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ESBA

Empire State Realty OP ARCA:ESBA Stock Report

Last Price

US$8.00

Market Cap

US$2.2b

7D

1.5%

1Y

-25.2%

Updated

13 Aug, 2022

Data

Company Financials
ESBA fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance1/6
Financial Health1/6
Dividends3/6

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

Summary of all time highs, changes and price drops for Empire State Realty OP
Historical stock prices
Current Share PriceUS$8.00
52 Week HighUS$11.36
52 Week LowUS$6.20
Beta1.09
1 Month Change10.50%
3 Month Change5.96%
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

ESBAUS REITsUS Market
7D1.5%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

Is ESBA's price volatile compared to industry and market?
ESBA volatility
ESBA Average Weekly Movement9.7%
REITs Industry Average Movement4.3%
Market Average Movement7.7%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.2%

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

FoundedEmployeesCEOWebsite
n/a693Tony Malkinhttps://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

How do Empire State Realty OP's earnings and revenue compare to its market cap?
ESBA fundamental statistics
Market CapUS$2.20b
Earnings (TTM)US$12.25m
Revenue (TTM)US$655.80m

179.7x

P/E Ratio

3.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ESBA income statement (TTM)
RevenueUS$655.80m
Cost of RevenueUS$297.63m
Gross ProfitUS$358.17m
Other ExpensesUS$345.92m
EarningsUS$12.25m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.045
Gross Margin54.62%
Net Profit Margin1.87%
Debt/Equity Ratio137.1%

How did ESBA perform over the long term?

See historical performance and comparison

Dividends

1.8%

Current Dividend Yield

19%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation 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.

ESBA 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/Revenue6.4x
Enterprise Value/EBITDA13.9x
PEG Ration/a

Price to Sales Ratio vs Peers

How does ESBA's PS Ratio compare to its peers?

ESBA PS Ratio vs Peers
The above table shows the PS ratio for ESBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average3.5x
ESRT Empire State Realty Trust
2x2.7%US$2.2b
AAT American Assets Trust
4.6x3.2%US$2.3b
ALEX Alexander & Baldwin
3.6x2.4%US$1.5b
STAR iStar
3.8x-16.6%US$1.4b
ESBA Empire State Realty OP
3.4xn/aUS$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.

ESBA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.4x
Fair PS Ration/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

0/6

Future 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

1/6

Past 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.


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Financial Health

How is Empire State Realty OP'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: 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

3/6

Dividend 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/13 00:00
End of Day Share Price2022/08/12 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.