NZSE:KPG

Stock Analysis Report

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Executive Summary

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.


Snowflake Analysis

Fair value with moderate growth potential.

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

Stable Share Price: KPG has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.9%

KPG

0.7%

NZ REITs

-0.5%

NZ Market


1 Year Return

-36.4%

KPG

-8.8%

NZ REITs

-0.5%

NZ Market

Return vs Industry: KPG underperformed the NZ REITs industry which returned -8.8% over the past year.

Return vs Market: KPG underperformed the NZ Market which returned -0.5% over the past year.


Shareholder returns

KPGIndustryMarket
7 Day-1.9%0.7%-0.5%
30 Day1.0%4.5%2.3%
90 Day13.0%11.3%7.3%
1 Year-34.8%-36.4%-5.2%-8.8%4.2%-0.5%
3 Year-13.1%-24.1%45.2%26.2%41.8%20.8%
5 Year-2.5%-23.5%71.2%33.9%96.9%45.1%

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?

25.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KPG (NZ$1.04) is trading below our estimate of fair value (NZ$1.39)

Significantly Below Fair Value: KPG is trading below fair value by more than 20%.


Price To Earnings Ratio

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

PE vs Market: KPG 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 KPG's PEG Ratio to determine if it is good value.


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).


Next Steps

Future Growth

How is Kiwi Property Group forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

96.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: KPG's revenue is expected to decline over the next 3 years (-5% per year).

High Growth Revenue: KPG's revenue is forecast to decline over the next 3 years (-5% 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 (5.6%).


Next Steps

Past Performance

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

-24.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KPG is currently unprofitable.

Growing Profit Margin: KPG is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: KPG is unprofitable, and losses have increased over the past 5 years at a rate of 24.2% per year.

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

Earnings vs Industry: KPG is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-16.1%).


Return on Equity

High ROE: KPG has a negative Return on Equity (-9.47%), as it is currently unprofitable.


Next Steps

Financial Health

How is Kiwi Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: KPG's short term assets (NZ$33.2M) do not cover its short term liabilities (NZ$56.4M).

Long Term Liabilities: KPG's short term assets (NZ$33.2M) do not cover its long term liabilities (NZ$1.1B).


Debt to Equity History and Analysis

Debt Level: KPG's debt to equity ratio (52.6%) is considered high.

Reducing Debt: KPG's debt to equity ratio has reduced from 56.6% to 52.6% over the past 5 years.

Debt Coverage: KPG's debt is not well covered by operating cash flow (10.3%).

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


Balance Sheet


Next Steps

Dividend

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

5.30%

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?

4.0yrs

Average management tenure


CEO

Clive Mackenzie

2.08yrs

Tenure

NZ$1,579,217

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 ($USD1.05M) is above average for companies of similar size in the NZ market ($USD765.18K).

Compensation vs Earnings: Insufficient data to compare Clive's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Clive Mackenzie
Chief Executive Officer2.08yrsNZ$1.58m0.0046%
NZ$ 75.1k
Stuart Tabuteau
Chief Financial Officer6.58yrsno data0.0079%
NZ$ 128.9k
Mathew Chandler
Investor Relations & Communications Managerno datano datano data
Trevor Wairepo
General Counsel & Company Secretary7.08yrsno data0.0045%
NZ$ 73.1k
Kylie Eagle
General Manager of People & Communications1.08yrsno data0.0052%
NZ$ 84.7k
Ian Passau
General Manager of Development4yrsno data0.0037%
NZ$ 60.1k

4.0yrs

Average Tenure

Experienced Management: KPG's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jane Freeman
Independent Director6yrsNZ$114.00kno data
Mark Henry Ford
Independent Chairman of the Board9yrsNZ$172.50kno data
Richard Didsbury
Independent Director28.08yrsNZ$105.50kno data
Mark Powell
Independent Non-Executive Director2.83yrsNZ$105.50k0.0032%
NZ$ 52.1k
Michael James Steur
Independent Director10.58yrsNZ$117.00k0.013%
NZ$ 207.9k
Simon Shakesheff
Independent Non-Executive Director0.75yrNZ$43.96kno data
Mary Daly
Independent Director5.92yrsNZ$114.00kno data

6.0yrs

Average Tenure

Experienced Board: KPG's board of directors are considered experienced (6 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: KPG insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.7%.


Top Shareholders

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$1.632b
  • 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

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 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 we proudly own an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/10 10:39
End of Day Share Price2020/08/07 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.