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SmartCentres Real Estate Investment Trust

OTCPK:CWYU.F
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CWYU.F
OTCPK
CA$6B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

SmartCentres is one of Canada’s largest real estate investment trusts with total assets of approximately $9.6 billion. The last earnings update was 15 days ago. More info.


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CWYU.F Share Price and Events
7 Day Returns
-0.1%
OTCPK:CWYU.F
-0.3%
US REITs
0.2%
US Market
1 Year Returns
10.1%
OTCPK:CWYU.F
13.3%
US REITs
2.9%
US Market
CWYU.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SmartCentres Real Estate Investment Trust (CWYU.F) -0.1% -1% -2.4% 10.1% -6.6% 0%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • CWYU.F underperformed the REITs industry which returned 13.3% over the past year.
  • CWYU.F outperformed the Market in United States of America which returned 2.9% over the past year.

CWYU.F Value

 Is SmartCentres Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SmartCentres Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SmartCentres Real Estate Investment Trust.

OTCPK:CWYU.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:CWYU.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (69.49%))
0.866
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.866 * 5.96%)
7.89%

Discounted Cash Flow Calculation for OTCPK:CWYU.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for SmartCentres Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SmartCentres Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:CWYU.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 7.89%)
2019 339.32 Analyst x2 314.50
2020 354.59 Analyst x2 304.63
2021 368.32 Est @ 3.87% 293.28
2022 381.33 Est @ 3.53% 281.43
2023 393.87 Est @ 3.29% 269.43
2024 406.17 Est @ 3.12% 257.53
2025 418.37 Est @ 3% 245.86
2026 430.60 Est @ 2.92% 234.54
2027 442.93 Est @ 2.86% 223.62
2028 455.44 Est @ 2.82% 213.12
Present value of next 10 years cash flows CA$2,637.95
OTCPK:CWYU.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$455.44 × (1 + 2.73%) ÷ (7.89% – 2.73%)
CA$9,067.51
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$9,067.51 ÷ (1 + 7.89%)10
CA$4,243.08
OTCPK:CWYU.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$2,637.95 + CA$4,243.08
CA$6,881.03
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$6,881.03 / 169.61
CA$40.22
OTCPK:CWYU.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CWYU.F represents 0.73883x of TSX:SRU.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.73883x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 40.22 x 0.73883
$29.71
Value per share (USD) From above. $29.71
Current discount Discount to share price of $25.12
= -1 x ($25.12 - $29.71) / $29.71
15.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price SmartCentres Real Estate Investment Trust is available for.
Intrinsic value
15%
Share price is $25.12 vs Future cash flow value of $29.71
Current Discount Checks
For SmartCentres Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SmartCentres Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • SmartCentres Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SmartCentres Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SmartCentres Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:CWYU.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.23
TSX:SRU.UN Share Price ** TSX (2019-05-21) in CAD CA$34
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SmartCentres Real Estate Investment Trust.

OTCPK:CWYU.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:SRU.UN Share Price ÷ EPS (both in CAD)

= 34 ÷ 2.23

15.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SmartCentres Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • SmartCentres Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does SmartCentres Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:CWYU.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
0.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for SmartCentres Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on SmartCentres Real Estate Investment Trust's assets?
Raw Data
OTCPK:CWYU.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$30.82
TSX:SRU.UN Share Price * TSX (2019-05-21) in CAD CA$34
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:CWYU.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:SRU.UN Share Price ÷ Book Value per Share (both in CAD)

= 34 ÷ 30.82

1.1x

* Primary Listing of SmartCentres Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SmartCentres Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess SmartCentres Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. SmartCentres Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CWYU.F Future Performance

 How is SmartCentres Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover SmartCentres Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SmartCentres Real Estate Investment Trust expected to grow at an attractive rate?
  • SmartCentres Real Estate Investment Trust's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • SmartCentres Real Estate Investment Trust's earnings growth is positive but not above the United States of America market average.
  • SmartCentres Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CWYU.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CWYU.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 0.5%
OTCPK:CWYU.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:CWYU.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CWYU.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 859 2
2019-12-31 824 2
OTCPK:CWYU.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 818 364 318
2018-12-31 811 351 335
2018-09-30 805 357 334
2018-06-30 791 368 312
2018-03-31 771 341 330
2017-12-31 754 353 297
2017-09-30 756 325 341
2017-06-30 751 324 330
2017-03-31 756 316 290
2016-12-31 762 316 322
2016-09-30 747 318 270
2016-06-30 749 316 300

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SmartCentres Real Estate Investment Trust's earnings are expected to grow by 0.5% yearly, however this is not considered high growth (20% yearly).
  • SmartCentres Real Estate Investment Trust's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:CWYU.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from SmartCentres Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CWYU.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:CWYU.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.23
2018-12-31 2.49
2018-09-30 2.49
2018-06-30 2.34
2018-03-31 2.48
2017-12-31 2.24
2017-09-30 2.59
2017-06-30 2.52
2017-03-31 2.22
2016-12-31 2.48
2016-09-30 2.08
2016-06-30 2.32

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if SmartCentres Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess SmartCentres Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SmartCentres Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CWYU.F Past Performance

  How has SmartCentres Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SmartCentres Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SmartCentres Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • SmartCentres Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • SmartCentres Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
SmartCentres Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SmartCentres Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CWYU.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 817.90 318.08 30.63
2018-12-31 811.10 334.53 24.39
2018-09-30 805.46 333.93 25.37
2018-06-30 790.65 312.44 21.30
2018-03-31 770.70 330.10 18.95
2017-12-31 754.17 296.83 22.59
2017-09-30 755.51 340.73 19.29
2017-06-30 750.83 329.67 21.31
2017-03-31 756.28 289.82 26.25
2016-12-31 762.04 322.23 26.23
2016-09-30 746.69 270.26 28.37
2016-06-30 748.64 300.32 30.64
2016-03-31 721.18 304.30 24.72
2015-12-31 691.25 269.17 21.92
2015-09-30 667.04 245.09 21.35
2015-06-30 636.61 238.83 16.55
2015-03-31 623.81 224.99 15.64
2014-12-31 624.31 226.54 13.87
2014-09-30 619.85 201.32 11.72
2014-06-30 612.70 154.70 11.50
2014-03-31 602.75 189.22 8.16
2013-12-31 584.41 272.78 8.63
2013-09-30 576.91 899.67 7.03
2013-06-30 570.27 979.54 9.34
2013-03-31 565.92 956.94 11.94
2012-12-31 561.57 898.38 10.73
2012-09-30 550.39 235.81 10.82
2012-06-30 541.98 221.62 8.77

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SmartCentres Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SmartCentres Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • SmartCentres Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SmartCentres Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SmartCentres Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CWYU.F Health

 How is SmartCentres Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SmartCentres Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SmartCentres Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • SmartCentres Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of SmartCentres Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SmartCentres Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:CWYU.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 5,250.36 4,007.32 104.58
2018-12-31 5,008.33 4,110.48 29.44
2018-09-30 4,963.29 4,136.22 11.90
2018-06-30 4,921.46 4,251.50 24.66
2018-03-31 4,871.89 4,234.50 13.62
2017-12-31 4,827.46 4,230.96 162.70
2017-09-30 4,756.17 3,829.14 7.37
2017-06-30 4,739.55 3,850.41 21.79
2017-03-31 4,669.73 3,974.38 144.32
2016-12-31 4,663.94 3,837.82 23.09
2016-09-30 4,563.45 3,841.41 48.00
2016-06-30 4,557.99 3,803.54 12.86
2016-03-31 4,532.18 3,804.30 15.94
2015-12-31 4,482.57 3,790.71 21.34
2015-09-30 4,440.22 3,868.88 73.85
2015-06-30 4,394.34 3,794.69 41.14
2015-03-31 3,918.89 3,077.44 51.25
2014-12-31 3,906.42 3,002.83 20.25
2014-09-30 3,892.32 3,075.03 34.94
2014-06-30 3,843.54 2,997.93 39.24
2014-03-31 3,822.51 2,999.31 33.53
2013-12-31 3,804.49 3,068.01 100.22
2013-09-30 3,810.10 3,008.32 23.30
2013-06-30 3,813.15 2,810.71 22.76
2013-03-31 3,751.58 2,716.05 14.65
2012-12-31 3,639.50 2,646.53 16.96
2012-09-30 2,752.97 2,830.15 8.22
2012-06-30 2,656.93 2,741.96 31.72
  • SmartCentres Real Estate Investment Trust's level of debt (76.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (78.5% vs 76.3% today).
  • Debt is not well covered by operating cash flow (9.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess SmartCentres Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SmartCentres Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CWYU.F Dividends

 What is SmartCentres Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.29%
Current annual income from SmartCentres Real Estate Investment Trust dividends. Estimated to be 5.36% next year.
If you bought $2,000 of SmartCentres Real Estate Investment Trust shares you are expected to receive $106 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SmartCentres Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • SmartCentres Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase SmartCentres Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:CWYU.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:CWYU.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.84 6.00
2019-12-31 1.81 6.00
OTCPK:CWYU.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-17 1.800 5.329
2019-04-18 1.800 5.328
2019-03-19 1.800 5.184
2019-02-20 1.800 5.308
2019-01-17 1.800 5.401
2018-12-20 1.800 5.759
2018-11-19 1.800 5.724
2018-10-18 1.800 5.903
2018-09-19 1.750 5.775
2018-08-20 1.750 5.593
2018-07-19 1.750 5.748
2018-06-19 1.750 5.756
2018-05-17 1.750 5.882
2018-04-19 1.750 6.113
2018-03-21 1.750 6.026
2018-02-20 1.750 5.952
2017-12-20 1.750 5.791
2017-10-19 1.750 5.911
2017-09-22 1.700 5.698
2017-08-18 1.700 5.654
2017-06-19 1.700 5.392
2017-05-17 1.700 5.356
2017-04-19 1.700 5.304
2017-03-17 1.700 5.186
2017-02-17 1.700 5.173
2017-01-18 1.700 5.269
2016-12-20 1.700 5.307
2016-11-17 1.700 5.481
2016-10-19 1.700 5.257
2016-09-19 1.650 4.707
2016-08-16 1.650 4.595
2016-07-20 1.650 4.402
2016-06-20 1.650 4.388
2016-05-18 1.650 4.681
2016-04-19 1.650 4.860
2016-03-17 1.650 4.888
2016-02-18 1.650 5.060
2016-01-19 1.650 5.415
2015-12-18 1.650 5.498
2015-11-18 1.650 5.228
2015-10-20 1.650 5.250
2015-09-17 1.601 5.323
2015-08-19 1.601 5.474
2015-07-17 1.601 5.299
2015-06-19 1.601 5.420
2015-05-21 1.601 5.533
2015-04-21 1.601 5.346
2015-03-18 1.601 5.435
2015-02-19 1.601 5.379
2015-01-19 1.601 5.156
2014-12-18 1.601 5.594
2014-11-19 1.601 5.812
2014-08-07 1.600 6.005
2014-07-17 1.548 5.850
2014-06-18 1.548 5.871
2014-05-20 1.548 5.726
2014-04-17 1.548 5.756
2014-03-19 1.548 6.034
2014-02-19 1.548 6.026
2014-01-17 1.548 6.172
2013-12-17 1.548 6.177
2013-11-18 1.548 6.214
2013-10-17 1.548 6.145
2013-09-17 1.548 6.318
2013-08-19 1.548 6.283
2013-07-17 1.548 6.125
2013-06-17 1.548 6.054
2013-05-17 1.548 5.605
2013-04-18 1.548 5.194
2013-03-18 1.548 5.285
2013-02-19 1.548 5.290
2012-11-07 1.548 5.344
2012-08-09 1.548 5.261
2012-05-09 1.548 5.409
2012-02-23 1.548 5.678
2012-02-17 1.548 5.684
2012-01-18 1.548 5.695
2011-12-19 1.548 5.803
2011-11-17 1.548 5.818
2011-10-19 1.548 5.891
2011-09-19 1.548 6.061
2011-08-18 1.548 6.189
2011-07-18 1.548 6.203
2011-06-17 1.548 6.074
2011-05-17 1.548 6.089
2011-04-18 1.548 6.147
2011-03-18 1.548 6.215
2011-02-17 1.548 6.455
2011-01-17 1.548 6.475
2010-12-17 1.548 6.517
2010-11-17 1.548 6.552
2010-10-18 1.548 6.364
2010-09-17 1.548 6.412
2010-08-17 1.548 6.651
2010-07-19 1.548 7.111
2010-06-17 1.548 7.264
2010-05-18 1.548 7.597
2010-04-19 1.548 7.354
2010-03-17 1.548 7.358
2010-02-19 1.548 7.483
2010-01-18 1.548 7.848
2009-12-18 1.548 7.945
2009-11-17 1.548 8.241
2009-10-19 1.548 8.642
2009-09-18 1.548 8.424
2009-08-19 1.548 8.982
2009-08-06 1.548 9.856

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SmartCentres Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x 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.
X
Income/ dividend checks
We assess SmartCentres Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SmartCentres Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SmartCentres Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CWYU.F Management

 What is the CEO of SmartCentres Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Forde
COMPENSATION CA$1,497,500
AGE 63
TENURE AS CEO 0.8 years
CEO Bio

Mr. Peter Forde, CPA, CA, has been the President of SmartCentres Real Estate Investment Trust since August 2016 and its Chief Executive Officer since June 2018. Mr. Forde was Chief Operating Officer of SmartCentres Real Estate Investment Trust since May 28, 2015 until June 2018. He served as Chief Operating Officer of the Penguin Group from September 2005 to May 2015 and Executive Vice-President Finance and Administration of the Penguin Group from 1998 to September 2005, Vice-President and Chief Financial Officer of Nexacor Realty Management Inc. from January 1996 to February 1998. He served as a Trustee at SmartCentres Real Estate Investment Trust since July 8, 2005 until May 27, 2015. He is a Chartered Professional Accountant and has a Bachelor of Business Administration Degree from York University in 1977.

CEO Compensation
  • Peter's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Peter's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the SmartCentres Real Estate Investment Trust management team in years:

3.9
Average Tenure
56
Average Age
  • The tenure for the SmartCentres Real Estate Investment Trust management team is about average.
Management Team

Mitchell Goldhar

TITLE
Executive Chairman
COMPENSATION
CA$1M
AGE
56
TENURE
1.3 yrs

Peter Forde

TITLE
President & CEO
COMPENSATION
CA$1M
AGE
63
TENURE
0.8 yrs

Peter Sweeney

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
AGE
54
TENURE
4.5 yrs

Rudy Gobin

TITLE
Executive Vice President of Portfolio Management & Investments
COMPENSATION
CA$916K
AGE
56
TENURE
3.9 yrs

Mauro Pambianchi

TITLE
Chief Development Officer
COMPENSATION
CA$1M
AGE
66
TENURE
4 yrs

Shea Calnan

TITLE
Legal Counsel

Fernando Vescio

TITLE
Senior Vice President of Human Resources & Corporate Services
TENURE
3.9 yrs

Erin Shirley

TITLE
Director of Asset Management

Stephen Champion

TITLE
Executive Vice President of Development
AGE
51
TENURE
1.3 yrs

Julia Mok

TITLE
Director of Operations Accounting
Board of Directors Tenure

Average tenure and age of the SmartCentres Real Estate Investment Trust board of directors in years:

6
Average Tenure
62
Average Age
  • The tenure for the SmartCentres Real Estate Investment Trust board of directors is about average.
Board of Directors

Jamie McVicar

TITLE
COMPENSATION
CA$333K
AGE
60
TENURE
17.4 yrs

Mitchell Goldhar

TITLE
Executive Chairman
COMPENSATION
CA$1M
AGE
56
TENURE
4 yrs

Michael Young

TITLE
Lead Independent Trustee
COMPENSATION
CA$400K
AGE
73
TENURE
4 yrs

Garry Foster

TITLE
COMPENSATION
CA$371K
AGE
66
TENURE
6 yrs

Kevin Pshebniski

TITLE
COMPENSATION
CA$274K
AGE
55
TENURE
17.4 yrs

John Thomas

TITLE
COMPENSATION
CA$891K
AGE
65
TENURE
8.1 yrs

Greg Howard

TITLE
COMPENSATION
CA$158K
AGE
62
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • SmartCentres Real Estate Investment Trust insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. Mar 19 Sell Rudy Gobin Individual 28. Feb 19 28. Feb 19 -900 $25.82 $-23,240
21. Feb 19 Sell Jamie McVicar Individual 20. Feb 19 20. Feb 19 -75 $25.83 $-1,937
31. Oct 18 Sell Mitchell Goldhar Individual 29. Oct 18 29. Oct 18 -2,122,484 $22.81 $-48,407,671
31. Oct 18 Buy Mitchell Goldhar Individual 29. Oct 18 29. Oct 18 2,122,484 $22.81 $48,407,671
X
Management checks
We assess SmartCentres Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SmartCentres Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CWYU.F News

Simply Wall St News

CWYU.F Company Info

Description

SmartCentres is one of Canada’s largest real estate investment trusts with total assets of approximately $9.6 billion. It owns and manages 34 million square feet of retail space in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group. SmartCentres is expanding the breadth of its portfolio to include residential (single-family, condominium and rental), retirement homes, office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its well-located existing shopping centres.

Details
Name: SmartCentres Real Estate Investment Trust
CWYU.F
Exchange: OTCPK
Founded: 1945
CA$4,297,946,882
CA$3,608,225,205
169,609,625
Website: http://www.smartcentres.com
Address: SmartCentres Real Estate Investment Trust
3200 Highway 7,
Vaughan,
Ontario, L4K 5Z5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX SRU.UN Trust Units The Toronto Stock Exchange CA CAD 04. Feb 1998
OTCPK CWYU.F Trust Units Pink Sheets LLC US USD 04. Feb 1998
Number of employees
Current staff
Staff numbers
337
SmartCentres Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:08
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.