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

Fundamentals

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


Market Performance


7 Day Return

1.1%

PLYM

-0.2%

US REITs

1.3%

US Market


1 Year Return

26.5%

PLYM

19.9%

US REITs

5.9%

US Market

Return vs Industry: PLYM exceeded the US REITs industry which returned 19.9% over the past year.

Return vs Market: PLYM exceeded the US Market which returned 5.9% over the past year.


Shareholder returns

PLYMIndustryMarket
7 Day1.1%-0.2%1.3%
30 Day1.2%2.0%-1.9%
90 Day1.5%4.2%-1.8%
1 Year38.8%26.5%25.3%19.9%8.3%5.9%
3 Yearn/a34.1%17.0%45.6%36.2%
5 Yearn/a64.2%29.5%66.1%47.9%

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

Undervalued: PLYM ($18.65) is trading below our estimate of fair value ($38.43)

Significantly Undervalued: 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

Low 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 (4.8x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Plymouth Industrial REIT forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-1.9%

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 (4.3% per year) is forecast to grow slower than the US market (7.3% per year).

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


Earnings per Share Growth Forecasts


Future Return on Equity

High 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?

8.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: PLYM is unprofitable, but has reduced losses over the past 5 years at a rate of 8.3% 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 (17%).


Return on Equity

High ROE: PLYM has a negative Return on Equity (-9.1%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: PLYM is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: PLYM is currently unprofitable, so its Return on Capital Employed is negative.


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 87.9% 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?

8.04%

Current Dividend Yield


Dividend Yield vs Market

company8.0%marketbottom25%1.5%markettop25%3.8%industryaverage3.7%forecastin3Years8.0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: PLYM's dividend (8.04%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: PLYM's dividend (8.04%) is in the top 25% of dividend payers in the US market (3.77%)

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 2 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (99.8%), PLYM's 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

What is the CEO of Plymouth Industrial REIT's salary, the management and board of directors tenure and is there insider trading?

8.5yrs

Average management tenure


CEO

Jeff Witherell (54yo)

8.6yrs

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 2018 and has been its Director since July 31, 2013. He,  ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Jeff's total compensation is reasonable compared to companies of similar size in the US market.

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


Management Age and Tenure

8.5yrs

Average Tenure

57yo

Average Age

Experienced Management: PLYM's management team is seasoned and experienced (8.5 years average tenure).


Board Age and Tenure

3.5yrs

Average Tenure

70yo

Average Age

Experienced Board: PLYM's board of directors are considered experienced (3.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$15,33013 Mar 19
Jeffrey Witherell
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares1,000
Max PriceUS$15.33
BuyUS$6,15321 Dec 18
Richard DeAgazio
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares500
Max PriceUS$12.37
BuyUS$10,00021 Dec 18
Daniel Wright
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares800
Max PriceUS$12.50
BuyUS$12,35021 Dec 18
Pendleton White
EntityIndividual
Role
Member of the Board of Directors
President
Shares1,000
Max PriceUS$12.35

Ownership Breakdown


Management Team

  • Jeff Witherell (54yo)

    Chairman & CEO

    • Tenure: 8.6yrs
    • Compensation: US$503.49k
  • Pendleton White (59yo)

    President

    • Tenure: 8.6yrs
    • Compensation: US$417.33k
  • Anne Hayward (67yo)

    Senior VP & General Counsel

    • Tenure: 8.6yrs
  • Nancy Parziale (50yo)

    Senior VP of Finance & Controller

    • Tenure: 0yrs
  • James Connolly (55yo)

    Senior Vice President of Asset Management

    • Tenure: 8.4yrs
  • Dan Wright (70yo)

    Executive VP & CFO

    • Tenure: 5.4yrs
    • Compensation: US$308.96k
  • Tripp Sullivan

    Investor Relations

    • Tenure: 2.8yrs

Board Members

  • Martin Barber (74yo)

    Independent Director

    • Tenure: 4.7yrs
    • Compensation: US$65.00k
  • David Gaw (67yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$65.00k
  • Richard DeAgazio (73yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$65.00k
  • Philip Cottone (79yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$60.00k
  • Jeff Witherell (54yo)

    Chairman & CEO

    • Tenure: 8.6yrs
    • Compensation: US$503.49k
  • Pendleton White (59yo)

    President

    • Tenure: 8.6yrs
    • Compensation: US$417.33k

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$271.152m
  • Market Cap: US$250.028m
  • 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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 00:30
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
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.