Cromwell European REIT is a real estate investment trust (“REIT”) with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Europe that are used primarily for office, light industrial / logistics, and retail purposes.
Good value second-rate dividend payer.
Share Price & News
How has Cromwell European Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: CNNU has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: CNNU matched the SG REITs industry which returned 11.9% over the past year.
Return vs Market: CNNU exceeded the SG Market which returned -4.4% over the past year.
Price Volatility Vs. Market
How volatile is Cromwell European Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is Cromwell European Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CNNU (€0.57) is trading below our estimate of fair value (€0.82)
Significantly Below Fair Value: CNNU is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: CNNU is good value based on its PE Ratio (12.3x) compared to the REITs industry average (14.7x).
PE vs Market: CNNU is good value based on its PE Ratio (12.3x) compared to the SG market (13.4x).
Price to Earnings Growth Ratio
PEG Ratio: CNNU's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: CNNU is overvalued based on its PB Ratio (1.1x) compared to the SG REITs industry average (1x).
How is Cromwell European Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CNNU's earnings are forecast to decline over the next 3 years (-0.3% per year).
Earnings vs Market: CNNU's earnings are forecast to decline over the next 3 years (-0.3% per year).
High Growth Earnings: CNNU's earnings are forecast to decline over the next 3 years.
Revenue vs Market: CNNU's revenue is expected to decline over the next 3 years (-6.6% per year).
High Growth Revenue: CNNU's revenue is forecast to decline over the next 3 years (-6.6% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: CNNU's Return on Equity is forecast to be low in 3 years time (6.8%).
How has Cromwell European Real Estate Investment Trust performed over the past 5 years?
Last years earnings growth
Earnings and Revenue History
Quality Earnings: CNNU has a large one-off gain of €44.4M impacting its December 31 2019 financial results.
Growing Profit Margin: CNNU's current net profit margins (61.6%) are lower than last year (63.4%).
Past Earnings Growth Analysis
Earnings Trend: Unable to establish if CNNU's year-on-year earnings growth rate was positive over the past 5 years as it has been trading publicly for less than 3 years.
Accelerating Growth: Unable to compare CNNU's past year earnings growth to its 5-year average as it has been trading publicly for less than 3 years.
Earnings vs Industry: CNNU earnings growth over the past year (37.8%) exceeded the REITs industry 2.6%.
Return on Equity
High ROE: CNNU's Return on Equity (8.3%) is considered low.
How is Cromwell European Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: CNNU has a high level of physical assets or inventory.
Debt Coverage by Assets: CNNU's debt is not covered by short term assets (assets are 0.3x debt).
Financial Institutions Analysis
Asset Level: CNNU's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if CNNU has a sufficient allowance for bad loans.
Low Risk Liabilities: CNNU reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if CNNU has an acceptable proportion of non-loan assets held.
Low Risk Deposits: CNNU has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if CNNU has an appropriate level of bad loans.
What is Cromwell European Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CNNU's dividend (7.22%) is higher than the bottom 25% of dividend payers in the SG market (2.57%).
High Dividend: CNNU's dividend (7.22%) is in the top 25% of dividend payers in the SG market (5.66%)
Stability and Growth of Payments
Stable Dividend: CNNU has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: CNNU has only been paying a dividend for 2 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (91%), CNNU's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CNNU's dividends in 3 years are not forecast to be well covered by earnings (113.7% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Simon Garing (50yo)
Mr. Simon Robert Garing has been Chief Executive Officer of Cromwell EREIT Management Pte. Ltd. at Cromwell European Real Estate Investment Trust since 2019. He serves as Non-Independent Executive Director ...
|CEO & Executive Director of Cromwell EREIT Management Pte. Ltd.||1.4yrs||no data||no data|
|Chief Financial Officer of Cromwell EREIT Management Pte Ltd||0.8yrs||no data||no data|
|COO & Head of Investor Relations of Cromwell EREIT Management Pte Ltd||1.4yrs||no data||0.00078% €11.1k|
|Chief Investment Officer of Cromwell EREIT Management Pte Ltd||0yrs||no data||no data|
|Head of Legal||1.7yrs||no data||no data|
|Company Secretary of Cromwell EREIT Management Pte Ltd||0yrs||no data||no data|
Experienced Management: CNNU's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.
|CEO & Executive Director of Cromwell EREIT Management Pte. Ltd.||1.4yrs||no data||no data|
|Chairman of Cromwell EREIT Management Pte Ltd||0yrs||no data||0.021% €306.3k|
|Non-Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd||3.1yrs||no data||no data|
|Independent Non-Executive Director of Cromwell Ereit Management Pte. Ltd||2.5yrs||no data||no data|
|Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd||0yrs||no data||no data|
Experienced Board: CNNU's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CNNU insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 37.9%.
Cromwell European Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
- Name: Cromwell European Real Estate Investment Trust
- Ticker: CNNU
- Exchange: SGX
- Founded: 2017
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: €1.427b
- Shares outstanding: 2.55b
- Website: https://www.cromwelleuropeanreit.com.sg
Number of Employees
- Cromwell European Real Estate Investment Trust
- 50 Collyer Quay
- No. 07-02, OUE Bayfront
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|CNNU||SGX (Singapore Exchange)||Yes||Units||SG||EUR||Dec 2017|
|CSFU||SGX (Singapore Exchange)||Yes||Units||SG||SGD||Dec 2017|
Cromwell European REIT is a real estate investment trust (“REIT”) with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Europe that are used primarily for office, light industrial / logistics, and retail purposes. With a portfolio of 102 properties as at 12 November 2019 in or close to major gateway cities in Denmark, Finland, France, Germany, Italy, the Netherlands as well as Poland, and a balanced focus on the office and light industrial / logistics sectors, it is also the first REIT with a diversified Pan-European portfolio to be listed on Singapore Exchange Securities Trading Limited. As at 30 September 2019, CEREIT’s portfolio has an aggregate lettable area of approximately 1.5 million sq m with close to 1,000 tenant-customers and a WALE profile of around 4.6 years. Comprising primarily freehold or ongoing leasehold assets, the portfolio has an appraised value of approximately €2,082 million as at 30 September 2019. CEREIT is managed by Cromwell EREIT Management Pte. Ltd., a wholly-owned subsidiary of CEREIT’s sponsor, Cromwell Property Group16, a real estate investor and manager with operations in 15 countries, listed on the Australian Securities Exchange Ltd.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/26 13:20|
|End of Day Share Price||2020/02/26 00:00|
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.