NZSE:APL

Stock Analysis Report

Executive Summary

NPT Limited operates as a property company.


Snowflake Analysis

Fair value with moderate growth potential.

Share Price & News

How has Asset Plus's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: APL's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

APL

-0.9%

NZ REITs

3.2%

NZ Market


1 Year Return

-29.4%

APL

-6.1%

NZ REITs

-8.1%

NZ Market

Return vs Industry: APL underperformed the NZ REITs industry which returned -6.1% over the past year.

Return vs Market: APL underperformed the NZ Market which returned -8.1% over the past year.


Shareholder returns

APLIndustryMarket
7 Day0%-0.9%3.2%
30 Day-27.6%-21.5%-18.0%
90 Day-33.3%-20.2%-20.0%
1 Year-25.0%-29.4%-2.1%-6.1%-4.8%-8.1%
3 Year-13.9%-28.2%31.4%13.3%26.2%10.5%
5 Year-14.5%-36.4%56.0%20.9%58.3%23.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

34.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: APL (NZ$0.42) is trading below our estimate of fair value (NZ$0.64)

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 (26.1x) compared to the REITs industry average (10.1x).

PE vs Market: APL is poor value based on its PE Ratio (26.1x) compared to the NZ market (14.8x).


Price to Earnings Growth Ratio

PEG Ratio: APL is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: APL is good value based on its PB Ratio (0.6x) compared to the NZ REITs industry average (1x).


Next Steps

Future Growth

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

21.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: APL's forecast earnings growth (21.3% per year) is above the savings rate (1.3%).

Earnings vs Market: APL's earnings (21.3% per year) are forecast to grow faster than the NZ market (10.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: APL's revenue is expected to decline over the next 3 years (-7.8% per year).

High Growth Revenue: APL's revenue is forecast to decline over the next 3 years (-7.8% 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 (5%).


Next Steps

Past Performance

How has Asset Plus performed over the past 5 years?

-20.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APL has a large one-off loss of NZ$3.1M impacting its September 30 2019 financial results.

Growing Profit Margin: APL's current net profit margins (20.1%) are lower than last year (25.5%).


Past Earnings Growth Analysis

Earnings Trend: APL's earnings have declined by -20.8% per year over the past 5 years.

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

Earnings vs Industry: APL had negative earnings growth (-32.9%) over the past year, making it difficult to compare to the REITs industry average (-4.9%).


Return on Equity

High ROE: APL's Return on Equity (2.3%) is considered low.


Next Steps

Financial Health

How is Asset Plus's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: APL has a high level of physical assets or inventory.

Debt Coverage by Assets: APL's debt is not covered by short term assets (assets are 0.5x debt).


Financial Institutions Analysis

Asset Level: APL's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if APL has a sufficient allowance for bad loans.

Low Risk Liabilities: APL reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if APL has an acceptable proportion of non-loan assets held.

Low Risk Deposits: APL has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if APL has an appropriate level of bad loans.


Next Steps

Dividend

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

8.57%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: APL's dividend (8.57%) is higher than the bottom 25% of dividend payers in the NZ market (3.6%).

High Dividend: APL's dividend (8.57%) is in the top 25% of dividend payers in the NZ market (7.93%)


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 (128.9%), APL's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: APL's dividends in 3 years are not forecast to be well covered by earnings (101.6% payout ratio).


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Asset Plus has no CEO, or we have no data on them.


Leadership Team

NamePositionTenureCompensationOwnership
Simon W. Woollams
Chief Financial Officer1.75yrsno datano data
Luke Fitzgibbon
General Counsel & Company Secretary1.75yrsno datano data
Keith Whiteside
Development Managerno datano datano data
Glenn Bercich
General Manager of Propertyno datano datano data
Mark Francis
Managing Director of Augusta Capital1.92yrsno datano data
Ben Visser
Asset Manager1.75yrsno datano data
Stephen Brown-Thomas
Property Development Manager1.75yrsno datano data
Joel Lindsey
Chief Operations Officer of Augusta Capital1.58yrsno datano data
John Crone
Consultant8.92yrsno datano data
Megan Yule
Retril Leasing & Marketing Managerno datano datano data

1.8yrs

Average Tenure

Experienced Management: APL's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Paul Duffy
Non-Executive Director2.92yrsno datano data
Carol Campbell
Non-Executive Independent Director4.83yrsno data0.031% NZ$21.0k
Allen Bollard
Non-Executive Independent Director2.92yrsno datano data
Bruce Cotterill
Independent Non-Executive Chairman2.92yrsno datano data

2.9yrs

Average Tenure

Experienced Board: APL's board of directors are not considered experienced ( 2.9 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.


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 company bio, 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
  • Market Cap: NZ$68.007m
  • Shares outstanding: 161.92m
  • Website: https://www.assetplusnz.co.nz

Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
APLNZSE (New Zealand Stock Exchange)YesCommon SharesNZNZDJan 1997

Biography

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. NPT Limited was founded in 1994 and is based in Wellington, New Zealand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 10:32
End of Day Share Price2020/03/27 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


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.