Precinct Properties New Zealand Limited

NZSE:PCT Stock Report

Mkt Cap: NZ$2.0b

We’ve recently updated our valuation analysis.

Precinct Properties New Zealand Valuation

Is PCT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PCT?

Other financial metrics that can be useful for relative valuation.

PCT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue16.7x
Enterprise Value/EBITDA29.3x
PEG Ratio1.4x

Price to Earnings Ratio vs Peers

How does PCT's PE Ratio compare to its peers?

The above table shows the PE ratio for PCT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.9x
VHP Vital Healthcare Property Trust
5.2x-26.1%NZ$1.6b
GMT Goodman Property Trust
12.3x-8.0%NZ$2.9b
PFI Property For Industry
5.7x-15.0%NZ$1.1b
ARG Argosy Property
8.2x11.1%NZ$986.4m
PCT Precinct Properties New Zealand
18.2x13.4%NZ$2.0b

Price-To-Earnings vs Peers: PCT is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the peer average (7.9x).


Price to Earnings Ratio vs Industry

How does PCT's PE Ratio compare vs other companies in the Oceanian REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a19.4%
n/an/an/a

Price-To-Earnings vs Industry: PCT is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the Oceanic REITs industry average (7.2x)


Price to Earnings Ratio vs Fair Ratio

What is PCT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PCT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.2x
Fair PE Ratio10.9x

Price-To-Earnings vs Fair Ratio: PCT is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).


Share Price vs Fair Value

What is the Fair Price of PCT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PCT (NZ$1.27) is trading above our estimate of fair value (NZ$0.95)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PCT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$1.27
NZ$1.32
+4.3%
6.9%NZ$1.42NZ$1.18n/a4
Jan ’24NZ$1.27
NZ$1.35
+6.6%
8.3%NZ$1.51NZ$1.18n/a5
Dec ’23NZ$1.27
NZ$1.35
+6.1%
8.3%NZ$1.51NZ$1.18n/a5
Nov ’23NZ$1.22
NZ$1.38
+12.7%
9.4%NZ$1.51NZ$1.17n/a5
Oct ’23NZ$1.30
NZ$1.48
+13.9%
11.0%NZ$1.70NZ$1.29n/a5
Sep ’23NZ$1.35
NZ$1.48
+9.6%
11.0%NZ$1.70NZ$1.29n/a5
Aug ’23NZ$1.45
NZ$1.52
+5.1%
12.2%NZ$1.75NZ$1.30n/a5
Jul ’23NZ$1.33
NZ$1.57
+17.7%
11.3%NZ$1.75NZ$1.30n/a4
Jun ’23NZ$1.40
NZ$1.59
+13.6%
9.4%NZ$1.75NZ$1.38n/a4
May ’23NZ$1.52
NZ$1.63
+7.4%
9.0%NZ$1.75NZ$1.38n/a4
Apr ’23NZ$1.56
NZ$1.65
+6.3%
10.0%NZ$1.82NZ$1.38n/a4
Mar ’23NZ$1.57
NZ$1.65
+5.3%
10.0%NZ$1.82NZ$1.38n/a4
Feb ’23NZ$1.61
NZ$1.61
+0.2%
10.6%NZ$1.78NZ$1.35n/a5
Jan ’23NZ$1.67
NZ$1.61
-3.5%
10.7%NZ$1.78NZ$1.35NZ$1.275
Dec ’22NZ$1.56
NZ$1.71
+9.4%
7.6%NZ$1.83NZ$1.46NZ$1.275
Nov ’22NZ$1.65
NZ$1.72
+4.4%
6.3%NZ$1.83NZ$1.52NZ$1.225
Oct ’22NZ$1.68
NZ$1.75
+4.0%
3.8%NZ$1.83NZ$1.64NZ$1.305
Sep ’22NZ$1.69
NZ$1.77
+4.5%
3.9%NZ$1.83NZ$1.64NZ$1.355
Aug ’22NZ$1.60
NZ$1.74
+9.0%
4.3%NZ$1.82NZ$1.62NZ$1.455
Jul ’22NZ$1.61
NZ$1.77
+10.2%
2.6%NZ$1.82NZ$1.70NZ$1.334
Jun ’22NZ$1.58
NZ$1.76
+11.6%
6.0%NZ$1.84NZ$1.56NZ$1.405
May ’22NZ$1.65
NZ$1.78
+8.1%
5.0%NZ$1.88NZ$1.62NZ$1.525
Apr ’22NZ$1.63
NZ$1.78
+9.1%
4.7%NZ$1.85NZ$1.62NZ$1.565
Mar ’22NZ$1.63
NZ$1.74
+7.1%
4.4%NZ$1.85NZ$1.62NZ$1.575
Feb ’22NZ$1.72
NZ$1.81
+5.2%
4.2%NZ$1.89NZ$1.71NZ$1.615
Jan ’22NZ$1.76
NZ$1.81
+2.7%
4.3%NZ$1.89NZ$1.71NZ$1.675

Analyst Forecast: Target price is less than 20% higher than the current share price.


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