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Immobiliare Grande Distribuzione SIIQ

BIT:IGD
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IGD
BIT
€690M
Market Cap
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Last updated 2019/05/24 20:52
Company description

Immobiliare Grande Distribuzione SIIQ S.p.A. The last earnings update was 17 days ago. More info.

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IGD Share Price and Events
7 Day Returns
0.6%
BIT:IGD
-2.6%
Europe REITs
-4%
IT Market
1 Year Returns
-14.1%
BIT:IGD
-4.3%
Europe REITs
-10.4%
IT Market
IGD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Immobiliare Grande Distribuzione SIIQ (IGD) 0.6% -7% 2% -14.1% -23% -52%
Europe REITs -2.6% -2.6% 0.5% -4.3% -1.7% 10.8%
IT Market -4% -7.1% -1.2% -10.4% -0.6% -38.5%
1 Year Return vs Industry and Market
  • IGD underperformed the REITs industry which returned -4.3% over the past year.
  • IGD underperformed the Market in Italy which returned -10.4% over the past year.
Price Volatility
IGD
Industry
5yr Volatility vs Market

Value

 Is Immobiliare Grande Distribuzione SIIQ 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 Immobiliare Grande Distribuzione SIIQ 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 Immobiliare Grande Distribuzione SIIQ.

BIT:IGD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.2%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

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 BIT:IGD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.521 (1 + (1- 24%) (174.98%)) 		1.143
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.143 * 9.02%) 		13.25%

Discounted Cash Flow Calculation for BIT:IGD using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Immobiliare Grande Distribuzione SIIQ 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.

Immobiliare Grande Distribuzione SIIQ 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.

BIT:IGD DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 13.25%)
2019 85.17 Analyst x2 75.21
2020 88.00 Analyst x1 68.62
2021 86.80 Analyst x1 59.77
2022 86.10 Analyst x1 52.35
2023 86.97 Est @ 1.01% 46.69
2024 88.35 Est @ 1.59% 41.89
2025 90.11 Est @ 1.99% 37.72
2026 92.16 Est @ 2.27% 34.07
2027 94.43 Est @ 2.47% 30.83
2028 96.90 Est @ 2.61% 27.93
Present value of next 10 years cash flows €475.08
BIT:IGD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €96.90 × (1 + 2.93%) ÷ (13.25% – 2.93%) 		€967.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €967.31 ÷ (1 + 13.25%)10 		€278.84
BIT:IGD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €475.08 + €278.84 		€753.92
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €753.92 / 110.28 		€6.84
BIT:IGD Discount to Share Price
Calculation Result
Value per share (EUR) From above. €6.84
Current discount Discount to share price of €6.26
= -1 x (€6.26 - €6.84) / €6.84 		8.4%

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

Current Discount
Amount off the current price Immobiliare Grande Distribuzione SIIQ is available for.
Intrinsic value
8%
Share price is €6.26 vs Future cash flow value of €6.84
Current Discount Checks
For Immobiliare Grande Distribuzione SIIQ to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Immobiliare Grande Distribuzione SIIQ's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Immobiliare Grande Distribuzione SIIQ's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Immobiliare Grande Distribuzione SIIQ's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Immobiliare Grande Distribuzione SIIQ's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:IGD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.46
BIT:IGD Share Price ** BIT (2019-05-24) in EUR €6.26
Europe REITs Industry PE Ratio Median Figure of 126 Publicly-Listed REITs Companies 12.61x
Italy Market PE Ratio Median Figure of 243 Publicly-Listed Companies 15.35x

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

** Primary Listing of Immobiliare Grande Distribuzione SIIQ.

BIT:IGD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:IGD Share Price ÷ EPS (both in EUR)

= 6.26 ÷ 0.46

 13.64x

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

  • Immobiliare Grande Distribuzione SIIQ is overvalued based on earnings compared to the Europe REITs industry average.
  • Immobiliare Grande Distribuzione SIIQ is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Immobiliare Grande Distribuzione SIIQ's expected growth come at a high price?
Raw Data
BIT:IGD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts		 11.8%per year
Europe REITs Industry PEG Ratio Median Figure of 62 Publicly-Listed REITs Companies 0.61x
Italy Market PEG Ratio Median Figure of 161 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

BIT:IGD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.64x ÷ 11.8%

 1.16x

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

  • Immobiliare Grande Distribuzione SIIQ is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Immobiliare Grande Distribuzione SIIQ's assets?
Raw Data
BIT:IGD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €11.36
BIT:IGD Share Price * BIT (2019-05-24) in EUR €6.26
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 1x
Italy Market PB Ratio Median Figure of 323 Publicly-Listed Companies 1.43x
BIT:IGD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:IGD Share Price ÷ Book Value per Share (both in EUR)

= 6.26 ÷ 11.36

 0.55x

* Primary Listing of Immobiliare Grande Distribuzione SIIQ.

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

  • Immobiliare Grande Distribuzione SIIQ is good value based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Immobiliare Grande Distribuzione SIIQ'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. Immobiliare Grande Distribuzione SIIQ 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 Immobiliare Grande Distribuzione SIIQ expected to perform in the next 1 to 3 years based on estimates from 4 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
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Immobiliare Grande Distribuzione SIIQ expected to grow at an attractive rate?
  • Immobiliare Grande Distribuzione SIIQ's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Immobiliare Grande Distribuzione SIIQ's earnings growth is expected to exceed the Italy market average.
  • Immobiliare Grande Distribuzione SIIQ's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:IGD Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:IGD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 11.8%
BIT:IGD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 2.1%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 6%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.4%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*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
BIT:IGD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:IGD Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 86 120
2021-12-31 175 91 100 2
2020-12-31 171 92 104 2
2019-12-31 167 84 110 2
BIT:IGD Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 166 86 48
2018-12-31 162 81 46
2018-09-30 159 75 74
2018-06-30 154 72 72
2018-03-31 152 78 89
2017-12-31 150 78 86
2017-09-30 150 73 96
2017-06-30 146 66 91
2017-03-31 140 59 70
2016-12-31 139 43 68
2016-09-30 135 55 52
2016-06-30 134 53 52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Immobiliare Grande Distribuzione SIIQ's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • Immobiliare Grande Distribuzione SIIQ's revenue is expected to grow by 2.1% 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
BIT:IGD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Immobiliare Grande Distribuzione SIIQ Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IGD Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.98 1.20 0.74 3.00
2020-12-31 0.91 1.22 0.70 4.00
2019-12-31 0.98 0.98 0.98 1.00
BIT:IGD Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31
2018-12-31 0.46
2018-09-30
2018-06-30 0.66
2018-03-31 0.81
2017-12-31 1.06
2017-09-30
2017-06-30 1.12
2017-03-31
2016-12-31 0.84
2016-09-30
2016-06-30 0.66

*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.
  • Immobiliare Grande Distribuzione SIIQ is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Immobiliare Grande Distribuzione SIIQ'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.
Immobiliare Grande Distribuzione SIIQ has a total score of 2/6, 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 Immobiliare Grande Distribuzione SIIQ 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 Immobiliare Grande Distribuzione SIIQ'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.
  • Immobiliare Grande Distribuzione SIIQ has delivered over 20% year on year earnings growth in the past 5 years.
  • Immobiliare Grande Distribuzione SIIQ's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Immobiliare Grande Distribuzione SIIQ's 1-year earnings growth is negative, it can't be compared to the Europe REITs industry average.
Earnings and Revenue History
Immobiliare Grande Distribuzione SIIQ'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 Immobiliare Grande Distribuzione SIIQ Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IGD Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 165.64 47.73 10.68
2018-12-31 162.43 46.39 10.69
2018-09-30 158.99 74.15 8.91
2018-06-30 154.46 72.32 8.64
2018-03-31 151.98 88.85 8.85
2017-12-31 150.16 86.45 11.05
2017-09-30 149.63 95.85 17.17
2017-06-30 146.21 90.77 10.25
2017-03-31 140.07 69.98 12.32
2016-12-31 138.59 68.33 9.91
2016-09-30 134.91 52.36 3.20
2016-06-30 133.53 51.74 9.60
2016-03-31 131.17 49.08 9.65
2015-12-31 128.71 45.64 9.65
2015-09-30 126.09 30.68 9.32
2015-06-30 123.64 23.26 9.69
2015-03-31 122.78 10.32 9.26
2014-12-31 122.41 7.30 9.26
2014-09-30 128.19 0.98 0.22
2014-06-30 128.13 5.40 0.31
2014-03-31 127.32 2.96
2013-12-31 126.73 5.00
2013-09-30 122.12 6.29 6.18
2013-06-30 122.20 7.05 4.24
2013-03-31 123.04 11.17 -2.03
2012-12-31 123.25 11.29
2012-09-30 117.03 6.51 2.18
2012-06-30 119.50 8.16 3.95

*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.
  • Immobiliare Grande Distribuzione SIIQ has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Immobiliare Grande Distribuzione SIIQ used its assets less efficiently than the Europe REITs industry average last year based on Return on Assets.
  • Immobiliare Grande Distribuzione SIIQ has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Immobiliare Grande Distribuzione SIIQ'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.
Immobiliare Grande Distribuzione SIIQ has a total score of 2/6, 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 Immobiliare Grande Distribuzione SIIQ'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 Immobiliare Grande Distribuzione SIIQ's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Immobiliare Grande Distribuzione SIIQ's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Immobiliare Grande Distribuzione SIIQ's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Immobiliare Grande Distribuzione SIIQ'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 Immobiliare Grande Distribuzione SIIQ Company Filings, last reported 1 month ago.

BIT:IGD Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,270.09 1,207.91 38.32
2018-12-31 1,252.34 1,128.04 2.47
2018-09-30 1,259.59 1,136.72 3.11
2018-06-30 1,240.19 1,155.10 4.65
2018-03-31 1,129.94 1,070.86 2.69
2017-12-31 1,115.75 1,083.03 2.51
2017-09-30 1,092.67 1,094.36 5.67
2017-06-30 1,076.36 1,103.25 2.79
2017-03-31 1,086.17 1,076.23 2.96
2016-12-31 1,069.43 1,087.80 3.08
2016-09-30 1,035.75 1,127.87 88.47
2016-06-30 1,023.82 1,129.77 84.27
2016-03-31 1,042.92 1,045.58 14.06
2015-12-31 1,032.20 1,053.09 23.60
2015-09-30 967.96 982.51 13.35
2015-06-30 958.14 985.82 10.66
2015-03-31 970.40 997.04 12.47
2014-12-31 960.82 1,002.58 15.24
2014-09-30 765.88 1,095.64 12.74
2014-06-30 764.81 1,090.11 12.63
2014-03-31 778.90 1,077.40 15.79
2013-12-31 763.69 1,128.24 8.45
2013-09-30 766.79 1,131.98 6.81
2013-06-30 758.11 1,136.91 9.29
2013-03-31 765.45 1,141.08 4.97
2012-12-31 753.57 1,152.10 7.55
2012-09-30 759.60 1,160.14 14.34
2012-06-30 756.15 1,156.33 10.85
  • Immobiliare Grande Distribuzione SIIQ's level of debt (95.1%) 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 (138.4% vs 95.1% today).
  • Debt is not well covered by operating cash flow (7.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
X
Financial health checks
We assess Immobiliare Grande Distribuzione SIIQ'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. Immobiliare Grande Distribuzione SIIQ has a total score of 2/6, 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 Immobiliare Grande Distribuzione SIIQ'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
7.99%
Current annual income from Immobiliare Grande Distribuzione SIIQ dividends. Estimated to be 8.27% next year.
If you bought €2,000 of Immobiliare Grande Distribuzione SIIQ shares you are expected to receive €160 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?
  • Immobiliare Grande Distribuzione SIIQ's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.16%).
  • Immobiliare Grande Distribuzione SIIQ's dividend is above the markets top 25% of dividend payers in Italy (4.58%).
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
BIT:IGD 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 4 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 5%
Italy Market Average Dividend Yield Market Cap Weighted Average of 186 Stocks 4.3%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.2%
Italy Bottom 25% Dividend Yield 25th Percentile 2.2%
Italy Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

BIT:IGD Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.53 1.00
2021-12-31 0.53 3.00
2020-12-31 0.52 4.00
2019-12-31 0.50 4.00
BIT:IGD Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-20 0.500 7.642
2018-05-11 0.500 7.762
2018-03-16 0.500 6.446
2018-02-22 0.500 6.464
2017-04-18 0.450 5.068
2016-03-23 0.400 5.463
2016-03-03 0.400 4.901
2015-04-16 0.375 4.518
2015-02-26 0.375 4.185
2014-04-25 0.650 7.635
2014-02-27 0.650 5.084
2013-02-28 0.700 8.300
2012-05-18 0.800 10.763
2012-03-08 0.800 9.665
2011-03-28 0.750 6.825
2011-03-09 0.750 4.860
2010-03-11 0.500 3.798
2010-01-04 0.500 3.283

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

  • Immobiliare Grande Distribuzione SIIQ has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Immobiliare Grande Distribuzione SIIQ has only been paying a dividend for 9 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Immobiliare Grande Distribuzione SIIQ's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (163.7x coverage).
Show me more dividend paying companies in the REITs industry
X
Income/ dividend checks
We assess Immobiliare Grande Distribuzione SIIQ'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 Immobiliare Grande Distribuzione SIIQ afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Immobiliare Grande Distribuzione SIIQ has a total score of 4/6, 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 Immobiliare Grande Distribuzione SIIQ'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
Claudio Albertini
COMPENSATION €330,907
AGE 60
TENURE AS CEO 10 years
CEO Bio

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 Distribuzione SIIQ SpA (the “Company”) since May 2009, after having served as a member of the Company’s Board for three years. For more than twenty years Mr. Albertini was part of the Gruppo Unipol where he ultimately acted as General Manager of Unipol Merchant. He is a certified financial auditor registered in Bologna. Offices held in other companies: Vice Chairman of the BoD and Chief Executive Officer IGD PROPERTY SIINQ S.P.A.

CEO Compensation
  • Insufficient data for Claudio to compare compensation growth.
  • Claudio's remuneration is higher than average for companies of similar size in Italy.
Management Team Tenure

Average tenure and age of the Immobiliare Grande Distribuzione SIIQ management team in years:

9.7
Average Tenure
57
Average Age
  • The average tenure for the Immobiliare Grande Distribuzione SIIQ management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Elio Gasperoni

TITLE
Executive Chairman of the Board
COMPENSATION
€131K
AGE
65

Claudio Albertini

TITLE
CEO & Executive Director
COMPENSATION
€331K
AGE
60
TENURE
10 yrs

Andrea Bonvicini

TITLE
Director of Finance Division
AGE
55

Daniele Cabuli

TITLE
Chief Operating Officer
COMPENSATION
€176K
AGE
60
TENURE
9.4 yrs

Carlo Barban

TITLE
Director of Administration
AGE
40
TENURE
0.3 yrs

Raffaele Nardi

TITLE
Director of Planning
AGE
42

Roberto Zoia

TITLE
Director of Asset Management & Development
AGE
57
TENURE
13.3 yrs

Claudia Contarini

TITLE
Investor Relations Manager
Board of Directors Tenure

Average tenure and age of the Immobiliare Grande Distribuzione SIIQ board of directors in years:

2
Average Tenure
60.5
Average Age
  • The average tenure for the Immobiliare Grande Distribuzione SIIQ board of directors is less than 3 years, this suggests a new board.
Board of Directors

Claudio Albertini

TITLE
CEO & Executive Director
COMPENSATION
€331K
AGE
60
TENURE
13.1 yrs

Rossella Saoncella

TITLE
Vice Chairman of the Board
COMPENSATION
€87K
AGE
64
TENURE
0.9 yrs

Elio Gasperoni

TITLE
Executive Chairman of the Board
COMPENSATION
€131K
AGE
65
TENURE
0.9 yrs

Elisabetta Gualandri

TITLE
Independent Non-Executive Director
COMPENSATION
€19K
AGE
63
TENURE
7.1 yrs

Anna Allievi

TITLE
Chairman of the Board of Statutory Auditors
COMPENSATION
€18K
AGE
53
TENURE
4.1 yrs

Livia Salvini

TITLE
Independent Non-Executive Director
COMPENSATION
€27K
AGE
61
TENURE
7.1 yrs

Luca Dall'Orologio

TITLE
Independent Non-Executive Director
COMPENSATION
€19K
AGE
46
TENURE
3.2 yrs

Eric Véron

TITLE
Independent Non-Executive Director
COMPENSATION
€15K
AGE
44
TENURE
0.9 yrs

Timothy Guy Santini

TITLE
Independent Non-Executive Director
COMPENSATION
€14K
AGE
52
TENURE
0.9 yrs

Sergio Lugaresi

TITLE
Independent Non-Executive Director
COMPENSATION
€16K
AGE
61
TENURE
0.9 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 Immobiliare Grande Distribuzione SIIQ'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. Immobiliare Grande Distribuzione SIIQ 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

Investing In Property Through Immobiliare Grande Distribuzione SIIQ S.p.A. (BIT:IGD)

Immobiliare Grande Distribuzione SIIQ S.p.A. … See our latest analysis for Immobiliare Grande Distribuzione SIIQ … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St - –

Who Are Immobiliare Grande Distribuzione SIIQ SpA's (BIT:IGD) Major Shareholders?

In this article, I'm going to take a look at Immobiliare Grande Distribuzione SIIQ SpA’s (BIT:IGD) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Therefore, it is beneficial for us to examine IGD's ownership structure in more detail. … View our latest analysis for Immobiliare Grande Distribuzione SIIQ

Simply Wall St - –

What Are The Drivers Of Immobiliare Grande Distribuzione SIIQ SpA's (BIT:IGD) Risks?

The first type is company-specific risk, which can be diversified away by investing in other companies to reduce exposure to one particular stock. … The other type of risk, which cannot be diversified away, is market risk. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St - –

Is Immobiliare Grande Distribuzione SIIQ SpA’s (BIT:IGD) Cash Outlook Optimistic?

If you are currently a shareholder in Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … Today we will examine Immobiliare Grande Distribuzione SIIQ’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … There are two methods I will use to evaluate the quality of Immobiliare Grande Distribuzione SIIQ’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 - –

Should You Buy Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD) Based On These Aspects?

Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of IGD, it

Simply Wall St - –

Is It Time To Buy Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD)?

Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD), a reits company based in Italy,. … A question to answer is whether Immobiliare Grande Distribuzione SIIQ's current trading price of €6.97 reflective of the actual value of the? … Let’s take a look at Immobiliare Grande Distribuzione SIIQ’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St - –

Read This Before Buying Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD) For Its Upcoming €00.50 Dividend

Important news for shareholders and potential investors in Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD): The dividend payment of €0.50 per share will be distributed into shareholder on 13 June 2018, and the stock will begin trading ex-dividend at an earlier date, 11 June 2018. … Is this future income a persuasive enough catalyst for investors to think about Immobiliare Grande Distribuzione SIIQ as an investment today? … Check out our latest analysis for Immobiliare Grande Distribuzione SIIQ?

Simply Wall St - –

How Does Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD)’s Prospect Stack Up To Its Real Estate Peers?

Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD), a €816.53M small-cap, operates in the real estate industry which remains the single largest sector globally, and has continued to play a key role in investor portfolios as an asset class. … See our latest analysis for Immobiliare Grande Distribuzione SIIQ What’s the catalyst for Immobiliare Grande Distribuzione SIIQ's sector growth? … As a future industry laggard in growth, Immobiliare Grande Distribuzione SIIQ may be a cheaper stock relative to its peers.

Simply Wall St - –

How Should You Think About Immobiliare Grande Distribuzione SIIQ SpA's (BIT:IGD) Risks?

If you are looking to invest in Immobiliare Grande Distribuzione SIIQ SpA’s (BIT:IGD), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … Generally, an investor should consider two types of risk that impact the market value of IGD. … Check out our latest analysis for Immobiliare Grande Distribuzione SIIQ An interpretation of IGD's beta Immobiliare Grande Distribuzione SIIQ’s five-year beta of 1.41 means that the company’s value will swing up by more than the market during prosperous times, but also drop down by more in times of downturns.

Simply Wall St - –

Is Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD) Undervalued After Accounting For Its Future Growth?

Immobiliare Grande Distribuzione SIIQ SpA (BIT:IGD) is considered a high growth stock. … But, to be able to properly assess the value of a high-growth stock such as Immobiliare Grande Distribuzione SIIQ, we must incorporate its earnings growth in our valuation. … A PE ratio of 7.37x and expected year-on-year earnings growth of 10.05% give Immobiliare Grande Distribuzione SIIQ a very low PEG ratio of 0.73x.

Simply Wall St - –

Company Info

Description

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 €2,412.2 million at 31 December 2018, 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.

Details
Name: Immobiliare Grande Distribuzione SIIQ S.p.A.
IGD
Exchange: BIT
Founded:
€690,332,768
110,276,800
Website: http://www.gruppoigd.it
Address: Immobiliare Grande Distribuzione SIIQ S.p.A.
Via Trattati Comunitari Europei1957-2007,
N. 13,
Bologna,
Bologna, 40127,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT IGD Common Stock Borsa Italiana IT EUR 11. Feb 2005
LSE 0STP Common Stock London Stock Exchange GB EUR 11. Feb 2005
BATS-CHIXE IGDM Common Stock BATS 'Chi-X Europe' GB EUR 11. Feb 2005
Number of employees
Current staff
Staff numbers
175
Immobiliare Grande Distribuzione SIIQ employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 20:52
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
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.

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