| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 0/6 |
| Past Performance | 4/6 |
| Financial Health | 3/6 |
| Dividends | 5/6 |
PFI Overview
Property For Industry Limited engages in the property investment and management business in New Zealand.
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | NZ$2.91 |
| 52 Week High | NZ$2.75 |
| 52 Week Low | NZ$3.10 |
| Beta | 0.37 |
| 1 Month Change | -2.68% |
| 3 Month Change | -0.68% |
| 1 Year Change | -2.02% |
| 3 Year Change | 68.21% |
| 5 Year Change | 83.02% |
| Change since IPO | 270.74% |
Recent News & Updates
Shareholder Returns
| PFI | NZ REITs | NZ Market | |
|---|---|---|---|
| 7D | -1.4% | -0.3% | 0.7% |
| 1Y | -2.0% | -2.7% | 2.4% |
Return vs Industry: PFI matched the NZ REITs industry which returned -2.7% over the past year.
Return vs Market: PFI underperformed the NZ Market which returned 2.4% over the past year.
Price Volatility
| PFI volatility | |
|---|---|
| PFI Beta | 0.37 |
| Industry Beta | 0.55 |
| Market Beta | 1 |
Stable Share Price: PFI is less volatile than 75% of NZ stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: PFI's weekly volatility (2%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1994 | 14 | Simon Woodhams | https://www.propertyforindustry.co.nz |
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 23, 2020, it operated a portfolio of 94 properties that are leased to 147 tenants.
Property For Industry Fundamentals Summary
| PFI fundamental statistics | |
|---|---|
| Market Cap | NZ$1.47b |
| Earnings (TTM) | NZ$371.35m |
| Revenue (TTM) | NZ$102.09m |
4.0x
P/E Ratio14.4x
P/S RatioIs PFI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PFI income statement (TTM) | |
|---|---|
| Revenue | NZ$102.09m |
| Cost of Revenue | NZ$15.68m |
| Gross Profit | NZ$86.41m |
| Expenses | -NZ$284.93m |
| Earnings | NZ$371.35m |
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.74 |
| Gross Margin | 84.65% |
| Net Profit Margin | 363.75% |
| Debt/Equity Ratio | 44.3% |
How did PFI perform over the long term?
See historical performance and comparisonDividends
2.6%
Current Dividend Yield56%
Payout RatioValuation
Is Property For Industry undervalued compared to its fair value and its price relative to the market?
3.95x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: PFI (NZ$2.91) is trading above our estimate of fair value (NZ$2.54)
Significantly Below Fair Value: PFI is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: PFI is good value based on its PE Ratio (4x) compared to the NZ REITs industry average (5.9x).
PE vs Market: PFI is good value based on its PE Ratio (4x) compared to the NZ market (22.2x).
Price to Earnings Growth Ratio
PEG Ratio: PFI's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: PFI's PB Ratio (1.1x) is in line with the NZ REITs industry average.
Future Growth
How is Property For Industry forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
-52.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PFI's earnings are forecast to decline over the next 3 years (-52.2% per year).
Earnings vs Market: PFI's earnings are forecast to decline over the next 3 years (-52.2% per year).
High Growth Earnings: PFI's earnings are forecast to decline over the next 3 years.
Revenue vs Market: PFI's revenue is expected to decline over the next 3 years (-1.5% per year).
High Growth Revenue: PFI's revenue is forecast to decline over the next 3 years (-1.5% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: PFI's Return on Equity is forecast to be low in 3 years time (3.5%).
Past Performance
How has Property For Industry performed over the past 5 years?
24.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PFI has a large one-off gain of NZ$331.8M impacting its June 30 2021 financial results.
Growing Profit Margin: PFI's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: PFI's earnings have grown significantly by 24.7% per year over the past 5 years.
Accelerating Growth: PFI's earnings growth over the past year (155.2%) exceeds its 5-year average (24.7% per year).
Earnings vs Industry: PFI earnings growth over the past year (155.2%) underperformed the REITs industry 267.1%.
Return on Equity
High ROE: PFI's Return on Equity (26.6%) is considered high.
Financial Health
How is Property For Industry's financial position?
Financial Position Analysis
Short Term Liabilities: PFI's short term assets (NZ$114.4M) exceed its short term liabilities (NZ$28.6M).
Long Term Liabilities: PFI's short term assets (NZ$114.4M) do not cover its long term liabilities (NZ$649.5M).
Debt to Equity History and Analysis
Debt Level: PFI's debt to equity ratio (44.3%) is considered high.
Reducing Debt: PFI's debt to equity ratio has reduced from 52.9% to 44.3% over the past 5 years.
Debt Coverage: PFI's debt is not well covered by operating cash flow (10.1%).
Interest Coverage: PFI's interest payments on its debt are well covered by EBIT (6.9x coverage).
Balance Sheet
Dividend
What is Property For Industry current dividend yield, its reliability and sustainability?
2.65%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: PFI's dividend (2.65%) is higher than the bottom 25% of dividend payers in the NZ market (2.41%).
High Dividend: PFI's dividend (2.65%) is low compared to the top 25% of dividend payers in the NZ market (4.86%).
Stability and Growth of Payments
Stable Dividend: PFI's dividends per share have been stable in the past 10 years.
Growing Dividend: PFI's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (55.9%), PFI's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: PFI's dividends in 3 years are forecast to be covered by earnings (87.7% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.8yrs
Average management tenure
CEO
Simon Woodhams
2.75yrs
Tenure
NZ$808,200
Compensation
Mr. Simon Woodhams has been Chief Executive Officer of Property for Industry Ltd. since January 2019. Mr. Woodhams was General Manager of Property for Industry Ltd.since July 2015 until January 2019. Mr....
CEO Compensation Analysis
Compensation vs Market: Simon's total compensation ($USD580.27K) is about average for companies of similar size in the NZ market ($USD743.14K).
Compensation vs Earnings: Simon's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: PFI's management team is considered experienced (2.8 years average tenure).
Board Members
Experienced Board: PFI's board of directors are considered experienced (4.5 years average tenure).
Ownership
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
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Property For Industry Limited's employee growth, exchange listings and data sources
Key Information
- Name: Property For Industry Limited
- Ticker: PFI
- Exchange: NZSE
- Founded: 1994
- Industry: Industrial REITs
- Sector: Real Estate
- Market Cap: NZ$1.468b
- Shares outstanding: 504.46m
- Website: https://www.propertyforindustry.co.nz
Number of Employees
Location
- Property For Industry Limited
- Shed 24
- Princes Wharf
- Auckland
- 1010
- New Zealand
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/10/22 15:35 |
| End of Day Share Price | 2021/10/22 00:00 |
| Earnings | 2021/06/30 |
| Annual Earnings | 2020/12/31 |
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.