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Property For Industry

NZSE:PFI
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PFI
NZSE
NZ$958M
Market Cap
  1. Home
  2. NZ
  3. Real Estate
Company description

Property For Industry Limited engages in the property investment and management business in New Zealand. The last earnings update was 30 days ago. More info.


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PFI Share Price and Events
7 Day Returns
0.3%
NZSE:PFI
-0.2%
NZ REITs
0.7%
NZ Market
1 Year Returns
17.9%
NZSE:PFI
15%
NZ REITs
6%
NZ Market
PFI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Property For Industry (PFI) 0.3% 1.3% 8.7% 17.9% 19.8% 52.8%
NZ REITs -0.2% 0.5% 5.4% 15% 13.9% 48%
NZ Market 0.7% 1.2% 5.8% 6% 22.4% 43.5%
1 Year Return vs Industry and Market
  • PFI outperformed the REITs industry which returned 15% over the past year.
  • PFI outperformed the Market in New Zealand which returned 6% over the past year.
Price Volatility
PFI
Industry
5yr Volatility vs Market

Value

 Is Property For Industry 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 Property For Industry 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 Property For Industry.

NZSE:PFI 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 5 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:PFI
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))
= 0.536 (1 + (1- 28%) (43.06%))
0.801
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% + (0.801 * 5.96%)
7.14%

Discounted Cash Flow Calculation for NZSE:PFI using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Property For Industry 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.

Property For Industry 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:PFI DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (NZD, Millions) Source Present Value
Discounted (@ 7.14%)
2019 45.46 Est @ 3.05% 42.42
2020 46.75 Est @ 2.85% 40.72
2021 48.01 Est @ 2.7% 39.04
2022 49.26 Est @ 2.6% 37.38
2023 50.51 Est @ 2.53% 35.77
2024 51.77 Est @ 2.48% 34.22
2025 53.04 Est @ 2.45% 32.72
2026 54.32 Est @ 2.43% 31.28
2027 55.63 Est @ 2.41% 29.90
2028 56.97 Est @ 2.4% 28.57
Present value of next 10 years cash flows NZ$352.03
NZSE:PFI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$56.97 × (1 + 2.37%) ÷ (7.14% – 2.37%)
NZ$1,221.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$1,221.70 ÷ (1 + 7.14%)10
NZ$612.80
NZSE:PFI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$352.03 + NZ$612.80
NZ$964.83
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$964.83 / 498.72
NZ$1.95
NZSE:PFI Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.95
Current discount Discount to share price of NZ$1.94
= -1 x (NZ$1.94 - NZ$1.95) / NZ$1.95
0.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Property For Industry is available for.
Intrinsic value
1%
Share price is NZ$1.94 vs Future cash flow value of NZ$1.95
Current Discount Checks
For Property For Industry to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Property For Industry's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Property For Industry's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Property For Industry's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Property For Industry's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:PFI 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:PFI Share Price ** NZSE (2019-03-20) in NZD NZ$1.94
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 9.64x
New Zealand Market PE Ratio Median Figure of 89 Publicly-Listed Companies 17.1x

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

** Primary Listing of Property For Industry.

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

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

= 1.94 ÷ 0.22

8.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Property For Industry is good value based on earnings compared to the NZ REITs industry average.
  • Property For Industry is good value based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Property For Industry's expected growth come at a high price?
Raw Data
NZSE:PFI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-24.9%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.34x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.79x ÷ -24.9%

-0.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Property For Industry 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 Property For Industry's assets?
Raw Data
NZSE:PFI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NZD NZ$1.83
NZSE:PFI Share Price * NZSE (2019-03-20) in NZD NZ$1.94
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.05x
New Zealand Market PB Ratio Median Figure of 126 Publicly-Listed Companies 1.52x
NZSE:PFI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.94 ÷ 1.83

1.06x

* Primary Listing of Property For Industry.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Property For Industry is overvalued based on assets compared to the NZ REITs industry average.
X
Value checks
We assess Property For Industry'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. Property For Industry 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 Property For Industry expected to perform in the next 1 to 3 years based on estimates from 5 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
-24.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Property For Industry expected to grow at an attractive rate?
  • Property For Industry'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
  • Property For Industry's earnings are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
  • Property For Industry's revenues are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:PFI Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:PFI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -24.9%
NZSE:PFI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -1.6%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -12.6%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 5.9%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:PFI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:PFI Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 85 47 54 5
2020-12-31 83 46 54 5
2019-12-31 81 44 52 5
NZSE:PFI Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-12-31 90 54 110
2018-09-30 88 52 98
2018-06-30 78 51 87
2018-03-31 76 26 69
2017-12-31 82 2 52
2017-09-30 79 -2 73
2017-06-30 76 -6 95
2017-03-31 74 14 109
2016-12-31 71 33 123
2016-09-30 71 34 91
2016-06-30 70 35 59
2016-03-31 68 33 66

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Property For Industry's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Property For Industry's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:PFI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Property For Industry Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:PFI Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.10 0.12 0.09 3.00
2020-12-31 0.10 0.12 0.09 3.00
2019-12-31 0.10 0.12 0.09 3.00
NZSE:PFI Past Financials Data
Date (Data in NZD Millions) EPS *
2018-12-31 0.22
2018-09-30 0.20
2018-06-30 0.18
2018-03-31 0.15
2017-12-31 0.11
2017-09-30 0.16
2017-06-30 0.21
2017-03-31 0.24
2016-12-31 0.27
2016-09-30 0.20
2016-06-30 0.13
2016-03-31 0.15

*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.
  • Property For Industry is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Property For Industry'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.
Property For Industry has a total score of 0/6, 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 Property For Industry 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 Property For Industry'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.
  • Property For Industry's year on year earnings growth rate has been positive over the past 5 years.
  • Property For Industry's 1-year earnings growth exceeds its 5-year average (113% vs 13.3%)
  • Property For Industry's earnings growth has exceeded the NZ REITs industry average in the past year (113% vs 24.7%).
Earnings and Revenue History
Property For Industry'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 Property For Industry Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:PFI 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 89.81 110.09 4.68
2018-09-30 88.20 98.49 4.63
2018-06-30 78.08 86.89 1.69
2018-03-31 75.79 69.29 0.84
2017-12-31 82.00 51.68 2.89
2017-09-30 79.01 73.48 1.68
2017-06-30 76.02 95.28 0.47
2017-03-31 73.55 109.35 0.24
2016-12-31 71.09 123.41
2016-09-30 70.55 91.16 0.21
2016-06-30 70.01 58.90 0.42
2016-03-31 68.46 65.86 0.42
2015-12-31 66.91 72.83 0.42
2015-09-30 65.34 77.35 0.42
2015-06-30 63.77 81.87 0.42
2015-03-31 63.72 70.87 0.41
2014-12-31 63.68 59.88 0.41
2014-09-30 63.89 51.47 0.41
2014-06-30 64.09 43.07 0.41
2014-03-31 56.07 41.79 0.37
2013-12-31 48.05 40.51 0.32
2013-09-30 39.36 36.13 0.28
2013-06-30 30.67 31.75 0.23
2013-03-31 29.99 28.07 0.24
2012-12-31 29.41 26.93 0.23
2012-09-30 29.70 24.35 0.23
2012-06-30 29.90 16.75 0.22
2012-03-31 30.43 18.39 0.21

*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.
  • Property For Industry has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Property For Industry used its assets more efficiently than the NZ REITs industry average last year based on Return on Assets.
  • Property For Industry's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Property For Industry'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.
Property For Industry 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 Property For Industry'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 Property For Industry's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Property For Industry's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Property For Industry's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Property For Industry'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 Property For Industry Company Filings, last reported 2 months ago.

NZSE:PFI Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 915.14 412.30 1.65
2018-09-30 915.14 412.30 1.65
2018-06-30 852.81 398.97 0.69
2018-03-31 852.81 398.97 0.69
2017-12-31 842.94 382.10 0.61
2017-09-30 842.94 382.10 0.61
2017-06-30 733.31 383.70 0.35
2017-03-31 733.31 383.70 0.35
2016-12-31 756.14 343.39
2016-09-30 756.14 343.39
2016-06-30 668.00 353.85 0.42
2016-03-31 668.00 353.85 0.42
2015-12-31 658.01 341.44 0.54
2015-09-30 658.01 341.44 0.54
2015-06-30 587.44 351.53 0.21
2015-03-31 587.44 351.53 0.21
2014-12-31 564.97 319.30 0.60
2014-09-30 564.97 319.30 0.60
2014-06-30 534.12 313.24 0.11
2014-03-31 534.12 313.24 0.11
2013-12-31 535.17 317.88 1.35
2013-09-30 535.17 317.88 1.35
2013-06-30 250.38 140.83 0.03
2013-03-31 250.38 140.83 0.03
2012-12-31 250.08 122.30 0.17
2012-09-30 250.08 122.30 0.17
2012-06-30 237.25 113.95 0.91
2012-03-31 237.80 111.06
  • Property For Industry's level of debt (45.1%) 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 (59.4% vs 45.1% today).
  • Debt is not well covered by operating cash flow (13%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.9x coverage).
X
Financial health checks
We assess Property For Industry'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. Property For Industry 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 Property For Industry'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
3.92%
Current annual income from Property For Industry dividends. Estimated to be 4.07% next year.
If you bought NZ$2,000 of Property For Industry shares you are expected to receive NZ$78 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?
  • Property For Industry's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.31%).
  • Property For Industry's dividend is below the markets top 25% of dividend payers in New Zealand (5.87%).
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:PFI 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 5 Analyst Estimates (S&P Global) See Below
New Zealand REITs Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.4%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 76 Stocks 4%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 1.9%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

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

NZSE:PFI Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.08 5.00
2020-12-31 0.08 5.00
2019-12-31 0.08 5.00
NZSE:PFI Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-02-18 0.076 3.975
2018-02-12 0.076 4.368
2018-01-15 0.076 4.560
2017-02-13 0.074 4.502
2017-01-16 0.074 4.553
2016-03-22 0.073 4.504
2016-02-15 0.073 4.532
2015-02-17 0.073 4.655
2014-02-17 0.072 5.203
2014-01-15 0.072 5.661
2013-03-27 0.066 4.958
2013-02-18 0.066 5.237
2012-03-27 0.072 6.057
2012-02-20 0.072 6.198
2011-03-29 0.072 6.095
2011-02-21 0.072 6.256
2010-03-30 0.072 6.240
2010-02-22 0.072 6.158
2009-03-23 0.072 6.217

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Property For Industry'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 Property For Industry's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - 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 Property For Industry afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Property For Industry has a total score of 5/6, 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 Property For Industry'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
Simon Woodhams
COMPENSATION NZ$541,000
TENURE AS CEO 0.2 years
CEO Bio

Mr. Simon Woodhams has been Chief Executive Officer of Property for Industry Ltd. since January 2019. Mr. Woodhams was General Manager of Property for Industry Ltd. since July 2015 until January 2019. Mr. Woodhams served as Joint General Manager of Property for Industry Ltd. until July 2015. He served as General Manager of Direct Property Fund since November 2011 and was responsible for the day to day operations. He served as General Manager of Direct Property Fund at DPF Management Limited. He was involved across DPF Management in both development and fund management. Previously, he was a Fund Manager of Direct Property Fund. Mr. Woodhams joined Direct Property Fund as an Asset Manager in 2005 and was responsible for managing the industrial and retail assets for the fund. He served as Development Manager of McDougall Reidy & Co since 2005. Previously, Mr. Woodhams spent seven years in Tokyo and London predominately in the financial and banking markets. He received a B.Com. degree with a major in Accounting and Marketing from Canterbury University.

CEO Compensation
  • Simon's compensation has increased by more than 20% in the past year.
  • Simon's remuneration is about average for companies of similar size in New Zealand.
Management Team Tenure

Average tenure of the Property For Industry management team in years:

0.2
Average Tenure
  • The average tenure for the Property For Industry management team is less than 2 years, this suggests a new team.
Management Team

Simon Woodhams

TITLE
Chief Executive Officer
COMPENSATION
NZ$541K
TENURE
0.2 yrs

Craig Peirce

TITLE
Chief Finance & Operating Officer
COMPENSATION
NZ$541K
TENURE
0.2 yrs

Greg Reidy

TITLE
Executive Director
COMPENSATION
NZ$436K

Nathan Williams

TITLE
Financial Controller
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure of the Property For Industry board of directors in years:

5
Average Tenure
  • The tenure for the Property For Industry board of directors is about average.
Board of Directors

Anthony Beverley

TITLE
Board Chairman
COMPENSATION
NZ$106K

Greg Reidy

TITLE
Executive Director
COMPENSATION
NZ$436K
TENURE
7.2 yrs

Susan Peterson

TITLE
Independent Director
COMPENSATION
NZ$76K
TENURE
2.8 yrs

Humphry Rolleston

TITLE
Independent Director
COMPENSATION
NZ$70K
TENURE
24.7 yrs

David Thomson

TITLE
Independent Director
COMPENSATION
NZ$62K
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
X
Management checks
We assess Property For Industry'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. Property For Industry 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

The Property For Industry Share Price Is Up 48% And Shareholders Are Holding On

For example, the Property For Industry Limited (NZSE:PFI) share price is up 48% in the last five years, slightly above the market return. … During five years of share price growth, Property For Industry achieved compound earnings per share (EPS) growth of 12% per year. … This EPS growth is higher than the 8.2% average annual increase in the share price.

Simply Wall St -

Could Property For Industry Limited's (NZSE:PFI) Investor Composition Influence The Stock Price?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … We also tend to see lower insider ownership in companies that were previously publicly owned. … With a market capitalization of NZ$940m, Property For Industry is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

With A Return On Equity Of 10%, Has Property For Industry Limited's (NZSE:PFI) Management Done Well?

Property For Industry has a ROE of 10%, based on the last twelve months. … That means that for every NZ$1 worth of shareholders' equity, it generated NZ$0.10 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How To Look At Property For Industry Limited (NZSE:PFI)

REITs own and operate income-generating property and adhere to a different set of regulations. … View our latest analysis for Property For Industry … 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 -

Should Investors Be Happy About Property For Industry Limited’s (NZSE:PFI) Cash Levels?

I will take you through Property For Industry’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Property For Industry generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … I will be analysing Property For Industry’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

Is Property For Industry Limited (NZSE:PFI) Excessively Paying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Greg Reidy's Compensation Compare With Similar Sized Companies. … Our data indicates that Property For Industry Limited is worth NZ$873m, and total annual CEO compensation is NZ$268k.

Simply Wall St -

Do You Know Who Else Invests In Property For Industry Limited (NZSE:PFI)?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Property For Industry is a smaller company with a market capitalization of NZ$875.3m, so it may still be flying under the radar of many institutional investors. … institutions own shares in the company

Simply Wall St -

These Real Estate Dividend Stocks Are Best In Class

Property For Industry Limited (NZSE:PFI) PFI has a sumptuous dividend yield of 4.38% and distributes 66.25% of its earnings to shareholders as dividends , with analysts expecting a 90.19% payout in three years. … NZSE:PFI Historical Dividend Yield Jul 29th 18 Vital Healthcare Property Trust (NZSE:VHP) VHP has a wholesome dividend yield of 3.99% and is paying out 17.78% of profits as dividends , and analysts are expecting a 64.29% payout ratio in the next three years. … NZSE:VHP Historical Dividend Yield Jul 29th 18 Precinct Properties New Zealand Limited (NZSE:PCT) PCT has an appealing dividend yield of 4.20% and their current payout ratio is 49.06% , with analysts expecting this ratio in three years to be 88.66%.

Simply Wall St -

Property For Industry Limited (NZSE:PFI): What Can We Expect From This High Growth Stock?

Property For Industry Limited's (NZSE:PFI) most recent earnings update in December 2017a … showed

Simply Wall St -

What To Know Before Buying Property For Industry Limited (NZSE:PFI) For Its Dividend

Over the past 10 years Property For Industry Limited (NZSE:PFI) has returned an average of 5.00% per year from dividend payouts. … The stock currently pays out a dividend yield of 4.38%, and has a market cap of NZ$860.30m. … Does it pay an annual yield higher than 75% of dividend payers?

Simply Wall St -

Company Info

Description

Property For Industry Limited engages in the property investment and management business in New Zealand. The company invests in industrial properties located in North Harbour, Avondale, Penrose, Mount Wellington, Manukau, Mangere, East Tamaki, Wellington, and Christchurch. As of December 31, 2008, it operated 56 properties. Property For Industry Limited was founded in 1994 and is based in Auckland, New Zealand.

Details
Name: Property For Industry Limited
PFI
Exchange: NZSE
Founded: 1994
NZ$957,548,793
498,723,330
Website: http://www.propertyforindustry.co.nz
Address: Property For Industry Limited
Shed 24,
Prince's Wharf,
Auckland,
1140,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE PFI Ordinary Shares New Zealand Stock Exchange NZ NZD 10. Jan 1995
Number of employees
Current staff
Staff numbers
0
Property For Industry employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 10:32
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/07
Last earnings filing: 2019/02/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.