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APL

Asset PlusNZSE:APL Stock Report

Last Price

NZ$0.30

Market Cap

NZ$110.6m

7D

-1.6%

1Y

-11.6%

Updated

17 Jan, 2022

Data

Company Financials +
APL fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance2/6
Financial Health5/6
Dividends3/6

APL Stock Overview

NPT Limited operates as a property company.

Price History & Performance

Summary of all time highs, changes and price drops for Asset Plus
Historical stock prices
Current Share PriceNZ$0.30
52 Week HighNZ$0.38
52 Week LowNZ$0.29
Beta0.62
1 Month Change0%
3 Month Change-7.58%
1 Year Change-11.59%
3 Year Change-46.96%
5 Year Change-53.08%
Change since IPO-67.90%

Recent News & Updates

Shareholder Returns

APLNZ REITsNZ Market
7D-1.6%-1.0%-0.5%
1Y-11.6%-0.6%-5.5%

Return vs Industry: APL underperformed the NZ REITs industry which returned -1.3% over the past year.

Return vs Market: APL underperformed the NZ Market which returned -6.5% over the past year.

Price Volatility

Is APL's price volatile compared to industry and market?
APL volatility
APL Average Weekly Movement3.8%
REITs Industry Average Movement2.8%
Market Average Movement3.7%
10% most volatile stocks in NZ Market6.4%
10% least volatile stocks in NZ Market2.3%

Stable Share Price: APL is not significantly more volatile than the rest of NZ stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: APL's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1994n/aMark Francishttps://www.assetplusnz.co.nz

NPT Limited operates as a property company. It invests in retail, commercial, and industrial properties located in Auckland, Wellington, Napier, and Christchurch. The company was formerly known as The National Property Trust and changed its name to NPT Limited on April 1, 2011.

Asset Plus Fundamentals Summary

How do Asset Plus's earnings and revenue compare to its market cap?
APL fundamental statistics
Market CapNZ$110.63m
Earnings (TTM)NZ$6.93m
Revenue (TTM)NZ$13.75m

16.0x

P/E Ratio

8.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
APL income statement (TTM)
RevenueNZ$13.75m
Cost of RevenueNZ$4.94m
Gross ProfitNZ$8.81m
ExpensesNZ$1.88m
EarningsNZ$6.93m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.019
Gross Margin64.05%
Net Profit Margin50.40%
Debt/Equity Ratio17.5%

How did APL perform over the long term?

See historical performance and comparison

Dividends

5.9%

Current Dividend Yield

107%

Payout Ratio

Valuation

Is Asset Plus undervalued compared to its fair value and its price relative to the market?

46.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: APL (NZ$0.31) is trading below our estimate of fair value (NZ$0.57)

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


Price To Earnings Ratio

PE vs Industry: APL is poor value based on its PE Ratio (16x) compared to the NZ REITs industry average (6.3x).

PE vs Market: APL is good value based on its PE Ratio (16x) compared to the NZ market (19.2x).


Price to Earnings Growth Ratio

PEG Ratio: APL is poor value based on its PEG Ratio (11.4x)


Price to Book Ratio

PB vs Industry: APL is good value based on its PB Ratio (0.7x) compared to the NZ REITs industry average (1x).


Future Growth

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

1.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: APL's forecast earnings growth (1.4% per year) is below the savings rate (2.1%).

Earnings vs Market: APL's earnings (1.4% per year) are forecast to grow slower than the NZ market (7.3% per year).

High Growth Earnings: APL's earnings are forecast to grow, but not significantly.

Revenue vs Market: APL's revenue (12.4% per year) is forecast to grow faster than the NZ market (4.8% per year).

High Growth Revenue: APL's revenue (12.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: APL's Return on Equity is forecast to be low in 3 years time (2.5%).


Past Performance

How has Asset Plus performed over the past 5 years?

-2.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APL has high quality earnings.

Growing Profit Margin: APL became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: APL's earnings have declined by 2.1% per year over the past 5 years.

Accelerating Growth: APL has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: APL has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (319.3%).


Return on Equity

High ROE: APL's Return on Equity (4.3%) is considered low.


Financial Health

How is Asset Plus's financial position?


Financial Position Analysis

Short Term Liabilities: APL's short term assets (NZ$50.3M) exceed its short term liabilities (NZ$5.1M).

Long Term Liabilities: APL's short term assets (NZ$50.3M) exceed its long term liabilities (NZ$28.6M).


Debt to Equity History and Analysis

Debt Level: APL's net debt to equity ratio (16%) is considered satisfactory.

Reducing Debt: APL's debt to equity ratio has reduced from 48.2% to 17.5% over the past 5 years.

Debt Coverage: APL's debt is not well covered by operating cash flow (9.9%).

Interest Coverage: APL's interest payments on its debt are well covered by EBIT (11.3x coverage).


Balance Sheet


Dividend

What is Asset Plus's current dividend yield, its reliability and sustainability?

5.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: APL's dividend (5.9%) is higher than the bottom 25% of dividend payers in the NZ market (2.66%).

High Dividend: APL's dividend (5.9%) is in the top 25% of dividend payers in the NZ market (4.98%)


Stability and Growth of Payments

Stable Dividend: APL's dividend payments have been volatile in the past 10 years.

Growing Dividend: APL's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (107.3%), APL's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: APL's dividends in 3 years are forecast to be covered by earnings (98.4% payout ratio).


Next Steps

Management

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

3.6yrs

Average management tenure


CEO

Mark Francis

3.75yrs

Tenure

Mr. Mark Edward Francis, B.Com (Fin) serves as Chief Executive Officer of Head of Centuria New Zealand. He serves as Managing Director and Non-Independent Executive Director of Centuria Capital Group (form...


Leadership Team

Experienced Management: APL's management team is considered experienced (3.6 years average tenure).


Board Members

Experienced Board: APL's board of directors are considered experienced (4.8 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: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Asset Plus Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Asset Plus Limited
  • Ticker: APL
  • Exchange: NZSE
  • Founded: 1994
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: NZ$110.629m
  • Shares outstanding: 362.72m
  • Website: https://www.assetplusnz.co.nz

Location

  • Asset Plus Limited
  • Bayleys House
  • Level 2
  • Auckland
  • 1010
  • New Zealand

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/17 12:14
End of Day Share Price2022/01/17 00:00
Earnings2021/09/30
Annual Earnings2021/03/31


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.