Cromwell European Real Estate Investment Trust
Market Cap
S$1.8b
Last Updated
2021/03/04 11:05 UTC
Data Sources
Company Financials +
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
Rewards
Risk Analysis
Dividend of 7.92% is not well covered by earnings or forecast to be in the next 3 years
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
| CSFU | Industry | Market | |
|---|---|---|---|
| 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 Year | n/a | 18.4%-1.3% | -7.1%-18.5% |
| 5 Year | n/a | 46.5%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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Cromwell EREIT Management Pte. Ltd. | 2.5yrs | no data | no data | |
| Chief Financial Officer of Cromwell EREIT Management Pte Ltd | 1.83yrs | no data | no data | |
| COO & Head of Investor Relations of Cromwell EREIT Management Pte Ltd | 2.5yrs | no data | no data | |
| Company Secretary of Cromwell EREIT Management Pte Ltd | no data | no data | no data |
2.5yrs
Average Tenure
51yo
Average Age
Experienced Management: CSFU's management team is considered experienced (2.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Cromwell EREIT Management Pte. Ltd. | 2.5yrs | no data | no data | |
| Independent Chairman of Cromwell EREIT Management Pte Ltd | no data | €106.01k | 0.021% € 386.6k | |
| Independent Non-Executive Director of Cromwell Ereit Management Pte. Ltd | 3.58yrs | €86.13k | no data | |
| Independent Non-Executive Director of Cromwell EREIT Management Pte Ltd | 3.67yrs | €86.13k | no data | |
| Non-Independent Non-Executive Director of Cromwell EREIT Management Pte. Ltd. | 0.083yr | no data | no 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
| 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 |
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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/04 11:05 |
| End of Day Share Price | 2021/03/04 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.