AMEX:PLYM

Stock Analysis Report

Plymouth Industrial REIT

Executive Summary

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States.


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.

Share Price & News

How has Plymouth Industrial REIT's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0.1%

PLYM

-0.07%

US REITs

-1.1%

US Market


1 Year Return

35.0%

PLYM

16.0%

US REITs

17.9%

US Market

Return vs Industry: PLYM exceeded the US REITs industry which returned 16% over the past year.

Return vs Market: PLYM exceeded the US Market which returned 17.9% over the past year.


Shareholder returns

PLYMIndustryMarket
7 Day0.1%-0.07%-1.1%
30 Day11.8%3.6%1.4%
90 Day14.5%7.8%6.9%
1 Year46.8%35.0%20.7%16.0%20.3%17.9%
3 Yearn/a37.9%20.6%47.8%38.3%
5 Yearn/a60.3%27.3%71.9%53.0%

Price Volatility Vs. Market

How volatile is Plymouth Industrial REIT's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Plymouth Industrial REIT undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PLYM ($20.85) is trading below our estimate of fair value ($75.78)

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


Price To Earnings Ratio

PE vs Industry: PLYM is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: PLYM is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PLYM's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PLYM is overvalued based on its PB Ratio (2.7x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Plymouth Industrial REIT forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-25.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PLYM is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: PLYM is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: PLYM is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: PLYM's revenue (4.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: PLYM's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Plymouth Industrial REIT performed over the past 5 years?

13.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PLYM is currently unprofitable.

Growing Profit Margin: PLYM is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: PLYM is unprofitable, but has reduced losses over the past 5 years at a rate of 13.5% per year.

Accelerating Growth: Unable to compare PLYM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PLYM is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (7.6%).


Return on Equity

High ROE: PLYM has a negative Return on Equity (-5.72%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Plymouth Industrial REIT's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PLYM has a high level of physical assets or inventory.

Debt Coverage by Assets: PLYM's debt is not covered by short term assets (assets are 0.1x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable PLYM has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: PLYM is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 60.3% per year.


Financial Institutions Analysis

Asset Level: PLYM's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PLYM has a sufficient allowance for bad loans.

Low Risk Liabilities: PLYM reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PLYM has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PLYM has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PLYM has an appropriate level of bad loans.


Next Steps

Dividend

What is Plymouth Industrial REIT's current dividend yield, its reliability and sustainability?

7.19%

Current Dividend Yield


Dividend Yield vs Market

company7.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years7.2%

Current dividend yield vs market & industry

Notable Dividend: PLYM's dividend (7.19%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: PLYM's dividend (7.19%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (114.2%), PLYM's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PLYM's dividends in 3 years are forecast to be thoroughly covered by earnings (3.8% payout ratio).


Next Steps

Management

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

8.9yrs

Average management tenure


CEO

Jeff Witherell (54yo)

8.9yrs

Tenure

US$503,487

Compensation

Mr. Jeffrey Earle Witherell, also known as Jeff, served as the Chief Executive Officer and President of Plymouth Realty Capital Corp. until November 28, 2018 and has been its Director since July 31, 2013.  ...


CEO Compensation Analysis

Compensation vs Market: Jeff's total compensation ($USD503.49K) is below average for companies of similar size in the US market ($USD1.67M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Jeffrey Witherell
Chairman & CEO8.9yrsUS$503.49k0.56% $1.7m
Pendleton White
President8.9yrsUS$417.33k0.44% $1.3m
Daniel Wright
Executive VP & CFO5.8yrsUS$308.96k0.33% $987.2k
Tripp Sullivan
Investor Relations3.1yrsno datano data
Anne Hayward
Senior VP & General Counsel8.9yrsno datano data
Nancy Parziale
Senior VP of Finance & Controller0yrsno datano data

8.9yrs

Average Tenure

59yo

Average Age

Experienced Management: PLYM's management team is seasoned and experienced (8.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jeffrey Witherell
Chairman & CEO8.9yrsUS$503.49k0.56% $1.7m
Pendleton White
President8.9yrsUS$417.33k0.44% $1.3m
Martin Barber
Independent Director5yrsUS$65.00k0.060% $181.9k
David Gaw
Independent Director2.7yrsUS$65.00k0.085% $255.2k
Richard DeAgazio
Independent Director2.7yrsUS$65.00k0.085% $257.4k
Philip Cottone
Independent Director2.7yrsUS$60.00k0.089% $267.0k

3.8yrs

Average Tenure

70yo

Average Age

Experienced Board: PLYM's board of directors are considered experienced (3.8 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 67.4%.


Top Shareholders

Company Information

Plymouth Industrial REIT, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Plymouth Industrial REIT, Inc.
  • Ticker: PLYM
  • Exchange: AMEX
  • Founded: 2011
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: US$301.361m
  • Market Cap: US$279.521m
  • Shares outstanding: 14.45m
  • Website: https://www.plymouthreit.com

Number of Employees


Location

  • Plymouth Industrial REIT, Inc.
  • 260 Franklin Street, Suite 700
  • 7th Floor
  • Boston
  • Massachusetts
  • 2110
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PLYMAMEX (NYSE MKT LLC)YesCommon StockUSUSDJun 2017
PLYM.PRAAMEX (NYSE MKT LLC)7.50% PFD AUSUSDOct 2017

Biography

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 02:14
End of Day Share Price2020/02/21 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.