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.

Risks

  • Plymouth Industrial REIT is covered by less than 3 analysts.

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

0.5%

AMEX:PLYM

1.3%

US REITs

0.9%

US Market


1 Year Return

18.2%

AMEX:PLYM

9.3%

US REITs

0.3%

US Market

PLYM outperformed the REITs industry which returned 8.2% over the past year.

PLYM outperformed the Market in United States of America which returned -0.5% over the past year.


Share holder returns

PLYMIndustryMarket
7 Day0.5%1.3%0.9%
30 Day-1.5%4.6%-1.9%
90 Day6.4%4.1%1.6%
1 Year30.0%18.2%14.2%9.3%2.6%0.3%
3 Yearn/a25.2%8.9%41.0%31.8%
5 Yearn/a60.2%26.2%55.2%38.0%

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 based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Plymouth Industrial REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).

Plymouth Industrial REIT's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Plymouth Industrial REIT is loss making, we can't compare its value to the US REITs industry average.

Plymouth Industrial REIT is loss making, we can't compare the value of its earnings to the United States of America market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Plymouth Industrial REIT, we can't assess if its growth is good value.


Price Based on Value of Assets

Plymouth Industrial REIT is overvalued based on assets compared to the US REITs industry average.


Next Steps

Future Growth

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

-4.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Plymouth Industrial REIT's revenue is expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).

Plymouth Industrial REIT is not considered high growth as it is expected to be loss making for the next 1-3 years.

Plymouth Industrial REIT's revenue growth is positive but not above the United States of America market average.

Unable to compare Plymouth Industrial REIT's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.

Unable to compare Plymouth Industrial REIT's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Plymouth Industrial REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


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

Plymouth Industrial REIT does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.

Unable to compare Plymouth Industrial REIT's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Plymouth Industrial REIT's 1-year growth to the US REITs industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Plymouth Industrial REIT has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if Plymouth Industrial REIT has efficiently used its assets last year compared to the US REITs industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if Plymouth Industrial REIT improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is Plymouth Industrial REIT's financial position?


Financial Position Analysis

Plymouth Industrial REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Plymouth Industrial REIT's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Plymouth Industrial REIT's level of debt (167.7%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (0.4% vs 167.7% today).


Balance Sheet

High level of physical assets or inventory.

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.

Whilst loss making Plymouth Industrial REIT has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.

Whilst loss making Plymouth Industrial REIT has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -87.9% per year.


Next Steps

Dividend

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

8.03%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Plymouth Industrial REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

Plymouth Industrial REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.84%).

Whilst dividend payments have been stable, Plymouth Industrial REIT has been paying a dividend for less than 10 years.

Plymouth Industrial REIT has only been paying a dividend for 2 years, and since then there has been no growth.


Current Payout to Shareholders

Dividends paid are covered by earnings (1x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


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?

8.3yrs

Average management tenure


CEO

Jeff Witherell (54yo)

8.4yrs

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

Jeff's remuneration is lower than average for companies of similar size in United States of America.

Jeff's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

8.3yrs

Average Tenure

57yo

Average Age

The average tenure for the Plymouth Industrial REIT management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

3.3yrs

Average Tenure

70yo

Average Age

The tenure for the Plymouth Industrial REIT board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


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$12,35021 Dec 18
Pendleton White
EntityIndividual
Role
Member of the Board of Directors
President
Shares1,000
Max PriceUS$12.35
BuyUS$10,00021 Dec 18
Daniel Wright
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares800
Max PriceUS$12.50
BuyUS$12,33606 Sep 18
Jeffrey Witherell
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares800
Max PriceUS$15.42

Ownership Breakdown


Management Team

  • Jeff Witherell (54yo)

    Chairman & CEO

    • Tenure: 8.4yrs
    • Compensation: US$503.49k
  • Pendleton White (59yo)

    President

    • Tenure: 8.4yrs
    • Compensation: US$417.33k
  • Anne Hayward (67yo)

    Senior VP & General Counsel

    • Tenure: 8.4yrs
  • Nancy Parziale (50yo)

    Senior VP of Finance & Controller

    • Tenure: 0.0yrs
  • James Connolly (55yo)

    Senior Vice President of Asset Management

    • Tenure: 8.3yrs
  • Dan Wright (70yo)

    Executive VP & CFO

    • Tenure: 5.3yrs
    • Compensation: US$308.96k
  • Tripp Sullivan

    Investor Relations

    • Tenure: 2.6yrs

Board Members

  • Martin Barber (74yo)

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: US$65.00k
  • David Gaw (67yo)

    Independent Director

    • Tenure: 2.2yrs
    • Compensation: US$65.00k
  • Richard DeAgazio (73yo)

    Independent Director

    • Tenure: 2.2yrs
    • Compensation: US$65.00k
  • Philip Cottone (79yo)

    Independent Director

    • Tenure: 2.2yrs
    • Compensation: US$60.00k
  • Jeff Witherell (54yo)

    Chairman & CEO

    • Tenure: 8.4yrs
    • Compensation: US$503.49k
  • Pendleton White (59yo)

    President

    • Tenure: 8.4yrs
    • 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$181.341m
  • Market Cap: US$163.452m
  • Shares outstanding: 9.80m
  • 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 Analysis2019/08/20 00:36
End of Day Share Price2019/08/19 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.