Precinct Properties New Zealand
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Precinct is New Zealand’s only listed city centre specialist investing predominately in premium and A-grade commercial office property. The last earnings update was 63 days ago. More info.
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PCT Share Price and Events
7 Day Returns
1 Year Returns
PCT Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Precinct Properties New Zealand (PCT) | -1.3% | 1.6% | 6.1% | 24.1% | 22.7% | 55.4% |
| NZ REITs | 1% | 2.6% | 7.8% | 19.7% | 13.5% | 51.3% |
| NZ Market | 1% | 3.5% | 6.3% | 12.5% | 23.9% | 48.9% |
1 Year Return vs Industry and Market
- PCT outperformed the REITs industry which returned 19.7% over the past year.
- PCT outperformed the Market in New Zealand which returned 12.5% over the past year.
Value
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
Precinct Properties New Zealand
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Precinct Properties New Zealand.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Funds From Operations | |
| Levered Funds From Operations | Average of 6 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.
| 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))
= 0.537 (1 + (1- 28%) (37.02%)) |
0.786 |
| 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:PCT using 2 Stage Free Cash Flow to Equity using Funds From Operations Model
The calculations below outline how an intrinsic value for Precinct Properties New Zealand 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.
Precinct Properties New Zealand 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.
| Funds From Operations (FFO) (NZD, Millions) | Source |
Present Value Discounted (@ 7.14%) |
|
|---|---|---|---|
| 2019 | 85.94 | Est @ 3.04% | 80.21 |
| 2020 | 88.38 | Est @ 2.84% | 76.99 |
| 2021 | 90.76 | Est @ 2.7% | 73.80 |
| 2022 | 93.12 | Est @ 2.6% | 70.68 |
| 2023 | 95.48 | Est @ 2.53% | 67.64 |
| 2024 | 97.85 | Est @ 2.48% | 64.70 |
| 2025 | 100.25 | Est @ 2.45% | 61.87 |
| 2026 | 102.68 | Est @ 2.43% | 59.15 |
| 2027 | 105.15 | Est @ 2.41% | 56.54 |
| 2028 | 107.68 | Est @ 2.4% | 54.04 |
| Present value of next 10 years cash flows | NZ$665.62 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= NZ$107.68 × (1 + 2.37%) ÷ (7.14% – 2.37%) |
NZ$2,311.81 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= NZ$2,311.81 ÷ (1 + 7.14%)10 |
NZ$1,160.16 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= NZ$665.62 + NZ$1,160.16 |
NZ$1,825.78 |
| Equity Value per Share (NZD) |
= Total value / Shares Outstanding
= NZ$1,825.78 / 1,313.76 |
NZ$1.38 |
| Calculation | Result | |
|---|---|---|
| Value per share (NZD) | From above. | NZ$1.38 |
| Current discount | Discount to share price of
NZ$1.57
= -1 x (NZ$1.57 - NZ$1.38) / NZ$1.38 |
-13.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Precinct Properties New Zealand is above its future cash flow value.
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 Precinct Properties New Zealand's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Precinct Properties New Zealand's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in NZD | NZ$0.22 |
| NZSE:PCT Share Price ** | NZSE (2019-04-23) in NZD | NZ$1.57 |
| 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 Precinct Properties New Zealand.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NZSE:PCT Share Price ÷ EPS (both in NZD) = 1.57 ÷ 0.22 |
7.26x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Precinct Properties New Zealand is good value based on earnings compared to the NZ REITs industry average.
- Precinct Properties New Zealand is good value based on earnings compared to the New Zealand market.
Price based on expected Growth
Does
Precinct Properties New Zealand's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 7.26x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
-16.3%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 .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 7.26x ÷ -16.3% |
-0.45x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Precinct Properties New Zealand 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
Precinct Properties New Zealand's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in NZD | NZ$1.39 |
| NZSE:PCT Share Price * | NZSE (2019-04-23) in NZD | NZ$1.57 |
| 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 |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NZSE:PCT Share Price ÷ Book Value per Share (both in NZD) = 1.57 ÷ 1.39 |
1.13x |
* Primary Listing of Precinct Properties New Zealand.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Precinct Properties New Zealand is overvalued based on assets compared to the NZ REITs industry average.
Value checks
We assess Precinct Properties New Zealand's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Precinct Properties New Zealand 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
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!
Earnings growth vs Low Risk Savings
- Precinct Properties New Zealand'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
- Precinct Properties New Zealand's earnings are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
- Precinct Properties New Zealand's revenue growth is expected to exceed the New Zealand market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NZSE:PCT Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | -16.3% |
| NZSE:PCT Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | 14.7% |
| 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% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Date (Data in NZD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-06-30 | 155 | 98 | 1 | |
| 2021-06-30 | 154 | 84 | 104 | 5 |
| 2020-06-30 | 130 | 92 | 111 | 5 |
| 2019-06-30 | 98 | 84 | 121 | 4 |
| Date (Data in NZD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 130 | 73 | 262 |
| 2018-09-30 | 130 | 74 | 258 |
| 2018-06-30 | 131 | 75 | 255 |
| 2018-03-31 | 129 | 71 | 198 |
| 2017-12-31 | 128 | 68 | 141 |
| 2017-09-30 | 127 | 60 | 151 |
| 2017-06-30 | 126 | 53 | 162 |
| 2017-03-31 | 131 | 55 | 152 |
| 2016-12-31 | 135 | 58 | 143 |
| 2016-09-30 | 141 | 64 | 140 |
| 2016-06-30 | 146 | 70 | 138 |
| 2016-03-31 | 153 | 66 | 132 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
All data from Precinct Properties New Zealand Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in NZD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-06-30 | 0.07 | 0.07 | 0.07 | 1.00 |
| 2021-06-30 | 0.08 | 0.12 | 0.06 | 4.00 |
| 2020-06-30 | 0.10 | 0.14 | 0.07 | 4.00 |
| 2019-06-30 | 0.09 | 0.15 | 0.07 | 5.00 |
| Date (Data in NZD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.22 |
| 2018-09-30 | 0.21 |
| 2018-06-30 | 0.21 |
| 2018-03-31 | 0.16 |
| 2017-12-31 | 0.12 |
| 2017-09-30 | 0.13 |
| 2017-06-30 | 0.13 |
| 2017-03-31 | 0.13 |
| 2016-12-31 | 0.12 |
| 2016-09-30 | 0.12 |
| 2016-06-30 | 0.11 |
| 2016-03-31 | 0.11 |
*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.
- Precinct Properties New Zealand is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Precinct Properties New Zealand's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the New Zealand market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the New Zealand market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Precinct Properties New Zealand has a total score of 1/6, 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 Precinct Properties New Zealand 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
Past Earnings growth analysis
- Precinct Properties New Zealand's year on year earnings growth rate has been positive over the past 5 years.
- Precinct Properties New Zealand's 1-year earnings growth exceeds its 5-year average (86.1% vs 14.1%)
- Precinct Properties New Zealand's earnings growth has exceeded the NZ REITs industry average in the past year (86.1% vs 24.7%).
Earnings and Revenue History
All data from Precinct Properties New Zealand Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in NZD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 129.60 | 261.80 | 8.70 | |
| 2018-09-30 | 130.15 | 258.35 | 8.70 | |
| 2018-06-30 | 130.70 | 254.90 | 8.70 | |
| 2018-03-31 | 129.15 | 197.80 | 8.55 | |
| 2017-12-31 | 127.60 | 140.70 | 8.40 | |
| 2017-09-30 | 126.90 | 151.40 | 8.40 | |
| 2017-06-30 | 126.20 | 162.10 | 8.40 | |
| 2017-03-31 | 130.80 | 152.30 | 4.20 | |
| 2016-12-31 | 135.40 | 142.50 | ||
| 2016-09-30 | 140.70 | 140.35 | ||
| 2016-06-30 | 146.00 | 138.20 | ||
| 2016-03-31 | 152.65 | 131.90 | ||
| 2015-12-31 | 159.30 | 125.60 | ||
| 2015-09-30 | 164.90 | 124.00 | ||
| 2015-06-30 | 170.50 | 122.40 | ||
| 2015-03-31 | 169.70 | 115.85 | ||
| 2014-12-31 | 168.90 | 109.30 | ||
| 2014-09-30 | 167.15 | 113.25 | ||
| 2014-06-30 | 165.40 | 117.20 | ||
| 2014-03-31 | 163.40 | 145.30 | ||
| 2013-12-31 | 161.40 | 173.40 | ||
| 2013-09-30 | 154.55 | 165.45 | ||
| 2013-06-30 | 147.70 | 157.50 | ||
| 2013-03-31 | 139.70 | 102.90 | ||
| 2012-12-31 | 131.70 | 48.30 | ||
| 2012-09-30 | 129.50 | 46.70 | ||
| 2012-06-30 | 127.30 | 45.10 |
*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.
- Precinct Properties New Zealand has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Precinct Properties New Zealand used its assets more efficiently than the NZ REITs industry average last year based on Return on Assets.
- Precinct Properties New Zealand's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Precinct Properties New Zealand's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Precinct Properties New Zealand has a total score of 4/6, 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 Precinct Properties New Zealand'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 Precinct Properties New Zealand's finances.
The net worth of a company is the difference between its assets and liabilities.
- Precinct Properties New Zealand's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Precinct Properties New Zealand's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- 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.
All data from Precinct Properties New Zealand Company Filings, last reported 3 months ago.
| Date (Data in NZD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,680.50 | 768.50 | 5.40 |
| 2018-09-30 | 1,680.50 | 768.50 | 5.40 |
| 2018-06-30 | 1,690.70 | 795.50 | 2.90 |
| 2018-03-31 | 1,690.70 | 795.50 | 2.90 |
| 2017-12-31 | 1,488.70 | 635.50 | 2.60 |
| 2017-09-30 | 1,488.70 | 635.50 | 2.60 |
| 2017-06-30 | 1,505.60 | 480.70 | 4.30 |
| 2017-03-31 | 1,505.60 | 480.70 | 4.30 |
| 2016-12-31 | 1,416.60 | 353.80 | 2.30 |
| 2016-09-30 | 1,416.60 | 353.80 | 2.30 |
| 2016-06-30 | 1,410.90 | 273.10 | 2.60 |
| 2016-03-31 | 1,410.90 | 273.10 | 2.60 |
| 2015-12-31 | 1,340.30 | 206.70 | 2.30 |
| 2015-09-30 | 1,340.30 | 206.70 | 2.30 |
| 2015-06-30 | 1,338.30 | 353.90 | 2.70 |
| 2015-03-31 | 1,338.30 | 353.90 | 2.70 |
| 2014-12-31 | 1,109.80 | 592.30 | 3.80 |
| 2014-09-30 | 1,109.80 | 592.30 | 3.80 |
| 2014-06-30 | 1,106.80 | 581.40 | 1.80 |
| 2014-03-31 | 1,106.80 | 581.40 | 1.80 |
| 2013-12-31 | 1,057.60 | 567.20 | 4.10 |
| 2013-09-30 | 1,057.60 | 567.20 | 4.10 |
| 2013-06-30 | 983.80 | 621.00 | 3.00 |
| 2013-03-31 | 983.80 | 621.00 | 3.00 |
| 2012-12-31 | 875.40 | 507.20 | 5.50 |
| 2012-09-30 | 875.40 | 507.20 | 5.50 |
| 2012-06-30 | 877.20 | 373.90 | 0.70 |
- Precinct Properties New Zealand'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 (53.6% vs 45.7% today).
- Debt is not well covered by operating cash flow (9.5%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 39.1x coverage).
Financial health checks
We assess Precinct Properties New Zealand's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Precinct Properties New Zealand has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
NZ$2,000 of
Precinct Properties New Zealand
shares you are expected to receive
NZ$76
in your first year as a dividend.
Dividend Amount
- Precinct Properties New Zealand's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.23%).
- Precinct Properties New Zealand's dividend is below the markets top 25% of dividend payers in New Zealand (5.65%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| New Zealand REITs Industry Average Dividend Yield | Market Cap Weighted Average of 10 Stocks | 4.2% |
| New Zealand Market Average Dividend Yield | Market Cap Weighted Average of 75 Stocks | 3.8% |
| New Zealand Minimum Threshold Dividend Yield | 10th Percentile | 1.9% |
| New Zealand Bottom 25% Dividend Yield | 25th Percentile | 3.2% |
| New Zealand Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in NZ$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-06-30 | 0.07 | 1.00 |
| 2021-06-30 | 0.06 | 5.00 |
| 2020-06-30 | 0.06 | 6.00 |
| 2019-06-30 | 0.06 | 6.00 |
| Date (Data in NZ$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-20 | 0.060 | 3.891 |
| 2018-10-31 | 0.060 | 4.117 |
| 2018-08-16 | 0.058 | 4.056 |
| 2018-05-02 | 0.058 | 4.355 |
| 2018-02-28 | 0.058 | 4.569 |
| 2017-08-17 | 0.056 | 4.299 |
| 2017-05-08 | 0.056 | 4.540 |
| 2017-02-16 | 0.056 | 4.658 |
| 2016-11-16 | 0.056 | 4.622 |
| 2016-08-18 | 0.054 | 4.251 |
| 2016-02-17 | 0.054 | 4.280 |
| 2015-11-17 | 0.054 | 4.379 |
| 2015-08-19 | 0.054 | 4.594 |
| 2015-07-15 | 0.054 | 4.744 |
| 2015-02-27 | 0.054 | 4.681 |
| 2014-08-13 | 0.054 | 4.719 |
| 2014-02-18 | 0.054 | 5.143 |
| 2013-08-20 | 0.051 | 5.131 |
| 2013-02-19 | 0.051 | 4.873 |
| 2012-08-15 | 0.050 | 5.062 |
| 2011-08-11 | 0.055 | 6.151 |
| 2010-08-03 | 0.061 | 7.723 |
| 2009-09-28 | 0.063 | 8.405 |
| 2009-08-13 | 0.063 | 7.676 |
| 2009-04-24 | 0.076 | 10.127 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have fallen over the past 10 years.
Income/ dividend checks
We assess Precinct Properties New Zealand's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Precinct Properties New Zealand afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Precinct Properties New Zealand has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | NZ$1,662,350 |
| TENURE AS CEO | 8.6 years |
CEO Bio
Mr. Scott Pritchard has been Chief Executive Officer at Precinct Properties New Zealand Limited since September 6, 2010. Mr. Pritchard is currently employed at AMP Haumi Management Limited. He has led the firm's fund team since 2010 being responsible for its overall strategy and operations. Mr. Pritchard served as Fund Manager at Goodman Property Trust. Mr. Pritchard was responsible for fund performance, fund strategy, communication with investors and analysts and portfolio management. Mr. Pritchard also served as Manager of Asset Management at Goodman Property Trust and was responsible for portfolio management, property repositioning, financial management, vacancy control and customer liaison. He has previously been employed as Manager Property Services for Goodman New Zealand. Mr. Pritchard served as an Asset Manager of Urbus Properties Limited and Property Development Manager for Auckland International Airport Limited. He has more than 15 years experience in property funds management, development and asset management. Mr. Pritchard holds a Masters degree in Management from Massey University.
CEO Compensation
- Insufficient data for Scott to compare compensation growth.
- Scott's remuneration is about average for companies of similar size in New Zealand.
Management Team Tenure
Average tenure of the Precinct Properties New Zealand management team in years:
- The tenure for the Precinct Properties New Zealand management team is about average.
Management Team
Scott Pritchard
Chief Executive Officer
NZ$2M
8.6 yrs
Richard Hilder
Chief Financial Officer
2.3 yrs
George Crawford
Chief Operating Officer
3.7 yrs
Edward Timmins
General Counsel & Company Secretary
Nicola McArthur
General Manager of Marketing & Communications
Graham Kristiffor
Portfolio Manager
5 yrs
Board of Directors Tenure
Average tenure and age of the Precinct Properties New Zealand board of directors in years:
- The tenure for the Precinct Properties New Zealand board of directors is about average.
Board of Directors
Craig Stobo
Chairman of the Board
NZ$166K
8.9 yrs
Don Huse
Independent Director
NZ$106K
71
8.4 yrs
Graeme Wong
Independent Director
NZ$95K
8.4 yrs
Rob Campbell
Director
NZ$4K
67
7 yrs
Chris Judd
Director
6 yrs
Mohammed Al Nuaimi
Director
5.5 yrs
Launa Inman
Independent Director
NZ$91K
62
3.4 yrs
Anthony Bertoldi
Alternate Director
4.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (NZ$) | Value (NZ$) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Precinct Properties New Zealand's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Precinct Properties New Zealand 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
What Type Of Shareholder Owns Precinct Properties New Zealand Limited's (NZSE:PCT)?
The big shareholder groups in Precinct Properties New Zealand Limited (NZSE:PCT) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … Precinct Properties New Zealand isn't enormous, but it's not particularly small either.
Simply Wall St - – Full articleIs Precinct Properties New Zealand Limited's (NZSE:PCT) ROE Of 16% Impressive?
We'll use ROE to examine Precinct Properties New Zealand Limited (NZSE:PCT), by way of a worked example. … Precinct Properties New Zealand has a ROE of 16%, based on the last twelve months. … That means that for every NZ$1 worth of shareholders' equity, it generated NZ$0.16 in profit.
Simply Wall St - – Full articleInvestors Who Bought Precinct Properties New Zealand Shares Five Years Ago Are Now Up 53%
For example, the Precinct Properties New Zealand Limited (NZSE:PCT) share price is up 53% in the last 5 years, clearly besting than the market return of around 43% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Precinct Properties New Zealand achieved compound earnings per share (EPS) growth of 4.8% per year.
Simply Wall St - – Full articleShould You Invest In Precinct Properties New Zealand Limited (NZSE:PCT)?
Precinct Properties New Zealand Limited is a NZ$1.8b. … Check out our latest analysis for Precinct Properties New Zealand … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleDo Institutions Own Precinct Properties New Zealand Limited (NZSE:PCT) Shares?
Every investor in Precinct Properties New Zealand Limited (NZSE:PCT) 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. … Precinct Properties New Zealand has a market capitalization of NZ$1.8b, so we would expect some institutional investors to have noticed the stock.
Simply Wall St - – Full articleIs Precinct Properties New Zealand Limited's (NZSE:PCT) 15% Better Than Average?
Precinct Properties New Zealand has a ROE of 15%, based on the last twelve months. … That means that for every NZ$1 worth of shareholders' equity, it generated NZ$0.15 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleShould You Worry About Precinct Properties New Zealand Limited's (NZSE:PCT) CEO Pay?
First, this article will compare CEO compensation with compensation at similar sized companies. … At the time of writing our data says that Precinct Properties New Zealand Limited has a market cap of NZ$1.7b, and is paying total annual CEO compensation of NZ$2m. … It would therefore appear that Precinct Properties New Zealand Limited pays Scott Pritchard more than the median CEO remuneration at companies of a similar size, in the same market
Simply Wall St - – Full articleIs Precinct Properties New Zealand Limited (NZSE:PCT) A Healthy REIT?
Precinct Properties New Zealand Limited is a NZ$1.71b. … View our latest analysis for Precinct Properties New Zealand … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent
Simply Wall St - – Full articleIs Precinct Properties New Zealand Limited (NZSE:PCT) A Great Dividend Stock?
A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Precinct Properties New Zealand Limited (NZSE:PCT) has returned to shareholders over the past 10 years, an average dividend yield of 5.00% annually. … Does Precinct Properties New Zealand tick all the boxes of a great dividend stock?
Simply Wall St - – Full articleIs Precinct Properties New Zealand Limited (NZE:PCT) A Smart Choice For Dividend Investors?
Precinct Properties New Zealand Limited (NZSE:PCT) has returned to shareholders over the past 10 years, an average dividend yield of 5.00% annually. … See our latest analysis for Precinct Properties New Zealand 5 checks you should use to assess a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is it the top 25% annual dividend yield payer? … Relative to peers, Precinct Properties New Zealand produces a yield of 4.53%, which is on the low-side for REITs stocks.Next Steps: Considering the dividend attributes we analyzed above, Precinct Properties New Zealand is definitely worth keeping an eye on for someone looking to build a dedicated income portfolio.
Simply Wall St - – Full articleCompany Info
Description
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns Auckland’s PwC Tower, AMP Centre, ANZ Centre (50%), Zurich House, HSBC House, Mason Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and Wellington’s AON Centre, Dimension Data House, No. 1 and No. 3 The Terrace, Pastoral House, Mayfair House and Bowen Campus.
Details
| Name: | Precinct Properties New Zealand Limited |
| PCT | |
| Exchange: | NZSE |
| Founded: | 1997 |
| NZ$2,075,747,120 | |
| 1,313,764,000 | |
| Website: | http://www.precinct.co.nz |
| Address: |
Precinct Properties New Zealand Limited PwC Tower, Level 12, Auckland, 1010, New Zealand |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NZSE | PCT | Common Shares | New Zealand Stock Exchange | NZ | NZD | 19. Dec 1997 | |
| OTCPK | AOTU.F | Common Shares | Pink Sheets LLC | US | USD | 19. Dec 1997 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 10:32 |
| End of day share price update: | 2019/04/23 00:00 |
| Last estimates confirmation: | 2019/03/31 |
| Last earnings filing: | 2019/02/19 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/06/30 |
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.
