NYSE:JBGS

Stock Analysis Report

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Executive Summary

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC.


Snowflake Analysis

Proven track record unattractive dividend payer.

Share Price & News

How has JBG SMITH Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: JBGS's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.4%

JBGS

4.6%

US REITs

2.9%

US Market


1 Year Return

-22.2%

JBGS

-7.2%

US REITs

8.9%

US Market

Return vs Industry: JBGS underperformed the US REITs industry which returned -8.6% over the past year.

Return vs Market: JBGS underperformed the US Market which returned 8.5% over the past year.


Shareholder returns

JBGSIndustryMarket
7 Day0.4%4.6%2.9%
30 Day-4.1%11.3%10.6%
90 Day-20.4%-9.8%5.1%
1 Year-20.2%-22.2%-3.3%-7.2%11.4%8.9%
3 Yearn/a16.7%2.3%34.3%25.4%
5 Yearn/a47.8%17.6%60.7%42.7%

Price Volatility Vs. Market

How volatile is JBG SMITH Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is JBG SMITH Properties undervalued compared to its fair value and its price relative to the market?

51.15x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: JBGS ($31.05) is trading above our estimate of fair value ($22.45)

Significantly Below Fair Value: JBGS is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: JBGS is poor value based on its PE Ratio (51.2x) compared to the REITs industry average (28x).

PE vs Market: JBGS is poor value based on its PE Ratio (51.2x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: JBGS's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: JBGS is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is JBG SMITH Properties forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-144.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: JBGS's earnings are forecast to decline over the next 3 years (-144.1% per year).

Earnings vs Market: JBGS's earnings are forecast to decline over the next 3 years (-144.1% per year).

High Growth Earnings: JBGS's earnings are forecast to decline over the next 3 years.

Revenue vs Market: JBGS's revenue is expected to decline over the next 3 years (-8.6% per year).

High Growth Revenue: JBGS's revenue is forecast to decline over the next 3 years (-8.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has JBG SMITH Properties performed over the past 5 years?

6.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: JBGS has a large one-off gain of $95.9M impacting its March 31 2020 financial results.

Growing Profit Margin: JBGS's current net profit margins (12.6%) are higher than last year (10.2%).


Past Earnings Growth Analysis

Earnings Trend: JBGS's earnings have grown by 6.6% per year over the past 5 years.

Accelerating Growth: JBGS's earnings growth over the past year (22.7%) exceeds its 5-year average (6.6% per year).

Earnings vs Industry: JBGS earnings growth over the past year (22.7%) exceeded the REITs industry 5.3%.


Return on Equity

High ROE: JBGS's Return on Equity (2.4%) is considered low.


Next Steps

Financial Health

How is JBG SMITH Properties's financial position?


Financial Position Analysis

Short Term Liabilities: JBGS's short term assets ($632.7M) exceed its short term liabilities ($193.1M).

Long Term Liabilities: JBGS's short term assets ($632.7M) do not cover its long term liabilities ($2.0B).


Debt to Equity History and Analysis

Debt Level: JBGS's debt to equity ratio (44.7%) is considered high.

Reducing Debt: Insufficient data to determine if JBGS's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: JBGS's debt is not well covered by operating cash flow (11.1%).

Interest Coverage: JBGS's interest payments on its debt are not well covered by EBIT (0.9x coverage).


Balance Sheet


Next Steps

Dividend

What is JBG SMITH Properties's current dividend yield, its reliability and sustainability?

2.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: JBGS's dividend (2.9%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: JBGS's dividend (2.9%) is low compared to the top 25% of dividend payers in the US market (4.48%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, JBGS has been paying a dividend for less than 10 years.

Growing Dividend: JBGS has only been paying a dividend for 3 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (70.5%), JBGS's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

2.9yrs

Average management tenure


CEO

Matt Kelly (46yo)

2.92yrs

Tenure

US$4,893,799

Compensation

Mr. W. Matthew Kelly, also known as Matt, serves as Chief Executive Officer and a Member of the Board of JBG SMITH Properties (JBG”). Mr. Kelly worked at JBG from August 2004 up until the formation transac ...


CEO Compensation Analysis

Compensation vs Market: Matt's total compensation ($USD4.89M) is about average for companies of similar size in the US market ($USD5.90M).

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


Leadership Team

NamePositionTenureCompensationOwnership
W. Kelly
CEO & Trustee2.92yrsUS$4.89m0.037% $1.7m
David Paul
President & COO2.92yrsUS$3.24m0.022% $1.0m
Stephen Theriot
Chief Financial Officer2.92yrsUS$2.20m0.0026% $119.9k
Kevin Reynolds
Chief Development Officer2.92yrsUS$2.13m0.015% $688.4k
Moina Banerjee
Executive VP & Head of Capital Markets1.5yrsUS$1.61m0.0037% $171.9k
Robert Stewart
Executive Vice Chairman2.92yrsUS$3.62m0.065% $3.0m
Angela Valdes
Chief Accounting Officerno datano datano data
Patrick Tyrrell
Chief Administrative Officerno datano datano data
Jaime Marcus
Senior Vice President of Investor Relations3.42yrsno datano data
Steven Museles
Chief Legal Officer & Corporate Secretary2.92yrsno datano data

2.9yrs

Average Tenure

56yo

Average Age

Experienced Management: JBGS's management team is considered experienced (2.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
W. Kelly
CEO & Trustee2.92yrsUS$4.89m0.037% $1.7m
Robert Stewart
Executive Vice Chairman2.92yrsUS$3.62m0.065% $3.0m
Charles Haldeman
Independent Trustee2.92yrsUS$214.99k0.056% $2.6m
Carol Melton
Independent Trustee2.92yrsUS$214.99k0.0019% $85.9k
Steven Roth
Chairman of the Board2.92yrsUS$199.99k1.13% $52.0m
D. Shuman
Independent Trustee2.92yrsUS$204.99kno data
Alan Forman
Independent Trustee2.92yrsUS$219.99kno data
Scott Estes
Independent Trustee2.92yrsUS$229.99k0.015% $687.9k
William Mulrow
Independent Trustee2.92yrsUS$214.99kno data
Michael Glosserman
2.92yrsUS$292.85kno data

2.9yrs

Average Tenure

63.5yo

Average Age

Experienced Board: JBGS's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: JBGS insiders have sold more shares than they have bought 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

JBG SMITH Properties's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: JBG SMITH Properties
  • Ticker: JBGS
  • Exchange: NYSE
  • Founded: 2016
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$4.595b
  • Market Cap: US$4.148b
  • Shares outstanding: 148.00m
  • Website: https://www.jbgsmith.com

Number of Employees


Location

  • JBG SMITH Properties
  • 4747 Bethesda Avenue
  • Suite 200
  • Bethesda
  • Maryland
  • 20814
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
JBGSNYSE (New York Stock Exchange)YesCommon SharesUSUSDJul 2017
JBGMUN (Boerse Muenchen)YesCommon SharesDEEURJul 2017

Biography

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.8 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future development pipeline encompassing 16.7 million square feet of mixed-use development opportunities. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/03 14:09
End of Day Share Price2020/06/02 00:00
Earnings2020/03/31
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.