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Kiwi Property Group

NZSE:KPG
Snowflake Description

Average dividend payer with acceptable track record.

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 20 Index. The last earnings update was 89 days ago. More info.


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KPG Share Price and Events
7 Day Returns
-2.7%
NZSE:KPG
-0.8%
NZ REITs
-2.4%
NZ Market
1 Year Returns
17.9%
NZSE:KPG
29.2%
NZ REITs
10.9%
NZ Market
KPG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kiwi Property Group (KPG) -2.7% 0.6% 5.2% 17.9% 4.2% 36.3%
NZ REITs -0.8% 3.2% 11.1% 29.2% 26.8% 61.7%
NZ Market -2.4% -0.5% 3.5% 10.9% 22.6% 56.1%
1 Year Return vs Industry and Market
  • KPG underperformed the REITs industry which returned 29.2% over the past year.
  • KPG outperformed the Market in New Zealand which returned 10.9% 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 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.473 (1 + (1- 28%) (44.21%))
0.629
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% + (0.8 * 5.96%)
7.14%

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

NZSE:KPG Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.30
Current discount Discount to share price of NZ$1.62
= -1 x (NZ$1.62 - NZ$1.30) / NZ$1.30
-23.8%

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 (2019-03-31) in NZD NZ$0.10
NZSE:KPG Share Price ** NZSE (2019-08-16) in NZD NZ$1.62
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 12.26x
New Zealand Market PE Ratio Median Figure of 89 Publicly-Listed Companies 18.39x

* 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)

= 1.62 ÷ 0.10

16.71x

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 good value 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 16.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-0.5%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.89x
New Zealand Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.62x

*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

= 16.71x ÷ -0.5%

-33.7x

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

  • Kiwi Property Group earnings are not expected to grow next year, we can't assess if its growth is good value.
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 (2019-03-31) in NZD NZ$1.43
NZSE:KPG Share Price * NZSE (2019-08-16) in NZD NZ$1.62
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.18x
New Zealand Market PB Ratio Median Figure of 127 Publicly-Listed Companies 1.61x
NZSE:KPG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.62 ÷ 1.43

1.13x

* 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 2/6, 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
-0.5%
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 are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.4%.
Growth vs Market Checks
  • Kiwi Property Group's earnings are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
  • Kiwi Property Group's revenues are expected to decrease over the next 1-3 years, this is below 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 -0.5%
NZSE:KPG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts -3.3%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -16.6%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.2%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 8%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*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 (4 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
2022-03-31 210 138 6
2021-03-31 202 105 116 6
2020-03-31 187 104 113 6
NZSE:KPG Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2019-03-31 237 100 138
2018-12-31 241 103 129
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kiwi Property Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kiwi Property Group's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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 (4 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 4 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
2022-03-31 0.09 0.12 0.07 3.00
2021-03-31 0.08 0.11 0.07 5.00
2020-03-31 0.08 0.10 0.07 5.00
NZSE:KPG Past Financials Data
Date (Data in NZD Millions) EPS *
2019-03-31 0.10
2018-12-31 0.09
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

*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 exceeds its 5-year average (15% vs 3.9%)
  • Kiwi Property Group's earnings growth has not exceeded the NZ REITs industry average in the past year (15% vs 18.9%).
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 4 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
2019-03-31 237.49 138.09 20.88
2018-12-31 241.25 129.31 21.21
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

*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 has improved its use of capital 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 3/6, 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 4 months ago.

NZSE:KPG Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,050.88 1,027.99 9.92
2018-12-31 2,050.88 1,027.99 9.92
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
  • Kiwi Property Group's level of debt (50.1%) 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 (77.3% vs 50.1% today).
  • Debt is not well covered by operating cash flow (9.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x 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
4.3%
Current annual income from Kiwi Property Group dividends. Estimated to be 4.39% next year.
If you bought NZ$2,000 of Kiwi Property Group shares you are expected to receive NZ$86 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 (3.26%).
  • Kiwi Property Group's dividend is below the markets top 25% of dividend payers in New Zealand (5.87%).
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 3.7%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 72 Stocks 3.6%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.3%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.9%

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$) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.07 6.00
2021-03-31 0.07 7.00
2020-03-31 0.07 7.00
NZSE:KPG Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-05-20 0.070 4.348
2018-11-19 0.070 4.868
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

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 thoroughly covered by earnings (1515.2x 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 2.3%) - 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
COMPENSATION NZ$0
TENURE AS CEO 1.1 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.
  • Clive's remuneration is lower than average for companies of similar size in New Zealand.
Management Team Tenure

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

3
Average Tenure
  • The tenure for the Kiwi Property Group management team is about average.
Management Team

Clive Mackenzie

TITLE
Chief Executive Officer
TENURE
1.1 yrs

Stuart Tabuteau

TITLE
Chief Financial Officer
TENURE
5.6 yrs

Mat Chandler

TITLE
Investor Relations & Communications Manager

Trevor Wairepo

TITLE
General Counsel & Company Secretary
TENURE
6.1 yrs

Kylie Eagle

TITLE
General Manager of People & Communications
TENURE
0.1 yrs

Ian Passau

TITLE
General Manager of Development
TENURE
3 yrs
Board of Directors Tenure

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

6.5
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$165K
AGE
65
TENURE
8 yrs

Jane Freeman

TITLE
Director
COMPENSATION
NZ$112K
TENURE
5 yrs

Mary Daly

TITLE
Director
COMPENSATION
NZ$112K
TENURE
4.9 yrs

Richard Didsbury

TITLE
Director
COMPENSATION
NZ$100K
TENURE
27.1 yrs

Mike Steur

TITLE
Independent Director
COMPENSATION
NZ$110K
AGE
60
TENURE
9.6 yrs

Mark Powell

TITLE
Non-Executive Director
COMPENSATION
NZ$102K
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) 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

Did You Miss Kiwi Property Group's (NZSE:KPG) 38% Share Price Gain?

But Kiwi Property Group Limited (NZSE:KPG) has fallen short of that second goal, with a share price rise of 38% over five years, which is below the market return. … Kiwi Property Group's earnings per share are down 0.8% per year, despite strong share price performance over five years. … As it happens, Kiwi Property Group's TSR for the last 5 years was 82%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Do Directors Own Kiwi Property Group Limited (NZSE:KPG) Shares?

The big shareholder groups in Kiwi Property Group Limited (NZSE:KPG) have power over the company. … See our latest analysis for Kiwi Property Group NZSE:KPG Ownership Summary, July 30th 2019 What Does The Institutional Ownership Tell Us About Kiwi Property Group? … Insider Ownership Of Kiwi Property Group The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

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What You Need To Know Before Investing In Kiwi Property Group Limited (NZSE:KPG)

See our latest analysis for Kiwi Property Group Funds from Operations (FFO) is a higher quality measure of KPG's earnings compared to net income. … Next Steps: Kiwi Property Group can bring diversification into your portfolio due to its unique REIT characteristics. … Take a look at our free research report of analyst consensus for KPG’s outlook.

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Will Kiwi Property Group Limited's (NZSE:KPG) Earnings Grow In The Years Ahead?

Kiwi Property Group Limited's (NZSE:KPG) latest earnings announcement in May 2019 showed that the business benefited from a robust tailwind, eventuating to a double-digit earnings growth of 15%. … Below, I've presented key growth figures on how market analysts perceive Kiwi Property Group's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … View our latest analysis for Kiwi Property Group Analysts' expectations for the upcoming year seems pessimistic, with earnings decreasing by a double-digit -18%.

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Is Kiwi Property Group Limited's (NZSE:KPG) 6.7% ROE Worse Than Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Kiwi Property Group: 6.7% = NZ$138m ÷ NZ$2.1b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Kiwi Property Group Have A Good ROE? … Kiwi Property Group's Debt And Its 6.7% ROE Although Kiwi Property Group does use debt, its debt to equity ratio of 0.50 is still low.

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

Below is a brief commentary around Kiwi Property Group's earnings outlook going forward, which may give you a sense of market sentiment for the company. … To understand the overall trajectory of KPG's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … NZSE:KPG Past and Future Earnings, June 15th 2019 By 2022, KPG's earnings should reach NZ$137m, from current levels of NZ$138m, resulting in an annual growth rate of -0.6%.

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Don't Race Out To Buy Kiwi Property Group Limited (NZSE:KPG) Just Because It's Going Ex-Dividend

As a result, readers should always check whether Kiwi Property Group has been able to grow its dividends, or if the dividend might be cut. … See our latest analysis for Kiwi Property Group Dividends are typically paid out of profits, so if a company pays out more than it earned then its dividend is usually at a higher risk of being cut. … Kiwi Property Group has seen its dividend decline 0.8% per annum on average over the past 10 years, which is not great to see.

Simply Wall St -

Is Kiwi Property Group Limited (NZSE:KPG) A Great Dividend Stock?

Is Kiwi Property Group Limited (NZSE:KPG) a good dividend stock? … For the purpose of this article, we only scrutinise the last decade of Kiwi Property Group's dividend payments. … Dividend Growth Potential Dividend payments have been consistent over the past few years, but we should always check if earnings per share (EPS) are growing, as this will help maintain the purchasing power of the dividend. It's not great to see that Kiwi Property Group's have fallen at approximately 5.3% over the past five years. Declining earnings per share over a number of years is not a great sign for the dividend investor. Without some improvement, this does not bode well for the long term value of a company's dividend. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

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If You Had Bought Kiwi Property Group (NZSE:KPG) Stock Five Years Ago, You Could Pocket A 32% Gain Today

Better yet, you'd like to see the share price move up more than the market average. … Unfortunately for shareholders, while the Kiwi Property Group Limited (NZSE:KPG) share price is up 32% in the last five years, that's less than the market return. … Kiwi Property Group's earnings per share are down 9.9% per year, despite strong share price performance over five years.

Simply Wall St -

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.

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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 20 Index. We’ve been around for 25 years and we proudly own and manage a $3.2 billion portfolio of real estate, 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. 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 one of the highest rated New Zealand companies within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of benchmarks and tradable indices for ESG (Environmental, Social and Governance) investors. Kiwi Property is licensed under the Real Estate Agents Act 2008.

Details
Name: Kiwi Property Group Limited
KPG
Exchange: NZSE
Founded: 1992
NZ$2,325,314,703
1,444,294,847
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
147
Kiwi Property Group employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 10:33
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/16
Last earnings filing: 2019/05/20
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.