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Hibernia REIT

ISE:HBRN
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HBRN
ISE
€944M
Market Cap
  1. Home
  2. IE
  3. Real Estate
Company description

Hibernia REIT plc, the “Company”, registered number 531267, together with its subsidiaries and associated undertakings (the “Group”), is engaged in property investment and development (primarily office) in the Dublin market with a view to maximising its shareholders’ returns. The last earnings update was 191 days ago. More info.


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HBRN Share Price and Events
7 Day Returns
-1.4%
ISE:HBRN
0.4%
Europe REITs
-0%
IE Market
1 Year Returns
-11.6%
ISE:HBRN
-3%
Europe REITs
-13.6%
IE Market
HBRN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hibernia REIT (HBRN) -1.4% -4.2% 7.1% -11.6% 5.3% 29.5%
Europe REITs 0.4% -0.9% 3.2% -3% 0.4% 13.7%
IE Market -0% -5.3% 1.6% -13.6% 0.7% 39.8%
1 Year Return vs Industry and Market
  • HBRN underperformed the REITs industry which returned -3% over the past year.
  • HBRN outperformed the Market in Ireland which returned -13.6% over the past year.
Price Volatility
HBRN
Industry
5yr Volatility vs Market

HBRN Value

 Is Hibernia 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 Hibernia 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 Hibernia REIT.

ISE:HBRN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year IE Government Bond Rate 0.9%

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 ISE:HBRN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IE Govt Bond Rate 0.9%
Equity Risk Premium S&P Global 7.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 12.5%) (22.48%))
0.749
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)
= 0.9% + (0.8 * 7.14%)
6.61%

Discounted Cash Flow Calculation for ISE:HBRN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Hibernia 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.

ISE:HBRN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.61%)
2019 22.90 Analyst x2 21.48
2020 40.10 Analyst x2 35.28
2021 33.30 Analyst x2 27.48
2022 29.07 Est @ -12.71% 22.50
2023 26.56 Est @ -8.63% 19.28
2024 25.03 Est @ -5.77% 17.05
2025 24.09 Est @ -3.77% 15.39
2026 23.52 Est @ -2.37% 14.09
2027 23.19 Est @ -1.39% 13.03
2028 23.03 Est @ -0.7% 12.14
Present value of next 10 years cash flows €197.72
ISE:HBRN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €23.03 × (1 + 0.9%) ÷ (6.61% – 0.9%)
€406.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €406.75 ÷ (1 + 6.61%)10
€214.42
ISE:HBRN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €197.72 + €214.42
€412.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €412.14 / 693.87
€0.59
ISE:HBRN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.59
Current discount Discount to share price of €1.36
= -1 x (€1.36 - €0.59) / €0.59
-129%

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

  • The current share price of Hibernia 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 Hibernia REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hibernia REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ISE:HBRN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in EUR €0.15
ISE:HBRN Share Price ** ISE (2019-05-22) in EUR €1.36
Europe REITs Industry PE Ratio Median Figure of 126 Publicly-Listed REITs Companies 12.57x
Ireland Market PE Ratio Median Figure of 23 Publicly-Listed Companies 11.42x

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

** Primary Listing of Hibernia REIT.

ISE:HBRN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ISE:HBRN Share Price ÷ EPS (both in EUR)

= 1.36 ÷ 0.15

9.37x

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

  • Hibernia REIT is good value based on earnings compared to the Europe REITs industry average.
  • Hibernia REIT is good value based on earnings compared to the Ireland market.
Price based on expected Growth
Does Hibernia REIT's expected growth come at a high price?
Raw Data
ISE:HBRN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.37x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-32.1%per year
Europe REITs Industry PEG Ratio Median Figure of 63 Publicly-Listed REITs Companies -0.04x
Ireland Market PEG Ratio Median Figure of 19 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

ISE:HBRN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.37x ÷ -32.1%

-0.29x

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

  • Hibernia REIT earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Hibernia REIT's assets?
Raw Data
ISE:HBRN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in EUR €1.67
ISE:HBRN Share Price * ISE (2019-05-22) in EUR €1.36
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 0.99x
Ireland Market PB Ratio Median Figure of 33 Publicly-Listed Companies 1.15x
ISE:HBRN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ISE:HBRN Share Price ÷ Book Value per Share (both in EUR)

= 1.36 ÷ 1.67

0.81x

* Primary Listing of Hibernia REIT.

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

  • Hibernia REIT is good value based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Hibernia 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. Hibernia REIT has a total score of 3/6, 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.

HBRN Future Performance

 How is Hibernia REIT expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

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
-32.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hibernia REIT expected to grow at an attractive rate?
  • Hibernia REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.9%.
Growth vs Market Checks
  • Hibernia REIT's earnings are expected to decrease over the next 1-3 years, this is below the Ireland market average.
  • Hibernia REIT's revenue growth is expected to exceed the Ireland market average.
Annual Growth Rates Comparison
Raw Data
ISE:HBRN Future Growth Rates Data Sources
Data Point Source Value (per year)
ISE:HBRN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -32.1%
ISE:HBRN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.8%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.2%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Ireland Market Earnings Growth Rate Market Cap Weighted Average 11.9%
Ireland Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*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
ISE:HBRN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ISE:HBRN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 72 55 35 2
2021-03-31 67 50 48 4
2020-03-31 61 46 59 4
2019-03-31 55 33 107 4
ISE:HBRN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-09-30 55 41 100
2018-06-30 52 40 104
2018-03-31 49 39 107
2017-12-31 51 39 132
2017-09-30 51 38 157
2017-06-30 48 39 138
2017-03-31 45 40 119
2016-12-31 38 34 107
2016-09-30 30 28 95
2016-06-30 30 23 116
2016-03-31 30 18 137
2015-12-31 28 21 135

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hibernia REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Hibernia REIT's revenue is expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
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
ISE:HBRN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Hibernia REIT Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ISE:HBRN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 0.02 0.02 0.02 1.00
2021-03-31 0.05 0.05 0.05 1.00
2020-03-31 0.09 0.11 0.08 3.00
2019-03-31 0.16 0.18 0.15 3.00
ISE:HBRN Past Financials Data
Date (Data in EUR Millions) EPS *
2018-09-30 0.15
2018-06-30 0.15
2018-03-31 0.16
2017-12-31 0.19
2017-09-30 0.23
2017-06-30 0.20
2017-03-31 0.17
2016-12-31 0.16
2016-09-30 0.14
2016-06-30 0.17
2016-03-31 0.20
2015-12-31 0.21

*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.
  • Hibernia REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hibernia 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 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.
Hibernia 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.

HBRN Past Performance

  How has Hibernia REIT performed over the past 5 years?

  • Hibernia REIT's last earnings update was 191 days ago.
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 Hibernia 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.
  • Hibernia REIT's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Hibernia REIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Hibernia REIT's 1-year earnings growth is negative, it can't be compared to the Europe REITs industry average.
Earnings and Revenue History
Hibernia 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 Hibernia REIT Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ISE:HBRN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 54.88 100.46 21.88
2018-06-30 51.96 103.78 21.00
2018-03-31 49.03 107.10 20.12
2017-12-31 50.94 132.00 21.40
2017-09-30 51.40 156.89 23.59
2017-06-30 48.18 137.74 22.29
2017-03-31 44.95 118.59 20.99
2016-12-31 37.62 106.97 19.05
2016-09-30 30.30 95.35 17.11
2016-06-30 30.30 116.07 15.94
2016-03-31 30.30 136.80 14.77
2015-12-31 28.31 135.41 12.57
2015-09-30 26.32 134.03 10.37
2015-06-30 19.99 113.13 8.86
2015-03-31 13.67 92.23 7.36
2014-03-31 0.24 -1.27 0.74

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

HBRN Health

 How is Hibernia 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 Hibernia REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hibernia REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hibernia REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hibernia 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.
  • 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 Hibernia REIT Company Filings, last reported 7 months ago.

ISE:HBRN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 1,166.27 212.18 54.32
2018-06-30 1,166.27 212.18 54.32
2018-03-31 1,111.73 219.22 22.52
2017-12-31 1,111.73 219.22 22.52
2017-09-30 1,079.04 198.09 18.62
2017-06-30 1,079.04 198.09 18.62
2017-03-31 1,013.85 171.14 18.15
2016-12-31 1,013.85 171.14 18.15
2016-09-30 923.96 125.13 16.91
2016-06-30 923.96 125.13 16.91
2016-03-31 896.57 72.72 23.19
2015-12-31 896.57 72.72 23.19
2015-09-30 825.03 42.70 114.75
2015-06-30 825.03 42.70 114.75
2015-03-31 753.13 42.70 139.05
2014-03-31 370.97 0.00 291.69
  • Hibernia REIT's level of debt (18.2%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Hibernia REIT's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (19.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.5x coverage).
X
Financial health checks
We assess Hibernia 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. Hibernia REIT has a total score of 3/6, 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.

HBRN Dividends

 What is Hibernia 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
2.21%
Current annual income from Hibernia REIT dividends. Estimated to be 3.71% next year.
If you bought €2,000 of Hibernia REIT shares you are expected to receive €44 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?
  • Hibernia REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Ireland (2.18%).
  • Hibernia REIT's dividend is below the markets top 25% of dividend payers in Ireland (4.07%).
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
ISE:HBRN 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 5 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 4.9%
Ireland Market Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.4%
Ireland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Ireland Bottom 25% Dividend Yield 25th Percentile 2.2%
Ireland Top 25% Dividend Yield 75th Percentile 4.1%

Industry and Market average data is calculated daily.

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

ISE:HBRN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.06 2.00
2021-03-31 0.05 5.00
2020-03-31 0.05 5.00
2019-03-31 0.03 5.00
ISE:HBRN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-05-24 0.030 2.160
2017-11-16 0.026 1.727
2017-05-23 0.022 1.538
2016-05-30 0.016 1.254
2016-05-24 0.016 1.240
2015-11-12 0.014 1.071
2015-06-29 0.010 0.769
2014-11-18 0.006 0.513

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

  • Whilst dividend payments have been stable, Hibernia REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Hibernia REIT only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Hibernia REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Hibernia REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Hibernia REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hibernia 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.

HBRN Management

 What is the CEO of Hibernia 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.
CEO
Kevin Nowlan
COMPENSATION €367,000
AGE 47
TENURE AS CEO 3.5 years
CEO Bio

Mr. Kevin Nowlan has been the Chief Executive Officer of Hibernia REIT plc and WK Nowlan Real Estate Advisors since November 5, 2015 and also serves as its Executive Director. Mr. Nowlan has more than 20 years’ experience in the Irish property market, including commercial agency and property management, investment and development financing, property development, commercial loan portfolio management and debt restructuring. Prior to rejoining W K Nowlan Property, he served as a Senior Portfolio Manager at NAMA for three years and Senior Portfolio Manager at Treasury Holdings for four years. Mr. Nowlan joined NAMA in 2010. Prior to this, he served as a Managing Director at W K Nowlan Property for six years. He serves as a Director at Windmill Lane Development Company Limited. Mr. Nowlan is a qualified chartered surveyor. Mr. Nowlan has an M.B.A. from Ulster Business School, a B.Sc. in Estate Management from the University of Ulster and a Diploma in Project Management from Trinity College, Dublin.

CEO Compensation
  • Kevin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kevin's remuneration is lower than average for companies of similar size in Ireland.
Management Team Tenure

Average tenure and age of the Hibernia REIT management team in years:

3.3
Average Tenure
59.5
Average Age
  • The tenure for the Hibernia REIT management team is about average.
Management Team

Kevin Nowlan

TITLE
CEO & Director
COMPENSATION
€367K
AGE
47
TENURE
3.5 yrs

Tom Edwards-Moss

TITLE
CFO & Director
COMPENSATION
€625K
AGE
38
TENURE
3.5 yrs

Frank Kenny

TITLE
Non-Executive Director
COMPENSATION
€20K
AGE
65

Frank O’Neill

TITLE
Director of Operations
AGE
60
TENURE
6.3 yrs

Edwina Governey

TITLE
Interim Chief Investment Officer & Senior Investment Manager
TENURE
0.2 yrs

Sean O'Dwyer

TITLE
Company Secretary and Risk & Compliance Officer
AGE
59

Mark Pollard

TITLE
Director of Development
AGE
61
TENURE
3 yrs

Dan Boyd

TITLE
Head of Occupier Services
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the Hibernia REIT board of directors in years:

3.5
Average Tenure
64.5
Average Age
  • The tenure for the Hibernia REIT board of directors is about average.
Board of Directors

Danny Kitchen

TITLE
Independent Non-Executive Chairman of the Board
COMPENSATION
€100K
AGE
66
TENURE
5.8 yrs

Kevin Nowlan

TITLE
CEO & Director
COMPENSATION
€367K
AGE
47
TENURE
3.5 yrs

Tom Edwards-Moss

TITLE
CFO & Director
COMPENSATION
€625K
AGE
38
TENURE
3.5 yrs

Terence O’Rourke

TITLE
Independent Non-Executive Director
COMPENSATION
€50K
AGE
64
TENURE
5.8 yrs

Colm Barrington

TITLE
Senior Independent Director
COMPENSATION
€50K
AGE
72

Stewart Harrington

TITLE
Independent Non-Executive Director
COMPENSATION
€50K
AGE
75
TENURE
5.8 yrs

Frank Kenny

TITLE
Non-Executive Director
COMPENSATION
€20K
AGE
65
TENURE
1.5 yrs

Roisin Brennan

TITLE
Non-Executive Director
AGE
53
TENURE
0.3 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 (€)
X
Management checks
We assess Hibernia 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. Hibernia 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.

HBRN News

Simply Wall St News

A Note On Hibernia REIT Plc's (ISE:HBRN) ROE and Debt To Equity

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.086 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investing In Hibernia REIT Plc (ISE:HBRN): What You Need To Know

Hibernia REIT Plc is a €940m. … 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 … FFO is a cleaner and more representative figure of how much HBRN actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

Can You Imagine How Hibernia REIT's Shareholders Feel About The 22% Share Price Increase?

Furthermore, you'd generally like to see the share price rise faster than the market. … But Hibernia REIT Plc (ISE:HBRN) has fallen short of that second goal, with a share price rise of 22% over five years, which is below the market return. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Simply Wall St -

Could The Hibernia REIT Plc (ISE:HBRN) Ownership Structure Tell Us Something Useful?

The big shareholder groups in Hibernia REIT Plc (ISE:HBRN) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

What You Need To Know Before Investing In Hibernia REIT Plc (ISE:HBRN)

real estate investment trust (REIT) based in Dublin, Ireland. … 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 … FFO is a cleaner and more representative figure of how much HBRN actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

How Much Are Hibernia REIT Plc (ISE:HBRN) Insiders Taking Off The Table?

So we'll take a look at whether insiders have been buying or selling shares in Hibernia REIT Plc (ISE:HBRN). … The Last 12 Months Of Insider Transactions At Hibernia REIT. … Over the last year, we can see that the biggest insider sale was by CEO & Director Kevin Nowlan for €5.1m worth of shares, at about €1.51 per share.

Simply Wall St -

Should You Worry About Hibernia REIT Plc's (ISE:HBRN) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Kevin Nowlan's Compensation Compare With Similar Sized Companies. … A first glance this seems like a real positive for shareholders, since Kevin Nowlan is paid less than the average compensation paid by similar sized companies.

Simply Wall St -

What Hibernia REIT Plc's (ISE:HBRN) ROE Tells Us

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every €1 worth of shareholders' equity, it generated €0.096 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should Investors Be Happy About Hibernia REIT Plc’s (ISE:HBRN) Cash Levels?

I will take you through Hibernia REIT’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Hibernia REIT generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … There are two methods I will use to evaluate the quality of Hibernia REIT’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St -

Who Owns Most Of Hibernia REIT Plc (ISE:HBRN)?

In this article, I will take a quick look at Hibernia REIT Plc’s (ISE:HBRN) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … Therefore, it is beneficial for us to examine HBRN's ownership structure in more detail.

Simply Wall St -

HBRN Company Info

Description

Hibernia REIT plc, the “Company”, registered number 531267, together with its subsidiaries and associated undertakings (the “Group”), is engaged in property investment and development (primarily office) in the Dublin market with a view to maximising its shareholders’ returns. The Company is a public limited company and is incorporated and domiciled in Ireland. The address of the Company’s registered office is South Dock House, Hanover Quay, Dublin, D02 XW94, Ireland. The Ordinary Shares of the Company are listed on the primary listing segment of the Official List of Euronext Dublin and the premium listing segment of the Official List of the UK Listing Authority and are traded on the regulated markets for listed securities of Euronext Dublin and the London Stock Exchange plc.

Details
Name: Hibernia REIT Plc
HBRN
Exchange: ISE
Founded: 2013
€943,658,264
693,866,371
Website: http://www.hiberniareit.com
Address: Hibernia REIT Plc
South Dock House,
Hanover Quay,
Dublin,
D02 XW94,
Ireland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ISE HBRN Ordinary Shares Irish Stock Exchange IE EUR 06. Dec 2013
OTCPK HIBR.F Ordinary Shares Pink Sheets LLC US USD 06. Dec 2013
MUN HBRN Ordinary Shares Boerse Muenchen DE EUR 06. Dec 2013
LSE HBRN Ordinary Shares London Stock Exchange GB EUR 06. Dec 2013
BATS-CHIXE HBRNI Ordinary Shares BATS 'Chi-X Europe' GB EUR 06. Dec 2013
Number of employees
Current staff
Staff numbers
32
Hibernia REIT employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 00:27
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2018/11/13
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


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.