Immobiliare Grande Distribuzione SIIQ
Market Cap
€640.8m
Last Updated
2020/02/27 21:11 UTC
Data Sources
Company Financials +
Executive Summary
Immobiliare Grande Distribuzione SIIQ S.p.A.
Rewards
Risk Analysis
Snowflake Analysis
Established dividend payer and good value.
Similar Companies
Share Price & News
How has Immobiliare Grande Distribuzione SIIQ's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: IGD has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-11.6%
IGD
-7.3%
IT REITs
-8.7%
IT Market
1 Year Return
-10.6%
IGD
7.2%
IT REITs
5.1%
IT Market
Return vs Industry: IGD underperformed the Italian REITs industry which returned 11.5% over the past year.
Return vs Market: IGD underperformed the Italian Market which returned 8.7% over the past year.
Shareholder returns
| IGD | Industry | Market | |
|---|---|---|---|
| 7 Day | -11.6% | -7.3% | -8.7% |
| 30 Day | -10.6% | -4.6% | -5.2% |
| 90 Day | -13.5% | -3.2% | -3.4% |
| 1 Year | -3.3%-10.6% | 13.0%7.2% | 9.7%5.1% |
| 3 Year | -5.6%-28.6% | 31.3%12.6% | 23.3%10.9% |
| 5 Year | -4.0%-34.1% | 32.8%4.2% | 5.9%-30.4% |
Price Volatility Vs. Market
How volatile is Immobiliare Grande Distribuzione SIIQ's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
What Is Immobiliare Grande Distribuzione SIIQ S.p.A.'s (BIT:IGD) Share Price Doing?4 months ago | Simply Wall St
Here's How We Evaluate Immobiliare Grande Distribuzione SIIQ S.p.A.'s (BIT:IGD) Dividend4 months ago | Simply Wall St
How Immobiliare Grande Distribuzione SIIQ S.p.A. (BIT:IGD) Can Impact Your Portfolio VolatilityValuation
Is Immobiliare Grande Distribuzione SIIQ undervalued compared to its fair value and its price relative to the market?
37.3%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: IGD (€5.57) is trading below our estimate of fair value (€8.88)
Significantly Below Fair Value: IGD is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: IGD is poor value based on its PE Ratio (32.7x) compared to the REITs industry average (14.5x).
PE vs Market: IGD is poor value based on its PE Ratio (32.7x) compared to the Italian market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: IGD is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: IGD is good value based on its PB Ratio (0.5x) compared to the XE REITs industry average (1x).
Next Steps
Future Growth
How is Immobiliare Grande Distribuzione SIIQ forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
60.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IGD's forecast earnings growth (60.6% per year) is above the savings rate (1.2%).
Earnings vs Market: IGD's earnings (60.6% per year) are forecast to grow faster than the Italian market (10.1% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: IGD's revenue (2.1% per year) is forecast to grow slower than the Italian market (4.2% per year).
High Growth Revenue: IGD's revenue (2.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IGD's Return on Equity is forecast to be low in 3 years time (7.4%).
Next Steps
Past Performance
How has Immobiliare Grande Distribuzione SIIQ performed over the past 5 years?
15.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IGD has a large one-off loss of €72.7M impacting its September 30 2019 financial results.
Growing Profit Margin: IGD's current net profit margins (10.1%) are lower than last year (46.6%).
Past Earnings Growth Analysis
Earnings Trend: IGD's earnings have grown by 15.5% per year over the past 5 years.
Accelerating Growth: IGD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: IGD had negative earnings growth (-77.9%) over the past year, making it difficult to compare to the REITs industry average (13.9%).
Return on Equity
High ROE: IGD's Return on Equity (1.3%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Immobiliare Grande Distribuzione SIIQ'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: IGD has a high level of physical assets or inventory.
Debt Coverage by Assets: IGD's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: IGD's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if IGD has a sufficient allowance for bad loans.
Low Risk Liabilities: IGD reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if IGD has an acceptable proportion of non-loan assets held.
Low Risk Deposits: IGD has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if IGD has an appropriate level of bad loans.
Next Steps
Dividend
What is Immobiliare Grande Distribuzione SIIQ's current dividend yield, its reliability and sustainability?
8.98%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: IGD's dividend (8.98%) is higher than the bottom 25% of dividend payers in the Italian market (2.08%).
High Dividend: IGD's dividend (8.98%) is in the top 25% of dividend payers in the Italian market (4.68%)
Stability and Growth of Payments
Stable Dividend: IGD's dividend payments have been volatile in the past 10 years.
Growing Dividend: IGD's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (66.4%), IGD's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IGD's dividends in 3 years are forecast to be thoroughly covered by earnings (0.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
10.5yrs
Average management tenure
CEO
Claudio Albertini (61yo)
10.8yrs
Tenure
€293,803
Compensation
Mr. Claudio Albertini serves the Chief Executive Officer at Immobiliare Grande Distribuzione SIIQ SpA. since May 2009 and has been its Director since 2006. He has been at the helm of Immobiliare Grande Dis ...
CEO Compensation Analysis
Compensation vs Market: Claudio's total compensation ($USD322.47K) is below average for companies of similar size in the Italian market ($USD1.03M).
Compensation vs Earnings: Claudio's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 1.7yrs | €93.55k | no data | |
| CEO & Executive Director | 10.8yrs | €293.80k | no data | |
| Director of Finance Division | 0yrs | no data | no data | |
| Chief Operating Officer | 10.2yrs | €183.58k | no data | |
| Director of Administration | 1.1yrs | no data | no data | |
| Director of Planning | 0yrs | no data | no data | |
| Director of Asset Management & Development | 14.1yrs | no data | no data | |
| Investor Relations Manager | 0yrs | no data | no data |
10.5yrs
Average Tenure
58yo
Average Age
Experienced Management: IGD's management team is seasoned and experienced (10.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 1.7yrs | €93.55k | no data | |
| CEO & Executive Director | 10.8yrs | €293.80k | no data | |
| Independent Non-Executive Director | 7.8yrs | €18.55k | no data | |
| Independent Vice Chairman of the Board | 1.7yrs | €38.47k | no data | |
| Independent Non-Executive Director | 7.8yrs | €27.15k | no data | |
| Independent Non-Executive Director | 3.9yrs | €18.55k | no data | |
| Chairman of the Board of Statutory Auditors | 4.8yrs | €17.63k | no data | |
| Independent Non-Executive Director | 1.7yrs | €14.73k | no data | |
| Independent Non-Executive Director | 1.7yrs | €13.98k | no data | |
| Independent Non-Executive Director | 1.7yrs | €16.31k | no data |
2.8yrs
Average Tenure
61.5yo
Average Age
Experienced Board: IGD's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.
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.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 26.5%.
Top Shareholders
Company Information
Immobiliare Grande Distribuzione SIIQ S.p.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Immobiliare Grande Distribuzione SIIQ S.p.A.
- Ticker: IGD
- Exchange: BIT
- Founded:
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: €640.778m
- Shares outstanding: 110.29m
- Website: https://www.gruppoigd.it
Number of Employees
Location
- Immobiliare Grande Distribuzione SIIQ S.p.A.
- Via Trattati Comunitari Europei1957-2007
- N. 13
- Bologna
- Bologna
- 40127
- Italy
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| IGD | BIT (Borsa Italiana) | Yes | Common Stock | IT | EUR | Feb 2005 |
| 0STP | LSE (London Stock Exchange) | Yes | Common Stock | GB | EUR | Feb 2005 |
| IMBR.F | OTCPK (Pink Sheets LLC) | Yes | Common Stock | US | USD | Feb 2005 |
| IGDM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Common Stock | GB | EUR | Feb 2005 |
Biography
Immobiliare Grande Distribuzione SIIQ S.p.A. is one of the main players in Italy’s retail real estate market: it develops and manages shopping centers throughout the country and has a significant presence in Romanian retail distribution. Listed on the Star Segment of the Italian Stock Exchange, IGD was the first SIIQ (Società di Investimento Immobiliare Quotata or real estate investment trust) in Italy. IGD has a real estate portfolio valued at circa €2,388.3 million at 30 June 2019, comprised of, in Italy, 25 hypermarkets and supermarkets, 27 shopping malls and retail parks, 1 plot of land for development, 1 property held for trading and an additional 5 real estate properties. Following the acquisition of the company Winmark Magazine SA in 2008 14 shopping centers and an office building, found in 13 different Romanian cities, were added to the portfolio. An extensive domestic presence, a solid financial structure, the ability to plan, monitor and manage all phases of a center’s life cycle, leadership in the retail real estate sector: these qualities summarize IGD’s strong points.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/27 21:11 |
| End of Day Share Price | 2020/02/27 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.