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Investa Office Fund

ASX:IOF
Snowflake Description

Fair value with acceptable track record.

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

Investa Office Fund (ASX code: IOF) is an externally managed Australian listed real estate investment trust, included in the S&P/ASX 100 index. The last earnings update was 130 days ago. More info.


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IOF Share Price and Events
7 Day Returns
0%
ASX:IOF
-1.5%
AU REITs
-1%
AU Market
1 Year Returns
18%
ASX:IOF
0.8%
AU REITs
-6.2%
AU Market
IOF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Investa Office Fund (IOF) 0% 0% 0.7% 18% 37.4% 76%
AU REITs -1.5% 2.9% -1.4% 0.8% 16.1% 56.5%
AU Market -1% -3.3% -9.4% -6.2% 12.6% -2%
1 Year Return vs Industry and Market
  • IOF outperformed the REITs industry which returned 0.8% over the past year.
  • IOF outperformed the Market in Australia which returned -6.2% over the past year.
Price Volatility
IOF
Industry
5yr Volatility vs Market

Value

 Is Investa Office Fund 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 Investa Office Fund 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 Investa Office Fund.

ASX:IOF 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 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.8%

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:IOF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.8%
Equity Risk Premium S&P Global 7.2%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.366 (1 + (1- 30%) (32.67%))
0.45
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)
= 2.77% + (0.8 * 7.23%)
8.55%

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

The calculations below outline how an intrinsic value for Investa Office Fund is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

Investa Office Fund 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.

ASX:IOF DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Adjusted Funds From Operations (AFFO) (AUD, Millions) 125.40 131.80 143.20 155.73 169.35
Source Analyst x2 Analyst x2 Analyst x2 Est @ 8.75% Est @ 8.75%
Present Value
Discounted (@ 8.55%)
115.52 111.85 111.94 112.14 112.34
Present value of next 5 years cash flows A$563.79
ASX:IOF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= A$169.35 × (1 + 2.77%) ÷ (8.55% – 2.77%)
A$3,010.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= A$3,010.84 ÷ (1 + 8.55%)5
A$1,997.30
ASX:IOF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= A$563.79 + A$1,997.30
A$2,561.09
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$2,561.09 / 598.42
A$4.28
ASX:IOF Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$4.28
Current discount Discount to share price of A$5.58
= -1 x (A$5.58 - A$4.28) / A$4.28
-30.4%

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

  • The current share price of Investa Office Fund is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Investa Office Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Investa Office Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:IOF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in AUD A$0.87
ASX:IOF Share Price ** ASX (2018-12-06) in AUD A$5.58
Australia REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 9.77x
Australia Market PE Ratio Median Figure of 558 Publicly-Listed Companies 15x

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

** Primary Listing of Investa Office Fund.

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

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

= 5.58 ÷ 0.87

6.44x

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

  • Investa Office Fund is good value based on earnings compared to the AU REITs industry average.
  • Investa Office Fund is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Investa Office Fund's expected growth come at a high price?
Raw Data
ASX:IOF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.44x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-24.6%per year
Australia REITs Industry PEG Ratio Median Figure of 30 Publicly-Listed REITs Companies -0.46x
Australia Market PEG Ratio Median Figure of 362 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.44x ÷ -24.6%

-0.26x

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

  • Investa Office Fund earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Investa Office Fund's assets?
Raw Data
ASX:IOF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in AUD A$5.47
ASX:IOF Share Price * ASX (2018-12-06) in AUD A$5.58
Australia REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 1.04x
Australia Market PB Ratio Median Figure of 1,657 Publicly-Listed Companies 1.65x
ASX:IOF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 5.58 ÷ 5.47

1.02x

* Primary Listing of Investa Office Fund.

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

  • Investa Office Fund is good value based on assets compared to the AU REITs industry average.
X
Value checks
We assess Investa Office Fund'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. Investa Office Fund 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.

Future Performance

 How is Investa Office Fund expected to perform in the next 1 to 3 years based on estimates from 4 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
-24.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Investa Office Fund expected to grow at an attractive rate?
  • Investa Office Fund's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.8%.
Growth vs Market Checks
  • Investa Office Fund's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
  • Investa Office Fund's revenues are expected to decrease over the next 1-3 years, this is below the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:IOF Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:IOF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -24.6%
ASX:IOF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -10.5%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -8.8%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -2.6%
Australia Market Earnings Growth Rate Market Cap Weighted Average 6.1%
Australia Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*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:IOF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:IOF Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 203
2022-06-30 185
2021-06-30 218 162 192 2
2020-06-30 199 160 179 3
2019-06-30 193 161 178 3
ASX:IOF Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-06-30 280 130 522
2018-03-31 274 128 460
2017-12-31 268 126 399
2017-09-30 277 139 435
2017-06-30 285 153 472
2017-03-31 296 149 454
2016-12-31 306 146 437
2016-09-30 348 146 465
2016-06-30 389 145 494
2015-12-31 380 154 463
2015-09-30 376 152 372

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Investa Office Fund's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Investa Office Fund's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:IOF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Investa Office Fund Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:IOF Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30 0.34 0.34 0.34 1.00
2022-06-30 0.31 0.31 0.31 1.00
2021-06-30 0.30 0.30 0.30 1.00
2020-06-30 0.29 0.30 0.29 2.00
2019-06-30 0.29 0.29 0.29 2.00
ASX:IOF Past Financials Data
Date (Data in AUD Millions) EPS *
2018-06-30 0.87
2018-03-31 0.76
2017-12-31 0.65
2017-09-30 0.71
2017-06-30 0.77
2017-03-31 0.74
2016-12-31 0.71
2016-09-30 0.76
2016-06-30 0.80
2015-12-31 0.75
2015-09-30 0.61

*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.
  • Investa Office Fund is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Investa Office Fund'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.
Investa Office Fund 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.

Past Performance

  How has Investa Office Fund 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 Investa Office Fund'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.
  • Investa Office Fund's year on year earnings growth rate has been positive over the past 5 years.
  • Investa Office Fund's 1-year earnings growth is less than its 5-year average (10.6% vs 18.9%)
  • Investa Office Fund's earnings growth has exceeded the AU REITs industry average in the past year (10.6% vs -10.2%).
Earnings and Revenue History
Investa Office Fund'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 Investa Office Fund Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:IOF Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 279.60 521.60 14.80
2018-03-31 274.00 460.20 14.50
2017-12-31 268.40 398.80 14.20
2017-09-30 276.70 435.20 13.85
2017-06-30 285.00 471.60 13.50
2017-03-31 295.55 454.30 13.20
2016-12-31 306.10 437.00 12.90
2016-09-30 347.70 465.40 12.60
2016-06-30 389.30 493.80 12.30
2015-12-31 379.70 463.10 11.70
2015-09-30 376.40 372.45 11.40
2015-06-30 373.10 281.80 11.10
2014-12-31 324.10 229.50 10.50
2014-09-30 280.55 228.20 10.30
2014-06-30 237.00 226.90 10.10
2013-12-31 236.10 210.80 9.80
2013-09-30 222.35 192.00 9.60
2013-06-30 208.60 173.20 9.40
2012-12-31 169.30 113.60 8.90
2012-09-30 162.30 144.45 8.75
2012-06-30 155.30 175.30 8.60
2011-12-31 147.20 145.30 8.50

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

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Investa Office Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Investa Office Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Investa Office Fund'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 Investa Office Fund Company Filings, last reported 5 months ago.

ASX:IOF Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 3,274.00 1,090.80 4.60
2018-03-31 3,274.00 1,090.80 4.60
2017-12-31 2,964.20 1,013.80 4.30
2017-09-30 2,964.20 1,013.80 4.30
2017-06-30 2,943.90 892.30 4.90
2017-03-31 2,943.90 892.30 4.90
2016-12-31 2,758.90 1,119.10 6.50
2016-09-30 2,758.90 1,119.10 6.50
2016-06-30 2,596.30 1,101.20 2.10
2015-12-31 2,443.50 1,104.70 6.30
2015-09-30 2,443.50 1,104.70 6.30
2015-06-30 2,222.90 1,008.80 3.60
2014-12-31 2,100.20 959.10 14.70
2014-09-30 2,100.20 959.10 14.70
2014-06-30 2,058.40 950.90 13.00
2013-12-31 1,989.90 587.70 17.10
2013-09-30 1,989.90 587.70 17.10
2013-06-30 1,986.60 624.70 12.40
2012-12-31 1,929.00 573.10 15.10
2012-09-30 1,929.00 573.10 15.10
2012-06-30 1,926.80 467.70 18.30
2011-12-31 1,967.10 347.70 24.30
  • Investa Office Fund's level of debt (33.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (31.4% vs 33.3% today).
  • Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
X
Financial health checks
We assess Investa Office Fund'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. Investa Office Fund 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 Investa Office Fund'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
3.64%
Current annual income from Investa Office Fund dividends. Estimated to be 3.72% next year.
If you bought A$2,000 of Investa Office Fund shares you are expected to receive A$73 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?
  • Investa Office Fund's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.72%).
  • Investa Office Fund's dividend is below the markets top 25% of dividend payers in Australia (6.09%).
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:IOF 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 4 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 39 Stocks 5%
Australia Market Average Dividend Yield Market Cap Weighted Average of 420 Stocks 4.8%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.8%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 6.1%

Industry and Market average data is calculated daily.

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

ASX:IOF Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.23 1.00
2022-06-30 0.21 1.00
2021-06-30 0.21 3.00
2020-06-30 0.21 5.00
2019-06-30 0.20 5.00
ASX:IOF Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-06-18 0.203 3.776
2018-02-19 0.203 4.566
2017-12-14 0.204 4.553
2017-06-16 0.204 4.479
2016-12-08 0.200 4.277
2016-06-17 0.196 4.479
2015-12-14 0.196 4.812
2015-06-23 0.194 4.991
2014-12-15 0.191 4.921
2014-06-16 0.185 5.286
2014-02-19 0.185 5.665
2013-06-18 0.180 5.945
2012-12-17 0.175 5.654
2012-06-20 0.156 5.415
2011-12-19 0.156 6.073
2011-06-17 0.156 6.364
2011-03-22 0.156 6.261
2011-02-24 0.156 6.608
2010-09-21 0.156 6.580
2010-06-17 0.156 6.426
2010-02-22 0.156 6.565
2009-08-24 0.386 16.400
2008-12-18 0.432 24.988
2008-12-16 0.432 14.750

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Investa Office Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (854.7x coverage).
X
Income/ dividend checks
We assess Investa Office Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - 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 Investa Office Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Investa Office Fund has a total score of 3/6, 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 Investa Office Fund'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
Penny Ransom
TENURE AS CEO 2.9 years
CEO Bio

Ms. Penny Ransom has been Fund Manager of Investa Office Fund since August 22, 2016. Ms. Ransom serves as Group Executive at Investa Listed Funds Management Limited (ILFML). Ms. Ransom spent 14 years at Lendlease in senior roles in capital transactions, investment management, business development and investor relations, finishing as head of equity for UK and Europe in 2011. She is a highly respected and qualified property executive. Ms. Ransom served as the Head of Capital at Dexus Property Group., from March 2011 to July 2014. Ms. Ransom was Fund Manager at DEXUS Wholesale Property Fund. She was Head of capital at DEXUS where she was responsible for creating DEXUS' three joint-venture capital partnerships.

CEO Compensation
  • Insufficient data for Penny to compare compensation growth.
  • Insufficient data for Penny to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team Tenure

Average tenure of the Investa Office Fund management team in years:

2.7
Average Tenure
  • The tenure for the Investa Office Fund management team is about average.
Management Team

Penny Ransom

TITLE
Group Executive & Fund Manager
TENURE
2.9 yrs

Neal Noble

TITLE
Chief Information Officer of Investa Property Group

Michael Scott

TITLE
Investor Relations Manager

Andrew Murray

TITLE
Group General Counsel & Company Secretary of Investa Property Group

Amy Wild

TITLE
General Manager of People & Culture - Investa Property Group

Katrina Newcombe

TITLE
National Head of Asset Services - Investa Property Group

David Cannington

TITLE
Head of Research & Strategy - Investa Property Group

Mark Tait

TITLE
Group Executive & Head of Commercial Development - Investa Property Group

Emily Lee-Waldao

TITLE
Group Executive of Brand & Innovation - Investa Property Group
TENURE
0.8 yrs

Jason Leong

TITLE
Group Executive & Fund Manager of Investa Commercial Property Fund
TENURE
2.7 yrs
Board of Directors Tenure

Average tenure of the Investa Office Fund board of directors in years:

2.7
Average Tenure
  • The average tenure for the Investa Office Fund board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bob Longes

TITLE
Independent Non-Executive Chairman of Investa Listed Funds Management Limited
AGE
73
TENURE
2.7 yrs

Geoff Kleemann

TITLE
Independent Non-Executive Director of Investa Listed Funds Management Limited
TENURE
2.7 yrs

Bob Seidler

TITLE
Independent Non-Executive Director of Investa Listed Funds Management Limited
AGE
69
TENURE
2.7 yrs

John Fast

TITLE
Independent Non-Executive Director of Investa Listed Funds Management Limited
TENURE
2.7 yrs

Gai McGrath

TITLE
Independent Non-Executive Director of Investa Listed Funds Management Limited
TENURE
1.2 yrs

Rebecca McGrath

TITLE
Non-Executive Independent Director of Investa Wholesale Funds Management
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
28. Nov 18 Sell MLC Investment Management Limited Company 22. Nov 18 22. Nov 18 -20,812 A$5.57 A$-115,923
23. Nov 18 Buy MLC Investments Limited Company 27. Jul 18 13. Nov 18 94,749 A$5.37 A$508,609
23. Nov 18 Buy MLC Investment Management Limited Company 13. Sep 18 13. Sep 18 3,701 A$5.54 A$20,504
11. Oct 18 Buy Macquarie Group, Ltd., Banking & Securities Investments Company 04. Oct 18 08. Oct 18 6,264 A$5.55 A$34,745
11. Oct 18 Sell Macquarie Investment Management Limited Company 05. Oct 18 09. Oct 18 -12,350 A$5.53 A$-68,133
04. Oct 18 Sell Macquarie Investment Management Australia Limited Company 10. Aug 18 25. Sep 18 -409,024 A$5.51 A$0
04. Oct 18 Buy Macquarie Investment Management Australia Limited Company 28. Sep 18 28. Sep 18 12,757 A$5.53 A$70,546
04. Oct 18 Sell Macquarie Group, Ltd., Banking & Securities Investments Company 10. Aug 18 25. Sep 18 -277,248 A$5.50 A$0
04. Oct 18 Buy Macquarie Group, Ltd., Banking & Securities Investments Company 10. Aug 18 25. Sep 18 277,248 A$5.50 A$0
04. Oct 18 Sell Macquarie Group, Ltd., Banking & Securities Investments Company 10. Aug 18 28. Sep 18 -897,766 A$5.50 A$0
04. Oct 18 Buy Macquarie Group, Ltd., Banking & Securities Investments Company 13. Aug 18 28. Sep 18 87,411 A$5.51 A$0
04. Oct 18 Sell Macquarie Capital Investment Management LLC Company 15. Aug 18 21. Aug 18 -120,000 A$5.00 A$0
04. Oct 18 Sell Macquarie Investment Management Limited Company 10. Aug 18 13. Sep 18 -55,121 A$5.55 A$0
17. Sep 18 Sell UBS Asset Management Company 31. Aug 18 13. Sep 18 -13,974,978 A$5.53 A$-76,712,142
17. Sep 18 Buy UBS Asset Management Company 31. Aug 18 13. Sep 18 11,091,588 A$5.48 A$60,290,350
20. Sep 18 Sell BlackRock, Inc. Company 30. Nov 17 19. Sep 18 -6,363,486 A$5.55 A$-514,650
20. Sep 18 Buy BlackRock, Inc. Company 30. Nov 17 17. Sep 18 5,415,638 A$5.61 A$0
02. Sep 18 Sell UBS Asset Management Company 28. Aug 18 29. Aug 18 -3,716,620 A$5.32 A$-19,787,986
02. Sep 18 Buy UBS Asset Management Company 28. Aug 18 29. Aug 18 3,607,274 A$5.33 A$19,211,001
03. Sep 18 Sell UBS Asset Management Company 30. Aug 18 30. Aug 18 -4,341,487 A$5.33 A$-23,118,545
03. Sep 18 Buy UBS Asset Management Company 30. Aug 18 30. Aug 18 6,548,166 A$5.33 A$34,869,499
13. Aug 18 Buy Icpf Holdings Limited Company 07. Aug 18 07. Aug 18 14,960,474 A$5.15 A$77,024,006
13. Aug 18 Sell Macquarie Investment Management Australia Limited Company 10. Apr 18 07. Aug 18 -641,347 A$5.22 A$0
13. Aug 18 Buy Macquarie Investment Management Australia Limited Company 11. Apr 18 31. Jul 18 346,114 A$5.28 A$0
13. Aug 18 Sell Investa Wholesale Funds Management Limited Company 07. Aug 18 07. Aug 18 -14,960,474 A$5.15 A$-77,024,006
13. Aug 18 Sell Macquarie Group, Ltd., Banking & Securities Investments Company 19. Apr 18 09. Aug 18 -961,805 A$5.32 A$0
13. Aug 18 Buy Macquarie Group, Ltd., Banking & Securities Investments Company 19. Apr 18 09. Aug 18 961,805 A$5.32 A$0
13. Aug 18 Sell Macquarie Group, Ltd., Banking & Securities Investments Company 10. Apr 18 09. Aug 18 -4,910,748 A$5.34 A$0
13. Aug 18 Buy Macquarie Group, Ltd., Banking & Securities Investments Company 10. Apr 18 09. Aug 18 12,830,380 A$5.35 A$0
13. Aug 18 Sell Macquarie Investment Management Limited Company 11. Apr 18 07. Aug 18 -268,296 A$5.28 A$0
13. Aug 18 Buy Macquarie Investment Management Limited Company 18. Apr 18 14. Jun 18 59,231 A$5.07 A$0
07. Mar 18 Sell Ipac Asset Management Limited Company 29. Aug 17 29. Aug 17 -15,054 A$4.47 A$-67,343
07. Mar 18 Buy Ipac Asset Management Limited Company 01. Nov 17 19. Dec 17 182,708 A$4.78 A$873,140
07. Mar 18 Sell National Mutual Funds Management Limited Company 16. Jan 18 06. Mar 18 -1,503,083 A$4.38 A$-6,583,136
07. Mar 18 Buy National Mutual Funds Management Limited Company 05. Sep 17 05. Sep 17 127,791 A$4.47 A$570,933
07. Mar 18 Sell AMP Capital Investors Limited Company 08. Sep 17 06. Mar 18 -9,752,190 A$4.52 A$-44,041,978
07. Mar 18 Buy AMP Capital Investors Limited Company 23. Aug 17 05. Mar 18 7,625,857 A$4.59 A$34,824,539
01. Mar 18 Sell Vinva Investment Management Company 18. Jan 18 27. Feb 18 -906,545 A$4.30 A$-3,899,427
01. Mar 18 Buy Vinva Investment Management Company 18. Jan 18 27. Feb 18 73,488 A$4.31 A$316,727
19. Jan 18 Sell Vinva Investment Management Company 17. Sep 17 17. Jan 18 -587,008 A$4.47 A$-2,623,292
19. Jan 18 Buy Vinva Investment Management Company 17. Sep 17 17. Jan 18 21,728,817 A$4.64 A$100,791,149
X
Management checks
We assess Investa Office Fund'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. Investa Office Fund 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

External News
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Simply Wall St News

Read This Before Buying Investa Office Fund (ASX:IOF) For Its Upcoming AU$0.10 Dividend

Important news for shareholders and potential investors in Investa Office Fund (ASX:IOF): The dividend payment of AU$0.10 per share will be distributed into shareholder on 27 August 2018, and the stock will begin trading ex-dividend at an earlier date, 28 June 2018. … Should you diversify into Investa Office Fund and boost your portfolio income stream? … Check out our latest analysis for Investa Office Fund

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Is Investa Office Fund (ASX:IOF) An Attractive Dividend Stock?

In the past 10 years Investa Office Fund (ASX:IOF) has returned an average of 7.00% per year to investors in the form of dividend payouts. … Let's dig deeper into whether Investa Office Fund should have a place in your portfolio. … See our latest analysis for Investa Office Fund

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Should You Buy Investa Office Fund (ASX:IOF)?

It’s trading around 2.28% below my intrinsic value, which means if you buy Investa Office Fund today, you’d be paying a reasonable price for it. … Furthermore, it seems like Investa Office Fund’s share price is quite stable, which means there may be less chances to buy low in the future now that it’s fairly valued. … If you are no longer interested in Investa Office Fund, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

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Does Investa Office Fund (ASX:IOF) Have A Place In Your Portfolio?

Investa Office Fund (ASX:IOF) has returned to shareholders over the past 10 years, an average dividend yield of 7.00% annually. … View our latest analysis for Investa Office Fund How I analyze a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it paying an annual yield above 75% of dividend payers? … Compared to its peers, Investa Office Fund produces a yield of 4.72%, which is on the low-side for REITs stocks.Next Steps: Whilst there are few things you may like about Investa Office Fund from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

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Should You Invest In Investa Office Fund (ASX:IOF)?

Investa Office Fund is a AU$2.56B mid-cap real estate investment trust (REIT) based in Sydney, Australia. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation. … ASX:IOF Historical Debt Apr 16th 18 Robust financial health can be measured using a common metric in the REIT investing world, FFO-to-debt.

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Investa Office Fund's (ASX:IOF) Sustainability In Question?

Given its debt level is relatively minimal (12.40% of equity), the fact that IOF's cash only covers a mere 12.40% of debt makes me apprehensive. … There's room for improvement on the cash management side of things, but its overall debt level and interest coverage somewhat reduces my concerns around the sustainability of the business going forward. … Furthermore, comparing IOF's current share price to its peers based on its industry and earnings level, it's trading at a fair value, with a PE ratio of 6.51x vs.

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What Should We Expect From Investa Office Fund's (ASX:IOF) Earnings Over The Couple Of Years?

Investors may find it useful to understand how market analysts predict Investa Office Fund's earnings growth outlook over the next couple of years and whether the future looks brighter. … See our latest analysis for Investa Office Fund Market analysts' prospects for the upcoming year seems pessimistic, with earnings decreasing by a double-digit -60.91%. … This means that, we can presume Investa Office Fund will chip away at a rate of -36.77% every year for the next couple of years.

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How Confident Are Insiders About Investa Office Fund (ASX:IOF)?

Another factor we should consider is whether the timing of these insider transactions coincide with any significant share price movements. … Potentially, insider transactions are not share price related but may be due to their belief on what will happen to the company in the future or simply just personal portfolio rebalancing. … Next Steps: IOF’s insider meaningful buying activity tells us the shares are currently in favour, although the expected earnings growth challenges this conclusion, and the share price movement may be too trivial to cash in on any mispricing.

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Does Investa Office Fund's (ASX:IOF) PE Ratio Warrant A Buy?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for IOF Price per share = 4.48 Earnings per share = 0.768 ∴ Price-Earnings Ratio = 4.48 ÷ 0.768 = 5.8x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … Ideally, we want to compare the stock’s P/E ratio to the average of companies that have similar characteristics as IOF, such as size and country of operation.

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Company Info

Map
Description

Investa Office Fund (ASX code: IOF) is an externally managed Australian listed real estate investment trust, included in the S&P/ASX 100 index. IOF is governed by the Independent Board of Investa Listed Funds Management Limited as Responsible Entity, and managed by Investa – one of Australia’s largest and most highly regarded office managers. IOF has total assets under management of $4.4 billion, with 20 investment grade office buildings in core CBD markets across Australia. The Fund receives rental income from more than 400 tenants, including government agencies and blue chip organisations. IOF’s strategy is to deliver attractive risk-adjusted returns investing in high quality Australian office buildings, leveraging Investa’s fully integrated specialist property sector capabilities to outperform.

Details
Name: Investa Office Fund
IOF
Exchange: ASX
Founded:
A$3,339,177,936
598,418,985
Website: http://www.investa.com.au
Address: Investa Office Fund
420 George Street,
Level 30,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX IOF Stapled Securities Australian Securities Exchange AU AUD 10. Jan 2000
OTCPK IGFU.F Stapled Securities Pink Sheets LLC US USD 10. Jan 2000
Number of employees
Current staff
Staff numbers
0
Investa Office Fund employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/15 10:33
End of day share price update: 2018/12/06 00:00
Last estimates confirmation: 2018/12/10
Last earnings filing: 2018/08/07
Last earnings reported: 2018/06/30
Last annual earnings reported: 2018/06/30


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.