SGX:CSFU

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Cromwell European Real Estate Investment Trust

Executive Summary

Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT’) 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. More Details


Snowflake Analysis

Undervalued with limited growth.

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: CSFU is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CSFU's weekly volatility has decreased from 8% to 3% over the past year.


Market Performance


7 Day Return

-4.1%

CSFU

0.5%

SG REITs

1.1%

SG Market


1 Year Return

-15.2%

CSFU

-12.3%

SG REITs

-4.0%

SG Market

Return vs Industry: CSFU underperformed the SG REITs industry which returned -12.3% over the past year.

Return vs Market: CSFU underperformed the SG Market which returned -4% over the past year.


Shareholder returns

CSFUIndustryMarket
7 Day-4.1%0.5%1.1%
30 Day-13.6%-3.3%1.9%
90 Day-8.5%1.3%6.1%
1 Year-7.0%-15.2%-7.8%-12.3%1.0%-4.0%
3 Yearn/a18.4%-1.3%-7.1%-18.5%
5 Yearn/a46.5%8.2%17.0%-4.4%

Long-Term 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

Valuation

Is Cromwell European Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

39.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSFU (SGD0.7) is trading below our estimate of fair value (SGD1.16)

Significantly Below Fair Value: CSFU is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CSFU is good value based on its PE Ratio (14.2x) compared to the SG REITs industry average (21.8x).

PE vs Market: CSFU is good value based on its PE Ratio (14.2x) compared to the SG market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: CSFU is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: CSFU's PB Ratio (0.9x) is in line with the SG REITs industry average.


Next Steps

Future Growth

How is Cromwell European Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

22.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSFU's forecast earnings growth (22.1% per year) is above the savings rate (2%).

Earnings vs Market: CSFU's earnings (22.1% per year) are forecast to grow slower than the SG market (25.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CSFU's revenue is expected to decline over the next 3 years (-14.3% per year).

High Growth Revenue: CSFU's revenue is forecast to decline over the next 3 years (-14.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CSFU's Return on Equity is forecast to be low in 3 years time (7.7%).


Next Steps

Past Performance

How has Cromwell European Real Estate Investment Trust performed over the past 5 years?

-27.2%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: CSFU has high quality earnings.

Growing Profit Margin: CSFU's current net profit margins (42.4%) are lower than last year (61.5%).


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if CSFU's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: CSFU's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CSFU had negative earnings growth (-27.2%) over the past year, making it difficult to compare to the REITs industry average (-29.3%).


Return on Equity

High ROE: CSFU's Return on Equity (6.1%) is considered low.


Next Steps

Financial Health

How is Cromwell European Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: CSFU's short term assets (€60.9M) exceed its short term liabilities (€56.9M).

Long Term Liabilities: CSFU's short term assets (€60.9M) do not cover its long term liabilities (€891.4M).


Debt to Equity History and Analysis

Debt Level: CSFU's debt to equity ratio (65%) is considered high.

Reducing Debt: Insufficient data to determine if CSFU's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: CSFU's debt is not well covered by operating cash flow (10.5%).

Interest Coverage: CSFU's interest payments on its debt are well covered by EBIT (6.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Cromwell European Real Estate Investment Trust current dividend yield, its reliability and sustainability?

7.92%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CSFU's dividend (7.92%) is higher than the bottom 25% of dividend payers in the SG market (1.98%).

High Dividend: CSFU's dividend (7.92%) is in the top 25% of dividend payers in the SG market (4.79%)


Stability and Growth of Payments

Stable Dividend: CSFU has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CSFU has only been paying a dividend for 3 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.6%), CSFU's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CSFU's dividends in 3 years are not forecast to be well covered by earnings (104.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

Simon Garing (51 yo)

2.5yrs

Tenure

Mr. Simon Robert Garing has been Chief Executive Officer of Cromwell EREIT Management Pte. Ltd. at Cromwell European Real Estate Investment Trust since 2019. Mr. Garing serves as Chief Executive Officer an...


Leadership Team

NamePositionTenureCompensationOwnership
Simon Garing
CEO & Executive Director of Cromwell EREIT Management Pte. Ltd.2.5yrsno datano data
Shane Peter Hagan
Chief Financial Officer of Cromwell EREIT Management Pte Ltd1.83yrsno datano data
Elena Arabadjieva
COO & Head of Investor Relations of Cromwell EREIT Management Pte Ltd2.5yrsno datano data
Yi Kim
Company Secretary of Cromwell EREIT Management Pte Ltdno datano datano data

2.5yrs

Average Tenure

51yo

Average Age

Experienced Management: CSFU's management team is considered experienced (2.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Simon Garing
CEO & Executive Director of Cromwell EREIT Management Pte. Ltd.2.5yrsno datano data
Swe Guan Lim
Independent Chairman of Cromwell EREIT Management Pte Ltdno data€106.01k0.021%
€ 386.6k
Christian Delaire
Independent Non-Executive Director of Cromwell Ereit Management Pte. Ltd3.58yrs€86.13kno data
Ai Lian Fang
Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd3.67yrs€86.13kno data
Michael Wilde
Non-Independent Non-Executive Director of Cromwell EREIT Management Pte. Ltd.0.083yrno datano data

3.0yrs

Average Tenure

53yo

Average Age

Experienced Board: CSFU's board of directors are considered experienced (3 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

Cromwell European Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cromwell European Real Estate Investment Trust
  • Ticker: CSFU
  • Exchange: SGX
  • Founded: 2017
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €1.125b
  • Listing Market Cap: €1.807b
  • Shares outstanding: 2.56b
  • Website: https://www.cromwelleuropeanreit.com.sg

Number of Employees


Location

  • Cromwell European Real Estate Investment Trust
  • 50 Collyer Quay
  • No. 07-02, OUE Bayfront
  • Singapore
  • 49321
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CNNUSGX (Singapore Exchange)YesUnitsSGEURDec 2017
CSFUSGX (Singapore Exchange)YesUnitsSGSGDDec 2017

Biography

Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT’) is a real estate investment trust (“REIT”) with the principal investment strategy of investing, directly or indirectly,...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/04 11:05
End of Day Share Price2021/03/04 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.