NasdaqGM:LAND

Stock Analysis Report

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Executive Summary

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. More Details


Snowflake Analysis

Fair value with mediocre balance sheet.

Share Price & News

How has Gladstone Land's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: LAND has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.7%

LAND

-0.4%

US REITs

0.08%

US Market


1 Year Return

27.6%

LAND

-13.7%

US REITs

12.8%

US Market

Return vs Industry: LAND exceeded the US REITs industry which returned -13.7% over the past year.

Return vs Market: LAND exceeded the US Market which returned 12.8% over the past year.


Shareholder returns

LANDIndustryMarket
7 Day-0.7%-0.4%0.08%
30 Day-0.6%-1.4%-1.8%
90 Day-0.5%0.09%7.2%
1 Year32.5%27.6%-10.2%-13.7%15.3%12.8%
3 Year30.0%15.0%13.5%-0.004%39.2%29.9%
5 Year111.4%69.9%46.6%17.3%88.3%67.1%

Price Volatility Vs. Market

How volatile is Gladstone Land's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Gladstone Land undervalued compared to its fair value and its price relative to the market?

43.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: LAND ($15.36) is trading below our estimate of fair value ($27.24)

Significantly Below Fair Value: LAND is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: LAND is unprofitable, so we can't compare its PE Ratio to the US REITs industry average.

PE vs Market: LAND is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate LAND's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: LAND is good value based on its PB Ratio (1.1x) compared to the US REITs industry average (1.5x).


Next Steps

Future Growth

How is Gladstone Land forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

29.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LAND is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: LAND is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: LAND is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: LAND's revenue (14.5% per year) is forecast to grow faster than the US market (9.8% per year).

High Growth Revenue: LAND's revenue (14.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if LAND's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Gladstone Land performed over the past 5 years?

-23.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LAND is currently unprofitable.

Growing Profit Margin: LAND is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: LAND is unprofitable, and losses have increased over the past 5 years at a rate of 23.8% per year.

Accelerating Growth: Unable to compare LAND's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: LAND is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (3.3%).


Return on Equity

High ROE: LAND has a negative Return on Equity (1.55%), as it is currently unprofitable.


Next Steps

Financial Health

How is Gladstone Land's financial position?


Financial Position Analysis

Short Term Liabilities: LAND's short term assets ($26.2M) exceed its short term liabilities ($14.1M).

Long Term Liabilities: LAND's short term assets ($26.2M) do not cover its long term liabilities ($536.2M).


Debt to Equity History and Analysis

Debt Level: LAND's debt to equity ratio (170.3%) is considered high.

Reducing Debt: LAND's debt to equity ratio has increased from 154.6% to 170.3% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable LAND has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: LAND is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 29.8% per year.


Next Steps

Dividend

What is Gladstone Land current dividend yield, its reliability and sustainability?

3.50%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: LAND's dividend (3.5%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: LAND's dividend (3.5%) is low compared to the top 25% of dividend payers in the US market (4.7%).


Stability and Growth of Payments

Stable Dividend: LAND has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: LAND's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (124.6%), LAND's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LAND's dividends in 3 years are forecast to be covered by earnings (70.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.8yrs

Average management tenure


CEO

David Gladstone (78 yo)

23.67yrs

Tenure

US$57,750

Compensation

Mr. David John Gladstone is the Founder of The Gladstone Companies and has been its Chief Executive Officer and Chairman since inception in 2003. Mr. Gladstone founded Gladstone Commercial Corporation in 2 ...


Leadership Team

NamePositionTenureCompensationOwnership
David Gladstone
Founder23.67yrsUS$57.75k10.44%
$ 35.5m
Terry Brubaker
Vice Chairman & COO13.67yrsno datano data
Lewis Parrish
CFO & Assistant Treasurer6.17yrsUS$71.90k0.016%
$ 54.1k
Karin McLaughlin
Investor Relations Specialistno datano datano data
John Dellafiora
Chief Compliance Officer7.83yrsno datano data
Michael LiCalsi
General Counsel & Secretary10.92yrsno data0.0067%
$ 22.9k
William Reiman
Managing Director7.08yrsno datano data
Jennifer Smith
Chief Valuation Officerno datano datano data
Jay Beckhorn
Treasurer5.67yrsno datano data
Erich Hellmold
Assistant General Counselno datano datano data

7.8yrs

Average Tenure

58yo

Average Age

Experienced Management: LAND's management team is seasoned and experienced (7.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
David Gladstone
Founder23.67yrsUS$57.75k10.44%
$ 35.5m
Terry Brubaker
Vice Chairman & COO13.67yrsno datano data
Walter Wilkinson
Independent Director5.92yrsUS$41.00k0.053%
$ 180.7k
Michela English
Independent Director7.67yrsUS$37.00k0.0038%
$ 13.1k
Anthony Parker
Independent Director7.67yrsUS$48.50k0.028%
$ 94.2k
Paul Adelgren
Independent Lead Directorno dataUS$38.00k0.059%
$ 200.4k
John Outland
Independent Director7.67yrsUS$52.00k0.0088%
$ 30.0k
Caren Merrick
Independent Director5.83yrsUS$44.00k0.020%
$ 68.5k

7.7yrs

Average Tenure

75yo

Average Age

Experienced Board: LAND's board of directors are considered experienced (7.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.5%.


Top Shareholders

Company Information

Gladstone Land Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Gladstone Land Corporation
  • Ticker: LAND
  • Exchange: NasdaqGM
  • Founded: 1997
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$340.485m
  • Market Cap: US$338.270m
  • Shares outstanding: 22.17m
  • Website: https://www.gladstonefarms.com

Location

  • Gladstone Land Corporation
  • 1521 Westbranch Drive
  • Suite 100
  • McLean
  • Virginia
  • 22102
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LANDNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDJan 2013
3L4BST (Boerse-Stuttgart)YesCommon StockDEEURJan 2013
LAND.PNasdaqGM (Nasdaq Global Market)RED PFD SER AUSUSDAug 2016

Biography

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases it ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/21 05:55
End of Day Share Price2020/09/18 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.