OTCPK:KWIP.F

Stock Analysis Report

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Executive Summary

Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index.


Snowflake Analysis

Average dividend payer with moderate growth potential.

Share Price & News

How has Kiwi Property Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KWIP.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

19.8%

KWIP.F

2.5%

US REITs

1.1%

US Market


1 Year Return

-40.1%

KWIP.F

-14.0%

US REITs

4.6%

US Market

Return vs Industry: KWIP.F underperformed the US REITs industry which returned -14.8% over the past year.

Return vs Market: KWIP.F underperformed the US Market which returned 4.1% over the past year.


Shareholder returns

KWIP.FIndustryMarket
7 Day19.8%2.5%1.1%
30 Day-3.4%0.9%5.5%
90 Day-34.2%-20.5%-4.9%
1 Year-40.1%-40.1%-10.4%-14.0%7.0%4.6%
3 Year-39.5%-39.5%6.9%-6.3%28.6%20.1%
5 Year-36.2%-36.2%31.2%4.1%52.5%35.3%

Price Volatility Vs. Market

How volatile is Kiwi Property Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Kiwi Property Group undervalued compared to its fair value and its price relative to the market?

0.77x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate KWIP.F's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate KWIP.F's fair value to establish if it is undervalued.


Price To Earnings Ratio

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

PE vs Market: KWIP.F 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 KWIP.F's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: KWIP.F is good value based on its PB Ratio (0.8x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Kiwi Property Group forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

104.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KWIP.F is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.2%).

Earnings vs Market: KWIP.F is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: KWIP.F's is expected to become profitable in the next 3 years.

Revenue vs Market: KWIP.F's revenue is expected to decline over the next 3 years (-8.7% per year).

High Growth Revenue: KWIP.F's revenue is forecast to decline over the next 3 years (-8.7% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KWIP.F's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has Kiwi Property Group performed over the past 5 years?

-24.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KWIP.F is currently unprofitable.

Growing Profit Margin: KWIP.F is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: KWIP.F is unprofitable, and losses have increased over the past 5 years at a rate of -24.2% per year.

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

Earnings vs Industry: KWIP.F is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (5.3%).


Return on Equity

High ROE: KWIP.F has a negative Return on Equity (-9.47%), as it is currently unprofitable.


Next Steps

Financial Health

How is Kiwi Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: KWIP.F's short term assets (NZ$33.2M) do not cover its short term liabilities (NZ$56.4M).

Long Term Liabilities: KWIP.F's short term assets (NZ$33.2M) do not cover its long term liabilities (NZ$1.1B).


Debt to Equity History and Analysis

Debt Level: KWIP.F's debt to equity ratio (51.2%) is considered high.

Reducing Debt: KWIP.F's debt to equity ratio has reduced from 56.6% to 51.2% over the past 5 years.

Debt Coverage: KWIP.F's debt is not well covered by operating cash flow (10.6%).

Interest Coverage: KWIP.F is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

What is Kiwi Property Group's current dividend yield, its reliability and sustainability?

7.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: KWIP.F's dividend (7.16%) is higher than the bottom 25% of dividend payers in the US market (1.75%).

High Dividend: KWIP.F's dividend (7.16%) is in the top 25% of dividend payers in the US market (4.73%)


Stability and Growth of Payments

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

Growing Dividend: KWIP.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: KWIP.F is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: KWIP.F's dividends in 3 years are forecast to be covered by earnings (87.4% payout ratio).


Next Steps

Management

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

3.8yrs

Average management tenure


CEO

Clive Mackenzie

1.83yrs

Tenure

Mr. Clive Mackenzie serves as Chief Executive Officer of Kiwi Property Group Limited since July 16, 2018. He has extensive experience in retail and mixed-use property development in New Zealand and the Uni ...


Leadership Team

NamePositionTenureCompensationOwnership
Clive Mackenzie
Chief Executive Officer1.83yrsno datano data
Stuart Tabuteau
Chief Financial Officer6.33yrsno data0.0079% NZ$74.5k
Mathew Chandler
Investor Relations & Communications Managerno datano datano data
Trevor Wairepo
General Counsel & Company Secretary6.83yrsno data0.0045% NZ$42.2k
Kylie Eagle
General Manager of People & Communications0.83yrno data0.0063% NZ$59.9k
Ian Passau
General Manager of Development3.75yrsno data0.0050% NZ$47.4k

3.8yrs

Average Tenure

Experienced Management: KWIP.F's management team is considered experienced (3.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jane Freeman
Independent Director5.75yrsNZ$111.91kno data
Mark Henry Ford
Independent Chairman of the Board8.75yrsNZ$165.00kno data
Richard Didsbury
Independent Director27.83yrsNZ$100.13kno data
Mark Powell
Non-Executive Director2.58yrsNZ$102.00k0.0032% NZ$30.1k
Michael James Steur
Independent Director10.33yrsNZ$110.13k0.013% NZ$120.2k
Simon Shakesheff
Independent Non-Executive Director0.50yrno datano data
Mary Daly
Independent Director5.67yrsNZ$112.00kno data

5.8yrs

Average Tenure

Experienced Board: KWIP.F's board of directors are considered experienced (5.8 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 diluted in the past year, with total shares outstanding growing by 9.5%.


Top Shareholders

Company Information

Kiwi Property Group Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kiwi Property Group Limited
  • Ticker: KWIP.F
  • Exchange: OTCPK
  • Founded: 1992
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: NZ$1.546b
  • Listing Market Cap: NZ$942.754m
  • Shares outstanding: 1.57b
  • Website: https://www.kp.co.nz

Number of Employees


Location

  • Kiwi Property Group Limited
  • Level 7, Vero Centre
  • 48 Shortland Street
  • Auckland
  • New Zealand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KWIP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1994
KPGNZSE (New Zealand Stock Exchange)YesOrdinary SharesNZNZDJun 1994

Biography

Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around for over 25 years and we proudly own and manage a significant portfolio of real estate assets, comprising some of New Zealand’s best mixed-use, retail and office buildings. Our objective is to provide investors with a reliable investment in New Zealand property through the ownership and active management of a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property is the highest rated New Zealand company within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of benchmarks and tradeable indices for ESG (Environmental, Social and Governance) investors. Kiwi Property is licensed under the Real Estate Agents Act 2008. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/26 21:57
End of Day Share Price2020/05/26 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.