| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 0/6 |
| Past Performance | 1/6 |
| Financial Health | 1/6 |
| Dividends | 3/6 |
ESBA Stock Overview
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Empire State Realty OP Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$8.00 |
| 52 Week High | US$11.36 |
| 52 Week Low | US$6.20 |
| Beta | 1.09 |
| 1 Month Change | 10.50% |
| 3 Month Change | 5.96% |
| 1 Year Change | -25.16% |
| 3 Year Change | -39.58% |
| 5 Year Change | -60.88% |
| Change since IPO | -40.74% |
Recent News & Updates
Shareholder Returns
| ESBA | US REITs | US Market | |
|---|---|---|---|
| 7D | 1.5% | 4.5% | 3.2% |
| 1Y | -25.2% | -3.6% | -10.1% |
Return vs Industry: ESBA underperformed the US REITs industry which returned -3.6% over the past year.
Return vs Market: ESBA underperformed the US Market which returned -10.1% over the past year.
Price Volatility
| ESBA volatility | |
|---|---|
| ESBA Average Weekly Movement | 9.7% |
| REITs Industry Average Movement | 4.3% |
| Market Average Movement | 7.7% |
| 10% most volatile stocks in US Market | 16.9% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: ESBA is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.
Volatility Over Time: ESBA's weekly volatility (10%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| n/a | 693 | Tony Malkin | https://www.empirestaterealtytrust.com |
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Empire State Realty OP Fundamentals Summary
| ESBA fundamental statistics | |
|---|---|
| Market Cap | US$2.20b |
| Earnings (TTM) | US$12.25m |
| Revenue (TTM) | US$655.80m |
179.7x
P/E Ratio3.4x
P/S RatioIs ESBA overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ESBA income statement (TTM) | |
|---|---|
| Revenue | US$655.80m |
| Cost of Revenue | US$297.63m |
| Gross Profit | US$358.17m |
| Other Expenses | US$345.92m |
| Earnings | US$12.25m |
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.045 |
| Gross Margin | 54.62% |
| Net Profit Margin | 1.87% |
| Debt/Equity Ratio | 137.1% |
How did ESBA perform over the long term?
See historical performance and comparisonDividends
1.8%
Current Dividend Yield19%
Payout RatioValuation
Is ESBA undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
3/6Valuation Score 3/6
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales 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 ESBA?
Other financial metrics that can be useful for relative valuation.
| What is ESBA's n/a Ratio? | |
|---|---|
| n/a Ratio | 0x |
| n/a | n/a |
| Market Cap | US$2.20b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 6.4x |
| Enterprise Value/EBITDA | 13.9x |
| PEG Ratio | n/a |
Price to Sales Ratio vs Peers
How does ESBA's PS Ratio compare to its peers?
| ESBA PS Ratio vs Peers |
|---|
| Company | PS | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 3.5x | ||
ESRT Empire State Realty Trust | 2x | 2.7% | US$2.2b |
AAT American Assets Trust | 4.6x | 3.2% | US$2.3b |
ALEX Alexander & Baldwin | 3.6x | 2.4% | US$1.5b |
STAR iStar | 3.8x | -16.6% | US$1.4b |
ESBA Empire State Realty OP | 3.4x | n/a | US$2.2b |
Price-To-Sales vs Peers: ESBA is good value based on its Price-To-Sales Ratio (3.4x) compared to the peer average (3.5x).
Price to Earnings Ratio vs Industry
How does ESBA's PE Ratio compare vs other companies in the US REITs Industry?
Price-To-Sales vs Industry: ESBA is good value based on its Price-To-Sales Ratio (3.4x) compared to the US REITs industry average (5.9x)
Price to Sales Ratio vs Fair Ratio
What is ESBA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PS Ratio | 3.4x |
| Fair PS Ratio | n/a |
Price-To-Sales vs Fair Ratio: Insufficient data to calculate ESBA's Price-To-Sales Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of ESBA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: ESBA ($8) is trading below our estimate of fair value ($9.97)
Significantly Below Fair Value: ESBA is trading below fair value, but not by a significant amount.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Insufficient data to show price forecast.
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Future Growth
How is Empire State Realty OP forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Future Growth Score
0/6Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE
7.0%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Empire State Realty OP has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
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- Examine whether Empire State Realty OP is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- Empire State Realty OP competitive advantages and company strategy can generally be found in its financial reports archived here.
Past Performance
How has Empire State Realty OP performed over the past 5 years?
Past Performance Score
1/6Past Performance Score 1/6
Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE
-51.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ESBA has a large one-off gain of $19.4M impacting its June 30 2022 financial results.
Growing Profit Margin: ESBA became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: ESBA's earnings have declined by 51.5% per year over the past 5 years.
Accelerating Growth: ESBA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: ESBA has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (50.5%).
Return on Equity
High ROE: ESBA's Return on Equity (1%) is considered low.
Discover strong past performing companies
Financial Health
How is Empire State Realty OP's financial position?
Financial Health Score
1/6Financial Health Score 1/6
Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage
Financial Position Analysis
Short Term Liabilities: ESBA's short term assets ($771.9M) exceed its short term liabilities ($138.7M).
Long Term Liabilities: ESBA's short term assets ($771.9M) do not cover its long term liabilities ($2.4B).
Debt to Equity History and Analysis
Debt Level: ESBA's net debt to equity ratio (115.3%) is considered high.
Reducing Debt: ESBA's debt to equity ratio has increased from 81% to 137.1% over the past 5 years.
Debt Coverage: ESBA's debt is not well covered by operating cash flow (9.3%).
Interest Coverage: ESBA's interest payments on its debt are not well covered by EBIT (1x coverage).
Balance Sheet
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Dividend
What is Empire State Realty OP current dividend yield, its reliability and sustainability?
Dividend Score
3/6Dividend Score 3/6
Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage
1.75%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: ESBA's dividend (1.75%) is higher than the bottom 25% of dividend payers in the US market (1.47%).
High Dividend: ESBA's dividend (1.75%) is low compared to the top 25% of dividend payers in the US market (3.96%).
Stability and Growth of Payments
Stable Dividend: ESBA has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: ESBA has only been paying a dividend for 8 years, and since then payments have fallen.
Earnings Payout to Shareholders
Earnings Coverage: With its low payout ratio (19%), ESBA's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its low cash payout ratio (18.1%), ESBA's dividend payments are well covered by cash flows.
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Management
How experienced are the management team and are they aligned to shareholders interests?
1.5yrs
Average management tenure
CEO
Tony Malkin (60 yo)
2.58yrs
Tenure
Mr. Anthony E. Malkin, also known as Tony, serves as an Independent Director of APi Group Corporation since October 2019. Mr. Malkin has been the Chief Executive Officer and Chairman since October 2013 at...
Leadership Team
Experienced Management: ESBA's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.
Board Members
Experienced Board: ESBA's board of directors are considered experienced (8.8 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.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Empire State Realty OP, L.P.'s employee growth, exchange listings and data sources
Key Information
- Name: Empire State Realty OP, L.P.
- Ticker: ESBA
- Exchange: ARCA
- Founded: NaN
- Industry: Diversified REITs
- Sector: Real Estate
- Implied Market Cap: US$2.200b
- Shares outstanding: 275.10m
- Website: https://www.empirestaterealtytrust.com
Number of Employees
Location
- Empire State Realty OP, L.P.
- 111 West 33rd Street
- 12th Floor
- New York
- New York
- 10120
- United States
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/08/13 00:00 |
| End of Day Share Price | 2022/08/12 00:00 |
| Earnings | 2022/06/30 |
| Annual Earnings | 2021/12/31 |
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.