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Kiwi Property Group

NZSE:KPG
Snowflake Description

Average dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KPG
NZSE
NZ$2B
Market Cap
  1. Home
  2. NZ
  3. Real Estate
Company description

Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index. The last earnings update was 153 days ago. More info.


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KPG Share Price and Events
7 Day Returns
1.3%
NZSE:KPG
1.1%
NZ REITs
1.4%
NZ Market
1 Year Returns
14%
NZSE:KPG
20%
NZ REITs
12.3%
NZ Market
KPG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kiwi Property Group (KPG) 1.3% 5.6% 7.9% 14% 2.7% 32.5%
NZ REITs 1.1% 2.9% 7.6% 20% 13.5% 51.2%
NZ Market 1.4% 4.5% 6.6% 12.3% 23.9% 48%
1 Year Return vs Industry and Market
  • KPG underperformed the REITs industry which returned 20% over the past year.
  • KPG outperformed the Market in New Zealand which returned 12.3% over the past year.
Price Volatility
KPG
Industry
5yr Volatility vs Market

Value

 Is Kiwi Property Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kiwi Property Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kiwi Property Group.

NZSE:KPG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 2.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NZSE:KPG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 2.4%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.538 (1 + (1- 28%) (42.69%))
0.801
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (0.801 * 5.96%)
7.15%

Discounted Cash Flow Calculation for NZSE:KPG using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Kiwi Property Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Kiwi Property Group is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NZSE:KPG DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (NZD, Millions) Source Present Value
Discounted (@ 7.15%)
2019 90.90 Analyst x1 84.84
2020 90.50 Analyst x1 78.83
2021 93.25 Est @ 3.04% 75.81
2022 95.90 Est @ 2.84% 72.76
2023 98.49 Est @ 2.7% 69.74
2024 101.05 Est @ 2.6% 66.79
2025 103.61 Est @ 2.53% 63.91
2026 106.18 Est @ 2.48% 61.13
2027 108.78 Est @ 2.45% 58.45
2028 111.42 Est @ 2.43% 55.87
Present value of next 10 years cash flows NZ$688.13
NZSE:KPG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$111.42 × (1 + 2.37%) ÷ (7.15% – 2.37%)
NZ$2,388.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$2,388.07 ÷ (1 + 7.15%)10
NZ$1,197.49
NZSE:KPG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$688.13 + NZ$1,197.49
NZ$1,885.62
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$1,885.62 / 1,432.82
NZ$1.32
NZSE:KPG Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.32
Current discount Discount to share price of NZ$1.51
= -1 x (NZ$1.51 - NZ$1.32) / NZ$1.32
-14%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Kiwi Property Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kiwi Property Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kiwi Property Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:KPG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in NZD NZ$0.08
NZSE:KPG Share Price ** NZSE (2019-04-18) in NZD NZ$1.51
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 9.74x
New Zealand Market PE Ratio Median Figure of 90 Publicly-Listed Companies 17.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kiwi Property Group.

NZSE:KPG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:KPG Share Price ÷ EPS (both in NZD)

= 1.51 ÷ 0.08

17.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kiwi Property Group is overvalued based on earnings compared to the NZ REITs industry average.
  • Kiwi Property Group is overvalued based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Kiwi Property Group's expected growth come at a high price?
Raw Data
NZSE:KPG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
0.2%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.35x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NZSE:KPG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.82x ÷ 0.2%

83.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kiwi Property Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Kiwi Property Group's assets?
Raw Data
NZSE:KPG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in NZD NZ$1.41
NZSE:KPG Share Price * NZSE (2019-04-18) in NZD NZ$1.51
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.08x
New Zealand Market PB Ratio Median Figure of 126 Publicly-Listed Companies 1.55x
NZSE:KPG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:KPG Share Price ÷ Book Value per Share (both in NZD)

= 1.51 ÷ 1.41

1.07x

* Primary Listing of Kiwi Property Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kiwi Property Group is good value based on assets compared to the NZ REITs industry average.
X
Value checks
We assess Kiwi Property Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Kiwi Property Group has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Kiwi Property Group expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kiwi Property Group expected to grow at an attractive rate?
  • Kiwi Property Group's earnings growth is positive but not above the low risk savings rate of 2.4%.
Growth vs Market Checks
  • Kiwi Property Group's earnings growth is positive but not above the New Zealand market average.
  • Kiwi Property Group's revenue growth is positive but not above the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:KPG Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:KPG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 0.2%
NZSE:KPG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.3%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -11.9%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 6.1%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NZSE:KPG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:KPG Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 201 108 117 6
2020-03-31 188 104 109 6
2019-03-31 182 97 114 6
NZSE:KPG Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-09-30 245 106 121
2018-06-30 248 107 120
2018-03-31 251 108 120
2017-12-31 250 103 133
2017-09-30 249 98 145
2017-06-30 244 100 144
2017-03-31 240 101 143
2016-12-31 231 100 202
2016-09-30 222 100 260
2016-06-30 215 98 256
2016-03-31 209 95 251
2015-12-31 207 91 192

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kiwi Property Group's earnings are expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
  • Kiwi Property Group's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NZSE:KPG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Kiwi Property Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:KPG Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.08 0.10 0.07 4.00
2020-03-31 0.08 0.09 0.07 5.00
2019-03-31 0.08 0.10 0.07 5.00
NZSE:KPG Past Financials Data
Date (Data in NZD Millions) EPS *
2018-09-30 0.08
2018-06-30 0.09
2018-03-31 0.09
2017-12-31 0.10
2017-09-30 0.11
2017-06-30 0.11
2017-03-31 0.11
2016-12-31 0.16
2016-09-30 0.20
2016-06-30 0.20
2016-03-31 0.20
2015-12-31 0.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Kiwi Property Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kiwi Property Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the New Zealand market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the New Zealand market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kiwi Property Group has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kiwi Property Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kiwi Property Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kiwi Property Group's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Kiwi Property Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Kiwi Property Group's 1-year earnings growth is negative, it can't be compared to the NZ REITs industry average.
Earnings and Revenue History
Kiwi Property Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kiwi Property Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:KPG Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 245.02 120.53 21.54
2018-06-30 248.01 120.32 21.05
2018-03-31 251.01 120.10 20.57
2017-12-31 249.96 132.68 19.73
2017-09-30 248.92 145.26 18.90
2017-06-30 244.28 144.13 18.44
2017-03-31 239.64 143.00 17.99
2016-12-31 230.67 201.69 17.63
2016-09-30 221.71 260.38 17.27
2016-06-30 215.15 255.58 16.71
2016-03-31 208.59 250.78 16.14
2015-12-31 206.95 192.10 15.91
2015-09-30 205.31 133.42 15.68
2015-06-30 205.79 127.32 15.40
2015-03-31 206.27 121.21 15.12
2014-12-31 207.74 92.20 13.76
2014-09-30 209.22 63.19 12.39
2014-06-30 208.73 82.24 9.33
2014-03-31 208.24 101.30 6.28
2013-12-31 204.34 123.20 5.30
2013-09-30 200.43 145.10 4.32
2013-06-30 198.77 127.46 3.61
2013-03-31 197.11 109.81 2.91
2012-12-31 199.35 112.06 1.46
2012-09-30 201.59 114.31
2012-06-30 202.83 101.76

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kiwi Property Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kiwi Property Group used its assets less efficiently than the NZ REITs industry average last year based on Return on Assets.
  • Kiwi Property Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kiwi Property Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kiwi Property Group has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kiwi Property Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kiwi Property Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kiwi Property Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Kiwi Property Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Kiwi Property Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kiwi Property Group Company Filings, last reported 6 months ago.

NZSE:KPG Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 2,005.72 917.50 11.20
2018-06-30 2,005.72 917.50 11.20
2018-03-31 1,994.11 928.85 10.70
2017-12-31 1,994.11 928.85 10.70
2017-09-30 1,966.48 977.20 8.20
2017-06-30 1,966.48 977.20 8.20
2017-03-31 1,806.03 1,047.81 9.77
2016-12-31 1,806.03 1,047.81 9.77
2016-09-30 1,734.09 1,031.54 8.52
2016-06-30 1,734.09 1,031.54 8.52
2016-03-31 1,716.77 838.96 6.16
2015-12-31 1,716.77 838.96 6.16
2015-09-30 1,529.07 747.61 6.23
2015-06-30 1,529.07 747.61 6.23
2015-03-31 1,382.62 785.54 6.18
2014-12-31 1,382.62 785.54 6.18
2014-09-30 1,192.09 841.97 9.46
2014-06-30 1,192.09 841.97 9.46
2014-03-31 1,188.54 919.44 9.19
2013-12-31 1,188.54 919.44 9.19
2013-09-30 1,172.03 884.35 4.15
2013-06-30 1,172.03 884.35 4.15
2013-03-31 1,132.08 834.67 12.03
2012-12-31 1,132.08 834.67 12.03
2012-09-30 1,072.61 832.87 35.11
2012-06-30 1,072.61 832.87 35.11
  • Kiwi Property Group's level of debt (45.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (75.5% vs 45.7% today).
  • Debt is not well covered by operating cash flow (11.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess Kiwi Property Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kiwi Property Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.6%
Current annual income from Kiwi Property Group dividends. Estimated to be 4.64% next year.
If you bought NZ$2,000 of Kiwi Property Group shares you are expected to receive NZ$92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kiwi Property Group's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.23%).
  • Kiwi Property Group's dividend is below the markets top 25% of dividend payers in New Zealand (5.65%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NZSE:KPG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
New Zealand REITs Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.2%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 1.9%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.2%
New Zealand Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NZSE:KPG Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.07 6.00
2020-03-31 0.07 7.00
2019-03-31 0.07 7.00
NZSE:KPG Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2018-11-19 0.070 4.928
2018-05-21 0.069 5.026
2017-11-20 0.069 5.053
2017-05-22 0.068 4.929
2016-11-21 0.068 4.781
2016-05-16 0.066 4.391
2015-11-18 0.066 4.742
2015-05-21 0.065 4.941
2014-05-21 0.064 5.200
2013-11-11 0.064 5.725
2013-05-13 0.066 5.875
2012-11-14 0.066 5.694
2012-05-16 0.070 6.359
2011-11-16 0.070 6.713
2011-05-17 0.070 6.754
2010-11-12 0.070 6.939
2010-05-19 0.075 7.773
2009-11-06 0.075 7.403
2009-11-05 0.075 7.248
2009-05-18 0.080 8.081
2009-04-22 0.090 9.786

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Kiwi Property Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Kiwi Property Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kiwi Property Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kiwi Property Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Kiwi Property Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Clive Mackenzie
TENURE AS CEO 0.8 years
CEO Bio

Mr. Clive Mackenzie serves as Chief Executive Officer of Kiwi Property Group Limited since July 16, 2018. He has extensive experience in retail and mixed-use property development in New Zealand and the United States. Since 2011, Mr. Mackenzie has held senior roles for Westfield USA, most recently as Senior Vice President – Development East Coast and Regional Leader East Coast. Prior to this, he was General Manager Development for Westfield New Zealand.

CEO Compensation
  • Insufficient data for Clive to compare compensation growth.
  • Insufficient data for Clive to establish whether their remuneration is reasonable compared to companies of similar size in New Zealand.
Management Team Tenure

Average tenure of the Kiwi Property Group management team in years:

4.5
Average Tenure
  • The tenure for the Kiwi Property Group management team is about average.
Management Team

Clive Mackenzie

TITLE
Chief Executive Officer
TENURE
0.8 yrs

Stuart Tabuteau

TITLE
Chief Financial Officer
TENURE
5.3 yrs

Gavin Parker

TITLE
Chief Operating Officer
TENURE
4.5 yrs

Mat Chandler

TITLE
Investor Relations & Communications Manager

Trevor Wairepo

TITLE
General Counsel & Company Secretary
TENURE
5.8 yrs

Ian Passau

TITLE
General Manager of Development
TENURE
2.7 yrs

Kylie Eagle

TITLE
Head of People & Culture
Board of Directors Tenure

Average tenure of the Kiwi Property Group board of directors in years:

6.2
Average Tenure
  • The tenure for the Kiwi Property Group board of directors is about average.
Board of Directors

Mark Henry Ford

TITLE
Chairman of the Board
COMPENSATION
NZ$162K
AGE
64
TENURE
7.7 yrs

Jane Freeman

TITLE
Director
COMPENSATION
NZ$121K
TENURE
4.7 yrs

Mary-Jane Daly

TITLE
Non- Executive Director
COMPENSATION
NZ$106K
TENURE
4.6 yrs

Richard Didsbury

TITLE
Director
COMPENSATION
NZ$99K
TENURE
26.8 yrs

Mike Steur

TITLE
Independent Director
COMPENSATION
NZ$109K
AGE
59
TENURE
9.3 yrs

Mark Powell

TITLE
Non-Executive Director
COMPENSATION
NZ$51K
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
X
Management checks
We assess Kiwi Property Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kiwi Property Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Much Of Kiwi Property Group Limited (NZSE:KPG) Do Institutions Own?

Every investor in Kiwi Property Group Limited (NZSE:KPG) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Kiwi Property Group isn't enormous, but it's not particularly small either.

Simply Wall St -

Kiwi Property Group Limited (NZSE:KPG): Exploring Free Cash Flows

If you are currently a shareholder in Kiwi Property Group Limited (NZSE:KPG), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I will take you through Kiwi Property Group’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Kiwi Property Group generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating

Simply Wall St -

Investing In Property Through Kiwi Property Group Limited (NZSE:KPG)

Kiwi Property Group Limited is a NZ$1.9b. … real estate investment trust (REIT) based in Auckland, New Zealand. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

How Much Of Kiwi Property Group Limited (NZSE:KPG) Do Institutions Own?

The big shareholder groups in Kiwi Property Group Limited (NZSE:KPG) have power over the company. … Kiwi Property Group has a market capitalization of NZ$2.0b, so we would expect some institutional investors to have noticed the stock. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

What Should Investors Know About Kiwi Property Group Limited's (NZSE:KPG) Future?

After Kiwi Property Group Limited's (NZSE:KPG) recent earnings announcement in March 2018, … as a -2.8% fall in profits is expected in the upcoming year

Simply Wall St -

Kiwi Property Group Limited (NZSE:KPG): Will The Growth Last?

The most recent earnings update Kiwi Property Group Limited's (NZSE:KPG) released in March 2018a

Simply Wall St -

What You Need To Know About Kiwi Property Group Limited’s (NZSE:KPG) Cash Situation

If you are currently a shareholder in Kiwi Property Group Limited (NZSE:KPG), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I’ve analysed below, the health and outlook of Kiwi Property Group’s cash flow, which will help you understand the stock from a cash standpoint. … Kiwi Property Group’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure.

Simply Wall St -

Is Kiwi Property Group Limited (NZSE:KPG) Cheap For A Reason?

Kiwi Property Group Limited (NZSE:KPG) may be cheap for a reason. … The company has been on my radar for a while, and I've been consistently disappointed in its investment thesis. … Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index

Simply Wall St -

What Should We Expect From Kiwi Property Group Limited's (NZSE:KPG) Earnings In The Years Ahead?

The latest earnings announcement Kiwi Property Group Limited (NZSE:KPG) released in March 2018a

Simply Wall St -

How Should You Analyze REIT Stock Kiwi Property Group Limited (NZSE:KPG)?

Kiwi Property Group Limited is a NZ$1.93b. … real estate investment trust (REIT) based in Auckland, New Zealand. … View out our latest analysis for Kiwi Property Group

Simply Wall St -

Company Info

Description

Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index. We’ve been around for more than 20 years and we proudly own and manage a $3.0 billion portfolio of real estate, comprising some of New Zealand’s best shopping centres and prime office buildings. Our objective is to provide investors with a reliable investment in New Zealand property through the ownership and active management of a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property is licensed under the Real Estate Agents Act 2008.

Details
Name: Kiwi Property Group Limited
KPG
Exchange: NZSE
Founded: 1992
NZ$2,149,229,344
1,432,819,563
Website: http://www.kp.co.nz
Address: Kiwi Property Group Limited
Level 7, Vero Centre,
48 Shortland Street,
Auckland,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE KPG Ordinary Shares New Zealand Stock Exchange NZ NZD 17. Jun 1994
OTCPK KWIP.F Ordinary Shares Pink Sheets LLC US USD 17. Jun 1994
Number of employees
Current staff
Staff numbers
170
Kiwi Property Group employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 10:33
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/31
Last earnings filing: 2018/11/19
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.