OB:NPRO

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Norwegian Property

Executive Summary

Norwegian Property ASA, a real estate investment company, acquires, develops, manages, and sells commercial real estate properties in Norway. More Details


Snowflake Analysis

Fair value unattractive dividend payer.

Share Price & News

How has Norwegian Property's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NPRO has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.8%

NPRO

1.0%

NO Real Estate

2.0%

NO Market


1 Year Return

10.5%

NPRO

-3.4%

NO Real Estate

-12.7%

NO Market

Return vs Industry: NPRO underperformed the Norwegian Real Estate industry which returned 28% over the past year.

Return vs Market: NPRO exceeded the Norwegian Market which returned 4.5% over the past year.


Shareholder returns

NPROIndustryMarket
7 Day3.8%1.0%2.0%
30 Day2.5%0.02%1.6%
90 Day6.6%-1.1%6.9%
1 Year13.3%10.5%0.3%-3.4%-10.1%-12.7%
3 Year25.2%15.7%22.5%12.2%10.0%-2.4%
5 Year36.0%24.4%71.2%43.8%54.0%23.4%

Price Volatility Vs. Market

How volatile is Norwegian Property's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Norwegian Property undervalued compared to its fair value and its price relative to the market?

8.53x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: NPRO (NOK12.15) is trading above our estimate of fair value (NOK4.69)

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


Price To Earnings Ratio

PE vs Industry: NPRO is good value based on its PE Ratio (8.5x) compared to the Real Estate industry average (15.9x).

PE vs Market: NPRO is good value based on its PE Ratio (8.5x) compared to the Norwegian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: NPRO's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: NPRO is good value based on its PB Ratio (0.8x) compared to the NO Real Estate industry average (0.9x).


Next Steps

Future Growth

How is Norwegian Property forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-31.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NPRO's earnings are forecast to decline over the next 3 years (-31.6% per year).

Earnings vs Market: NPRO's earnings are forecast to decline over the next 3 years (-31.6% per year).

High Growth Earnings: NPRO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: NPRO's revenue is expected to decline over the next 3 years (-0.1% per year).

High Growth Revenue: NPRO's revenue is forecast to decline over the next 3 years (-0.1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NPRO's Return on Equity is forecast to be low in 3 years time (3.5%).


Next Steps

Past Performance

How has Norwegian Property performed over the past 5 years?

22.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NPRO has a large one-off gain of NOK534.9M impacting its June 30 2019 financial results.

Growing Profit Margin: NPRO's current net profit margins (99.6%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: NPRO has become profitable over the past 5 years, growing earnings by 22.5% per year.

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

Earnings vs Industry: NPRO had negative earnings growth (-22.7%) over the past year, making it difficult to compare to the Real Estate industry average (-22.7%).


Return on Equity

High ROE: NPRO's Return on Equity (10.1%) is considered low.


Next Steps

Financial Health

How is Norwegian Property's financial position?


Financial Position Analysis

Short Term Liabilities: NPRO's short term assets (NOK1.2B) do not cover its short term liabilities (NOK1.3B).

Long Term Liabilities: NPRO's short term assets (NOK1.2B) do not cover its long term liabilities (NOK7.5B).


Debt to Equity History and Analysis

Debt Level: NPRO's debt to equity ratio (97.8%) is considered high.

Reducing Debt: NPRO's debt to equity ratio has reduced from 192.1% to 97.8% over the past 5 years.

Debt Coverage: NPRO's debt is not well covered by operating cash flow (2.4%).

Interest Coverage: NPRO's interest payments on its debt are not well covered by EBIT (2.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Norwegian Property's current dividend yield, its reliability and sustainability?

2.30%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NPRO's dividend (2.3%) isn’t notable compared to the bottom 25% of dividend payers in the Norwegian market (2.4%).

High Dividend: NPRO's dividend (2.3%) is low compared to the top 25% of dividend payers in the Norwegian market (5.71%).


Stability and Growth of Payments

Stable Dividend: NPRO has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: NPRO's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (19.7%), NPRO's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NPRO's dividends in 3 years are forecast to be covered by earnings (61.8% payout ratio).


Next Steps

Management

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

1.2yrs

Average management tenure


CEO

Bent Oustad

1.58yrs

Tenure

kr3,302,053

Compensation

Mr. Bent Oustad has been the Chief Executive Officer at Norwegian Property ASA since January 1, 2018. Mr. Oustad has for the last 15 years worked at ABG Sundal Collier (“ABGSC”) in different positions. Bef ...


CEO Compensation Analysis

Compensation vs Market: Bent's total compensation ($USD365.75K) is below average for companies of similar size in the Norwegian market ($USD550.96K).

Compensation vs Earnings: Insufficient data to compare Bent's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Bent Oustad
Chief Executive Officer1.58yrskr3.30mno data
Haavard Rønning
Chief Financial Officer1.42yrskr2.63mno data
Ellen Kobro
Executive Vice President of Sales & Marketing1.17yrskr3.12mno data
Bjorge Aarvold
Executive Vice President of Property Management1.17yrskr2.38mno data
Linda Wessel
Head of Administrationno datano datano data
Ida Berg
Controller (Maternity leave)0.25yrno datano data
Lizell Buenaventura
Accounting Controller3.5yrsno datano data
Britt Knudsen
Accounting Controllerno datano datano data
Haakon Løyning
Controller (Temporary)0.25yrno datano data
Asmund Ytreeide
Business Controllerno datano datano data

1.2yrs

Average Tenure

Experienced Management: NPRO's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Carl Krefting
Director1.33yrsno datano data
Kjell Sagstad
Director3.33yrsno datano data
Merete Haugli
Chairman of the Board1.33yrsno datano data
Cecilie Fredriksen
Director4.83yrsno datano data
Kathrine Fredriksen
Director3.33yrsno datano data
Bjørn Henningsen
Deputy Chairman5.58yrsno datano data
Lars Nilsen
Director2.33yrsno datano data

3.3yrs

Average Tenure

55yo

Average Age

Experienced Board: NPRO's board of directors are considered experienced (3.3 years average tenure).


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: Insufficient data to determine if shareholders have been diluted in the past year.


Top Shareholders

Company Information

Norwegian Property ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Norwegian Property ASA
  • Ticker: NPRO
  • Exchange: OB
  • Founded: 2005
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: kr5.998b
  • Shares outstanding: 493.63m
  • Website: https://www.norwegianproperty.no

Number of Employees


Location

  • Norwegian Property ASA
  • Støperigata 2
  • Oslo
  • Oslo
  • 250
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NPROOB (Oslo Bors)YesOrdinary SharesNONOKJun 2006
0MHSLSE (London Stock Exchange)YesOrdinary SharesGBNOKJun 2006
NPROOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJun 2006
H2DDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2006

Biography

Norwegian Property ASA, a real estate investment company, acquires, develops, manages, and sells commercial real estate properties in Norway. Its properties primarily comprise office premises with associat ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/28 21:05
End of Day Share Price2019/08/28 00:00
Earnings2019/06/30
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.