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Cromwell European Real Estate Investment Trust

SGX:CSFU
Snowflake Description

Good value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CSFU
SGX
€1B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

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. The last earnings update was 9 days ago. More info.


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CSFU Share Price and Events
7 Day Returns
-0.7%
SGX:CSFU
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
-
SGX:CSFU
2.4%
SG REITs
-6.2%
SG Market
CSFU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cromwell European Real Estate Investment Trust (CSFU) -0.7% -3.2% -1.3% - - -
SG REITs -1.1% 0.7% 4.8% 2.4% 13.4% 11.6%
SG Market 0.3% 3.3% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • No trading data on CSFU.
  • No trading data on CSFU.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Cromwell European Real Estate Investment Trust 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 Cromwell European Real Estate Investment Trust 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 Cromwell European Real Estate Investment Trust.

SGX:CSFU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

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 SGX:CSFU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.538 (1 + (1- 17%) (54.5%))
0.854
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)
= 2.3% + (0.854 * 5.96%)
7.39%

Discounted Cash Flow Calculation for SGX:CSFU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cromwell European Real Estate Investment Trust 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.

SGX:CSFU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.39%)
2019 72.04 Est @ 3.26% 67.08
2020 74.18 Est @ 2.98% 64.32
2021 76.24 Est @ 2.77% 61.56
2022 78.25 Est @ 2.63% 58.83
2023 80.23 Est @ 2.53% 56.17
2024 82.21 Est @ 2.46% 53.59
2025 84.19 Est @ 2.42% 51.11
2026 86.20 Est @ 2.38% 48.73
2027 88.23 Est @ 2.36% 46.44
2028 90.30 Est @ 2.34% 44.26
Present value of next 10 years cash flows €552.09
SGX:CSFU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €90.30 × (1 + 2.3%) ÷ (7.39% – 2.3%)
€1,815.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,815.66 ÷ (1 + 7.39%)10
€889.94
SGX:CSFU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €552.09 + €889.94
€1,442.04
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,442.04 / 2,194.61
€1.01
SGX:CSFU Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SGX:CSFU represents 1.53534x of SGX:CNNU
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.53534x
Value per Share
(Listing Adjusted, SGD)
= Value per Share (EUR) x Listing Adjustment Factor
= € 1.01 x 1.53534
SGD1.55
Value per share (SGD) From above. SGD1.55
Current discount Discount to share price of SGD0.76
= -1 x (SGD0.76 - SGD1.55) / SGD1.55
50.9%

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

Current Discount
Amount off the current price Cromwell European Real Estate Investment Trust is available for.
Intrinsic value
>50%
Share price is SGD0.76 vs Future cash flow value of SGD1.55
Current Discount Checks
For Cromwell European Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cromwell European Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cromwell European Real Estate Investment Trust's share price is below the future cash flow value, and 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 Cromwell European Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cromwell European Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:CSFU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.05
SGX:CNNU Share Price ** SGX (2019-04-18) in EUR €0.5
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.16x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.2x

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

** Primary Listing of Cromwell European Real Estate Investment Trust.

SGX:CSFU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:CNNU Share Price ÷ EPS (both in EUR)

= 0.5 ÷ 0.05

10.75x

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

  • Cromwell European Real Estate Investment Trust is good value based on earnings compared to the SG REITs industry average.
  • Cromwell European Real Estate Investment Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Cromwell European Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:CSFU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
3.4%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

SGX:CSFU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.75x ÷ 3.4%

3.15x

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

  • Cromwell European Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cromwell European Real Estate Investment Trust's assets?
Raw Data
SGX:CSFU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €0.51
SGX:CNNU Share Price * SGX (2019-04-18) in EUR €0.5
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:CSFU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:CNNU Share Price ÷ Book Value per Share (both in EUR)

= 0.5 ÷ 0.51

0.97x

* Primary Listing of Cromwell European Real Estate Investment Trust.

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

  • Cromwell European Real Estate Investment Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Cromwell European Real Estate Investment Trust'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. Cromwell European Real Estate Investment Trust 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.

Future Performance

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

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
3.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cromwell European Real Estate Investment Trust expected to grow at an attractive rate?
  • Cromwell European Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Cromwell European Real Estate Investment Trust's earnings growth is positive but not above the Singapore market average.
  • Cromwell European Real Estate Investment Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:CSFU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:CSFU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 3.4%
SGX:CSFU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 7.7%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
SGX:CSFU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:CSFU Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 172 86 2
2020-12-31 168 94 85 2
2019-12-31 164 92 74 2
SGX:CSFU Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 125 70 79

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cromwell European Real Estate Investment Trust's earnings are expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
  • Cromwell European Real Estate Investment Trust's revenue is expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
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
SGX:CSFU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Cromwell European Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CSFU Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.04 0.04 0.04 1.00
2020-12-31 0.05 0.05 0.04 2.00
2019-12-31 0.03 0.03 0.03 1.00
SGX:CSFU Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.05

*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.
  • Cromwell European Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cromwell European Real Estate Investment Trust'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 Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore 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.
Cromwell European Real Estate Investment Trust has a total score of 2/6, 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.

Past Performance

  How has Cromwell European Real Estate Investment Trust 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 Cromwell European Real Estate Investment Trust'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.
  • Unable to establish if Cromwell European Real Estate Investment Trust'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.
  • Unable to compare Cromwell European Real Estate Investment Trust's 1-year earnings growth to the 5-year average as it has been trading publicly for less than 3 years.
  • Cromwell European Real Estate Investment Trust has been loss making too recently or no data is available, we can't compare it to the SG REITs industry average.
Earnings and Revenue History
Cromwell European Real Estate Investment Trust'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 Cromwell European Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CSFU Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 124.88 79.14 4.39

*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.
  • Cromwell European Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cromwell European Real Estate Investment Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Unable to establish if Cromwell European Real Estate Investment Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Cromwell European Real Estate Investment Trust'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.
Cromwell European Real Estate Investment Trust has a total score of 1/6, 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.

Health

 How is Cromwell European Real Estate Investment Trust'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 Cromwell European Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cromwell European Real Estate Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cromwell European Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cromwell European Real Estate Investment Trust'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 Cromwell European Real Estate Investment Trust Company Filings, last reported 3 months ago.

SGX:CSFU Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,118.77 592.00 57.76
  • Cromwell European Real Estate Investment Trust's level of debt (52.9%) compared to net worth is high (greater than 40%).
  • Unable to establish if Cromwell European Real Estate Investment Trust'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 well covered by earnings (EBIT is 6.9x coverage).
X
Financial health checks
We assess Cromwell European Real Estate Investment Trust'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. Cromwell European Real Estate Investment Trust has a total score of 2/6, 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.

Dividends

 What is Cromwell European Real Estate Investment Trust'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
6.34%
Current annual income from Cromwell European Real Estate Investment Trust dividends. Estimated to be 8.3% next year.
If you bought SGD2,000 of Cromwell European Real Estate Investment Trust shares you are expected to receive SGD127 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?
  • Cromwell European Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Cromwell European Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.44%).
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
SGX:CSFU 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 3 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

SGX:CSFU Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.04 2.00
2020-12-31 0.04 3.00
2019-12-31 0.04 2.00
SGX:CSFU Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-27 0.031 6.343
2018-08-13 0.043 8.523
2018-05-09 0.044 7.287

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

  • It is too early to tell whether Cromwell European Real Estate Investment Trust has stable dividend payments.
  • Cromwell European Real Estate Investment Trust only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Cromwell European Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Cromwell European Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 Cromwell European Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cromwell European Real Estate Investment Trust 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.

Management

 What is the CEO of Cromwell European Real Estate Investment Trust'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
Simon Garing
AGE 49
TENURE AS CEO 0.6 years
CEO Bio

Mr. Simon Robert Garing has been Acting CEO and Non-Independent Executive Director at Cromwell EREIT Management Pte. Ltd., manager of Cromwell European Real Estate Investment Trust since September 03, 2018. Mr. Garing was Chief Capital Officer of Cromwell Property Group since joining it on December 19, 2017 until August 2018. Mr. Garing is an experienced global real estate capital markets Manager, Analyst and Investor. He has over 25 years’ successful track record in global real estate, predominantly with bulge bracket investment banks. He is also a Fellow of the CPA (Aust.) and a Member of the Hong Kong Institute of Directors. Mr. Garing has a Bachelor of Commerce (BCom) focused in Double major accounting and finance from UNSW Australia.

CEO Compensation
  • Insufficient data for Simon to compare compensation growth.
  • Insufficient data for Simon to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Cromwell European Real Estate Investment Trust management team in years:

0.7
Average Tenure
48
Average Age
  • The average tenure for the Cromwell European Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Simon Garing

TITLE
Acting CEO & Non-Independent Executive Director of Cromwell EREIT Management Pte. Ltd.
AGE
49
TENURE
0.6 yrs

Daniel Donner

TITLE
Chief Financial Officer of Cromwell EREIT Management Pte Ltd
AGE
44
TENURE
1.9 yrs

Elena Arabadjieva

TITLE
COO & Head of Investor Relations of Cromwell EREIT Management Pte Ltd
AGE
46
TENURE
0.6 yrs

Thierry Leleu

TITLE
Chief Investment Officer of Cromwell EREIT Management Pte Ltd
AGE
49

Christina Tham

TITLE
Head of Legal
AGE
48
TENURE
0.8 yrs

Yi Kim

TITLE
Company Secretary of Cromwell EREIT Management Pte Ltd
Board of Directors Tenure

Average tenure and age of the Cromwell European Real Estate Investment Trust board of directors in years:

1.7
Average Tenure
57
Average Age
  • The average tenure for the Cromwell European Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Swe Guan Lim

TITLE
Chairman of Cromwell EREIT Management Pte Ltd
AGE
64

Simon Garing

TITLE
Acting CEO & Non-Independent Executive Director of Cromwell EREIT Management Pte. Ltd.
AGE
49
TENURE
0.6 yrs

Christian Delaire

TITLE
Independent Non-Executive Director of Cromwell Ereit Management Pte. Ltd
AGE
51
TENURE
1.7 yrs

Ai Lian Fang

TITLE
Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd
AGE
68

Paul Weightman

TITLE
Non-Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd
AGE
57
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Cromwell European Real Estate Investment Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
02. Apr 19 Buy Cromwell Property Securities Limited Company 28. Mar 19 28. Mar 19 17,994,999 SGD0.76 SGD13,703,156
29. Mar 19 Sell Cromwell EReit Management Pte. Ltd Company 29. Mar 19 29. Mar 19 -17,994,999 SGD0.76 SGD-13,679,324
29. Mar 19 Buy Cromwell Property Securities Limited Company 29. Mar 19 29. Mar 19 17,994,999 SGD0.76 SGD13,679,324
07. Feb 19 Sell UBS Asset Management Company 31. Jan 19 31. Jan 19 -216,338,012 SGD0.70 SGD-151,683,800
31. Jan 19 Buy UBS Asset Management Company 28. Jan 19 28. Jan 19 217,747,540 SGD0.70 SGD153,316,485
29. Jan 19 Buy Celine Tang Individual 29. Jan 19 29. Jan 19 32,500,000 SGD0.70 SGD22,849,485
29. Jan 19 Buy Yigang Tang Individual 29. Jan 19 29. Jan 19 32,500,000 SGD0.70 SGD22,849,485
29. Jan 19 Sell Cerberus Capital Management, L.P. Company 29. Jan 19 29. Jan 19 -217,747,540 SGD0.70 SGD-151,509,099
14. Dec 18 Sell UBS Asset Management Company 11. Dec 18 11. Dec 18 -1,850,000 SGD0.66 SGD-1,212,353
14. Nov 18 Sell UBS Asset Management Company 09. Nov 18 09. Nov 18 -50,500 SGD0.87 SGD-44,120
05. Nov 18 Buy UBS Asset Management Company 01. Nov 18 01. Nov 18 1,773,000 SGD0.84 SGD1,494,744
24. Oct 18 Sell UBS Asset Management Company 19. Oct 18 19. Oct 18 -1,219,400 SGD0.88 SGD-1,069,407
X
Management checks
We assess Cromwell European Real Estate Investment Trust'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. Cromwell European Real Estate Investment Trust 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.

News

Simply Wall St News

Company Info

Description

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 97 properties 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. CEREIT’s portfolio has an aggregate lettable area of approximately 1.4 million sq m with over 900 tenants and a WALE profile of around 4.6 years. Comprising primarily freehold or ongoing leasehold assets, the portfolio has an appraised value of approximately €1,795 million as at 14 February 2019. CEREIT is managed by Cromwell EREIT Management Pte. Ltd., a wholly-owned subsidiary of CEREIT’s sponsor, Cromwell Property Group, a real estate investor and manager with operations in 15 countries, listed on the Australian Securities Exchange Ltd.

Details
Name: Cromwell European Real Estate Investment Trust
CSFU
Exchange: SGX
Founded: 2017
€1,655,852,374
2,194,613,274
Website: http://www.cromwelleuropeanreit.com.sg
Address: Cromwell European Real Estate Investment Trust
50 Collyer Quay,
No. 07-02, OUE Bayfront,
Singapore,
049321,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX CNNU Units Singapore Exchange SG EUR 01. Dec 2017
SGX CSFU Units Singapore Exchange SG SGD 01. Dec 2017
Number of employees
Current staff
Staff numbers
200
Cromwell European Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/20 12:59
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/26
Last earnings filing: 2019/04/11
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.