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KPG

Kiwi Property GroupNZSE:KPG Stock Report

Market Cap

NZ$1.8b

7D

1.3%

1Y

-4.6%

Updated

18 Oct, 2021

Data

Company Financials +
KPG fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance1/6
Financial Health2/6
Dividends0/6

KPG Overview

Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index.

Price History & Performance

Summary of all time highs, changes and price drops for Kiwi Property Group
Historical stock prices
Current Share PriceNZ$1.15
52 Week HighNZ$1.12
52 Week LowNZ$1.34
Beta0.51
1 Month Change-4.56%
3 Month Change-1.71%
1 Year Change-4.56%
3 Year Change-14.82%
5 Year Change-21.23%
Change since IPO-0.86%

Recent News & Updates

Shareholder Returns

KPGNZ REITsNZ Market
7D1.3%-0.3%-0.5%
1Y-4.6%-0.6%2.2%

Return vs Industry: KPG underperformed the NZ REITs industry which returned -0.6% over the past year.

Return vs Market: KPG underperformed the NZ Market which returned 2.2% over the past year.

Price Volatility

Is KPG's price volatile compared to industry and market?
KPG volatility
KPG Beta0.51
Industry Beta0.55
Market Beta1

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

Volatility Over Time: KPG's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1992164Clive Mackenziehttps://www.kp.co.nz

Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around for over 25 years and proudly own, and manage a significant real estate portfolio, comprising some of New Zealand’s best mixed-use, retail and 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.

Kiwi Property Group Fundamentals Summary

How do Kiwi Property Group's earnings and revenue compare to its market cap?
KPG fundamental statistics
Market CapNZ$1.81b
Earnings (TTM)NZ$196.53m
Revenue (TTM)NZ$233.98m

9.2x

P/E Ratio

7.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
KPG income statement (TTM)
RevenueNZ$233.98m
Cost of RevenueNZ$58.86m
Gross ProfitNZ$175.12m
Expenses-NZ$21.40m
EarningsNZ$196.53m

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.13
Gross Margin74.84%
Net Profit Margin83.99%
Debt/Equity Ratio50.1%

How did KPG perform over the long term?

See historical performance and comparison

Valuation

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

17.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KPG (NZ$1.15) is trading below our estimate of fair value (NZ$1.4)

Significantly Below Fair Value: KPG is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: KPG is poor value based on its PE Ratio (9.2x) compared to the NZ REITs industry average (5.6x).

PE vs Market: KPG is good value based on its PE Ratio (9.2x) compared to the NZ market (22.5x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: KPG is good value based on its PB Ratio (0.8x) compared to the NZ REITs industry average (1.1x).


Future Growth

How is Kiwi Property Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-8.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KPG's earnings are forecast to decline over the next 3 years (-8.5% per year).

Earnings vs Market: KPG's earnings are forecast to decline over the next 3 years (-8.5% per year).

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

Revenue vs Market: KPG's revenue is expected to decline over the next 3 years (-5.1% per year).

High Growth Revenue: KPG's revenue is forecast to decline over the next 3 years (-5.1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KPG's Return on Equity is forecast to be low in 3 years time (4.5%).


Past Performance

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

-39.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KPG has a large one-off gain of NZ$99.8M impacting its March 31 2021 financial results.

Growing Profit Margin: KPG became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: KPG's earnings have declined by 39.9% per year over the past 5 years.

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

Earnings vs Industry: KPG has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (267.1%).


Return on Equity

High ROE: KPG's Return on Equity (9.2%) is considered low.


Financial Health

How is Kiwi Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: KPG's short term assets (NZ$384.1M) exceed its short term liabilities (NZ$190.3M).

Long Term Liabilities: KPG's short term assets (NZ$384.1M) do not cover its long term liabilities (NZ$1.0B).


Debt to Equity History and Analysis

Debt Level: KPG's debt to equity ratio (50.1%) is considered high.

Reducing Debt: KPG's debt to equity ratio has increased from 49% to 50.1% over the past 5 years.

Debt Coverage: KPG's debt is not well covered by operating cash flow (10%).

Interest Coverage: KPG's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet


Dividend

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

4.73%

Forecast Dividend Yield


Dividend Yield vs Market

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

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

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KPG'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?

3.3yrs

Average management tenure


CEO

Clive Mackenzie

3.25yrs

Tenure

NZ$1,238,664

Compensation

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 Uni...


CEO Compensation Analysis

Compensation vs Market: Clive's total compensation ($USD876.37K) is about average for companies of similar size in the NZ market ($USD1.16M).

Compensation vs Earnings: Clive's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: KPG's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: KPG's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: KPG 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

Kiwi Property Group Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Kiwi Property Group Limited
  • Ticker: KPG
  • Exchange: NZSE
  • Founded: 1992
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: NZ$1.806b
  • Shares outstanding: 1.57b
  • Website: https://www.kp.co.nz

Number of Employees


Location

  • Kiwi Property Group Limited
  • Level 7, Vero Centre
  • 48 Shortland Street
  • Auckland
  • New Zealand

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/18 06:01
End of Day Share Price2021/10/18 00:00
Earnings2021/03/31
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.