Immobiliare Grande Distribuzione SIIQ - Stock price, News & Analysis

IGD fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	4/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

IGD Stock Overview

Immobiliare Grande Distribuzione SIIQ S.p.A.

Rewards

Trading at 38.9% below our estimate of its fair value

Earnings are forecast to grow 25.71% per year

Risk Analysis

Debt is not well covered by operating cash flow

Immobiliare Grande Distribuzione SIIQ Competitors

Gecina

ENXTPA:GFC

€9.0b

Klépierre

ENXTPA:LI

€6.5b

PSP Swiss Property

SWX:PSPN

CHF5.1b

MERLIN Properties SOCIMI

BME:MRL

€4.7b

Price History & Performance

Summary of all time highs, changes and price drops for Immobiliare Grande Distribuzione SIIQ
Historical stock prices
Current Share Price	€4.19
52 Week High	€4.71
52 Week Low	€3.32
Beta	1.68
1 Month Change	9.56%
3 Month Change	0.36%
1 Year Change	10.86%
3 Year Change	-27.52%
5 Year Change	-42.83%
Change since IPO	-75.65%

Shareholder Returns

	IGD	IT REITs	IT Market
7D	2.1%	0.4%	-0.1%
1Y	10.9%	16.3%	20.3%

Return vs Industry: IGD underperformed the Italian REITs industry which returned 16% over the past year.

Return vs Market: IGD underperformed the Italian Market which returned 21.3% over the past year.

Price Volatility

Is IGD's price volatile compared to industry and market?
IGD volatility
IGD Average Weekly Movement	5.0%
REITs Industry Average Movement	2.6%
Market Average Movement	4.3%
10% most volatile stocks in IT Market	7.1%
10% least volatile stocks in IT Market	2.7%

Stable Share Price: IGD is not significantly more volatile than the rest of Italian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: IGD's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	177	Claudio Albertini	https://www.gruppoigd.it

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 €2,322.62 million at 30 June 2020, 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 5 other real estate properties.

Immobiliare Grande Distribuzione SIIQ Fundamentals Summary

How do Immobiliare Grande Distribuzione SIIQ's earnings and revenue compare to its market cap?
IGD fundamental statistics
Market Cap	€461.78m
Earnings (TTM)	-€17.84m
Revenue (TTM)	€152.62m

3.0x

P/S Ratio

-25.9x

P/E Ratio

Is IGD overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
IGD income statement (TTM)
Revenue	€152.62m
Cost of Revenue	€13.12m
Gross Profit	€139.50m
Expenses	€157.33m
Earnings	-€17.84m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

Feb 24, 2022

Earnings per share (EPS)	-0.16
Gross Margin	91.40%
Net Profit Margin	-11.69%
Debt/Equity Ratio	98.7%

How did IGD perform over the long term?

See historical performance and comparison

Valuation

Is Immobiliare Grande Distribuzione SIIQ undervalued compared to its fair value and its price relative to the market?

38.9%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: IGD (€4.19) is trading below our estimate of fair value (€6.84)

Significantly Below Fair Value: IGD is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: IGD is unprofitable, so we can't compare its PE Ratio to the European REITs industry average.

PE vs Market: IGD is unprofitable, so we can't compare its PE Ratio to the Italian market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate IGD's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: IGD is good value based on its PB Ratio (0.4x) compared to the XE REITs industry average (1x).

Future Growth

How is Immobiliare Grande Distribuzione SIIQ forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

25.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IGD is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.8%).

Earnings vs Market: IGD is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: IGD's is expected to become profitable in the next 3 years.

Revenue vs Market: IGD's revenue (1.5% per year) is forecast to grow faster than the Italian market (-0.06% per year).

High Growth Revenue: IGD's revenue (1.5% 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 (5.8%).

Past Performance

How has Immobiliare Grande Distribuzione SIIQ performed over the past 5 years?

-57.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IGD is currently unprofitable.

Growing Profit Margin: IGD is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: IGD is unprofitable, and losses have increased over the past 5 years at a rate of 57.5% per year.

Accelerating Growth: Unable to compare IGD's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: IGD is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (21.9%).

Return on Equity

High ROE: IGD has a negative Return on Equity (-1.55%), as it is currently unprofitable.

Financial Health

How is Immobiliare Grande Distribuzione SIIQ's financial position?

Financial Position Analysis

Short Term Liabilities: IGD's short term assets (€117.4M) do not cover its short term liabilities (€238.7M).

Long Term Liabilities: IGD's short term assets (€117.4M) do not cover its long term liabilities (€1.0B).

Debt to Equity History and Analysis

Debt Level: IGD's net debt to equity ratio (94%) is considered high.

Reducing Debt: IGD's debt to equity ratio has reduced from 108.4% to 98.7% over the past 5 years.

Debt Coverage: IGD's debt is not well covered by operating cash flow (6.9%).

Interest Coverage: IGD's interest payments on its debt are well covered by EBIT (3.1x coverage).

Balance Sheet

Dividend

What is Immobiliare Grande Distribuzione SIIQ current dividend yield, its reliability and sustainability?

9.69%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate IGD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate IGD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if IGD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IGD's dividend payments have been increasing.

Current Payout to Shareholders

Dividend Coverage: IGD is not paying a notable dividend for the Italian market.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of IGD's dividend in 3 years as they are not forecast to pay a notable one for the Italian market.

Next Steps

Explore strong dividend paying companies in the Real Estate industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

12.4yrs

Average management tenure

CEO

Claudio Albertini (63 yo)

12.67yrs

Tenure

€320,000

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 ($USD362.61K) is below average for companies of similar size in the Italian market ($USD848.73K).

Compensation vs Earnings: Claudio's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: IGD's management team is seasoned and experienced (12.4 years average tenure).

Board Members

Experienced Board: IGD's board of directors are not considered experienced ( 0.8 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.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/01/18 21:18
End of Day Share Price	2022/01/18 00:00
Earnings	2021/09/30
Annual Earnings	2020/12/31