of dividend payers in the Irish market (2.26%).

High Dividend: HBRN's dividend (2.9%) is low compared to the top 25% of dividend payers in the Irish market (4.94%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, HBRN has been paying a dividend for less than 10 years.

Growing Dividend: HBRN's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.4%), HBRN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HBRN's dividends in 3 years are forecast to be covered by earnings (84.8% payout ratio).


Next Steps

Management

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

4.3yrs

Average management tenure


CEO

Kevin Nowlan (48yo)

4.3yrs

Tenure

€731,000

Compensation

Mr. Kevin Nowlan has been the Chief Executive Officer of Hibernia REIT plc and also serves as its Executive Director and WK Nowlan Real Estate Advisors since November 5, 2015 and also serves as its Executi ...


CEO Compensation Analysis

Compensation vs Market: Kevin's total compensation ($USD795.17K) is about average for companies of similar size in the Irish market ($USD1.05M).

Compensation vs Earnings: Kevin's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Kevin Nowlan
CEO & Executive Director4.3yrs€731.00k1.14% 10.1m
Thomas Edwards-Moss
CFO & Executive Director4.3yrs€828.00k0.022% 192.4k
Frank O'Neill
Director of Operations7.1yrsno data0.36% 3.2m
Edwina Governey
Chief Investment Officer0.9yrsno datano data
Sean O'Dwyer
Company Secretary and Risk & Compliance Officer0yrsno data0.018% 159.7k
Dan Boyd
Head of Occupier Services3.5yrsno datano data

4.3yrs

Average Tenure

48yo

Average Age

Experienced Management: HBRN's management team is considered experienced (4.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kevin Nowlan
CEO & Executive Director4.3yrs€731.00k1.14% 10.1m
Thomas Edwards-Moss
CFO & Executive Director4.3yrs€828.00k0.022% 192.4k
Roisin Brennan
Independent Non-Executive Director1.1yrs€12.00k0.0093% 82.6k
Daniel Kitchen
Independent Non-Executive Chairman6.5yrs€150.00k0.015% 129.9k
Stewart Harrington
Independent Non-Executive Director6.5yrs€70.00k0.015% 135.2k
Colm Barrington
Senior Independent Director0yrs€85.00k0.16% 1.4m
Frank Kenny
Non-Executive Director2.3yrs€60.00k1.16% 10.3m
Terence O'Rourke
Independent Non-Executive Director6.5yrs€70.00k0.023% 203.9k
Grainne Hollywood
Independent Non-Executive Director0.3yrsno datano data
Margaret Fleming
Non-Executive Director0.08yrsno datano data

4.3yrs

Average Tenure

65.5yo

Average Age

Experienced Board: HBRN's board of directors are considered experienced (4.3 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.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Hibernia REIT Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Hibernia REIT Plc
  • Ticker: HBRN
  • Exchange: ISE
  • Founded: 2013
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €885.946m
  • Shares outstanding: 684.66m
  • Website: https://www.hiberniareit.com

Number of Employees


Location

  • Hibernia REIT Plc
  • South Dock House
  • Hanover Quay
  • Dublin
  • D02 XW94
  • Ireland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HBRNISE (Irish Stock Exchange)YesOrdinary SharesIEEURDec 2013
HBRNLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 2013
HBRNIBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 2013
HIBR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2013
HBRNLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 2013
HBRNMUN (Boerse Muenchen)YesOrdinary SharesDEEURDec 2013

Biography

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 22:17
End of Day Share Price2020/02/26 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


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.