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SITC

SITE Centers NYSE:SITC Stock Report

Last Price

US$10.71

Market Cap

US$2.3b

7D

-5.2%

1Y

-33.6%

Updated

02 Oct, 2022

Data

Company Financials +
SITC fundamental analysis
Snowflake Score
Valuation6/6
Future Growth0/6
Past Performance4/6
Financial Health1/6
Dividends4/6

SITC Stock Overview

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers.

SITE Centers Competitors

Price History & Performance

Summary of all time highs, changes and price drops for SITE Centers
Historical stock prices
Current Share PriceUS$10.71
52 Week HighUS$17.61
52 Week LowUS$10.42
Beta1.51
1 Month Change-16.39%
3 Month Change-21.48%
1 Year Change-33.64%
3 Year Change-27.59%
5 Year Change-39.49%
Change since IPO-56.06%

Recent News & Updates

Sep 07

SITE Centers declares $0.13 dividend

SITE Centers (NYSE:SITC) declares $0.13/share quarterly dividend, in line with previous. Forward yield 3.96% Payable Oct. 7; for shareholders of record Sept. 20; ex-div Sept. 19. See SITC Dividend Scorecard, Yield Chart, & Dividend Growth.

Aug 30

SITE Centers: Not Differentiated Enough For Selective Investors

Summary SITE Centers Corp. owns a portfolio of open-air shopping centers that are concentrated in affluent suburbs within the Sunbelt Region of the U.S. Their total portfolio is smaller than several of their peers, but they share common tenants and their properties are generally of better quality, supported in part by higher household incomes. While their balance sheet is more opportunistically positioned than their peer set, the market for external growth is likely to slow. Similar to others, they have a large pipeline of pending lease commencements, which should drive earnings in later periods. But this may not be enough to materially alter the stock's trajectory. Though further dividend hikes are likely, that, alone, is not compelling enough to justify new initiation. SITE Centers Corp. (SITC) is a real estate investment trust (“REIT”) that owns a portfolio of open-air shopping centers in well-positioned locations in the suburbs of top metropolitan statistical areas (“MSAs”). YTD, shares are down over 10%, which is significantly worse than similar peers, Brixmor Property Group (BRX) and Kite Realty Group Trust (KRG), which are both positive. YCharts - Total 1-YR Returns of SITC Compared To Competitors Despite current period underperformance, shares still have performed strongly since their lows reached in early 2020. At present, SITC trades at about 11.7x forward funds from operations (“FFO”). This is slightly higher than their 11x multiple commanded at the end of 2019. But at that time, SITE’s implied cap rate was approximately 6%. That has since expanded to about 7.3%, which is in-line with BRX, but arguably a bit high. YCharts - Recent Share Price History of SITC Similar to other shopping center REITs, SITC has a significant pipeline of signed but not yet commenced (“SNO”) leases. This should drive multi-year cash flow growth. In addition, demand for their properties will remain supported by favorable fundamentals that includes high household incomes and convenient access in top suburban communities, where companies are increasingly relying on physical store locations to improve the efficiency of fulfillment of online purchases. Current supply/demand dynamics also continue to favor SITE in driving rents in future periods. Though opportunities for further growth exist, it may not be enough to materially change the direction of the stock price in the near-medium term. While SITC remains a quality portfolio holding, it is not differentiated enough from peers to justify newly initiated positioning. Well-Positioned Portfolio In Affluent Suburban Communities SITC’s portfolio of open-air shopping centers includes 99 wholly-owned properties that are concentrated in the Sunbelt region of the U.S. in affluent suburban communities. This is a smaller and more geographically concentrated portfolio than BRX, who owns over 350 properties throughout the U.S. But SITC’s portfolio makes up for that by their quality, which is supported in part by average household incomes of $110K versus $100K for BRX. Q2FY22 Investor Fact Sheet - Map of Geographic Concentration Among their top 20 MSAs is the Miami-Fort Lauderdale-West Palm Beach sections of Florida, which is their second largest market by annualized base rents (“ABR”) and a region that is experiencing significant interest, particularly in Miami, where rental growth continues to outpace the national average. While moderation is likely in the coming periods, SITC should continue to benefit from the region’s increasing popularity with households and businesses. Large Base of Credited National Tenants Anchoring SITC’s portfolio are a large group of credited national tenants that provide day-to-day consumer necessities with a focus on value and convenience as opposed to discretionary items. This enables many of their tenants to operate with stability through a variety of economic conditions. Similar to BRX, SITC’s top tenant is The TJX Companies, Inc (TJX). Other top tenants include DICK’s Sporting Goods, Inc (DKS), Petsmart, The Michaels Companies, Inc (MIK), and Ross Stores, Inc (ROST), who are all well-capitalized companies that have historically provided a stable revenue base. Though the overall tenant base is highly diversified, SITC does have elevated concentration to TJX, which is the only company to account for over 5% of ABR. This is in contrast to BRX, where no single tenant, including TJX, accounted for more than 5% of ABR. In addition, SITC’s portfolio is more themed on value, service, and convenience as opposed to essential operations. This does result in slightly elevated risk. The affluence of their operating markets, however, serves as an adequate hedge against this risk. Q2FY22 Investor Supplement - Partial Summary of Top Tenants Strong Growth In Occupancy Levels At the end of June 30, 2022, the overall portfolio leased rate stood at 94.4%. This is up 120 basis points (“bps”) on a sequential basis and 260bps YOY. In addition, the rate is now above the company’s pre-COVID high of 94.3% back in 2017. From a historical perspective, occupancy has generally ranged from 89% to 96% since the company’s IPO in 1993. As such, SITC does have 160bps of opportunity in attaining the top end of their historical averages. In addition, there is a spread of 340bps in their commenced and leased rates. While this is lower than the 350bps reported by BRX, it is up 40bps from Q1, whereas it remained flat for BRX. This pipeline of opportunity is expected to contribute meaningfully to future cash flow growth and is projected to represent approximately 5% of ABR. Q2FY22 Investor Supplement - Summary of Occupancy Figures For The Last Five Quarters From an anchor/non-anchor standpoint, the leased rate for those occupying over 10k/sqft was essentially topped out at 96.9%. But at 87.3%, there is still some upside to be had in their smaller shops, though they do represent a smaller share of the company’s net operating income (“NOI”). Still, the gains in this segment have been impressive. Last year, for example, occupancy at their small shops was 82.9%. And just last quarter it stood at 86%. This is notable because base rents/psf for these spaces are nearly double the anchor spaces. Healthy Spreads But Declining Effective Rents Similar to their peers, SITC is benefitting from rental growth on robust leasing demand. In the current quarter, SITC posted record volume compared to the last six years. This is likely to continue as another 250k square feet is under negotiation for subsequent periods. New leasing spreads came in strong at 20%, while renewals held up at 4.2% over a trailing twelve-month period. For the quarter, blended spreads were 8.2%, aided by a 31.6% spread on new leases. For the total pool, the average portfolio rent/psf now stands at nearly $19/psf, with a weighted average lease term (“WALT”) of 6.7 years. Continued leasing strength should drive revenues in the coming periods and should offset some of the hit to earnings that is expected from the waning effects of rental recoveries relating to the COVID-19 pandemic. Already, these reversals weighed on current period same-store NOI, which was down 2.4% due a +$6.7M headwind relating to prior period reversals in the second quarter of 2021. On an adjusted basis, however, same-store NOI would have increased 4.8%. Q2FY22 Investor Supplement - Breakout of Rental Income Though rents have increased on a gross basis, net effective rents, which account for the CAPEX put into a property, on new leases actually declined during the quarter, coming in over $3/psf lower than Q1FY22. This was due to the greater work spent on anchor properties over 10k square feet, which inherently have greater CAPEX requirements, especially on large national tenants, whose base rents are already lower than their small shop counterparts. And in the current quarter, they accounted for over 60% of gross leasable area (“GLA”), which is on the high end of historical averages. Q2FY22 Investor Supplement - Summary of Net Effective Rents On New Leases Moving forward, SITC does expect to expend additional capital on these spaces. That can, thus, tie up funds that would otherwise be used for acquisitions or debt paydown. A More Opportunistically Positioned Balance Sheet Relative to their peer set, SITC is less levered. This positions them strongly to capitalize on new opportunities. With over +$850M in available liquidity, they have ample funds to satisfy their reoccurring obligations, which includes interest expense and their dividend payments, among others. As a multiple of EBITDA, net debt stood at 5.4x at quarter end. This is several notches below the mid-6x reported by BRX. They do, however, have greater exposure to variable-rate debt, which exposes them to higher interest rate risk. Still, they have sufficient room to weather higher rates, as evidenced by their fixed charge coverage ratio, which stood at 4.3x, up from 4.1x at the end of 2021 and 3.5x at the end of 2020.

Shareholder Returns

SITCUS REITsUS Market
7D-5.2%-4.1%-2.5%
1Y-33.6%-20.4%-23.2%

Return vs Industry: SITC underperformed the US REITs industry which returned -20.4% over the past year.

Return vs Market: SITC underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is SITC's price volatile compared to industry and market?
SITC volatility
SITC Average Weekly Movement4.6%
REITs Industry Average Movement4.2%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: SITC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: SITC's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/a293David Lukeshttps://www.sitecenters.com

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.

SITE Centers Fundamentals Summary

How do SITE Centers's earnings and revenue compare to its market cap?
SITC fundamental statistics
Market CapUS$2.29b
Earnings (TTM)US$149.71m
Revenue (TTM)US$585.99m

15.3x

P/E Ratio

3.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SITC income statement (TTM)
RevenueUS$585.99m
Cost of RevenueUS$158.97m
Gross ProfitUS$427.02m
Other ExpensesUS$277.32m
EarningsUS$149.71m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.70
Gross Margin72.87%
Net Profit Margin25.55%
Debt/Equity Ratio89.3%

How did SITC perform over the long term?

See historical performance and comparison

Dividends

4.9%

Current Dividend Yield

44%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is SITC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SITC?

Other financial metrics that can be useful for relative valuation.

SITC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.3x
Enterprise Value/EBITDA11.4x
PEG Ratio-0.7x

Price to Earnings Ratio vs Peers

How does SITC's PE Ratio compare to its peers?

SITC PE Ratio vs Peers
The above table shows the PE ratio for SITC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average49x
ROIC Retail Opportunity Investments
32.7x-4.9%US$1.8b
UE Urban Edge Properties
17.2x1.5%US$1.6b
MAC Macerich
47.1x41.4%US$1.8b
PECO Phillips Edison
99.1x28.1%US$3.7b
SITC SITE Centers
15.3x-21.5%US$2.3b

Price-To-Earnings vs Peers: SITC is good value based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (49x).


Price to Earnings Ratio vs Industry

How does SITC's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: SITC is good value based on its Price-To-Earnings Ratio (15.3x) compared to the US REITs industry average (25.8x)


Price to Earnings Ratio vs Fair Ratio

What is SITC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SITC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.3x
Fair PE Ratio20.9x

Price-To-Earnings vs Fair Ratio: SITC is good value based on its Price-To-Earnings Ratio (15.3x) compared to the estimated Fair Price-To-Earnings Ratio (20.9x).


Share Price vs Fair Value

What is the Fair Price of SITC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SITC ($10.71) is trading below our estimate of fair value ($31.75)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is SITE Centers forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-21.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SITC's earnings are forecast to decline over the next 3 years (-21.5% per year).

Earnings vs Market: SITC's earnings are forecast to decline over the next 3 years (-21.5% per year).

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

Revenue vs Market: SITC's revenue (4.3% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: SITC's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SITC's Return on Equity is forecast to be low in 3 years time (3.1%).


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Past Performance

How has SITE Centers performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


46.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SITC has a large one-off gain of $55.2M impacting its June 30 2022 financial results.

Growing Profit Margin: SITC's current net profit margins (25.5%) are higher than last year (4%).


Past Earnings Growth Analysis

Earnings Trend: SITC has become profitable over the past 5 years, growing earnings by 46.7% per year.

Accelerating Growth: SITC's earnings growth over the past year (647.6%) exceeds its 5-year average (46.7% per year).

Earnings vs Industry: SITC earnings growth over the past year (647.6%) exceeded the REITs industry 45.8%.


Return on Equity

High ROE: SITC's Return on Equity (7.7%) is considered low.


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Financial Health

How is SITE Centers's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SITC's short term assets ($107.9M) do not cover its short term liabilities ($182.3M).

Long Term Liabilities: SITC's short term assets ($107.9M) do not cover its long term liabilities ($1.9B).


Debt to Equity History and Analysis

Debt Level: SITC's net debt to equity ratio (87.5%) is considered high.

Reducing Debt: SITC's debt to equity ratio has reduced from 140% to 89.3% over the past 5 years.

Debt Coverage: SITC's debt is not well covered by operating cash flow (14.5%).

Interest Coverage: SITC's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


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Dividend

What is SITE Centers's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.86%

Current Dividend Yield

Dividend Yield vs Market

SITE Centers Dividend Yield vs Market
How does SITE Centers dividend yield compare to the market?
SegmentDividend Yield
Company (SITE Centers)4.9%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (REITs)4.1%
Analyst forecast in 3 Years (SITE Centers)5.3%

Notable Dividend: SITC's dividend (4.86%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: SITC's dividend (4.86%) is in the top 25% of dividend payers in the US market (4.73%)


Stability and Growth of Payments

Stable Dividend: SITC's dividend payments have been volatile in the past 10 years.

Growing Dividend: SITC's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (44.4%), SITC's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (41.3%), SITC's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

5.5yrs

Average management tenure


CEO

David Lukes (52 yo)

5.58yrs

Tenure

US$6,910,219

Compensation

Mr. David R. Lukes has been the Chief Executive Officer and President of SITE Centers Corp. since March 2, 2017. Mr. Lukes has been Chief Executive Officer and President of Retail Value Inc. since February...


CEO Compensation Analysis

David Lukes's Compensation vs SITE Centers Earnings
How has David Lukes's remuneration changed compared to SITE Centers's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$150m

Mar 31 2022n/an/a

US$106m

Dec 31 2021US$7mUS$900k

US$106m

Sep 30 2021n/an/a

US$43m

Jun 30 2021n/an/a

US$20m

Mar 31 2021n/an/a

-US$3m

Dec 31 2020US$9mUS$865k

US$15m

Sep 30 2020n/an/a

US$31m

Jun 30 2020n/an/a

US$44m

Mar 31 2020n/an/a

US$62m

Dec 31 2019US$7mUS$850k

US$61m

Sep 30 2019n/an/a

US$223m

Jun 30 2019n/an/a

US$191m

Mar 31 2019n/an/a

US$170m

Dec 31 2018US$6mUS$850k

US$80m

Sep 30 2018n/an/a

-US$319m

Jun 30 2018n/an/a

-US$309m

Mar 31 2018n/an/a

-US$274m

Dec 31 2017US$8mUS$705k

-US$271m

Compensation vs Market: David's total compensation ($USD6.91M) is about average for companies of similar size in the US market ($USD5.58M).

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


Leadership Team

Experienced Management: SITC's management team is seasoned and experienced (5.5 years average tenure).


Board Members

Experienced Board: SITC's board of directors are considered experienced (5.7 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

NYSE:SITC Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Apr 22SellUS$5,155,283David LukesIndividual310,797US$16.59
29 Mar 22SellUS$590,765Christa VesyIndividual35,000US$16.88
22 Mar 22SellUS$153,710Conor FennertyIndividual9,500US$16.18
16 Nov 21SellUS$34,723,130Alexander OttoIndividual2,100,000US$16.54

Ownership Breakdown

What is the ownership structure of SITC?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders28,776,97813.1%
Institutions190,358,06286.9%

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


Top Shareholders

Top 25 shareholders own 79.13% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.36%
The Vanguard Group, Inc.
30,740,307$329.2m4.14%0.01%
14.21%
BlackRock, Inc.
30,413,055$325.7m6.91%0.01%
9.16%
Alexander Otto
19,600,276$209.9m0.01%no data
5.36%
State Street Global Advisors, Inc.
11,470,758$122.9m6.17%0.01%
4.87%
Cohen & Steers Capital Management, Inc.
10,429,585$111.7m-13.47%0.23%
4.25%
FMR LLC
9,086,935$97.3m-12.8%0.01%
3.68%
Katharina Otto-Bernstein
7,877,752$84.4m0%no data
1.85%
Goldman Sachs Asset Management, L.P.
3,952,229$42.3m-22.51%0.02%
1.74%
Geode Capital Management, LLC
3,733,589$40.0m10.09%0.01%
1.73%
Frontier Capital Management Co LLC
3,702,727$39.7m3.84%0.4%
1.58%
Charles Schwab Investment Management, Inc.
3,386,234$36.3m6.67%0.01%
1.53%
Northern Trust Global Investments
3,282,317$35.2m5.23%0.01%
1.35%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
2,889,013$30.9m-12.03%0.01%
1.32%
Janus Henderson Group plc
2,825,825$30.3m90.48%0.02%
1.28%
Victory Capital Management Inc.
2,733,898$29.3m-1.49%0.03%
1.24%
RREEF America L.L.C.
2,662,828$28.5m0%0.14%
1.2%
Dimensional Fund Advisors LP
2,573,078$27.6m0.9%0.01%
1.18%
Morgan Stanley Investment Management Inc.
2,524,020$27.0m-21.52%0.02%
1.13%
Goldman Sachs Group, Investment Banking and Securities Investments
2,422,489$25.9m27.97%0.02%
1.1%
Daiwa Asset Management Co. Ltd.
2,356,030$25.2m-17.17%0.03%
1.04%
BNY Mellon Asset Management
2,222,920$23.8m-0.59%0.01%
1.04%
Heitman Real Estate Securities LLC
2,218,432$23.8m-46.31%1.24%
1%
Nikko Asset Management Co., Ltd.
2,149,917$23.0m25.06%0.01%
0.98%
LaSalle Investment Management Securities, LLC
2,088,105$22.4m33.13%0.89%
0.95%
Columbia Management Investment Advisers, LLC
2,024,176$21.7m0.08%0.01%

Company Information

SITE Centers Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: SITE Centers Corp.
  • Ticker: SITC
  • Exchange: NYSE
  • Founded: NaN
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.294b
  • Market Cap: US$2.292b
  • Shares outstanding: 214.18m
  • Website: https://www.sitecenters.com

Number of Employees


Location

  • SITE Centers Corp.
  • 3300 Enterprise Parkway
  • Beachwood
  • Ohio
  • 44122
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SITCNYSE (New York Stock Exchange)YesCommon SharesUSUSDFeb 1993
DDR2DB (Deutsche Boerse AG)YesCommon SharesDEEURFeb 1993
SITC.PRANYSE (New York Stock Exchange)DEP SH CUM PFD AUSUSDMay 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.