NYSE:COR

Stock Analysis Report

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Executive Summary

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud and interconnection solutions to a growing customer ecosystem across eight key North American markets.


Snowflake Analysis

Established dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has CoreSite Realty's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-2.8%

COR

-1.5%

US REITs

0.5%

US Market


1 Year Return

7.9%

COR

-10.2%

US REITs

18.7%

US Market

Return vs Industry: COR exceeded the US REITs industry which returned -7.9% over the past year.

Return vs Market: COR underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

CORIndustryMarket
7 Day-2.8%-1.5%0.5%
30 Day1.4%3.3%4.9%
90 Day1.7%18.0%19.8%
1 Year12.5%7.9%-6.5%-10.2%21.2%18.7%
3 Year25.7%11.3%15.9%2.2%46.2%36.8%
5 Year199.7%148.3%43.7%14.8%85.3%65.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is CoreSite Realty undervalued compared to its fair value and its price relative to the market?

21.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: COR ($122.5) is trading below our estimate of fair value ($156.61)

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


Price To Earnings Ratio

PE vs Industry: COR is poor value based on its PE Ratio (61.7x) compared to the US REITs industry average (36.3x).

PE vs Market: COR is poor value based on its PE Ratio (61.7x) compared to the US market (19.2x).


Price to Earnings Growth Ratio

PEG Ratio: COR is poor value based on its PEG Ratio (6x)


Price to Book Ratio

PB vs Industry: COR is overvalued based on its PB Ratio (45.6x) compared to the US REITs industry average (1.5x).


Next Steps

Future Growth

How is CoreSite Realty forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

10.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COR's forecast earnings growth (10.3% per year) is above the savings rate (2.2%).

Earnings vs Market: COR's earnings (10.3% per year) are forecast to grow slower than the US market (24.1% per year).

High Growth Earnings: COR's earnings are forecast to grow, but not significantly.

Revenue vs Market: COR's revenue (8.1% per year) is forecast to grow slower than the US market (9.5% per year).

High Growth Revenue: COR's revenue (8.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COR's Return on Equity is forecast to be very high in 3 years time (82.9%).


Next Steps

Past Performance

How has CoreSite Realty performed over the past 5 years?

20.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COR has high quality earnings.

Growing Profit Margin: COR's current net profit margins (12.8%) are lower than last year (13.8%).


Past Earnings Growth Analysis

Earnings Trend: COR's earnings have grown significantly by 20.8% per year over the past 5 years.

Accelerating Growth: COR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: COR had negative earnings growth (-2.9%) over the past year, making it difficult to compare to the REITs industry average (1.6%).


Return on Equity

High ROE: Whilst COR's Return on Equity (72.55%) is outstanding, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is CoreSite Realty's financial position?


Financial Position Analysis

Short Term Liabilities: COR's short term assets ($72.4M) do not cover its short term liabilities ($178.8M).

Long Term Liabilities: COR's short term assets ($72.4M) do not cover its long term liabilities ($1.9B).


Debt to Equity History and Analysis

Debt Level: COR's debt to equity ratio (1224.7%) is considered high.

Reducing Debt: COR's debt to equity ratio has increased from 55% to 1224.7% over the past 5 years.

Debt Coverage: COR's debt is not well covered by operating cash flow (17%).

Interest Coverage: COR's interest payments on its debt are well covered by EBIT (3.2x coverage).


Balance Sheet


Next Steps

Dividend

What is CoreSite Realty current dividend yield, its reliability and sustainability?

3.98%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: COR's dividend (3.98%) is higher than the bottom 25% of dividend payers in the US market (1.59%).

High Dividend: COR's dividend (3.98%) is low compared to the top 25% of dividend payers in the US market (4.29%).


Stability and Growth of Payments

Stable Dividend: COR's dividends per share have been stable in the past 10 years.

Growing Dividend: COR's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (93.5%), COR's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: COR's dividends in 3 years are forecast to be covered by earnings (88.1% payout ratio).


Next Steps

Management

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

3.9yrs

Average management tenure


CEO

Paul Szurek (59 yo)

3.92yrs

Tenure

US$5,385,071

Compensation

Mr. Paul E. Szurek has been Chief Executive Officer and President of CoreSite Realty Corporation since September 10, 2016. Mr. Szurek served as the Chief Financial Officer of Biltmore Farms, LLC since 2003 ...


CEO Compensation Analysis

Compensation vs Market: Paul's total compensation ($USD5.39M) is about average for companies of similar size in the US market ($USD7.23M).

Compensation vs Earnings: Paul's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Paul Szurek
President3.92yrsUS$5.39m0.49%
$ 29.1m
Jeffrey Finnin
CFO & Treasurer9.58yrsUS$1.71m0.18%
$ 11.1m
Derek McCandless
Senior VP of Legal9.42yrsUS$1.21m0.056%
$ 3.4m
Steven Smith
Chief Revenue Officer6.58yrsUS$1.94m0.11%
$ 6.8m
Brian Warren
Senior Vice President of Development & Product Engineering6.42yrsUS$1.14m0.056%
$ 3.4m
Mark Jones
Chief Accounting Officer2.42yrsno data0.031%
$ 1.9m
Kate Ruppe
Investor Relations Officerno datano datano data
Greer Aviv
Vice President of Investor Relations & Corporate Communicationsno datano datano data
Maile Kaiser
Senior Vice President of Sales2.08yrsno data0.041%
$ 2.4m
Leslie McIntosh
Vice President of Human Resource0.17yrno datano data
Juan Font
Senior Vice President of General Management2.42yrsno data0.063%
$ 3.7m
Erick Bromfield
Vice President of Acquisitions & Developmentno datano datano data

3.9yrs

Average Tenure

50.5yo

Average Age

Experienced Management: COR's management team is considered experienced (3.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Paul Szurek
President3.92yrsUS$5.39m0.49%
$ 29.1m
Robert Stuckey
Independent Chairman of the Board10.58yrsno datano data
Michael Koehler
Independent Director9.92yrsUS$287.51kno data
James Attwood
Independent Director9.92yrsno datano data
David Wilson
Lead Independent Director3.92yrsUS$302.31k0.020%
$ 1.2m
Jean Bua
Independent Director3.25yrsUS$285.22k0.0095%
$ 570.3k
John Thompson
Independent Director9.92yrsUS$287.51k0.024%
$ 1.4m
Kelly Chambliss
Independent Director3.92yrsUS$275.01kno data

9.9yrs

Average Tenure

58.5yo

Average Age

Experienced Board: COR's board of directors are considered experienced (9.9 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: COR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

CoreSite Realty Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CoreSite Realty Corporation
  • Ticker: COR
  • Exchange: NYSE
  • Founded: 2010
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$5.984b
  • Market Cap: US$5.238b
  • Shares outstanding: 48.91m
  • Website: https://www.CoreSite.com

Number of Employees


Location

  • CoreSite Realty Corporation
  • 1001 17th Street
  • Suite 500
  • Denver
  • Colorado
  • 80202
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CORNYSE (New York Stock Exchange)YesCommon SharesUSUSDSep 2010
07HDB (Deutsche Boerse AG)YesCommon SharesDEEURSep 2010
0I3TLSE (London Stock Exchange)YesCommon SharesGBUSDSep 2010

Biography

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud and interconnection solutions to a growing customer ecosystem across eight key North American markets. ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/14 13:18
End of Day Share Price2020/08/13 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.