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Irish Residential Properties REIT

ISE:IRES
Snowflake Description

Solid track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IRES
ISE
€695M
Market Cap
  1. Home
  2. IE
  3. Real Estate
Company description

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The last earnings update was 62 days ago. More info.


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IRES Share Price and Events
7 Day Returns
0.9%
ISE:IRES
0.4%
Europe REITs
-0%
IE Market
1 Year Returns
15.4%
ISE:IRES
-3%
Europe REITs
-13.6%
IE Market
IRES Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Irish Residential Properties REIT (IRES) 0.9% 0.8% 4.2% 15.4% 40.4% 58.4%
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
  • IRES outperformed the REITs industry which returned -3% over the past year.
  • IRES outperformed the Market in Ireland which returned -13.6% over the past year.
Price Volatility
IRES
Industry
5yr Volatility vs Market

Value

 Is Irish Residential Properties 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 Irish Residential Properties 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 Irish Residential Properties REIT.

ISE:IRES Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
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:IRES
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%) (44.4%))
0.816
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.9% + (0.816 * 7.14%)
6.73%

Discounted Cash Flow Calculation for ISE:IRES using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Irish Residential Properties 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.

Irish Residential Properties REIT 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.

ISE:IRES DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (EUR, Millions) Source Present Value
Discounted (@ 6.73%)
2019 29.10 Analyst x1 27.27
2020 32.10 Analyst x1 28.18
2021 34.50 Est @ 7.48% 28.38
2022 36.40 Est @ 5.51% 28.05
2023 37.90 Est @ 4.12% 27.37
2024 39.10 Est @ 3.16% 26.45
2025 40.07 Est @ 2.48% 25.40
2026 40.87 Est @ 2.01% 24.28
2027 41.56 Est @ 1.67% 23.13
2028 42.16 Est @ 1.44% 21.98
Present value of next 10 years cash flows €260.49
ISE:IRES DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €42.16 × (1 + 0.9%) ÷ (6.73% – 0.9%)
€729.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €729.80 ÷ (1 + 6.73%)10
€380.54
ISE:IRES Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €260.49 + €380.54
€641.03
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €641.03 / 434.15
€1.48
ISE:IRES Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.48
Current discount Discount to share price of €1.60
= -1 x (€1.60 - €1.48) / €1.48
-8.4%

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

  • The current share price of Irish Residential Properties 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 Irish Residential Properties REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Irish Residential Properties REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ISE:IRES PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.28
ISE:IRES Share Price ** ISE (2019-05-22) in EUR €1.6
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 Irish Residential Properties REIT.

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

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

= 1.6 ÷ 0.28

5.71x

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

  • Irish Residential Properties REIT is good value based on earnings compared to the Europe REITs industry average.
  • Irish Residential Properties REIT is good value based on earnings compared to the Ireland market.
Price based on expected Growth
Does Irish Residential Properties REIT's expected growth come at a high price?
Raw Data
ISE:IRES PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-7.8%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:IRES PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.71x ÷ -7.8%

-0.73x

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

  • Irish Residential Properties 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 Irish Residential Properties REIT's assets?
Raw Data
ISE:IRES PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €1.43
ISE:IRES Share Price * ISE (2019-05-22) in EUR €1.6
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:IRES PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.6 ÷ 1.43

1.12x

* Primary Listing of Irish Residential Properties REIT.

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

  • Irish Residential Properties REIT is overvalued based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Irish Residential Properties 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. Irish Residential Properties REIT 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.

Future Performance

 How is Irish Residential Properties REIT expected to perform in the next 1 to 3 years based on estimates from 3 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
-7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Irish Residential Properties REIT expected to grow at an attractive rate?
  • Irish Residential Properties 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
  • Irish Residential Properties REIT's earnings are expected to decrease over the next 1-3 years, this is below the Ireland market average.
  • Irish Residential Properties REIT's revenue growth is expected to exceed the Ireland market average.
Annual Growth Rates Comparison
Raw Data
ISE:IRES Future Growth Rates Data Sources
Data Point Source Value (per year)
ISE:IRES Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -7.8%
ISE:IRES Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 10.3%
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:IRES Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ISE:IRES Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 78 56 55 1
2021-12-31 69 43 70 1
2020-12-31 62 40 61 3
2019-12-31 56 36 50 3
ISE:IRES Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 51 29 120
2018-09-30 49 31 112
2018-06-30 47 33 104
2018-03-31 46 31 84
2017-12-31 45 29 65
2017-09-30 44 36 59
2017-06-30 43 42 53
2017-03-31 41 38 50
2016-12-31 39 35 47
2016-09-30 35 24 44
2016-06-30 31 14 41
2016-03-31 28 12 36

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Irish Residential Properties REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Irish Residential Properties REIT's revenue is expected to grow by 10.3% 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:IRES Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Irish Residential Properties REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ISE:IRES Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.15 0.15 0.15 1.00
2020-12-31 0.08 0.08 0.08 2.00
2019-12-31 0.07 0.07 0.07 2.00
ISE:IRES Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.28
2018-09-30 0.26
2018-06-30 0.25
2018-03-31 0.20
2017-12-31 0.16
2017-09-30 0.14
2017-06-30 0.13
2017-03-31 0.12
2016-12-31 0.11
2016-09-30 0.11
2016-06-30 0.10
2016-03-31 0.09

*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.
  • Irish Residential Properties REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Irish Residential Properties 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.
Irish Residential Properties 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 Irish Residential Properties 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 Irish Residential Properties 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.
  • Irish Residential Properties REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Irish Residential Properties REIT's 1-year earnings growth exceeds its 5-year average (84.1% vs 46.8%)
  • Irish Residential Properties REIT's earnings growth has exceeded the Europe REITs industry average in the past year (84.1% vs 7.5%).
Earnings and Revenue History
Irish Residential Properties 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 Irish Residential Properties REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ISE:IRES Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 50.61 119.79 3.49
2018-09-30 48.85 111.68 3.48
2018-06-30 47.09 103.58 3.48
2018-03-31 45.89 84.33 3.44
2017-12-31 44.69 65.08 3.40
2017-09-30 43.61 59.20 3.27
2017-06-30 42.53 53.32 3.13
2017-03-31 40.64 50.15 3.16
2016-12-31 38.75 46.99 3.19
2016-09-30 35.08 43.84 3.25
2016-06-30 31.41 40.70 3.32
2016-03-31 28.07 35.76 3.64
2015-12-31 24.72 30.82 3.97
2015-06-30 15.46 14.70 2.98
2015-03-31 10.96 9.99 2.42
2014-12-31 6.45 5.29 1.86
2013-12-31 2.62 1.60 0.21

*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.
  • Irish Residential Properties REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Irish Residential Properties REIT used its assets more efficiently than the Europe REITs industry average last year based on Return on Assets.
  • Irish Residential Properties REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Irish Residential Properties 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.
Irish Residential Properties REIT has a total score of 5/6, 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 Irish Residential Properties 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 Irish Residential Properties REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Irish Residential Properties REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Irish Residential Properties REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Irish Residential Properties 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 0.1x 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 Irish Residential Properties REIT Company Filings, last reported 4 months ago.

ISE:IRES Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 618.72 308.41 7.63
2018-09-30 618.72 308.41 7.63
2018-06-30 575.76 286.50 9.41
2018-03-31 575.76 286.50 9.41
2017-12-31 503.98 245.62 6.79
2017-09-30 503.98 245.62 6.79
2017-06-30 480.29 228.56 7.41
2017-03-31 480.29 228.56 7.41
2016-12-31 469.60 212.22 5.88
2016-09-30 469.60 212.22 5.88
2016-06-30 446.91 195.20 5.57
2016-03-31 446.91 195.20 5.57
2015-12-31 435.02 41.53 3.56
2015-06-30 419.45 27.80 6.36
2015-03-31 419.45 27.80 6.36
2014-12-31 200.92 125.00 6.15
2013-12-31 0.80 45.00 0.78
  • Irish Residential Properties REIT's level of debt (49.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (3356.4% vs 49.8% today).
  • Debt is not well covered by operating cash flow (9.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Irish Residential Properties 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. Irish Residential Properties 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.

Dividends

 What is Irish Residential Properties 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
3.5%
Current annual income from Irish Residential Properties REIT dividends. Estimated to be 4.15% next year.
If you bought €2,000 of Irish Residential Properties REIT shares you are expected to receive €70 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?
  • Irish Residential Properties REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Ireland (2.18%).
  • Irish Residential Properties 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:IRES 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 3 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:IRES Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.08 1.00
2021-12-31 0.07 2.00
2020-12-31 0.07 4.00
2019-12-31 0.06 4.00
ISE:IRES Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.056 3.519
2019-02-22 0.056 3.615
2018-03-23 0.054 3.806
2018-02-22 0.054 3.815
2017-08-09 0.050 3.449
2017-02-20 0.049 3.790
2016-03-22 0.032 2.739
2016-02-10 0.000 0.000
2015-04-02 0.004 0.364
2015-02-09 0.004 0.390

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

  • Irish Residential Properties REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Irish Residential Properties REIT only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Irish Residential Properties REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (490.2x coverage).
X
Income/ dividend checks
We assess Irish Residential Properties 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 Irish Residential Properties REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Irish Residential Properties 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 Irish Residential Properties 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
Margaret Sweeney
COMPENSATION €680,000
AGE 58
TENURE AS CEO 1.5 years
CEO Bio

Ms. Margaret Sweeney served as the Chief Executive Officer at Postbank Ireland Limited. Ms. Sweeney has worked in Ireland and overseas with international shareholders, business partners and funders. Ms. Sweeney served as Chief Executive Officer at Dublin Airport Authority plc (formerly Aer Rianta Plc) since January 2004. She joined Dublin Airport Authority in 1997 and served in various senior roles within it including Company Secretary and Deputy Chief Executive. She had served as an Independent Non-Executive Director of Irish Residential Properties REIT plc since March 23, 2016 and serves as its Executive Director, Chief Executive Officer and Head of Investor Relations. Ms. Sweeney serves as a Director of Turckton Developments Ltd and Shannon College of Hotel Management. She has been a Non Executive Director of Dalata Hotel Group p.l.c. since February 27, 2014. Ms. Sweeney serves as a Non-Executive Director on a number of boards in Ireland and Internationally including Aer Rianta International plc, Flughafen Dusseldorf GmbH, Birmingham International Airport, Shannon College of Hotel Management and Teagasc (Irish Agriculture and Food Development Authority). She served as a Director of daa plc (alternative name Dublin Airport Authority plc) since January 2004. Ms. Sweeney served as a Director of Bramshott Europe Fund Public Limited Company. She represented Dublin Airport on the boards of Birmingham and Hamburg airports. She served as a Member of Supervisory Board of Flughafen Hamburg GmbH until December 10, 2004. Ms. Sweeney is a member of the Council of the Dublin Chamber of Commerce and also of the Governing Authority of Dublin City University. She served as President of Dublin Chamber of Commerce from 2008 to 2009. Ms. Sweeney is a Fellow of the Institute of Chartered Accountants in Ireland and holds the Diploma in Company Direction from the Institute of Directors.

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

Margaret Sweeney

TITLE
CEO, Head of Investor Relations & Executive Director
COMPENSATION
€680K
AGE
58
TENURE
1.5 yrs

Scott Cryer

TITLE
Chief Financial Officer of CAPREIT

Corinne Pruzanski

TITLE
General Counsel & Corporate Secretary of CAPREIT

Jodi Lieberman

TITLE
Chief Human Resources Officer of CAPREIT

Charles Coyle

TITLE
Vice President of Acquisitions
TENURE
4.4 yrs

Trish MacPherson

TITLE
Executive Vice President of Operations – CAPREIT

Jonathan Fleischer

TITLE
Executive Vice President of Operations – CAPREIT

Scott Bunker

TITLE
Executive Vice President of Innovation – CAPREIT

Elise Lenser

TITLE
Company Secretary
Board of Directors Tenure

Average tenure and age of the Irish Residential Properties REIT board of directors in years:

2.2
Average Tenure
56.5
Average Age
  • The average tenure for the Irish Residential Properties REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Declan Moylan

TITLE
Independent Non-Executive Chairman
TENURE
2.2 yrs

Margaret Sweeney

TITLE
CEO, Head of Investor Relations & Executive Director
COMPENSATION
€680K
AGE
58
TENURE
3.2 yrs

Aidan O’Hogan

TITLE
Senior Independent Director
AGE
66
TENURE
5.2 yrs

Joan Garahy

TITLE
Independent Non-Executive Director
AGE
55
TENURE
2.1 yrs

Phillip Burns

TITLE
Non-Executive Director
AGE
49
TENURE
3.2 yrs

Tom Kavanagh

TITLE
Independent Non-Executive Director
TENURE
0.9 yrs

Mark Kenney

TITLE
Non-Executive Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Irish Residential Properties REIT insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. Mar 19 Sell Declan Moylan Individual 12. Mar 19 12. Mar 19 -65,000 €1.51 €-98,150
15. Mar 19 Buy Declan Moylan Individual 13. Mar 19 13. Mar 19 115,000 €1.56 €179,779
23. Nov 18 Buy Margaret Sweeney Individual 21. Nov 18 22. Nov 18 28,230 €1.42 €39,879
21. Nov 18 Buy Joan Garahy Individual 20. Nov 18 20. Nov 18 34,850 €1.42 €49,557
12. Sep 18 Buy Declan Moylan Individual 11. Sep 18 11. Sep 18 35,000 €1.50 €52,360
X
Management checks
We assess Irish Residential Properties 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. Irish Residential Properties 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

Can Irish Residential Properties REIT Plc (ISE:IRES) Maintain Its Strong Returns?

We'll use ROE to examine Irish Residential Properties REIT Plc (ISE:IRES), by way of a worked example. … That means that for every €1 worth of shareholders' equity, it generated €0.19 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do Institutions Own Irish Residential Properties REIT Plc (ISE:IRES) Shares?

A look at the shareholders of Irish Residential Properties REIT Plc (ISE:IRES) can tell us which group is most powerful. … Irish Residential Properties REIT is not a large company by global standards. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Is Irish Residential Properties REIT Plc (ISE:IRES) A Healthy REIT?

Irish Residential Properties REIT Plc is a €680m. … real estate investment trust (REIT) based in Dublin, Ireland. … See our latest analysis for Irish Residential Properties REIT.

Simply Wall St -

Should Irish Residential Properties REIT Be Disappointed With Their 36% Profit?

For example, Irish Residential Properties REIT Plc (ISE:IRES) shareholders have seen the share price rise 36% over three years, well in excess of the market return (5.1%). … 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. … Irish Residential Properties REIT was able to grow its EPS at 49% per year over three years, sending the share price higher.

Simply Wall St -

Can Irish Residential Properties REIT Plc's (ISE:IRES) ROE Continue To Surpass The Industry Average?

Our data shows Irish Residential Properties REIT has a return on equity of 18% for the last year. … That means that for every €1 worth of shareholders' equity, it generated €0.18 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Much Are Irish Residential Properties REIT Plc (ISE:IRES) Insiders Spending On Buying Shares?

So before you buy or sell Irish Residential Properties REIT Plc (ISE:IRES), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Irish Residential Properties REIT. … In the last twelve months there was more buying than selling by Irish Residential Properties REIT insiders

Simply Wall St -

How To Look At Irish Residential Properties REIT Plc (ISE:IRES)

Irish Residential Properties REIT Plc is a €616m. … real estate investment trust (REIT) based in Dublin, Ireland. … See our latest analysis for Irish Residential Properties REIT

Simply Wall St -

A Look At Irish Residential Properties REIT Plc's (ISE:IRES) Exceptional Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Irish Residential Properties REIT Plc (ISE:IRES), it

Simply Wall St -

You May Have Been Looking At Irish Residential Properties REIT Plc (ISE:IRES) All Wrong

Irish Residential Properties REIT Plc is a €605.08m. … See our latest analysis for Irish Residential Properties REIT … 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 -

Can Irish Residential Properties REIT Plc (ISE:IRES) Continue To Outperform Its Industry?

and want a simplistic look at the return on Irish Residential Properties REIT Plc (ISE:IRES) stock. … Irish Residential Properties REIT Plc (ISE:IRES) outperformed the residential reits industry on the basis of its ROE – producing a higher 12.91% relative to the peer average of 8.31% over the past 12 months. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden

Simply Wall St -

Company Info

Description

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. The Company's asset count is 2,895 residential units, including 164 pre-purchase units due by 2021.

Details
Name: Irish Residential Properties REIT Plc
IRES
Exchange: ISE
Founded:
€694,646,313
434,153,946
Website: http://www.iresreit.ie
Address: Irish Residential Properties REIT Plc
Unit 4B,
Lazer Lane,
Dublin,
2,
Ireland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ISE IRES Ordinary Shares Irish Stock Exchange IE EUR 16. Apr 2014
OTCPK RSHP.F Ordinary Shares Pink Sheets LLC US USD 16. Apr 2014
LSE 0QT8 Ordinary Shares London Stock Exchange GB EUR 16. Apr 2014
BATS-CHIXE IRESI Ordinary Shares BATS 'Chi-X Europe' GB EUR 16. Apr 2014
Number of employees
Current staff
Staff numbers
46
Irish Residential Properties REIT employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 00:33
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/04
Last earnings filing: 2019/03/22
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.