Cromwell European Real Estate Investment Trust
SGX:CSFU
CSFU
SGX
€1B
Market Cap
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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.
Value
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.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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.
>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
| 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.
| 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
| 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 .
| 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
| 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 |
| 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:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
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
| 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
All numbers in EUR Millions and using
Trailing twelve months (TTM)
annual period rather than quarterly.
| 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 |
| 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 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 125 | 70 | 79 |
*GAAP earnings excluding extraordinary items.
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
| 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.
| 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 |
| 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
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.
Future performance checks
We assess Cromwell European Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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.
| 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
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.
Past performance checks
We assess Cromwell European Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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.
- 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
Full details on the Health part of the Simply Wall St company analysis model.
Financial health checks
We assess Cromwell European Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Cromwell European Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
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
| 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.
| 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 |
| 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.
X
Full details on the Dividends part of the Simply Wall St company analysis model.
Income/ dividend checks
We assess Cromwell European Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
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
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.
Management checks
We assess Cromwell European Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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.
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
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.
