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Centuria Metropolitan REIT

ASX:CMA
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMA
ASX
A$1B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

CMA is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index. The last earnings update was 69 days ago. More info.


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CMA Share Price and Events
7 Day Returns
-1.3%
ASX:CMA
0.1%
AU REITs
1.3%
AU Market
1 Year Returns
22.2%
ASX:CMA
20.5%
AU REITs
9.9%
AU Market
CMA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Centuria Metropolitan REIT (CMA) -1.3% -2.3% 5.3% 22.2% 36.2% -
AU REITs 0.1% 0.4% -2.8% 20.5% 23.4% 58.9%
AU Market 1.3% -0.6% -1% 9.9% 17.6% 17.8%
1 Year Return vs Industry and Market
  • CMA outperformed the REITs industry which returned 20.5% over the past year.
  • CMA outperformed the Market in Australia which returned 9.9% over the past year.
Price Volatility
CMA
Industry
5yr Volatility vs Market

Value

 Is Centuria Metropolitan REIT 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 Centuria Metropolitan REIT 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 Centuria Metropolitan REIT.

ASX:CMA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

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 ASX:CMA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.47 (1 + (1- 30%) (39.67%))
0.733
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:CMA using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

ASX:CMA Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$3.61
Current discount Discount to share price of A$2.97
= -1 x (A$2.97 - A$3.61) / A$3.61
17.8%

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

Current Discount
Amount off the current price Centuria Metropolitan REIT is available for.
Intrinsic value
18%
Share price is A$2.97 vs Future cash flow value of A$3.61
Current Discount Checks
For Centuria Metropolitan REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Centuria Metropolitan REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Centuria Metropolitan REIT'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 Centuria Metropolitan REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Centuria Metropolitan REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:CMA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.16
ASX:CMA Share Price ** ASX (2019-10-11) in AUD A$2.97
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 15.7x
Australia Market PE Ratio Median Figure of 557 Publicly-Listed Companies 17.93x

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

** Primary Listing of Centuria Metropolitan REIT.

ASX:CMA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:CMA Share Price ÷ EPS (both in AUD)

= 2.97 ÷ 0.16

18.17x

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

  • Centuria Metropolitan REIT is overvalued based on earnings compared to the AU REITs industry average.
  • Centuria Metropolitan REIT is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Centuria Metropolitan REIT's expected growth come at a high price?
Raw Data
ASX:CMA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.17x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
15.2%per year
Australia REITs Industry PEG Ratio Median Figure of 31 Publicly-Listed REITs Companies 1.2x
Australia Market PEG Ratio Median Figure of 357 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

ASX:CMA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.17x ÷ 15.2%

1.2x

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

  • Centuria Metropolitan REIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Centuria Metropolitan REIT's assets?
Raw Data
ASX:CMA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$2.51
ASX:CMA Share Price * ASX (2019-10-11) in AUD A$2.97
Australia REITs Industry PB Ratio Median Figure of 43 Publicly-Listed REITs Companies 1.11x
Australia Market PB Ratio Median Figure of 1,705 Publicly-Listed Companies 1.8x
ASX:CMA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:CMA Share Price ÷ Book Value per Share (both in AUD)

= 2.97 ÷ 2.51

1.18x

* Primary Listing of Centuria Metropolitan REIT.

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

  • Centuria Metropolitan REIT is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess Centuria Metropolitan REIT'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. Centuria Metropolitan REIT has a total score of 0/6, 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.

Future Performance

 How is Centuria Metropolitan REIT expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

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
15.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Centuria Metropolitan REIT expected to grow at an attractive rate?
  • Centuria Metropolitan REIT's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Centuria Metropolitan REIT's earnings growth is expected to exceed the Australia market average.
  • Centuria Metropolitan REIT's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:CMA Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:CMA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 15.2%
ASX:CMA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 9.4%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average 2.5%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -3.7%
Australia Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*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
ASX:CMA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:CMA Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 155 86 98 2
2021-06-30 151 84 94 2
2020-06-30 141 107 97 2
2019-10-13
ASX:CMA Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 109 58 54
2019-03-31 99 58 57
2018-12-31 88 58 61
2018-09-30 83 54 73
2018-06-30 77 49 85
2018-03-31 68 38 74
2017-12-31 58 28 63
2017-09-30 50 25 50
2017-06-30 42 22 38
2017-03-31 42 22 33
2016-12-31 42 21 29
2016-09-30 41 22 28

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Centuria Metropolitan REIT's earnings are expected to grow by 15.2% yearly, however this is not considered high growth (20% yearly).
  • Centuria Metropolitan REIT's revenue is expected to grow by 9.4% 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
ASX:CMA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Centuria Metropolitan REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CMA Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.24 0.29 0.19 2.00
2021-06-30 0.23 0.27 0.19 2.00
2020-06-30 0.31 0.31 0.31 1.00
2019-10-13
ASX:CMA Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.16
2019-03-31 0.19
2018-12-31 0.23
2018-09-30 0.30
2018-06-30 0.37
2018-03-31 0.38
2017-12-31 0.38
2017-09-30 0.35
2017-06-30 0.31
2017-03-31 0.28
2016-12-31 0.24
2016-09-30 0.23

*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.
  • Centuria Metropolitan REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Centuria Metropolitan REIT'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 Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia 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.
Centuria Metropolitan REIT has a total score of 3/6, 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.

Past Performance

  How has Centuria Metropolitan REIT 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 Centuria Metropolitan REIT'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.
  • Centuria Metropolitan REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Centuria Metropolitan REIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Centuria Metropolitan REIT's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Centuria Metropolitan REIT'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 Centuria Metropolitan REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CMA Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 109.19 53.57
2019-03-31 98.64 57.07
2018-12-31 88.06 60.56 1.22
2018-09-30 82.64 72.82 1.22
2018-06-30 77.24 85.08
2018-03-31 67.86 73.90 0.39
2017-12-31 58.48 62.72 0.79
2017-09-30 50.43 50.20 0.79
2017-06-30 42.38 37.69 0.79
2017-03-31 42.24 33.14 0.55
2016-12-31 42.09 28.60 0.32
2016-09-30 40.85 27.64 0.49
2016-06-30 39.61 26.68 0.66
2016-03-31 34.72 23.41 0.57
2015-12-31 29.82 20.14 0.48
2015-09-30 24.34 13.62 0.34
2015-06-30 18.86 7.09 0.20
2015-03-31 15.50 4.42 0.16
2014-12-31 12.15 1.74 0.12
2014-09-30 12.24 2.79 0.16
2014-06-30 12.33 3.83 0.19
2013-06-30 12.63 1.83 0.18

*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.
  • Centuria Metropolitan REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Centuria Metropolitan REIT used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • Centuria Metropolitan REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Centuria Metropolitan REIT'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.
Centuria Metropolitan REIT has a total score of 1/6, 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.

Health

 How is Centuria Metropolitan REIT'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 Centuria Metropolitan REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Centuria Metropolitan REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Centuria Metropolitan REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Centuria Metropolitan REIT'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 0.2x 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 Centuria Metropolitan REIT Company Filings, last reported 3 months ago.

ASX:CMA Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 894.57 504.40 17.55
2019-03-31 894.57 504.40 17.55
2018-12-31 886.70 515.86 19.19
2018-09-30 886.70 515.86 19.19
2018-06-30 610.47 266.39 18.98
2018-03-31 610.47 266.39 18.98
2017-12-31 585.40 296.23 46.27
2017-09-30 585.40 296.23 46.27
2017-06-30 420.54 189.73 8.19
2017-03-31 420.54 189.73 8.19
2016-12-31 276.80 140.09 8.65
2016-09-30 276.80 140.09 8.65
2016-06-30 260.14 144.20 16.02
2016-03-31 260.14 144.20 16.02
2015-12-31 244.83 128.95 5.71
2015-09-30 244.83 128.95 5.71
2015-06-30 235.26 84.65 6.27
2015-03-31 235.26 84.65 6.27
2014-12-31 136.36 48.26 5.40
2014-09-30 136.36 48.26 5.40
2014-06-30 43.17 69.14 2.76
2013-06-30 38.31 70.59 2.67
  • Centuria Metropolitan REIT's level of debt (56.4%) 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 (156% vs 56.4% today).
  • Debt is not well covered by operating cash flow (11.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Centuria Metropolitan REIT'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. Centuria Metropolitan REIT 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.

Dividends

 What is Centuria Metropolitan REIT'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
5.87%
Current annual income from Centuria Metropolitan REIT dividends. Estimated to be 6.1% next year.
If you bought A$2,000 of Centuria Metropolitan REIT shares you are expected to receive A$117 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?
  • Centuria Metropolitan REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.5%).
  • Centuria Metropolitan REIT's dividend is above the markets top 25% of dividend payers in Australia (5.6%).
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
ASX:CMA 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 3 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 407 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

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

ASX:CMA Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.18 4.00
2021-06-30 0.18 4.00
2020-06-30 0.18 4.00
2019-10-13
ASX:CMA Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-06-20 0.174 5.985
2018-09-19 0.181 7.324
2018-06-20 0.181 7.320
2018-03-22 0.181 7.749
2017-12-19 0.181 7.709
2017-09-25 0.181 7.485
2017-08-14 0.175 7.200
2017-03-23 0.175 7.273
2016-08-08 0.170 7.687
2015-08-12 0.105 5.089

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

  • Whilst dividend payments have been stable, Centuria Metropolitan REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Centuria Metropolitan REIT only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Centuria Metropolitan REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (390.6x coverage).
X
Income/ dividend checks
We assess Centuria Metropolitan REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 Centuria Metropolitan REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Centuria Metropolitan REIT has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Centuria Metropolitan REIT'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.
  • Centuria Metropolitan REIT has no CEO, or we have no data on them.
Management Team Tenure

Average tenure of the Centuria Metropolitan REIT management team in years:

1.3
Average Tenure
  • The average tenure for the Centuria Metropolitan REIT management team is less than 2 years, this suggests a new team.
Management Team

Simon Holt

TITLE
Chief Financial Officer

Tim Mitchell

TITLE
Group Head of Investor Relations

Anna Kovarik

TITLE
Company Secretary & General Counsel of Centuria Property Funds Limited
TENURE
1.3 yrs

Michael Blake

TITLE
Head of Centuria Life
TENURE
1.8 yrs

Ross Lees

TITLE
Head of Funds Management
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure of the Centuria Metropolitan REIT board of directors in years:

3.8
Average Tenure
  • The tenure for the Centuria Metropolitan REIT board of directors is about average.
Board of Directors

Peter Done

TITLE
Non-Executive Chairman of Centuria Property Funds Limited
TENURE
3.8 yrs

Matthew Hardy

TITLE
Independent Non-Executive Director of Centuria Property Funds Limited
TENURE
6.3 yrs

Nick Collishaw

TITLE
Independent Non-Executive Director of Centuria Property Funds Limited
AGE
58
TENURE
2 yrs

John Collins

TITLE
Independent Non-Executive Director of Centuria Property Fund Limited
AGE
50
TENURE
4.6 yrs

Roger Dobson

TITLE
Independent Non-Executive Director of Centuria Property Funds Limited
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
24. Sep 19 Sell The Vanguard Group, Inc. Company 20. Sep 19 20. Sep 19 -26,278 A$2.99 A$-78,571
24. Sep 19 Buy The Vanguard Group, Inc. Company 20. Sep 19 20. Sep 19 4,522,902 A$2.99 A$13,523,479
23. Sep 19 Sell The Vanguard Group, Inc. Company 30. May 19 11. Sep 19 -314,909 A$2.98 A$-939,629
23. Sep 19 Buy The Vanguard Group, Inc. Company 22. May 19 19. Sep 19 1,871,006 A$3.04 A$5,687,859
08. Nov 18 Buy Kerco Pty Limited Company 05. Nov 18 05. Nov 18 32,249 A$2.43 A$78,365
08. Nov 18 Buy Darren Collins Individual 05. Nov 18 05. Nov 18 4,201 A$2.43 A$10,208
08. Nov 18 Buy Roger Dobson Individual 24. Oct 18 24. Oct 18 30,870 A$2.43 A$75,014
08. Nov 18 Buy Matthew Hardy Individual 05. Nov 18 05. Nov 18 7,345 A$2.43 A$17,848
05. Nov 18 Sell Centuria Capital No. 5 Fund Company 31. Oct 18 31. Oct 18 -9,680,000 A$2.41 A$-23,328,800
05. Nov 18 Buy Centuria Life Limited Company 05. Nov 18 05. Nov 18 2,346,099 A$2.43 A$5,701,021
05. Nov 18 Buy Centuria Property Funds Limited Company 29. Oct 18 05. Nov 18 27,723,865 A$2.43 A$66,181,309
26. Oct 18 Buy Centuria Capital No. 5 Fund Company 24. Oct 18 24. Oct 18 2,420,000 A$2.43 A$5,880,601
26. Oct 18 Buy Centuria Property Funds Limited Company 18. Oct 18 24. Oct 18 10,062,880 A$2.45 A$24,502,623
X
Management checks
We assess Centuria Metropolitan REIT'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. Centuria Metropolitan REIT 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.

News

Simply Wall St News

Will Centuria Metropolitan REIT's (ASX:CMA) Earnings Grow In The Year Ahead?

As Centuria Metropolitan REIT (ASX:CMA) announced its earnings release on 30 June 2019, analyst consensus outlook appear vastly optimistic, as a 68% rise in profits is expected in the upcoming year, relative to the past 5-year average growth rate of 44%. … View our latest analysis for Centuria Metropolitan REIT How is Centuria Metropolitan REIT going to perform in the near future? … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line.

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Centuria Metropolitan REIT (ASX:CMA): Is It A Good Long Term Opportunity?

Below, I've laid out key growth figures on how market analysts predict Centuria Metropolitan REIT's earnings growth outlook over the next couple of years and whether the future looks brighter. … See our latest analysis for Centuria Metropolitan REIT Analysts' expectations for next year seems positive, with earnings increasing by a significant 68%. … This means, we can anticipate Centuria Metropolitan REIT will grow its earnings by 12% every year for the next few years.

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Is Centuria Metropolitan REIT's (ASX:CMA) 6.1% Dividend Worth Your Time?

Could Centuria Metropolitan REIT (ASX:CMA) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. In this case, Centuria Metropolitan REIT likely looks attractive to dividend investors, given its 6.1% dividend yield and four-year payment history. We'd agree the yield does look enticing. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Centuria Metropolitan REIT has been paying a dividend for the past four years. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. It's good to see Centuria Metropolitan REIT has been growing its earnings per share at 60% a year over the past 5 years. Earnings per share have been growing very rapidly, although the company is also paying out virtually all of its profit in dividends. Generally, a company that is growing rapidly while paying out a majority of its earnings, is seeing its debt burden increase. We'd be conscious of any extra risk added by this practice. We'd also point out that Centuria Metropolitan REIT issued a meaningful number of new shares in the past year. Regularly issuing new shares can be detrimental - it's hard to grow dividends per share when new shares are regularly being created. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

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How To Look At Centuria Metropolitan REIT (ASX:CMA)

View our latest analysis for Centuria Metropolitan REIT A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … ASX:CMA Historical Debt, July 18th 2019 Robust financial health can be measured using a common metric in the REIT investing world, FFO-to-debt. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.

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Is Centuria Metropolitan REIT's (ASX:CMA) Growth Strong Enough To Justify Its July Share Price?

Centuria Metropolitan REIT is available at a price-to-earnings ratio of 12.22x, showing us it is undervalued relative to the current AU market average of 15.95x , and overvalued based on current earnings compared to the REITs industry average of 11.65x. … But, since Centuria Metropolitan REIT is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 12.22x and expected year-on-year earnings growth of 14% give Centuria Metropolitan REIT a low PEG ratio of 0.86x.

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Should You Be Worried About Centuria Metropolitan REIT's (ASX:CMA) 6.8% Return On Equity?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Centuria Metropolitan REIT: 6.8% = AU$61m ÷ AU$887m (Based on the trailing twelve months to December 2018.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Combining Centuria Metropolitan REIT's Debt And Its 6.8% Return On Equity Centuria Metropolitan REIT has a debt to equity ratio of 0.58, which is far from excessive. … A company that can achieve a high return on equity without debt could be considered a high quality business.

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If You Had Bought Centuria Metropolitan REIT (ASX:CMA) Shares Three Years Ago You'd Have Made 22%

For example, the Centuria Metropolitan REIT (ASX:CMA) share price is up 22% in the last three years, slightly above the market return. … During three years of share price growth, Centuria Metropolitan REIT achieved compound earnings per share growth of 6.0% per year. … A Different Perspective We're pleased to report that Centuria Metropolitan REIT rewarded shareholders with a total shareholder return of 20% over the last year.

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Centuria Metropolitan REIT (ASX:CMA) Insiders Increased Their Holdings

So shareholders might well want to know whether insiders have been buying or selling shares in Centuria Metropolitan REIT (ASX:CMA). … View our latest analysis for Centuria Metropolitan REIT The Last 12 Months Of Insider Transactions At Centuria Metropolitan REIT In the last twelve months, the biggest single purchase by an insider was when Roger Dobson bought AU$75k worth of shares at a price of AU$2.43 per share. … Our data isn't picking up on much insider ownership at Centuria Metropolitan REIT, though insiders do hold about AU$1.4m worth of shares.

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Is Centuria Metropolitan REIT's (ASX:CMA) 7.2% Dividend Worth Your Time?

Is Centuria Metropolitan REIT (ASX:CMA) a good dividend stock? … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Centuria Metropolitan REIT is a new dividend aristocrat in the making.

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Do Institutions Own Shares In Centuria Metropolitan REIT (ASX:CMA)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … Centuria Metropolitan REIT is a smaller company with a market capitalization of AU$901m, so it may still be flying under the radar of many institutional investors.

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Company Info

Description

CMA is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index. CMA owns a portfolio of high quality metropolitan office assets situated in core metropolitan submarkets throughout Australia. CMA is overseen by a hands on, active manager and provides investors with income and the opportunity for capital growth from a pure play portfolio of high-quality Australian office assets. Centuria Property Funds Limited (CPFL) is the Responsible Entity for the ASX listed Centuria Metropolitan REIT (CMA). CPFL, is a wholly owned subsidiary of Centuria Capital Group (CNI). CNI is an ASX-listed specialist investment manager with $6.2 billion13 in total assets under management and offers a range of investment opportunities including listed and unlisted property funds as well as tax-effective investment bonds.

Details
Name: Centuria Metropolitan REIT
CMA
Exchange: ASX
Founded: 2014
A$1,271,446,798
428,096,565
Website: http://www.centuria.com.au
Address: Centuria Metropolitan REIT
Chifley Tower,
Level 41,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX CMA Stapled Securities Australian Securities Exchange AU AUD 10. Dec 2014
CHIA CMA Stapled Securities Chi-X Australia AU AUD 10. Dec 2014
Number of employees
Current staff
Staff numbers
0
Centuria Metropolitan REIT employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 10:43
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/11
Last earnings filing: 2019/08/05
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


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.