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Globalworth Poland Real Estate

WSE:GPR
Snowflake Description

Solid track record and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GPR
WSE
PLN3B
Market Cap
  1. Home
  2. PL
  3. Real Estate
Company description

Globalworth Poland Real Estate N.V. (GPRE) is a pure-play Polish real estate platform listed since April 2017 on the Warsaw Stock Exchange. The last earnings update was 88 days ago. More info.


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GPR Share Price and Events
7 Day Returns
-1.8%
WSE:GPR
0%
Europe REITs
-0.3%
PL Market
1 Year Returns
27%
WSE:GPR
-6.5%
Europe REITs
-0.1%
PL Market
GPR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Globalworth Poland Real Estate (GPR) -1.8% -0.6% 25.1% 27% - -
Europe REITs 0% -0.8% -1.4% -6.5% 2.2% 13.5%
PL Market -0.3% 2.9% -4.7% -0.1% 13.4% -9.1%
1 Year Return vs Industry and Market
  • GPR outperformed the REITs industry which returned -6.5% over the past year.
  • GPR outperformed the Market in Poland which returned -0.1% over the past year.
Price Volatility
GPR
Industry
5yr Volatility vs Market

GPR Value

 Is Globalworth Poland Real Estate 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 Globalworth Poland Real Estate 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 Globalworth Poland Real Estate.

WSE:GPR 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 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

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 WSE:GPR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 25%) (76.01%))
0.849
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.849 * 5.96%)
7.91%

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

The calculations below outline how an intrinsic value for Globalworth Poland Real Estate 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.

Globalworth Poland Real Estate 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.

WSE:GPR DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 7.91%)
2019 53.67 Est @ 1.71% 49.73
2020 48.20 Analyst x1 41.39
2021 49.40 Analyst x1 39.31
2022 49.70 Analyst x1 36.65
2023 50.10 Analyst x1 34.24
2024 51.13 Est @ 2.05% 32.38
2025 52.30 Est @ 2.29% 30.70
2026 53.58 Est @ 2.46% 29.15
2027 54.96 Est @ 2.58% 27.70
2028 56.42 Est @ 2.66% 26.36
Present value of next 10 years cash flows €347.62
WSE:GPR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €56.42 × (1 + 2.85%) ÷ (7.91% – 2.85%)
€1,147.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,147.11 ÷ (1 + 7.91%)10
€535.83
WSE:GPR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €347.62 + €535.83
€883.45
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €883.45 / 442.76
€2
WSE:GPR Discount to Share Price
Calculation Result
Exchange Rate EUR/PLN
(Reporting currency to currency of WSE:GPR)
4.258
Value per Share
(PLN)
= Value per Share in EUR x Exchange Rate (EUR/PLN)
= €2 x 4.258
PLN8.5
Value per share (PLN) From above. PLN8.50
Current discount Discount to share price of PLN6.72
= -1 x (PLN6.72 - PLN8.50) / PLN8.50
20.9%

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

Current Discount
Amount off the current price Globalworth Poland Real Estate is available for.
Intrinsic value
21%
Share price is PLN6.72 vs Future cash flow value of PLN8.5
Current Discount Checks
For Globalworth Poland Real Estate to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Globalworth Poland Real Estate's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Globalworth Poland Real Estate'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 Globalworth Poland Real Estate's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Globalworth Poland Real Estate's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:GPR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.21
WSE:GPR Share Price ** WSE (2019-06-18) in PLN PLN6.72
WSE:GPR Share Price converted to EUR reporting currency Exchange rate (PLN/ EUR) 0.235 €1.58
Europe REITs Industry PE Ratio Median Figure of 129 Publicly-Listed REITs Companies 12.9x
Poland Market PE Ratio Median Figure of 455 Publicly-Listed Companies 10.82x

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

** Primary Listing of Globalworth Poland Real Estate.

WSE:GPR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:GPR Share Price ÷ EPS (both in EUR)

= 1.58 ÷ 0.21

7.66x

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

  • Globalworth Poland Real Estate is good value based on earnings compared to the Europe REITs industry average.
  • Globalworth Poland Real Estate is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Globalworth Poland Real Estate's expected growth come at a high price?
Raw Data
WSE:GPR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.66x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-3.5%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.65x
Poland Market PEG Ratio Median Figure of 109 Publicly-Listed Companies 1.05x

*Line of best fit is calculated by linear regression .

WSE:GPR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.66x ÷ -3.5%

-2.18x

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

  • Globalworth Poland Real Estate 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 Globalworth Poland Real Estate's assets?
Raw Data
WSE:GPR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €1.59
WSE:GPR Share Price * WSE (2019-06-18) in PLN PLN6.72
WSE:GPR Share Price converted to EUR reporting currency Exchange rate (PLN/ EUR) 0.235 €1.58
Europe REITs Industry PB Ratio Median Figure of 151 Publicly-Listed REITs Companies 1.01x
Poland Market PB Ratio Median Figure of 687 Publicly-Listed Companies 0.97x
WSE:GPR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:GPR Share Price ÷ Book Value per Share (both in EUR)

= 1.58 ÷ 1.59

0.99x

* Primary Listing of Globalworth Poland Real Estate.

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

  • Globalworth Poland Real Estate is good value based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Globalworth Poland Real Estate'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. Globalworth Poland Real Estate has a total score of 4/6, 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.

GPR Future Performance

 How is Globalworth Poland Real Estate expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
-3.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Globalworth Poland Real Estate expected to grow at an attractive rate?
  • Globalworth Poland Real Estate's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Globalworth Poland Real Estate's earnings are expected to decrease over the next 1-3 years, this is below the Poland market average.
  • Unable to compare Globalworth Poland Real Estate's revenue growth to the Poland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
WSE:GPR Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:GPR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -3.5%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.6%

*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
WSE:GPR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:GPR Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 50
2022-12-31 50
2021-12-31 49
2020-12-31 67 48
2019-12-31 67 47
WSE:GPR Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 103 62 65
2018-09-30 73 39 38
2018-06-30 60 27 34
2018-03-31 53 28 43
2017-12-31 46 24 31
2017-09-30 41 21 30
2017-06-30 38 19 19
2017-03-31 35 17 6
2016-12-31 34 19 12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Globalworth Poland Real Estate's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Globalworth Poland Real Estate is high growth as no revenue estimate data is available.
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
WSE:GPR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Globalworth Poland Real Estate Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:GPR Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
WSE:GPR Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.21
2018-09-30 0.15
2018-06-30 0.19
2018-03-31 0.27
2017-12-31 0.20
2017-09-30 0.22
2017-06-30 0.14
2017-03-31 0.05
2016-12-31 0.09

*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.
  • Unable to establish if Globalworth Poland Real Estate will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Globalworth Poland Real Estate'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Globalworth Poland Real Estate 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.

GPR Past Performance

  How has Globalworth Poland Real Estate 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 Globalworth Poland Real Estate'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.
  • Globalworth Poland Real Estate has delivered over 20% year on year earnings growth in the past 5 years.
  • Globalworth Poland Real Estate's 1-year earnings growth exceeds its 5-year average (106.5% vs 40.7%)
  • Globalworth Poland Real Estate's earnings growth has exceeded the Europe REITs industry average in the past year (106.5% vs 12.7%).
Earnings and Revenue History
Globalworth Poland Real Estate'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 Globalworth Poland Real Estate Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:GPR Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 102.71 64.68 6.41
2018-09-30 73.00 37.58 6.71
2018-06-30 59.87 34.15 7.23
2018-03-31 52.90 43.05 8.15
2017-12-31 45.81 31.32 7.82
2017-09-30 41.41 30.28 6.14
2017-06-30 38.44 18.62 5.40
2017-03-31 35.37 6.34 4.70
2016-12-31 33.90 12.24 4.50
2015-12-31 30.25 31.66 2.65
2014-12-31 22.11 -0.72 1.71

*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.
  • Globalworth Poland Real Estate has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Globalworth Poland Real Estate used its assets more efficiently than the Europe REITs industry average last year based on Return on Assets.
  • Globalworth Poland Real Estate has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Globalworth Poland Real Estate'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.
Globalworth Poland Real Estate has a total score of 5/6, 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.

GPR Health

 How is Globalworth Poland Real Estate'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 Globalworth Poland Real Estate's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Globalworth Poland Real Estate is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Globalworth Poland Real Estate's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Globalworth Poland Real Estate'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 0.2x 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 Globalworth Poland Real Estate Company Filings, last reported 5 months ago.

WSE:GPR Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 705.33 531.04 85.62
2018-09-30 711.00 378.10 71.62
2018-06-30 699.28 377.03 162.92
2018-03-31 251.37 529.19 38.31
2017-12-31 244.77 470.31 34.69
2017-09-30 234.32 304.49 18.60
2017-06-30 230.54 302.67 14.79
2017-03-31 175.62 300.74 10.08
2016-12-31 36.24 439.52 16.57
2015-12-31 84.48 346.85 9.96
2014-12-31 53.34 245.99 5.41
  • Globalworth Poland Real Estate's level of debt (75.3%) compared to net worth is high (greater than 40%).
  • Unable to establish if Globalworth Poland Real Estate's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Globalworth Poland Real Estate'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. Globalworth Poland Real Estate has a total score of 1/6, 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.

GPR Dividends

 What is Globalworth Poland Real Estate'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
5.07%
Current annual income from Globalworth Poland Real Estate dividends. Estimated to be 7.91% next year.
If you bought PLN2,000 of Globalworth Poland Real Estate shares you are expected to receive PLN101 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?
  • Globalworth Poland Real Estate's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.84%).
  • Globalworth Poland Real Estate's dividend is below the markets top 25% of dividend payers in Poland (7.33%).
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
WSE:GPR 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 1 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 121 Stocks 5%
Poland Market Average Dividend Yield Market Cap Weighted Average of 203 Stocks 4.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.3%

Industry and Market average data is calculated daily.

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

WSE:GPR Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.13 1.00
2019-12-31 0.12 1.00
WSE:GPR Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.080 5.307
2018-09-19 0.080 6.627
2018-08-28 0.080 6.326
2018-03-07 0.026 2.060

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

  • It is too early to tell whether Globalworth Poland Real Estate has stable dividend payments.
  • Globalworth Poland Real Estate only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Globalworth Poland Real Estate's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (387.6x coverage).
X
Income/ dividend checks
We assess Globalworth Poland Real Estate's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Globalworth Poland Real Estate afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Globalworth Poland Real Estate has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GPR Management

 What is the CEO of Globalworth Poland Real Estate'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
Dimitris Raptis
COMPENSATION €1,000
AGE 42
TENURE AS CEO 0.5 years
CEO Bio

Mr. Dimitris Raptis has been Chief Executive Officer of Globalworth Poland Real Estate N.V. since February 5, 2019 and serves as its Director since December 6, 2017. Mr. Raptis served as Interim CEO of Globalworth Poland Real Estate N.V. since December 2018 until February 5, 2019 and serves as its Director. Mr. Raptis is the Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investment Limited (“Globalworth”). He joined Globalworth in November 2012, following 16 years of experience in the financial services and real estate investment management industries with Deutsche Bank, the last 12 years as a Senior Member of the real estate investment management group of Deutsche Bank’s Asset and Wealth Management division ('RREEF'). From 2008 to 2012, he was Managing Director and European Head of Portfolio Management for RREEF Opportunistic Investments.

CEO Compensation
  • Insufficient data for Dimitris to compare compensation growth.
  • Dimitris's remuneration is about average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the Globalworth Poland Real Estate management team in years:

0.5
Average Tenure
  • The average tenure for the Globalworth Poland Real Estate management team is less than 2 years, this suggests a new team.
Management Team

Rafal Pomorski

TITLE
CFO & Executive Director
COMPENSATION
€230K
AGE
34
TENURE
2.2 yrs

Dimitris Raptis

TITLE
CEO and Executive Director
COMPENSATION
€1,000
AGE
42
TENURE
0.5 yrs

Artur Apostol

TITLE
Chief Operating Officer
TENURE
0.5 yrs

Lukasz Duczkowski

TITLE
Head of Investments
TENURE
0.5 yrs

Grzegorz Indulski

TITLE
Managing Partner
Board of Directors Tenure

Average tenure and age of the Globalworth Poland Real Estate board of directors in years:

1.6
Average Tenure
49.5
Average Age
  • The average tenure for the Globalworth Poland Real Estate board of directors is less than 3 years, this suggests a new board.
Board of Directors

Dimitris Raptis

TITLE
CEO and Executive Director
COMPENSATION
€1,000
AGE
42
TENURE
1.5 yrs

Ioannis Papalekas

TITLE
Non-Executive Director
COMPENSATION
€1,000
AGE
41
TENURE
1.5 yrs

Rafal Pomorski

TITLE
CFO & Executive Director
COMPENSATION
€230K
AGE
34
TENURE
2.5 yrs

Marcus van Campen

TITLE
Independent Non-Executive Director
COMPENSATION
€26K
AGE
73
TENURE
2.3 yrs

Tom de Witte

TITLE
Independent Non-Executive Director
COMPENSATION
€25K
AGE
52
TENURE
2.3 yrs

Norbert Sasse

TITLE
Non-Executive Director
AGE
53
TENURE
1.2 yrs

George Muchanya

TITLE
Non-Executive Director
AGE
47
TENURE
1.2 yrs

Claudia Pendred

TITLE
Independent Non-Executive Director
COMPENSATION
€24K
AGE
59
TENURE
1.8 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 (PLN) Value (PLN)
X
Management checks
We assess Globalworth Poland Real Estate'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. Globalworth Poland Real Estate 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.

GPR News

Simply Wall St News

With An ROE Of 4.9%, Has Globalworth Poland Real Estate NV's (WSE:GPR) Management Done Well?

To keep the lesson grounded in practicality, we'll use ROE to better understand Globalworth Poland Real Estate NV (WSE:GPR). … Globalworth Poland Real Estate has a ROE of 4.9%, based on the last twelve months. … View our latest analysis for Globalworth Poland Real Estate?

Simply Wall St -

Investing In Property Through Globalworth Poland Real Estate NV (WSE:GPR)

Globalworth Poland Real Estate NV is a zł869.66m. … real estate investment trust (REIT) based in Amsterdam, Netherlands. … Check out our latest analysis for Globalworth Poland Real Estate

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Griffin Premium RE. N.V. (WSE:GPR): Is Real Estate Attractive?

Real estate analysts are forecasting for the entire industry, negative growth in the upcoming year , and an overall negative growth rate in the next couple of years. … Check out our latest analysis for Griffin Premium RE What’s the catalyst for Griffin Premium RE's sector growth? … Griffin Premium RE leads the pack with its impressive earnings growth of over 100% last year.

Simply Wall St -

What Does Griffin Premium RE. N.V.'s (WSE:GPR) Ownership Structure Look Like?

While that hardly seems concerning, I will explore further into GPR's ownership type to find out how it can affect the company’s investment profile. … Private Company Ownership Another important group of owners for potential investors in GPR are private companies that hold a stake of 51.54% in GPR. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

What is Behind Griffin Premium RE. N.V.'s (WSE:GPR) Superior ROE?

See our latest analysis for Griffin Premium RE Breaking down Return on Equity Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … For now, let’s just look at the cost of equity number for Griffin Premium RE, which is 12.31%. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity WSE:GPR Last Perf Apr 1st 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

What You Need To Know Before Investing In Griffin Premium RE. N.V. (WSE:GPR)

View our latest analysis for Griffin Premium RE 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. … This tells us how long it will take GPR to pay off its debt using its income from its main business activities, and gives us an insight into GPR’s ability to service its borrowings. … Next Steps: In this article, I've taken a look at Funds from Operations using various metrics, but it is certainly not sufficient to derive an investment decision based on this value alone.

Simply Wall St -

GPR Company Info

Description

Globalworth Poland Real Estate N.V. (GPRE) is a pure-play Polish real estate platform listed since April 2017 on the Warsaw Stock Exchange. GPRE is majority owned by Globalworth, the leading CEE office landlord focused on Poland and Romania. Our portfolio consists of attractive upscale properties, predominantly in the office sector, spanning Warsaw and other major cities across Poland, including Wroclaw, Kraków, Lódz, Gdansk and Katowice. All of our properties share distinctive high standards and prime locations, appealing to prominent domestic and foreign tenants. We have ambitious plans for the future. We are expanding our portfolio as we seek to establish Globalworth Poland as the leading office landlord in the market, and partner of choice for the wide variety of tenants active in Poland. We operate in a REIT-like structure, with a focus on paying out most of our earnings to shareholders in the form of regular and attractive dividends. Globalworth Poland Real Estate N.V. operates as a subsidiary of Globalworth Real Estate Investments Limited

Details
Name: Globalworth Poland Real Estate N.V.
GPR
Exchange: WSE
Founded: 2016
PLN2,975,329,613
442,757,383
Website: http://www.globalworth.pl
Address: Globalworth Poland Real Estate N.V.
Claude Debussylaan 15,
Amsterdam,
Noord-Holland, 1082 MC,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE GPR Ordinary Shares Warsaw Stock Exchange PL PLN 13. Apr 2017
DB GPV Ordinary Shares Deutsche Boerse AG DE EUR 13. Apr 2017
Number of employees
Current staff
Staff numbers
94
Globalworth Poland Real Estate employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 22:10
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/03/11
Last earnings filing: 2019/03/22
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.