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Precinct Properties New Zealand

NZSE:PCT
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PCT
NZSE
NZ$2B
Market Cap
  1. Home
  2. NZ
  3. Real Estate
Company description

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 148 days ago. More info.


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PCT Share Price and Events
7 Day Returns
2%
NZSE:PCT
0.3%
NZ REITs
0.9%
NZ Market
1 Year Returns
28.3%
NZSE:PCT
26%
NZ REITs
11.7%
NZ Market
PCT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Precinct Properties New Zealand (PCT) 2% 5% 12% 28.3% 40.5% 62.4%
NZ REITs 0.3% 5.2% 12.4% 26% 25.4% 60.5%
NZ Market 0.9% 3.5% 5.4% 11.7% 27.6% 57.2%
1 Year Return vs Industry and Market
  • PCT outperformed the REITs industry which returned 26% over the past year.
  • PCT outperformed the Market in New Zealand which returned 11.7% over the past year.
Price Volatility
PCT
Industry
5yr Volatility vs Market

Value

 Is Precinct Properties New Zealand 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 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Precinct Properties New Zealand.

NZSE:PCT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered 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:PCT
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 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 28%) (33.24%))
0.725
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.

NZSE:PCT DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (NZD, Millions) Source Present Value
Discounted (@ 7.14%)
2020 84.88 Est @ 1.77% 79.23
2021 86.54 Est @ 1.95% 75.39
2022 88.34 Est @ 2.08% 71.83
2023 90.25 Est @ 2.17% 68.50
2024 92.26 Est @ 2.23% 65.36
2025 94.35 Est @ 2.27% 62.39
2026 96.52 Est @ 2.3% 59.57
2027 98.76 Est @ 2.32% 56.89
2028 101.07 Est @ 2.34% 54.34
2029 103.44 Est @ 2.35% 51.91
Present value of next 10 years cash flows NZ$645.41
NZSE:PCT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NZ$103.44 × (1 + 2.37%) ÷ (7.14% – 2.37%)
NZ$2,220.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$2,220.93 ÷ (1 + 7.14%)10
NZ$1,114.55
NZSE:PCT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$645.41 + NZ$1,114.55
NZ$1,759.95
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$1,759.95 / 1,313.76
NZ$1.34
NZSE:PCT Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.34
Current discount Discount to share price of NZ$1.77
= -1 x (NZ$1.77 - NZ$1.34) / NZ$1.34
-32.1%

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.
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 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?
Raw Data
NZSE:PCT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in NZD NZ$0.22
NZSE:PCT Share Price ** NZSE (2019-07-17) in NZD NZ$1.77
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 11.39x
New Zealand Market PE Ratio Median Figure of 89 Publicly-Listed Companies 17.94x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Precinct Properties New Zealand.

NZSE:PCT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:PCT Share Price ÷ EPS (both in NZD)

= 1.77 ÷ 0.22

8.19x

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?
Raw Data
NZSE:PCT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-14.8%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.87x
New Zealand Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

NZSE:PCT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.19x ÷ -14.8%

-0.55x

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?
Raw Data
NZSE:PCT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NZD NZ$1.39
NZSE:PCT Share Price * NZSE (2019-07-17) in NZD NZ$1.77
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.17x
New Zealand Market PB Ratio Median Figure of 127 Publicly-Listed Companies 1.56x
NZSE:PCT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.77 ÷ 1.39

1.28x

* 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.
X
Value checks
We assess Precinct Properties New Zealand'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. 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

 How is Precinct Properties New Zealand 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
-14.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Precinct Properties New Zealand expected to grow at an attractive rate?
  • 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
Raw Data
NZSE:PCT Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:PCT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -14.8%
NZSE:PCT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 15.5%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -14.8%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 7.6%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 4.3%

*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:PCT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:PCT Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 155 98 1
2021-06-30 154 84 116 6
2020-06-30 131 92 125 6
2019-06-30 98 84 133 5
NZSE:PCT Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Precinct Properties New Zealand's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Precinct Properties New Zealand's revenue is expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
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:PCT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Precinct Properties New Zealand Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:PCT Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30
2021-06-30 0.10 0.12 0.09 3.00
2020-06-30 0.10 0.14 0.07 4.00
2019-06-30 0.12 0.14 0.07 4.00
NZSE:PCT Past Financials Data
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%).
X
Future performance checks
We assess Precinct Properties New Zealand'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.
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
Below we compare Precinct Properties New Zealand'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.
  • 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 29.5%).
Earnings and Revenue History
Precinct Properties New Zealand'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 Precinct Properties New Zealand Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:PCT Past Revenue, Cash Flow and Net Income Data
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

*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).
X
Past performance checks
We assess Precinct Properties New Zealand'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.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Precinct Properties New Zealand'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 Precinct Properties New Zealand Company Filings, last reported 6 months ago.

NZSE:PCT Past Debt and Equity Data
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
  • 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).
X
Financial health checks
We assess Precinct Properties New Zealand'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. Precinct Properties New Zealand 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 Precinct Properties New Zealand'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
3.39%
Current annual income from Precinct Properties New Zealand dividends. Estimated to be 3.56% next year.
If you bought NZ$2,000 of Precinct Properties New Zealand shares you are expected to receive NZ$68 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?
  • Precinct Properties New Zealand's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.14%).
  • Precinct Properties New Zealand's dividend is below the markets top 25% of dividend payers in New Zealand (5.78%).
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:PCT 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 3.8%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 3.6%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.3%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.1%
New Zealand Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NZSE:PCT Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.07 1.00
2021-06-30 0.06 6.00
2020-06-30 0.06 7.00
2019-06-30 0.06 7.00
NZSE:PCT Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-02-20 0.060 3.723
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
2008-08-19 0.076 8.518

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 Precinct Properties New Zealand's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Precinct Properties New Zealand'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 Precinct Properties New Zealand afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Precinct Properties New Zealand 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 Precinct Properties New Zealand'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
Scott Pritchard
COMPENSATION NZ$1,662,350
TENURE AS CEO 8.8 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:

4.6
Average Tenure
  • The tenure for the Precinct Properties New Zealand management team is about average.
Management Team

Scott Pritchard

TITLE
Chief Executive Officer
COMPENSATION
NZ$2M
TENURE
8.8 yrs

Richard Hilder

TITLE
Chief Financial Officer
TENURE
2.5 yrs

George Crawford

TITLE
Chief Operating Officer
TENURE
3.9 yrs

Edward Timmins

TITLE
General Counsel & Company Secretary

Nicola McArthur

TITLE
General Manager of Marketing & Communications

Graham Kristiffor

TITLE
Portfolio Manager
TENURE
5.3 yrs
Board of Directors Tenure

Average tenure and age of the Precinct Properties New Zealand board of directors in years:

6.8
Average Tenure
68
Average Age
  • The tenure for the Precinct Properties New Zealand board of directors is about average.
Board of Directors

Craig Stobo

TITLE
Chairman of the Board
COMPENSATION
NZ$166K
TENURE
9.2 yrs

Don Huse

TITLE
Independent Director
COMPENSATION
NZ$106K
AGE
72
TENURE
8.7 yrs

Graeme Wong

TITLE
Independent Director
COMPENSATION
NZ$95K
TENURE
8.7 yrs

Rob Campbell

TITLE
Director
COMPENSATION
NZ$4K
AGE
68
TENURE
7.3 yrs

Chris Judd

TITLE
Director
TENURE
6.3 yrs

Mohammed Al Nuaimi

TITLE
Director
TENURE
5.8 yrs

Launa Inman

TITLE
Independent Director
COMPENSATION
NZ$91K
AGE
63
TENURE
3.7 yrs

Anthony Bertoldi

TITLE
Alternate Director
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month 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 Precinct Properties New Zealand'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. 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

Precinct Properties New Zealand (NZSE:PCT) Shareholders Booked A 59% Gain In The Last Five Years

For example, the Precinct Properties New Zealand Limited (NZSE:PCT) share price is 59% higher than it was five years ago, which is more than the market average. … During five years of share price growth, Precinct Properties New Zealand achieved compound earnings per share (EPS) growth of 4.8% per year. … We note that for Precinct Properties New Zealand the TSR over the last 5 years was 103%, which is better than the share price return mentioned above.

Simply Wall St -

Here's Why I Think Precinct Properties New Zealand (NZSE:PCT) Is An Interesting Stock

In contrast to all that, I prefer to spend time on companies like Precinct Properties New Zealand (NZSE:PCT), which has not only revenues, but also profits. … View our latest analysis for Precinct Properties New Zealand How Quickly Is Precinct Properties New Zealand Increasing Earnings Per Share? … I discovered that the median total compensation for the CEOs of companies like Precinct Properties New Zealand with market caps between NZ$1.5b and NZ$4.9b is about NZ$2.0m.

Simply Wall St -

You May Have Been Looking At Precinct Properties New Zealand Limited (NZSE:PCT) All Wrong

Precinct Properties New Zealand Limited is a NZ$2.2b small-cap, real estate investment trust (REIT) based in Auckland, New Zealand. … View our latest analysis for Precinct Properties New Zealand Funds from Operations (FFO) is a higher quality measure of PCT's earnings compared to net income. … Precinct Properties New Zealand can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for PCT’s future growth?

Simply Wall St -

Does Precinct Properties New Zealand Limited's (NZSE:PCT) CEO Salary Compare Well With Others?

Scott Pritchard became the CEO of Precinct Properties New Zealand Limited (NZSE:PCT) in 2010. … See our latest analysis for Precinct Properties New Zealand … How Does Scott Pritchard's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Does The Data Make Precinct Properties New Zealand Limited (NZSE:PCT) An Attractive Investment?

I've been keeping an eye on Precinct Properties New Zealand Limited (NZSE:PCT) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe PCT has a lot to offer.

Simply Wall St -

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 -

Is 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 -

Investors 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 -

Should 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 -

Do 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 -

Company 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$2,312,224,640
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
Staff numbers
50
Precinct Properties New Zealand employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 10:33
End of day share price update: 2019/07/17 00:00
Last estimates confirmation: 2019/07/08
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.