PCT Stock Overview
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium and A-grade commercial office property.
Price History & Performance
|Historical stock prices|
|Current Share Price||NZ$1.57|
|52 Week High||NZ$1.79|
|52 Week Low||NZ$1.54|
|1 Month Change||-1.88%|
|3 Month Change||-8.19%|
|1 Year Change||-9.77%|
|3 Year Change||8.65%|
|5 Year Change||33.05%|
|Change since IPO||58.59%|
Recent News & Updates
We Think Shareholders Are Less Likely To Approve A Large Pay Rise For Precinct Properties New Zealand Limited's (NZSE:PCT) CEO For Now
CEO Scott Pritchard has done a decent job of delivering relatively good performance at Precinct Properties New Zealand...
|PCT||NZ REITs||NZ Market|
Return vs Industry: PCT underperformed the NZ REITs industry which returned -4.6% over the past year.
Return vs Market: PCT underperformed the NZ Market which returned -3.2% over the past year.
|PCT Average Weekly Movement||2.1%|
|REITs Industry Average Movement||2.6%|
|Market Average Movement||3.6%|
|10% most volatile stocks in NZ Market||6.7%|
|10% least volatile stocks in NZ Market||2.4%|
Stable Share Price: PCT is less volatile than 75% of NZ stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: PCT's weekly volatility (2%) has been stable over the past year.
About the Company
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%), Jarden House, HSBC House, Mason Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and Wellington’s AON Centre, NTT Tower, No. 1 and No. 3 The Terrace, Mayfair House and Bowen Campus.
Precinct Properties New Zealand Fundamentals Summary
|PCT fundamental statistics|
Is PCT overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|PCT income statement (TTM)|
|Cost of Revenue||NZ$72.10m|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||0.12|
|Net Profit Margin||93.94%|
How did PCT perform over the long term?See historical performance and comparison
4.3%Current Dividend Yield
Is Precinct Properties New Zealand undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: PCT (NZ$1.57) is trading below our estimate of fair value (NZ$1.86)
Significantly Below Fair Value: PCT is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: PCT is poor value based on its PE Ratio (13.3x) compared to the Oceanic REITs industry average (9.4x).
PE vs Market: PCT is good value based on its PE Ratio (13.3x) compared to the NZ market (20.2x).
Price to Earnings Growth Ratio
PEG Ratio: PCT is poor value based on its PEG Ratio (4.9x)
Price to Book Ratio
PB vs Industry: PCT's PB Ratio (1.1x) is in line with the XO REITs industry average.
How is Precinct Properties New Zealand forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PCT's forecast earnings growth (2.7% per year) is above the savings rate (2.1%).
Earnings vs Market: PCT's earnings (2.7% per year) are forecast to grow slower than the NZ market (7.1% per year).
High Growth Earnings: PCT's earnings are forecast to grow, but not significantly.
Revenue vs Market: PCT's revenue (1.9% per year) is forecast to grow slower than the NZ market (4.8% per year).
High Growth Revenue: PCT's revenue (1.9% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: PCT's Return on Equity is forecast to be low in 3 years time (4.6%).
How has Precinct Properties New Zealand performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PCT has a large one-off gain of NZ$53.6M impacting its June 30 2021 financial results.
Growing Profit Margin: PCT's current net profit margins (93.9%) are higher than last year (19.9%).
Past Earnings Growth Analysis
Earnings Trend: PCT's earnings have declined by 1.7% per year over the past 5 years.
Accelerating Growth: PCT's earnings growth over the past year (521.5%) exceeds its 5-year average (-1.7% per year).
Earnings vs Industry: PCT earnings growth over the past year (521.5%) exceeded the REITs industry 184.1%.
Return on Equity
High ROE: PCT's Return on Equity (8.5%) is considered low.
How is Precinct Properties New Zealand's financial position?
Financial Position Analysis
Short Term Liabilities: PCT's short term assets (NZ$35.6M) do not cover its short term liabilities (NZ$276.7M).
Long Term Liabilities: PCT's short term assets (NZ$35.6M) do not cover its long term liabilities (NZ$959.1M).
Debt to Equity History and Analysis
Debt Level: PCT's net debt to equity ratio (51.3%) is considered high.
Reducing Debt: PCT's debt to equity ratio has increased from 19.4% to 51.7% over the past 5 years.
Debt Coverage: PCT's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: PCT's interest payments on its debt are well covered by EBIT (14.2x coverage).
What is Precinct Properties New Zealand current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: PCT's dividend (4.27%) is higher than the bottom 25% of dividend payers in the NZ market (2.76%).
High Dividend: PCT's dividend (4.27%) is low compared to the top 25% of dividend payers in the NZ market (4.99%).
Stability and Growth of Payments
Stable Dividend: PCT's dividends per share have been stable in the past 10 years.
Growing Dividend: PCT's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (87.7%), PCT's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: PCT's dividends in 3 years are forecast to be covered by earnings (90.3% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Mr. Scott Pritchard has been Chief Executive Officer at Precinct Properties New Zealand Limited since September 6, 2010 and served as Chief Operating Officer from 2013 to 2015. Mr. Pritchard is employed at...
CEO Compensation Analysis
Compensation vs Market: Scott's total compensation ($USD1.79M) is about average for companies of similar size in the NZ market ($USD1.51M).
Compensation vs Earnings: Scott's compensation has increased by more than 20% in the past year.
Experienced Management: PCT's management team is considered experienced (4.9 years average tenure).
Experienced Board: PCT's board of directors are considered experienced (5.2 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 20.7%.
Precinct Properties New Zealand Limited's employee growth, exchange listings and data sources
- Name: Precinct Properties New Zealand Limited
- Ticker: PCT
- Exchange: NZSE
- Founded: 1997
- Industry: Office REITs
- Sector: Real Estate
- Market Cap: NZ$2.489b
- Shares outstanding: 1.59b
- Website: https://www.precinct.co.nz
Number of Employees
- Precinct Properties New Zealand Limited
- PwC Tower
- Level 12
- New Zealand
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/12/03 15:53|
|End of Day Share Price||2021/12/03 00:00|
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.