IREIT Global
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IREIT Global (SGX-UD1U) which was listed on 13 August 2014, is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets. The last earnings update was 29 days ago. More info.
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UD1U Share Price and Events
7 Day Returns
1 Year Returns
UD1U Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| IREIT Global (UD1U) | 0.7% | 0% | 1.4% | -3.2% | 3.4% | - |
| SG REITs | 0.7% | 0.1% | 4.1% | 3.9% | 14.2% | 12.5% |
| SG Market | -0.1% | 3.3% | 3.8% | -6% | 10.7% | -2.8% |
1 Year Return vs Industry and Market
- UD1U underperformed the REITs industry which returned 3.9% over the past year.
- UD1U outperformed the Market in Singapore which returned -6% over the past year.
Value
Is IREIT Global 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
IREIT Global
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for IREIT Global.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 1 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))
= 0.539 (1 + (1- 30%) (61.88%)) |
0.848 |
| 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% + (0.848 * 5.96%) |
7.35% |
Discounted Cash Flow Calculation for SGX:UD1U using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for IREIT Global 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 (@ 7.35%) |
|
|---|---|---|---|
| 2019 | 29.35 | Est @ 0.52% | 27.34 |
| 2020 | 29.66 | Est @ 1.05% | 25.74 |
| 2021 | 30.09 | Est @ 1.43% | 24.32 |
| 2022 | 30.60 | Est @ 1.69% | 23.04 |
| 2023 | 31.17 | Est @ 1.87% | 21.86 |
| 2024 | 31.79 | Est @ 2% | 20.77 |
| 2025 | 32.46 | Est @ 2.09% | 19.75 |
| 2026 | 33.16 | Est @ 2.16% | 18.80 |
| 2027 | 33.89 | Est @ 2.2% | 17.89 |
| 2028 | 34.65 | Est @ 2.23% | 17.04 |
| Present value of next 10 years cash flows | €216.55 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €34.65 × (1 + 2.3%) ÷ (7.35% – 2.3%) |
€701.69 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €701.69 ÷ (1 + 7.35%)10 |
€345.11 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €216.55 + €345.11 |
€561.65 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €561.65 / 632.01 |
€1.35 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | EUR/SGD
(Reporting currency to currency of SGX:UD1U) |
1.518 |
| Value per Share (SGD) |
= Value per Share in EUR x Exchange Rate (EUR/SGD)
= €1.35 x 1.518 |
SGD2.05 |
| Value per share (SGD) | From above. | SGD2.05 |
| Current discount | Discount to share price of
SGD0.75
= -1 x (SGD0.75 - SGD2.05) / SGD2.05 |
63.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- IREIT Global's share price is below the future cash flow value, and at a moderate discount (> 20%).
- IREIT Global'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 IREIT Global's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
IREIT Global's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in EUR | €0.09 |
| SGX:UD1U Share Price ** | SGX (2019-04-26) in SGD | SGD0.75 |
| SGX:UD1U Share Price converted to EUR reporting currency | Exchange rate (SGD/ EUR) 0.659 | €0.49 |
| Singapore REITs Industry PE Ratio | Median Figure of 39 Publicly-Listed REITs Companies | 13.61x |
| Singapore Market PE Ratio | Median Figure of 328 Publicly-Listed Companies | 13.26x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of IREIT Global.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SGX:UD1U Share Price ÷ EPS (both in EUR) = 0.49 ÷ 0.09 |
5.45x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- IREIT Global is good value based on earnings compared to the SG REITs industry average.
- IREIT Global is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does
IREIT Global's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 5.45x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts |
-46.5%per year |
| Singapore REITs Industry PEG Ratio | Median Figure of 37 Publicly-Listed REITs Companies | 2.12x |
| Singapore Market PEG Ratio | Median Figure of 120 Publicly-Listed Companies | 1.68x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 5.45x ÷ -46.5% |
-0.12x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- IREIT Global earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
IREIT Global's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in EUR | €0.48 |
| SGX:UD1U Share Price * | SGX (2019-04-26) in SGD | SGD0.75 |
| SGX:UD1U Share Price converted to EUR reporting currency | Exchange rate (SGD/ EUR) 0.659 | €0.49 |
| 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:UD1U Share Price ÷ Book Value per Share (both in EUR) = 0.49 ÷ 0.48 |
1.02x |
* Primary Listing of IREIT Global.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- IREIT Global is overvalued based on assets compared to the SG REITs industry average.
Value checks
We assess IREIT Global'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) IREIT Global 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 IREIT Global expected to perform in the next 1 to 3 years based on estimates from 1 analyst?
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!
Earnings growth vs Low Risk Savings
- IREIT Global's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
- IREIT Global's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
- IREIT Global's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SGX:UD1U Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts | -46.5% |
| SGX:UD1U Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts | 1.1% |
| Singapore REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -1.9% |
| Singapore REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.8% |
| Singapore Market Earnings Growth Rate | Market Cap Weighted Average | 6.1% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 1 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 36 | 24 | 1 | |
| 2019-12-31 | 36 | 24 | 1 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 35 | 29 | 57 |
| 2018-09-30 | 35 | 29 | 41 |
| 2018-06-30 | 35 | 29 | 41 |
| 2018-03-31 | 35 | 29 | 29 |
| 2017-12-31 | 35 | 29 | 30 |
| 2017-09-30 | 35 | 30 | 25 |
| 2017-06-30 | 35 | 29 | 24 |
| 2017-03-31 | 34 | 28 | 31 |
| 2016-12-31 | 34 | 29 | 31 |
| 2016-09-30 | 34 | 28 | 30 |
| 2016-06-30 | 33 | 28 | 22 |
| 2016-03-31 | 30 | 25 | 13 |
*GAAP earnings excluding extraordinary items.
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 1 Analyst Estimates (S&P Global) | See Below |
All data from IREIT Global 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 |
|---|---|---|---|---|
| 2020-12-31 | 0.04 | 0.04 | 0.04 | 1.00 |
| 2019-12-31 | 0.04 | 0.04 | 0.04 | 1.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.09 |
| 2018-09-30 | 0.06 |
| 2018-06-30 | 0.07 |
| 2018-03-31 | 0.05 |
| 2017-12-31 | 0.05 |
| 2017-09-30 | 0.04 |
| 2017-06-30 | 0.04 |
| 2017-03-31 | 0.05 |
| 2016-12-31 | 0.05 |
| 2016-09-30 | 0.05 |
| 2016-06-30 | 0.04 |
| 2016-03-31 | 0.02 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess IREIT Global'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)
IREIT Global has a total score of 0/6, 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 IREIT Global 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
Past Earnings growth analysis
- IREIT Global has delivered over 20% year on year earnings growth in the past 5 years.
- IREIT Global's 1-year earnings growth exceeds its 5-year average (92.7% vs 41.6%)
- IREIT Global's earnings growth has exceeded the SG REITs industry average in the past year (92.7% vs 2.3%).
Earnings and Revenue History
All data from IREIT Global 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 | 34.81 | 57.03 | 1.20 | |
| 2018-09-30 | 34.52 | 40.71 | 0.91 | |
| 2018-06-30 | 34.62 | 41.06 | 1.12 | |
| 2018-03-31 | 34.78 | 29.13 | 1.28 | |
| 2017-12-31 | 34.96 | 29.60 | 1.28 | |
| 2017-09-30 | 34.85 | 25.01 | 1.42 | |
| 2017-06-30 | 34.70 | 24.28 | 1.44 | |
| 2017-03-31 | 34.36 | 30.84 | 1.18 | |
| 2016-12-31 | 34.40 | 30.63 | 1.11 | |
| 2016-09-30 | 34.44 | 30.05 | 1.18 | |
| 2016-06-30 | 33.24 | 21.90 | 1.21 | |
| 2016-03-31 | 30.15 | 13.40 | 1.21 | |
| 2015-12-31 | 26.92 | 11.83 | 1.10 | |
| 2014-12-31 | 7.14 | -5.30 | 1.18 |
*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.
- IREIT Global has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- IREIT Global used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
- IREIT Global has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess IREIT Global'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)
IREIT Global has a total score of 5/6, 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 IREIT Global'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 IREIT Global's finances.
The net worth of a company is the difference between its assets and liabilities.
- IREIT Global's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- IREIT Global's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x 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.
All data from IREIT Global Company Filings, last reported 3 months ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 305.61 | 193.22 | 18.40 |
| 2018-09-30 | 282.42 | 193.21 | 12.54 |
| 2018-06-30 | 282.38 | 193.10 | 17.40 |
| 2018-03-31 | 269.21 | 194.29 | 12.42 |
| 2017-12-31 | 268.69 | 195.48 | 19.11 |
| 2017-09-30 | 262.15 | 196.67 | 14.05 |
| 2017-06-30 | 261.97 | 197.87 | 20.70 |
| 2017-03-31 | 260.71 | 197.78 | 14.15 |
| 2016-12-31 | 259.88 | 197.73 | 20.80 |
| 2016-09-30 | 257.24 | 197.65 | 14.16 |
| 2016-06-30 | 258.35 | 197.56 | 21.34 |
| 2016-03-31 | 251.14 | 197.48 | 15.52 |
| 2015-12-31 | 251.08 | 197.39 | 21.22 |
| 2014-12-31 | 199.97 | 95.36 | 12.28 |
- IREIT Global's level of debt (63.2%) compared to net worth is high (greater than 40%).
- Unable to establish if IREIT Global's debt level has increased without past 5-year debt data.
- Debt is not well covered by operating cash flow (15.1%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
Financial health checks
We assess IREIT Global'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) IREIT Global has a total score of 1/6, 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
What is IREIT Global'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
If you bought
SGD2,000 of
IREIT Global
shares you are expected to receive
SGD143
in your first year as a dividend.
Dividend Amount
- IREIT Global's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.51%).
- IREIT Global's dividend is above the markets top 25% of dividend payers in Singapore (5.48%).
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.
| 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 1 Analyst Estimates (S&P Global) | See Below |
| Singapore REITs Industry Average Dividend Yield | Market Cap Weighted Average of 41 Stocks | 5.6% |
| 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 | 5.5% |
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 |
|---|---|---|
| 2020-12-31 | 0.04 | 1.00 |
| 2019-12-31 | 0.04 | 1.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-28 | 0.035 | 7.211 |
| 2019-02-20 | 0.035 | 7.231 |
| 2018-11-12 | 0.036 | 7.661 |
| 2018-08-08 | 0.036 | 7.755 |
| 2018-02-14 | 0.035 | 7.421 |
| 2017-08-10 | 0.037 | 7.836 |
| 2017-02-28 | 0.041 | 8.482 |
| 2016-11-14 | 0.042 | 8.615 |
| 2016-08-10 | 0.041 | 8.635 |
| 2016-02-17 | 0.039 | 8.482 |
| 2015-11-13 | 0.029 | 6.552 |
| 2015-08-14 | 0.027 | 6.635 |
| 2015-08-13 | 0.029 | 6.510 |
| 2015-04-09 | 0.031 | 5.956 |
| 2015-02-27 | 0.031 | 5.712 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- IREIT Global has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but IREIT Global only paid a dividend in the past 4 years.
Income/ dividend checks
We assess IREIT Global'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 IREIT Global afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) IREIT Global 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
CEO
| AGE | 43 |
| TENURE AS CEO | 2.3 years |
CEO Bio
Mr. Aymeric Thibord is the Chief Executive Officer of IREIT Global Group Pte Ltd., Manager of IREIT Global. Most recently, he served as a Senior Director at US financial institution TIAA-CREF. He joined its newly established London branch in 2010, where he oversaw real estate investments in Continental Europe with a focus on France and Germany. He became Director of fund management in 2014 when the dedicated real estate management subsidiary TH Real Estate was formed. He started his career in 1998 at Archon Group France (Goldman Sachs’ wholly-owned real estate asset management platform) to become acquisitions deal leader. From 2003, he spent seven years at Société Générale Asset Management, as a founding member of its real estate arm and serving as a Director of acquisitions. Academic & Professional Qualifications includes Bachelor of Economics (Honours), University of Rennes and Master of Finance (Honours), University of Montpellier.
CEO Compensation
- Insufficient data for Aymeric to compare compensation growth.
- Insufficient data for Aymeric to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team
Aymeric Thibord
Chief Executive Officer of IREIT Global Group Pte Ltd
43
2.3 yrs
Boon Poh Choo
Chief Financial Officer of IREIT Global Group Pte Ltd
47
KEVIN TAN
Head of Investor Relations
Wei Lee
Secretary of IREIT Global Group Pte Ltd
Adeline Wang
Secretary of IREIT Global Group Pte Ltd
Board of Directors Tenure
Average tenure and age of the IREIT Global board of directors in years:
- The tenure for the IREIT Global board of directors is about average.
Board of Directors
John Lim
Chairman of the Board of IREIT Global Group Pte Ltd
€95K
78
Nir Ellenbogen
Independent Non-Executive Director of IREIT Global Group Pte Ltd
€65K
57
5.3 yrs
Kelvin Tan
Independent Non-Executive Director of IREIT Global Group Pte Ltd
€80K
53
4.8 yrs
Jinquan Tong
Non-Executive Director of IREIT Global Group Pte Ltd
€50K
63
4.8 yrs
Toon Bah Ho
Non-Executive Director of IREIT Global Group Pte Ltd
€50K
55
4.2 yrs
De Geis De Guyon Bruno Alfred Mari de Pampelonne
Non-Executive Director of IREIT Global Group Pte Ltd
59
2.4 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SGD) | Value (SGD) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 23. Aug 18 | Buy | Tikehau Capital | Company | 23. Aug 18 | 23. Aug 18 | 27,652,200 | SGD0.76 | SGD21,015,662 | ||
| 23. Aug 18 | Sell | Chap Huat Lim | Individual | 23. Aug 18 | 23. Aug 18 | -27,652,200 | SGD0.76 | SGD-21,015,662 | ||
Management checks
We assess IREIT Global'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) IREIT Global 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
Do IREIT Global's (SGX:UD1U) Earnings Warrant Your Attention?
Like a firecracker arcing through the night sky, IREIT Global's EPS shot from €0.047 to €0.091, over the last year. … I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … IREIT Global reported flat revenue and EBIT margins over the last year.
Simply Wall St - – Full articleThese Factors Make IREIT Global (SGX:UD1U) An Interesting Investment
I've been keeping an eye on IREIT Global (SGX:UD1U) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe UD1U has a lot to offer. … is a company with a
Simply Wall St - – Full articleHow Much Are IREIT Global (SGX:UD1U) Insiders Taking Off The Table?
So shareholders might well want to know whether insiders have been buying or selling shares in IREIT Global (SGX:UD1U). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … That means that an insider was selling shares at around the current price of S$0.76
Simply Wall St - – Full articleYou May Have Been Looking At IREIT Global (SGX:UD1U) All Wrong
IREIT Global is a S$458m. … real estate investment trust (REIT) based in Singapore, Singapore. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleShould You Be Excited About IREIT Global's (SGX:UD1U) 14% Return On Equity?
By way of learning-by-doing, we'll look at ROE to gain a better understanding of IREIT Global (SGX:UD1U). … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.14 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes The Data Make IREIT Global (SGX:UD1U) An Attractive Investment?
Attractive stocks have exceptional fundamentals. … In the case of IREIT Global (SGX:UD1U), there's. … trading at a great value
Simply Wall St - – Full articleDo Insiders Own Lots Of Shares In IREIT Global (SGX:UD1U)?
The big shareholder groups in IREIT Global (SGX:UD1U) have power over the company. … IREIT Global is not a large company by global standards. … View our latest analysis for IREIT Global
Simply Wall St - – Full articleYou May Have Been Looking At IREIT Global (SGX:UD1U) All Wrong
real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent
Simply Wall St - – Full articleIs IREIT Global (SGX:UD1U) Cheap And High Growth?
is a real estate company operating in an industry … Real estate investment trust, or a REIT, is a collective vehicle for investing in real estate that began in the US and has since been adopted worldwide as an investment asset … Real estate analysts are forecasting for the entire industry,
Simply Wall St - – Full articleWhy IREIT Global's (SGX:UD1U) Investor Composition Impacts Your Returns
In this article, I will take a quick look at IREIT Global’s (SGX:UD1U) recent ownership structure – an unconventional investing subject, but an important one. … The impact of a company's ownership structure affects both its short- and long-term performance. … Therefore, it is beneficial for us to examine UD1U's ownership structure in more detail.
Simply Wall St - – Full articleCompany Info
Description
IREIT Global (SGX-UD1U) which was listed on 13 August 2014, is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets. IREIT Global’s current portfolio comprises five freehold properties strategically located in the German cities of Berlin, Bonn, Darmstadt, Münster and Munich with a total net lettable area of approximately 200,600 sqm and 3,400 car park spaces. IREIT Global is managed by IREIT Global Group Pte. Ltd., a subsidiary of pan-European asset management and investment group Tikehau Capital.
Details
| Name: | IREIT Global |
| UD1U | |
| Exchange: | SGX |
| Founded: | |
| SGD474,008,607 | |
| 632,011,477 | |
| Website: | http://www.ireitglobal.com |
| Address: |
IREIT Global Berlin Campus, Schreiberhauer Strasse 22, Berlin, 10317, Germany |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SGX | UD1U | Units | Singapore Exchange | SG | SGD | 13. Aug 2014 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/26 13:06 |
| End of day share price update: | 2019/04/26 00:00 |
| Last estimates confirmation: | 2019/02/20 |
| Last earnings filing: | 2019/03/28 |
| 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.
