NZSE:KPG

Stock Analysis Report

Executive Summary

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 20 Index.

Snowflake

Fundamentals

Average dividend payer with acceptable track record.

Share Price & News

How has Kiwi Property Group's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

KPG

1.2%

NZ REITs

0.6%

NZ Market


1 Year Return

25.6%

KPG

33.8%

NZ REITs

20.5%

NZ Market

Return vs Industry: KPG underperformed the NZ REITs industry which returned 33.8% over the past year.

Return vs Market: KPG exceeded the NZ Market which returned 20.5% over the past year.


Shareholder returns

KPGIndustryMarket
7 Day0%1.2%0.6%
30 Day2.5%2.6%3.0%
90 Day1.8%6.2%2.2%
1 Year32.5%25.6%40.2%33.8%25.7%20.5%
3 Year34.4%13.6%64.2%40.7%55.8%35.4%
5 Year80.3%36.3%115.1%65.2%100.9%55.6%

Price Volatility Vs. Market

How volatile is Kiwi Property Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

17.27x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: KPG (NZ$1.67) is trading above our estimate of fair value (NZ$1.3)

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


Price To Earnings Ratio

PE vs Industry: KPG is poor value based on its PE Ratio (17.3x) compared to the REITs industry average (12.6x).

PE vs Market: KPG is good value based on its PE Ratio (17.3x) compared to the NZ market (19.6x).


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 (1.2x) compared to the NZ REITs industry average (1.2x).


Next Steps

Future Growth

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

-0.5%

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 (-0.5% per year).

Earnings vs Market: KPG's earnings are forecast to decline over the next 3 years (-0.5% 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 (-3.3% per year).

High Growth Revenue: KPG's revenue is forecast to decline over the next 3 years (-3.3% 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 (5.2%).


Next Steps

Past Performance

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

3.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: KPG's earnings have grown by 3.9% per year over the past 5 years.

Accelerating Growth: KPG's earnings growth over the past year (15%) exceeds its 5-year average (3.9% per year).

Earnings vs Industry: KPG earnings growth over the past year (15%) underperformed the REITs industry 18.9%.


Return on Equity

High ROE: KPG's Return on Equity (6.7%) is considered low.


Return on Assets

ROA vs Industry: KPG's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: KPG has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Kiwi Property Group'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: KPG has a high level of physical assets or inventory.

Debt Coverage by Assets: KPG's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

4.16%

Current Dividend Yield


Dividend Yield vs Market

company4.2%marketbottom25%2.9%markettop25%5.5%industryaverage3.5%forecastin3Years4.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: KPG's dividend (4.16%) is higher than the bottom 25% of dividend payers in the NZ market (2.93%).

High Dividend: KPG's dividend (4.16%) is low compared to the top 25% of dividend payers in the NZ market (5.5%).

Stable Dividend: KPG's dividends per share have been stable in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.2%), KPG's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KPG's dividends in 3 years are forecast to be thoroughly covered by earnings (0.07% payout ratio).


Next Steps

Management

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

3.2yrs

Average management tenure


CEO

Clive Mackenzie 0

1.3yrs

Tenure

0

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 ...


Management Age and Tenure

3.2yrs

Average Tenure

Experienced Management: KPG's management team is considered experienced (3.2 years average tenure).


Board Age and Tenure

6.7yrs

Average Tenure

Experienced Board: KPG's board of directors are considered experienced (6.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Stuart Tabuteau

    Chief Financial Officer

    • Tenure: 5.8yrs
  • Trevor Wairepo

    General Counsel & Company Secretary

    • Tenure: 6.3yrs
  • Kylie Eagle

    General Manager of People & Communications

    • Tenure: 0.3yrs
  • Mat Chandler

    Investor Relations & Communications Manager

    • Tenure: 0yrs
  • Ian Passau

    General Manager of Development

    • Tenure: 3.2yrs
  • Clive Mackenzie

    Chief Executive Officer

    • Tenure: 1.3yrs

Board Members

  • Jane Freeman

    Independent Director

    • Tenure: 5.2yrs
    • Compensation: NZ$111.91k
  • Mark Henry Ford (65yo)

    Independent Chairman of the Board

    • Tenure: 8.2yrs
    • Compensation: NZ$165.00k
  • Richard Didsbury

    Independent Director

    • Tenure: 27.3yrs
    • Compensation: NZ$100.13k
  • Mark Powell

    Non-Executive Director

    • Tenure: 2yrs
    • Compensation: NZ$102.00k
  • Mike Steur (60yo)

    Independent Director

    • Tenure: 9.8yrs
    • Compensation: NZ$110.13k
  • Mary Daly

    Independent Director

    • Tenure: 5.1yrs
    • Compensation: NZ$112.00k

Company Information

Kiwi Property Group Limited's company bio, 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$2.412b
  • Shares outstanding: 1.44b
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KWIP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1994
KPGNZSE (New Zealand Stock Exchange)YesOrdinary SharesNZNZDJun 1994

Biography

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 20 Index. We’ve been around for 25 years and we proudly own and manage a $3. ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 10:33
End of Day Share Price2019/10/23 00:00
Earnings2019/03/31
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.