Property For Industry
Market Cap
NZ$1.2b
Last Updated
2019/12/12 10:33 UTC
Data Sources
Company Financials +
Executive Summary
Property For Industry Limited engages in the property investment and management business in New Zealand.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -17.5% per year for the next 3 years
Snowflake Analysis
Established dividend payer with proven track record.
Share Price & News
How has Property For Industry's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: PFI has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.2%
PFI
0.3%
NZ REITs
0.6%
NZ Market
1 Year Return
35.3%
PFI
25.6%
NZ REITs
22.2%
NZ Market
Return vs Industry: PFI exceeded the NZ REITs industry which returned 25.6% over the past year.
Return vs Market: PFI exceeded the NZ Market which returned 22.2% over the past year.
Shareholder returns
| PFI | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.2% | 0.3% | 0.6% |
| 30 Day | 1.3% | 1.1% | 2.4% |
| 90 Day | -0.6% | -3.3% | 2.9% |
| 1 Year | 40.8%35.3% | 31.2%25.6% | 27.3%22.2% |
| 3 Year | 78.1%54.5% | 65.7%42.4% | 61.8%40.5% |
| 5 Year | 104.5%59.7% | 97.5%52.2% | 96.2%52.5% |
Price Volatility Vs. Market
How volatile is Property For Industry's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
What Kind Of Investor Owns Most Of Property For Industry Limited (NZSE:PFI)?4 months ago | Simply Wall St
Property For Industry Limited (NZSE:PFI): The Best Of Both Worlds5 months ago | Simply Wall St
Is Property For Industry (NZSE:PFI) A Risky Investment?Valuation
Is Property For Industry undervalued compared to its fair value and its price relative to the market?
9.41x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: PFI (NZ$2.4) is trading above our estimate of fair value (NZ$2.19)
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 (9.4x) compared to the REITs industry average (12.1x).
PE vs Market: PFI is good value based on its PE Ratio (9.4x) compared to the NZ market (20x).
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 is overvalued based on its PB Ratio (1.3x) compared to the NZ REITs industry average (1.2x).
Next Steps
Future Growth
How is Property For Industry forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-17.5%
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 (-17.5% per year).
Earnings vs Market: PFI's earnings are forecast to decline over the next 3 years (-17.5% per year).
High Growth Earnings: PFI's earnings are forecast to decline over the next 3 years.
Revenue vs Market: PFI's revenue (1.1% per year) is forecast to grow slower than the NZ market (4.9% per year).
High Growth Revenue: PFI's revenue (1.1% per year) is forecast to grow slower than 20% 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 (4.6%).
Next Steps
Past Performance
How has Property For Industry performed over the past 5 years?
12.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PFI has a large one-off gain of NZ$81.9M impacting its June 30 2019 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 by 12.9% per year over the past 5 years.
Accelerating Growth: PFI's earnings growth over the past year (46.1%) exceeds its 5-year average (12.9% per year).
Earnings vs Industry: PFI earnings growth over the past year (46.1%) exceeded the REITs industry -6.6%.
Return on Equity
High ROE: PFI's Return on Equity (13.5%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Property For Industry's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: PFI has a high level of physical assets or inventory.
Debt Coverage by Assets: PFI's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: PFI's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if PFI has a sufficient allowance for bad loans.
Low Risk Liabilities: PFI reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if PFI has an acceptable proportion of non-loan assets held.
Low Risk Deposits: PFI has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if PFI has an appropriate level of bad loans.
Next Steps
Dividend
What is Property For Industry's current dividend yield, its reliability and sustainability?
3.17%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: PFI's dividend (3.17%) is higher than the bottom 25% of dividend payers in the NZ market (2.95%).
High Dividend: PFI's dividend (3.17%) is low compared to the top 25% of dividend payers in the NZ market (5.45%).
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: At its current payout ratio (85%), PFI's 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 (85.5% payout ratio).
Next Steps
Management
What is the CEO of Property For Industry's salary, the management and board of directors tenure and is there insider trading?
0.9yrs
Average management tenure
CEO
Simon Woodhams 0
0.9yrs
Tenure
NZ$541,000
Compensation
Mr. Simon Woodhams has been Chief Executive Officer of Property for Industry Ltd. since January 2019. Mr. Woodhams was General Manager of Property for Industry Ltd. since July 2015 until January 2019. Mr. ...
CEO Compensation Analysis
Compensation vs Market: Simon's total compensation ($USD355.73K) is below average for companies of similar size in the NZ market ($USD667.35K).
Compensation vs Earnings: Simon's compensation has increased by more than 20% in the past year.
Management Age and Tenure
0.9yrs
Average Tenure
Experienced Management: PFI's management team is not considered experienced ( 0.9 years average tenure), which suggests a new team.
Board Age and Tenure
5.8yrs
Average Tenure
Experienced Board: PFI's board of directors are considered experienced (5.8 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.3%.
Management Team
Greg Reidy
Non-Executive Director
- Tenure: 7.9yrs
- Compensation: NZ$436.00k
Simon Woodhams
Chief Executive Officer
- Tenure: 0.9yrs
- Compensation: NZ$541.00k
Craig Peirce
Chief Finance & Operating Officer
- Tenure: 0.9yrs
- Compensation: NZ$541.00k
Nathan Williams
Financial Controller
- Tenure: 1.9yrs
Board Members
Anthony Beverley
Board Chairman
- Tenure: 0yrs
- Compensation: NZ$106.00k
Humphry Rolleston
Independent Director
- Tenure: 25.4yrs
- Compensation: NZ$70.00k
Greg Reidy
Non-Executive Director
- Tenure: 7.9yrs
- Compensation: NZ$436.00k
Susan Peterson
Independent Director
- Tenure: 3.6yrs
- Compensation: NZ$76.00k
David Thomson
Independent Director
- Tenure: 1.8yrs
- Compensation: NZ$62.00k
Company Information
Property For Industry Limited's company bio, 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$1.189b
- Shares outstanding: 498.72m
- Website: https://www.propertyforindustry.co.nz
Location
- Property For Industry Limited
- Shed 24
- Prince's Wharf
- Auckland
- 1140
- New Zealand
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PFI | NZSE (New Zealand Stock Exchange) | Yes | Ordinary Shares | NZ | NZD | Jan 1995 |
Biography
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 Well ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/12 10:33 |
| End of Day Share Price | 2019/12/11 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
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.