OTCPK:RSHP.F

Stock Analysis Report

Irish Residential Properties REIT

Executive Summary

Irish Residential Properties REIT plc, is a leading Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin.


Snowflake Analysis

Good value average dividend payer.


Similar Companies

Share Price & News

How has Irish Residential Properties REIT's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

RSHP.F

-4.7%

US REITs

-7.6%

US Market


1 Year Return

n/a

RSHP.F

11.6%

US REITs

10.2%

US Market

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

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


Shareholder returns

RSHP.FIndustryMarket
7 Day0%-4.7%-7.6%
30 Dayn/a-1.5%-4.5%
90 Dayn/a0.9%-0.6%
1 Yearn/a16.1%11.6%12.5%10.2%
3 Year27.3%27.3%31.7%15.3%37.1%28.3%
5 Yearn/a52.7%21.3%60.8%43.2%

Price Volatility Vs. Market

How volatile is Irish Residential Properties REIT's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Irish Residential Properties REIT undervalued compared to its fair value and its price relative to the market?

9.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: RSHP.F ($1.68) is trading below our estimate of fair value ($1.86)

Significantly Below Fair Value: RSHP.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: RSHP.F is good value based on its PE Ratio (8.8x) compared to the REITs industry average (36.3x).

PE vs Market: RSHP.F is good value based on its PE Ratio (8.8x) compared to the US market (17.2x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

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


Next Steps

Future Growth

How is Irish Residential Properties REIT forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-1.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RSHP.F's earnings are forecast to decline over the next 3 years (-1.2% per year).

Earnings vs Market: RSHP.F's earnings are forecast to decline over the next 3 years (-1.2% per year).

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

Revenue vs Market: RSHP.F's revenue (14% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: RSHP.F's revenue (14% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: RSHP.F's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has Irish Residential Properties REIT performed over the past 5 years?

33.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RSHP.F has a large one-off gain of €56.2M impacting its December 31 2019 financial results.

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


Past Earnings Growth Analysis

Earnings Trend: RSHP.F's earnings have grown significantly by 33% per year over the past 5 years.

Accelerating Growth: RSHP.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: RSHP.F had negative earnings growth (-28%) over the past year, making it difficult to compare to the REITs industry average (5.9%).


Return on Equity

High ROE: RSHP.F's Return on Equity (10.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Irish Residential Properties 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: RSHP.F has a high level of physical assets or inventory.

Debt Coverage by Assets: RSHP.F's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is Irish Residential Properties REIT's current dividend yield, its reliability and sustainability?

4.33%

Current Dividend Yield


Dividend Yield vs Market

company4.3%marketbottom25%1.5%markettop25%4.0%industryaverage3.7%forecastin3Years4.7%

Current dividend yield vs market & industry

Notable Dividend: RSHP.F's dividend (4.33%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: RSHP.F's dividend (4.33%) is in the top 25% of dividend payers in the US market (3.9%)


Stability and Growth of Payments

Stable Dividend: RSHP.F has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: RSHP.F's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.1%), RSHP.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: RSHP.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).


Next Steps

Management

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

2.9yrs

Average board tenure


CEO

Margaret Sweeney (59yo)

2.3yrs

Tenure

€680,000

Compensation

Ms. Margaret Sweeney served as the Chief Executive Officer at Postbank Ireland Limited. Ms. Sweeney has worked in Ireland and overseas with international shareholders, business partners and funders. Ms. Sw ...


CEO Compensation Analysis

Compensation vs Market: Margaret's total compensation ($USD739.77K) is below average for companies of similar size in the US market ($USD2.57M).

Compensation vs Earnings: Margaret's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Board Members

NamePositionTenureCompensationOwnership
Margaret Sweeney
CEO, Head of Investor Relations & Executive Director2.3yrs€680.00k0.027% 241.8k
Phillip Burns
Non-Executive Director3.9yrsno datano data
Mark Kenney
Non-Executive Director1.1yrsno datano data
Aidan O'Hogan
Senior Independent Director5.9yrsno data0.036% 323.4k
Joan Garahy
Independent Non-Executive Director2.8yrsno data0.0067% 60.3k
Declan Moylan
Independent Non-Executive Chairman2.9yrsno data0.029% 259.7k
Tom Kavanagh
Independent Non-Executive Director1.7yrsno data0.016% 140.5k

2.9yrs

Average Tenure

57.5yo

Average Age

Experienced Board: RSHP.F's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


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 12%.


Top Shareholders

Company Information

Irish Residential Properties REIT Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Irish Residential Properties REIT Plc
  • Ticker: RSHP.F
  • Exchange: OTCPK
  • Founded:
  • Industry: Residential REITs
  • Sector: Real Estate
  • Market Cap: €830.513m
  • Listing Market Cap: €903.419m
  • Shares outstanding: 521.68m
  • Website: https://www.iresreit.ie

Number of Employees


Location

  • Irish Residential Properties REIT Plc
  • Unit 4B
  • Lazer Lane
  • Dublin
  • 2
  • Ireland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IRESISE (Irish Stock Exchange)YesOrdinary SharesIEEURApr 2014
0QT8LSE (London Stock Exchange)YesOrdinary SharesGBEURApr 2014
RSHP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDApr 2014
IRESIBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURApr 2014

Biography

Irish Residential Properties REIT plc, is a leading Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. The Company currently owns 3,692 residential units with an additional 193 units due for delivery between now and 2021 under pre-purchase contracts. The Company also has planning approval to develop an additional 627 residential units on its existing sites. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 02:43
End of Day Share Price2020/02/13 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.