BIT:IGD

Stock Analysis Report

Immobiliare Grande Distribuzione SIIQ

Executive Summary

Immobiliare Grande Distribuzione SIIQ S.p.A.


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

IGDIndustryMarket
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

Valuation

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

company9.0%marketbottom25%2.1%markettop25%4.7%industryaverage4.9%forecastin3Years9.3%

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

NamePositionTenureCompensationOwnership
Elio Gasperoni
Executive Chairman of the Board1.7yrs€93.55kno data
Claudio Albertini
CEO & Executive Director10.8yrs€293.80kno data
Andrea Bonvicini
Director of Finance Division0yrsno datano data
Daniele Cabuli
Chief Operating Officer10.2yrs€183.58kno data
Carlo Barban
Director of Administration1.1yrsno datano data
Raffaele Nardi
Director of Planning0yrsno datano data
Roberto Zoia
Director of Asset Management & Development14.1yrsno datano data
Claudia Contarini
Investor Relations Manager0yrsno datano 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

NamePositionTenureCompensationOwnership
Elio Gasperoni
Executive Chairman of the Board1.7yrs€93.55kno data
Claudio Albertini
CEO & Executive Director10.8yrs€293.80kno data
Elisabetta Gualandri
Independent Non-Executive Director7.8yrs€18.55kno data
Rossella Saoncella
Independent Vice Chairman of the Board1.7yrs€38.47kno data
Livia Salvini
Independent Non-Executive Director7.8yrs€27.15kno data
Luca Dall'Orologio
Independent Non-Executive Director3.9yrs€18.55kno data
Anna Allievi
Chairman of the Board of Statutory Auditors4.8yrs€17.63kno data
Eric Véron
Independent Non-Executive Director1.7yrs€14.73kno data
Timothy Guy Santini
Independent Non-Executive Director1.7yrs€13.98kno data
Sergio Lugaresi
Independent Non-Executive Director1.7yrs€16.31kno 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IGDBIT (Borsa Italiana)YesCommon StockITEURFeb 2005
0STPLSE (London Stock Exchange)YesCommon StockGBEURFeb 2005
IMBR.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDFeb 2005
IGDMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURFeb 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 21:11
End of Day Share Price2020/02/27 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.