NZSE:APL

Stock Analysis Report

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Executive Summary

NPT Limited operates as a property company. More Details


Snowflake Analysis

Moderate growth potential and overvalued.

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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.2%

APL

2.7%

NZ REITs

0.2%

NZ Market


1 Year Return

-53.5%

APL

-1.1%

NZ REITs

5.6%

NZ Market

Return vs Industry: APL underperformed the NZ REITs industry which returned -2% over the past year.

Return vs Market: APL underperformed the NZ Market which returned 5.1% over the past year.


Shareholder returns

APLIndustryMarket
7 Day-3.2%2.7%0.2%
30 Day-4.8%7.3%6.8%
90 Day-16.7%12.9%7.0%
1 Year-45.7%-53.5%2.7%-1.1%9.9%5.6%
3 Year-32.4%-48.7%61.2%40.7%47.4%28.1%
5 Year-27.5%-50.8%86.5%46.6%100.4%51.5%

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?

0.53x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: APL (NZ$0.3) is trading above our estimate of fair value (NZ$0.28)

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


Price To Earnings Ratio

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

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


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: APL is good value based on its PB Ratio (0.5x) compared to the NZ REITs industry average (1.2x).


Next Steps

Future Growth

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

34.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: APL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.6%).

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

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

Revenue vs Market: APL's revenue is expected to decline over the next 3 years (-9.3% per year).

High Growth Revenue: APL's revenue is forecast to decline over the next 3 years (-9.3% 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 (4.2%).


Next Steps

Past Performance

How has Asset Plus performed over the past 5 years?

-45.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APL is currently unprofitable.

Growing Profit Margin: APL is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: APL is unprofitable, and losses have increased over the past 5 years at a rate of 45.6% per year.

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

Earnings vs Industry: APL is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-25.8%).


Return on Equity

High ROE: APL has a negative Return on Equity (-16%), as it is currently unprofitable.


Next Steps

Financial Health

How is Asset Plus's financial position?


Financial Position Analysis

Short Term Liabilities: APL's short term assets (NZ$1.5M) do not cover its short term liabilities (NZ$2.7M).

Long Term Liabilities: APL's short term assets (NZ$1.5M) do not cover its long term liabilities (NZ$50.6M).


Debt to Equity History and Analysis

Debt Level: APL's debt to equity ratio (53.7%) is considered high.

Reducing Debt: APL's debt to equity ratio has increased from 35.8% to 53.7% over the past 5 years.

Debt Coverage: APL's debt is not well covered by operating cash flow (12%).

Interest Coverage: APL is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

6.00%

Forecast Dividend Yield


Dividend Yield vs Market

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

High Dividend: Unable to evaluate APL'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 APL's dividends per share have been stable in the past.

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


Current Payout to Shareholders

Dividend Coverage: APL is not paying a notable dividend for the NZ market.


Future Payout to Shareholders

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


Next Steps

Management

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

2.3yrs

Average management tenure


CEO

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


Leadership Team

NamePositionTenureCompensationOwnership
Simon W. Woollams
Chief Financial Officer2.33yrsno datano data
Luke Fitzgibbon
General Counsel & Company Secretary2.33yrsno datano data
Keith Whiteside
Development Managerno datano datano data
Glenn Bercich
General Manager of Propertyno datano datano data
Mark Francis
Managing Director of Augusta Capital2.5yrsno data0.39%
NZ$ 420.7k
Ben Visser
Asset Manager2.33yrsno datano data
Stephen Brown-Thomas
Property Development Manager2.33yrsno datano data
Joel Lindsey
Chief Operations Officer of Augusta Capital2.17yrsno datano data
John Crone
Consultant9.5yrsno datano data
Megan Yule
Retril Leasing & Marketing Managerno datano datano data
David Tier
Investment Managerno datano datano data
Glenn Taylor
Property Manager Commercialno datano datano data

2.3yrs

Average Tenure

Experienced Management: APL's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Paul Duffy
Non-Executive Director3.5yrsno datano data
Carol Campbell
Non-Executive Independent Director5.42yrsno data0.027%
NZ$ 29.8k
Allen Bollard
Non-Executive Independent Director3.5yrsno datano data
Bruce Cotterill
Independent Non-Executive Chairman3.5yrsno datano data

3.5yrs

Average Tenure

Experienced Board: APL's board of directors are considered experienced (3.5 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 been substantially diluted in the past year, with total shares outstanding growing by 124%.


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$108.815m
  • Shares outstanding: 362.72m
  • 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 Nati ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/20 10:36
End of Day Share Price2020/10/20 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.