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IREIT Global

SGX:UD1U
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UD1U
SGX
SGD495M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company 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. The last earnings update was 69 days ago. More info.


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UD1U Share Price and Events
7 Day Returns
1.3%
SGX:UD1U
-0.1%
SG REITs
0%
SG Market
1 Year Returns
-0.6%
SGX:UD1U
10.4%
SG REITs
0.2%
SG Market
UD1U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IREIT Global (UD1U) 1.3% 2% 4% -0.6% 4% -
SG REITs -0.1% 1.1% 7.1% 10.4% 18.6% 14.1%
SG Market 0% 0.9% 0.2% 0.2% 9.4% -5.5%
1 Year Return vs Industry and Market
  • UD1U underperformed the REITs industry which returned 10.4% over the past year.
  • UD1U matched the Singapore Market (0.2%) over the past year.
Price Volatility
UD1U
Industry
5yr Volatility vs Market

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IREIT Global.

SGX:UD1U Discounted Cash Flow Data Sources
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 7.1%
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:UD1U
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 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.475 (1 + (1- 30%) (61.49%))
0.785
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 5.96%)
7.07%

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.

SGX:UD1U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.07%)
2020 28.74 Est @ -0.58% 26.84
2021 28.82 Est @ 0.29% 25.14
2022 29.08 Est @ 0.89% 23.69
2023 29.46 Est @ 1.32% 22.42
2024 29.93 Est @ 1.61% 21.27
2025 30.48 Est @ 1.82% 20.23
2026 31.08 Est @ 1.96% 19.26
2027 31.72 Est @ 2.07% 18.36
2028 32.40 Est @ 2.14% 17.52
2029 33.11 Est @ 2.19% 16.72
Present value of next 10 years cash flows €211.45
SGX:UD1U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €33.11 × (1 + 2.3%) ÷ (7.07% – 2.3%)
€710.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €710.34 ÷ (1 + 7.07%)10
€358.71
SGX:UD1U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €211.45 + €358.71
€570.16
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €570.16 / 634.63
€1.37
SGX:UD1U Discount to Share Price
Calculation Result
Exchange Rate EUR/SGD
(Reporting currency to currency of SGX:UD1U)
1.526
Value per Share
(SGD)
= Value per Share in EUR x Exchange Rate (EUR/SGD)
= €1.37 x 1.526
SGD2.09
Value per share (SGD) From above. SGD2.09
Current discount Discount to share price of SGD0.78
= -1 x (SGD0.78 - SGD2.09) / SGD2.09
62.7%

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

Current Discount
Amount off the current price IREIT Global is available for.
Intrinsic value
>50%
Share price is SGD0.78 vs Future cash flow value of SGD2.09
Current Discount Checks
For IREIT Global to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
SGX:UD1U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.08
SGX:UD1U Share Price ** SGX (2019-07-23) in SGD SGD0.78
SGX:UD1U Share Price converted to EUR reporting currency Exchange rate (SGD/ EUR) 0.655 €0.51
Singapore REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 14.7x
Singapore Market PE Ratio Median Figure of 327 Publicly-Listed Companies 13.09x

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

** Primary Listing of IREIT Global.

SGX:UD1U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:UD1U Share Price ÷ EPS (both in EUR)

= 0.51 ÷ 0.08

6.48x

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?
Raw Data
SGX:UD1U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-41.9%per year
Singapore REITs Industry PEG Ratio Median Figure of 36 Publicly-Listed REITs Companies 1.78x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

SGX:UD1U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.48x ÷ -41.9%

-0.15x

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?
Raw Data
SGX:UD1U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €0.47
SGX:UD1U Share Price * SGX (2019-07-23) in SGD SGD0.78
SGX:UD1U Share Price converted to EUR reporting currency Exchange rate (SGD/ EUR) 0.655 €0.51
Singapore REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.01x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.74x
SGX:UD1U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:UD1U Share Price ÷ Book Value per Share (both in EUR)

= 0.51 ÷ 0.47

1.08x

* 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.
X
Value checks
We assess IREIT Global'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. 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!
Annual Growth Rate
-41.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IREIT Global expected to grow at an attractive rate?
  • 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
Raw Data
SGX:UD1U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:UD1U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -41.9%
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 -4.5%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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:UD1U Analysts Growth Expectations Data Sources
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 numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:UD1U Future Estimates Data
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
SGX:UD1U Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 35 29 50
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IREIT Global's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • IREIT Global's revenue is expected to grow by 1.1% 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:UD1U 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.

SGX:UD1U Future Estimates Data
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
SGX:UD1U Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.08
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

*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.
  • Unable to establish if IREIT Global will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess IREIT Global'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.
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
Below we compare IREIT Global'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.
  • 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 (70.8% vs 39.6%)
  • IREIT Global's earnings growth has exceeded the SG REITs industry average in the past year (70.8% vs 1.9%).
Earnings and Revenue History
IREIT Global'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 IREIT Global Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:UD1U Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 34.93 49.75 1.35
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's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess IREIT Global'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.
IREIT Global has a total score of 4/6, 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.
Net Worth
  • IREIT Global is able to meet its short term (1 year) commitments with 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
This treemap shows a more detailed breakdown of IREIT Global'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 0.1x 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.
Raw Data

All data from IREIT Global Company Filings, last reported 3 months ago.

SGX:UD1U Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 298.87 199.43 16.66
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 (66.7%) 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 (14.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.9x coverage).
X
Financial health checks
We assess IREIT Global'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. IREIT Global 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 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
Dividend payments
6.93%
Current annual income from IREIT Global dividends. Estimated to be 7.37% next year.
If you bought SGD2,000 of IREIT Global shares you are expected to receive SGD139 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?
  • IREIT Global's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.59%).
  • IREIT Global's dividend is above the markets top 25% of dividend payers in Singapore (5.54%).
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:UD1U 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 1 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.3%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
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.

SGX:UD1U Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.04 1.00
2019-12-31 0.04 1.00
SGX:UD1U Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-28 0.035 7.165
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.
Current Payout to shareholders
What portion of IREIT Global's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess IREIT Global's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 IREIT Global afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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

 What is the CEO of IREIT Global'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
Aymeric Thibord
AGE 44
TENURE AS CEO 2.6 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

TITLE
Chief Executive Officer of IREIT Global Group Pte Ltd
AGE
44
TENURE
2.6 yrs

Boon Poh Choo

TITLE
Chief Financial Officer of IREIT Global Group Pte Ltd
AGE
48

KEVIN TAN

TITLE
Head of Investor Relations

Wei Lee

TITLE
Secretary of IREIT Global Group Pte Ltd

Adeline Wang

TITLE
Secretary of IREIT Global Group Pte Ltd
Board of Directors Tenure

Average tenure and age of the IREIT Global board of directors in years:

5
Average Tenure
60
Average Age
  • The tenure for the IREIT Global board of directors is about average.
Board of Directors

John Lim

TITLE
Chairman of the Board of IREIT Global Group Pte Ltd
COMPENSATION
€95K
AGE
79

Nir Ellenbogen

TITLE
Independent Non-Executive Director of IREIT Global Group Pte Ltd
COMPENSATION
€65K
AGE
58
TENURE
5.6 yrs

Kelvin Tan

TITLE
Independent Non-Executive Director of IREIT Global Group Pte Ltd
COMPENSATION
€80K
AGE
54
TENURE
5 yrs

Jinquan Tong

TITLE
Non-Executive Director of IREIT Global Group Pte Ltd
COMPENSATION
€50K
AGE
64
TENURE
5 yrs

De Geis De Guyon Bruno Alfred Mari de Pampelonne

TITLE
Non-Executive Director of IREIT Global Group Pte Ltd
AGE
60
TENURE
2.7 yrs

Frank Khoo

TITLE
Non-Executive Director of IREIT Global Group Pte Ltd
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • IREIT Global individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
09. May 19 Buy City Strategic Equity Pte. Ltd. Company 02. May 19 02. May 19 3,000,000 SGD0.76 SGD2,279,998
06. May 19 Buy Tikehau Capital Company 06. May 19 06. May 19 50,400,000 SGD0.76 SGD38,052,002
02. May 19 Sell Chap Huat Lim Individual 02. May 19 02. May 19 -3,000,000 SGD0.76 SGD-2,277,864
02. May 19 Sell Chap Huat Lim Individual 02. May 19 02. May 19 -230,000 SGD0.76 SGD-174,636
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
X
Management checks
We assess IREIT Global'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. 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 Insiders Own Lots Of Shares In IREIT Global (SGX:UD1U)?

Every investor in IREIT Global (SGX:UD1U) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … IREIT Global is a smaller company with a market capitalization of S$474m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

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 -

These 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 -

How 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 -

You 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 -

Should 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 -

Does 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 -

Do 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 -

You 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 -

Is 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 -

Company 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. (the Manager), a subsidiary of Tikehau Capital, an asset management and investment group. City Developments Limited, a leading real estate operating company listed in Singapore, is also a strategic investor in the Manager.

Details
Name: IREIT Global
UD1U
Exchange: SGX
Founded:
SGD495,011,185
634,629,725
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
Staff numbers
0
IREIT Global employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/23 12:55
End of day share price update: 2019/07/23 00:00
Last estimates confirmation: 2019/02/20
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
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.