Malta Properties (MTSE:MPC) - Share price, News & Analysis

MPC fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	3/6
Dividends	1/6

MPC Stock Overview

Malta Properties Company p.l.c. engages in the investment and development of commercial properties in Malta.

Rewards

PE ratio (19.3x) is below the MT market (24.8x)

Risk Analysis

Earnings have declined by 3.6% per year over past 5 years

Large one-off items impacting financial results

Does not have meaningful revenue (€4M)

Does not have a meaningful market cap (€51M)

Malta Properties Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Malta Properties
Historical stock prices
Current Share Price	€0.51
52 Week High	€0.58
52 Week Low	€0.50
Beta	0.32
1 Month Change	-0.98%
3 Month Change	-0.98%
1 Year Change	-7.34%
3 Year Change	-15.83%
5 Year Change	-1.17%
Change since IPO	-12.17%

Recent News & Updates

May 06

Here's Why Malta Properties (MTSE:MPC) Has A Meaningful Debt Burden

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

	MPC	MT Real Estate	MT Market
7D	0%	0.9%	0.7%
1Y	-7.3%	-6.1%	-5.4%

Return vs Industry: MPC underperformed the MT Real Estate industry which returned -6.1% over the past year.

Return vs Market: MPC underperformed the MT Market which returned -5.8% over the past year.

Price Volatility

Is MPC's price volatile compared to industry and market?
MPC volatility
MPC Average Weekly Movement	n/a
Real Estate Industry Average Movement	5.1%
Market Average Movement	6.5%
10% most volatile stocks in MT Market	12.0%
10% least volatile stocks in MT Market	3.6%

Stable Share Price: Insufficient data to determine MPC's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine MPC's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2010	8	Mohsin Majid	https://maltaproperties.com.mt

Malta Properties Company p.l.c. engages in the investment and development of commercial properties in Malta. It owns a portfolio of office buildings and industrial properties. The company was founded in 2010 and is based in Floriana, Malta.

Malta Properties Fundamentals Summary

How do Malta Properties's earnings and revenue compare to its market cap?
MPC fundamental statistics
Market Cap	€51.16m
Earnings (TTM)	€2.65m
Revenue (TTM)	€3.64m

19.3x

P/E Ratio

14.0x

P/S Ratio

Is MPC overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MPC income statement (TTM)
Revenue	€3.64m
Cost of Revenue	€0
Gross Profit	€3.64m
Other Expenses	€997.69k
Earnings	€2.65m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.026
Gross Margin	100.00%
Net Profit Margin	72.62%
Debt/Equity Ratio	47.2%

How did MPC perform over the long term?

See historical performance and comparison

Dividends

2.4%

Current Dividend Yield

46%

Payout Ratio

Valuation

Is Malta Properties undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

19.34x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: MPC (€0.51) is trading above our estimate of fair value (€0.17)

Significantly Below Fair Value: MPC is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: MPC is good value based on its PE Ratio (19.3x) compared to the MT Real Estate industry average (36.5x).

PE vs Market: MPC is good value based on its PE Ratio (19.3x) compared to the MT market (24.8x).

Price to Earnings Growth Ratio

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

Price to Book Ratio

PB vs Industry: MPC's PB Ratio (0.9x) is in line with the MT Real Estate industry average.

Future Growth

How is Malta Properties forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-10.9%

Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Malta Properties has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has Malta Properties performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-3.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MPC has a large one-off gain of €2.2M impacting its December 31 2021 financial results.

Growing Profit Margin: MPC's current net profit margins (72.6%) are lower than last year (86.7%).

Past Earnings Growth Analysis

Earnings Trend: MPC's earnings have declined by 3.6% per year over the past 5 years.

Accelerating Growth: MPC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MPC had negative earnings growth (-11.2%) over the past year, making it difficult to compare to the Real Estate industry average (-0.1%).

Return on Equity

High ROE: MPC's Return on Equity (4.7%) is considered low.

Financial Health

How is Malta Properties's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MPC's short term assets (€20.4M) exceed its short term liabilities (€7.2M).

Long Term Liabilities: MPC's short term assets (€20.4M) do not cover its long term liabilities (€28.9M).

Debt to Equity History and Analysis

Debt Level: MPC's net debt to equity ratio (26.2%) is considered satisfactory.

Reducing Debt: MPC's debt to equity ratio has increased from 44.6% to 47.2% over the past 5 years.

Debt Coverage: MPC's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: MPC's interest payments on its debt are well covered by EBIT (3.6x coverage).

Balance Sheet

Dividend

What is Malta Properties's current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.38%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MPC's dividend (2.38%) isn’t notable compared to the bottom 25% of dividend payers in the MT market (2.48%).

High Dividend: MPC's dividend (2.38%) is low compared to the top 25% of dividend payers in the MT market (5.76%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, MPC has been paying a dividend for less than 10 years.

Growing Dividend: MPC's dividend payments have increased, but the company has only paid a dividend for 3 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (46%), MPC's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: MPC is paying a dividend but the company has no free cash flows.

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?

1.3yrs

Average board tenure

CEO

Mohsin Majid

1.92yrs

Tenure

Mr. Mohsin Majid serves as Chief Executive Officer at Malta Properties Company p.l.c. since June 10, 2020. He serves as Deputy Chief Executive Officer of Tunisie Telecom. Mr. Majid had been Director of GO...

Board Members

Experienced Board: MPC's board of directors are not considered experienced ( 1.3 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	2022/05/16 00:00
End of Day Share Price	2022/05/09 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31