OTCPK:ALSR.F

Stock Analysis Report

Executive Summary

Alstria office REIT-AG is an internally managed Real estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany.

Rewards

PE ratio (4x) is below the US market (18.9x)

Earnings grew by 163% over the past year

Pays a reliable dividend of 3.07%

Risk Analysis

Earnings are forecast to decline by an average of -28.5% per year for the next 3 years

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Solid track record average dividend payer.


Similar Companies

Share Price & News

How has alstria office REIT-AG's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0.3%

ALSR.F

0.8%

US REITs

-1.2%

US Market


1 Year Return

n/a

ALSR.F

17.3%

US REITs

22.3%

US Market

Return vs Industry: Insufficient data to determine how ALSR.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how ALSR.F performed against the US Market.


Shareholder returns

ALSR.FIndustryMarket
7 Day0.3%0.8%-1.2%
30 Dayn/a3.4%1.6%
90 Dayn/a1.5%8.8%
1 Yearn/a22.2%17.3%25.0%22.3%
3 Yearn/a38.0%20.6%49.9%40.3%
5 Yearn/a49.6%18.7%77.6%58.0%

Price Volatility Vs. Market

How volatile is alstria office REIT-AG's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is alstria office REIT-AG undervalued compared to its fair value and its price relative to the market?

4.22x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ALSR.F ($17.19) is trading above our estimate of fair value ($14.79)

Significantly Below Fair Value: ALSR.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ALSR.F is good value based on its PE Ratio (4x) compared to the REITs industry average (37.8x).

PE vs Market: ALSR.F is good value based on its PE Ratio (4x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: ALSR.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: ALSR.F is good value based on its PB Ratio (1x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is alstria office REIT-AG forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

-30.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALSR.F's earnings are forecast to decline over the next 3 years (-28.5% per year).

Earnings vs Market: ALSR.F's earnings are forecast to decline over the next 3 years (-28.5% per year).

High Growth Earnings: ALSR.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ALSR.F's revenue (2.7% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: ALSR.F's revenue (2.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALSR.F's Return on Equity is forecast to be low in 3 years time (4.3%).


Next Steps

Past Performance

How has alstria office REIT-AG performed over the past 5 years?

60.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALSR.F has a large one-off gain of €630.9M impacting its September 30 2019 financial results.

Growing Profit Margin: ALSR.F's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: ALSR.F's earnings have grown significantly by 60.1% per year over the past 5 years.

Accelerating Growth: ALSR.F's earnings growth over the past year (163%) exceeds its 5-year average (60.1% per year).

Earnings vs Industry: ALSR.F earnings growth over the past year (163%) exceeded the REITs industry 8.1%.


Return on Equity

High ROE: ALSR.F's Return on Equity (25.4%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is alstria office REIT-AG'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: ALSR.F has a high level of physical assets or inventory.

Debt Coverage by Assets: ALSR.F's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is alstria office REIT-AG's current dividend yield, its reliability and sustainability?

2.94%

Current Dividend Yield


Dividend Yield vs Market

company2.9%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years3.1%

Current dividend yield vs market & industry

Notable Dividend: ALSR.F's dividend (3.07%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: ALSR.F's dividend (3.07%) is low compared to the top 25% of dividend payers in the US market (3.66%).


Stability and Growth of Payments

Stable Dividend: ALSR.F's dividends per share have been stable in the past 10 years.

Growing Dividend: ALSR.F's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.6%), ALSR.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ALSR.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).


Next Steps

Management

What is the CEO of alstria office REIT-AG's salary, the management and board of directors tenure and is there insider trading?

12.6yrs

Average management tenure


CEO

Olivier Elamine (47yo)

13.2yrs

Tenure

€1,226,000

Compensation

Mr. Olivier Elamine has been the Chief Executive Officer at alstria office REIT-AG since November 2006 and Member of Management Board since 2006 and serves as its Chairman of the Management Board. Mr. Elam ...


CEO Compensation Analysis

Compensation vs Market: Olivier's total compensation ($USD1.37M) is below average for companies of similar size in the US market ($USD4.99M).

Compensation vs Earnings: Olivier's compensation has increased by more than 20% in the past year.


Management Age and Tenure

12.6yrs

Average Tenure

Experienced Management: ALSR.F's management team is seasoned and experienced (12.5 years average tenure).


Board Age and Tenure

3.7yrs

Average Tenure

55yo

Average Age

Experienced Board: ALSR.F's board of directors are considered experienced (3.6 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.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.6%.


Management Team

  • Alexander Dexne (54yo)

    CFO & Member of Management Board

    • Tenure: 12.6yrs
    • Compensation: €1.01m
  • Olivier Elamine (47yo)

    Chairman of the Management Board & CEO

    • Tenure: 13.2yrs
    • Compensation: €1.23m
  • Ralf Dibbern

    Head of Investor Relations & Public Relations

    • Tenure: 9.7yrs

Board Members

  • Richard Mully (58yo)

    Vice Chairman of the Supervisory Board

    • Tenure: 3.2yrs
  • Bernhard Düttmann (60yo)

    Supervisory Board Member

    • Tenure: 3yrs
  • Johannes Conradi (57yo)

    Supervisory Board Chairman

    • Tenure: 3.7yrs
  • Marianne Voigt (53yo)

    Supervisory Board Member

    • Tenure: 8.3yrs
  • Benoît Hérault (52yo)

    Supervisory Board Member

    • Tenure: 7.8yrs
  • Stefanie Frensch (50yo)

    Supervisory Board Member

    • Tenure: 3.7yrs

Company Information

alstria office REIT-AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: alstria office REIT-AG
  • Ticker: ALSR.F
  • Exchange: OTCPK
  • Founded: 2006
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €3.136b
  • Listing Market Cap: €3.458b
  • Shares outstanding: 177.59m
  • Website: https://www.alstria.com

Number of Employees


Location

  • alstria office REIT-AG
  • Steinstrasse 7
  • Hamburg
  • Hamburg
  • 20095
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AOXDB (Deutsche Boerse AG)YesOrdinary Bearer SharesDEEURApr 2007
0O9QLSE (London Stock Exchange)YesOrdinary Bearer SharesGBEURApr 2007
AOXXTRA (XETRA Trading Platform)YesOrdinary Bearer SharesDEEURApr 2007
AOXDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Bearer SharesGBEURApr 2007
AOXSWX (SIX Swiss Exchange)YesOrdinary Bearer SharesCHCHFApr 2007
AOXWBAG (Wiener Boerse AG)YesOrdinary Bearer SharesATEURApr 2007
ALSR.FOTCPK (Pink Sheets LLC)YesOrdinary Bearer SharesUSUSDApr 2007
AOXETLX (Eurotlx)YesOrdinary Bearer SharesITEURApr 2007

Biography

Alstria office REIT-AG is an internally managed Real estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. Alstria was found in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are in Hamburg. The combination of alstria and Deutsche office creates the leading listed German office real estate company with a combine portfolio of 117 office buildings comprising 1.5 million sqm of lettable space and representing a total portfolio value of approximately EUR 4.2 billion. The alstria office REIT-AG strategy is based on active asset and portfolio management as well as on establishing and maintaining good relationship with key customers and decision makers. Alstria focuses on long-term real estate value creation. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/27 01:21
End of Day Share Price2020/01/23 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.