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Shopping Centres Australasia Property Group

ASX:SCP
Snowflake Description

Second-rate dividend payer with limited growth.

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

SCA Property Group (SCP) includes two internally managed real estate investment trusts owning a portfolio of quality neighbourhood and sub-regional shopping centres located across Australia. The last earnings update was 69 days ago. More info.


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SCP Share Price and Events
7 Day Returns
1.9%
ASX:SCP
0.1%
AU REITs
1.3%
AU Market
1 Year Returns
12.2%
ASX:SCP
20.5%
AU REITs
9.9%
AU Market
SCP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Shopping Centres Australasia Property Group (SCP) 1.9% 2.3% 9% 12.2% 18.7% 60.4%
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
  • SCP underperformed the REITs industry which returned 20.5% over the past year.
  • SCP outperformed the Market in Australia which returned 9.9% over the past year.
Price Volatility
SCP
Industry
5yr Volatility vs Market

Value

 Is Shopping Centres Australasia Property Group 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 Shopping Centres Australasia Property Group 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 Shopping Centres Australasia Property Group.

ASX:SCP 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 7 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:SCP
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%) (46.18%))
0.606
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:SCP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

ASX:SCP Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$3.57
Current discount Discount to share price of A$2.67
= -1 x (A$2.67 - A$3.57) / A$3.57
25.3%

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

Current Discount
Amount off the current price Shopping Centres Australasia Property Group is available for.
Intrinsic value
25%
Share price is A$2.67 vs Future cash flow value of A$3.57
Current Discount Checks
For Shopping Centres Australasia Property Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Shopping Centres Australasia Property Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Shopping Centres Australasia Property Group'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 Shopping Centres Australasia Property Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Shopping Centres Australasia Property Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:SCP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.13
ASX:SCP Share Price ** ASX (2019-10-11) in AUD A$2.67
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 Shopping Centres Australasia Property Group.

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

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

= 2.67 ÷ 0.13

21.15x

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

  • Shopping Centres Australasia Property Group is overvalued based on earnings compared to the AU REITs industry average.
  • Shopping Centres Australasia Property Group is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Shopping Centres Australasia Property Group's expected growth come at a high price?
Raw Data
ASX:SCP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
15.5%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:SCP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.15x ÷ 15.5%

1.37x

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

  • Shopping Centres Australasia Property Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Shopping Centres Australasia Property Group's assets?
Raw Data
ASX:SCP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$2.27
ASX:SCP Share Price * ASX (2019-10-11) in AUD A$2.67
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:SCP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 2.67 ÷ 2.27

1.17x

* Primary Listing of Shopping Centres Australasia Property Group.

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

  • Shopping Centres Australasia Property Group is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess Shopping Centres Australasia Property Group'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. Shopping Centres Australasia Property Group has a total score of 1/6, 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 Shopping Centres Australasia Property Group expected to perform in the next 1 to 3 years based on estimates from 7 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
15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Shopping Centres Australasia Property Group expected to grow at an attractive rate?
  • Shopping Centres Australasia Property Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Shopping Centres Australasia Property Group's earnings growth is expected to exceed the Australia market average.
  • Shopping Centres Australasia Property Group's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:SCP Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:SCP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 15.5%
ASX:SCP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 3.1%
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:SCP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:SCP Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 298 158 188 3
2021-06-30 299 156 176 4
2020-06-30 292 163 171 4
2019-10-13
ASX:SCP Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 271 120 110
2019-03-31 253 114 127
2018-12-31 235 101 145
2018-09-30 226 108 160
2018-06-30 218 121 175
2018-03-31 214 117 180
2017-12-31 211 114 185
2017-09-30 209 113 253
2017-06-30 206 112 321
2017-03-31 200 109 303
2016-12-31 195 105 284
2016-09-30 189 104 217

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Shopping Centres Australasia Property Group's earnings are expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
  • Shopping Centres Australasia Property Group's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:SCP 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 7 Analyst Estimates (S&P Global) See Below

All data from Shopping Centres Australasia Property Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:SCP Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.20 0.27 0.16 3.00
2021-06-30 0.19 0.26 0.16 4.00
2020-06-30 0.18 0.25 0.16 4.00
2019-10-13
ASX:SCP Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.13
2019-03-31 0.15
2018-12-31 0.19
2018-09-30 0.21
2018-06-30 0.23
2018-03-31 0.24
2017-12-31 0.25
2017-09-30 0.34
2017-06-30 0.44
2017-03-31 0.41
2016-12-31 0.39
2016-09-30 0.30

*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.
  • Shopping Centres Australasia Property Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Shopping Centres Australasia Property Group'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.
Shopping Centres Australasia Property Group has a total score of 2/6, 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 Shopping Centres Australasia Property Group 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 Shopping Centres Australasia Property Group'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.
  • Shopping Centres Australasia Property Group's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Shopping Centres Australasia Property Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Shopping Centres Australasia Property Group's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Shopping Centres Australasia Property Group'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 Shopping Centres Australasia Property Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:SCP Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 271.20 109.60 13.10
2019-03-31 253.00 127.25 12.80
2018-12-31 234.80 144.90 12.50
2018-09-30 226.15 160.05 12.30
2018-06-30 217.50 175.20 12.10
2018-03-31 214.45 179.85 12.15
2017-12-31 211.40 184.50 12.20
2017-09-30 208.50 252.70 12.10
2017-06-30 205.60 320.90 12.00
2017-03-31 200.30 302.55 11.40
2016-12-31 195.00 284.20 10.80
2016-09-30 188.75 216.70 10.35
2016-06-30 182.50 149.20 9.90
2015-12-31 161.20 111.00 8.50
2015-09-30 159.05 124.60 8.85
2015-06-30 156.90 138.20 9.20
2015-03-31 171.05 158.65 11.20
2014-12-31 166.30 166.80 11.20
2014-09-30 162.35 139.20 11.05
2014-06-30 158.40 111.60 10.90
2013-06-30 122.57 -7.54 10.11

*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.
  • Shopping Centres Australasia Property Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Shopping Centres Australasia Property Group used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • Shopping Centres Australasia Property Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Shopping Centres Australasia Property Group'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.
Shopping Centres Australasia Property Group 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 Shopping Centres Australasia Property Group'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 Shopping Centres Australasia Property Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Shopping Centres Australasia Property Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Shopping Centres Australasia Property Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Shopping Centres Australasia Property Group'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 Shopping Centres Australasia Property Group Company Filings, last reported 3 months ago.

ASX:SCP Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 2,103.90 1,140.50 37.00
2019-03-31 2,103.90 1,140.50 37.00
2018-12-31 2,076.70 1,203.10 72.10
2018-09-30 2,076.70 1,203.10 72.10
2018-06-30 1,721.00 873.90 4.00
2018-03-31 1,721.00 873.90 4.00
2017-12-31 1,661.50 867.90 3.20
2017-09-30 1,661.50 867.90 3.20
2017-06-30 1,633.70 817.50 3.90
2017-03-31 1,633.70 817.50 3.90
2016-12-31 1,552.80 761.60 6.30
2016-09-30 1,552.80 761.60 6.30
2016-06-30 1,408.90 639.40 7.10
2015-12-31 1,341.00 760.30 7.90
2015-09-30 1,341.00 760.30 7.90
2015-06-30 1,276.80 680.30 6.90
2015-03-31 1,276.80 680.30 6.90
2014-12-31 1,123.90 685.30 9.00
2014-09-30 1,123.90 685.30 9.00
2014-06-30 1,065.60 540.30 1.50
2013-06-30 1,009.00 452.30 15.40
  • Shopping Centres Australasia Property Group's level of debt (54.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (50.8% vs 54.2% today).
  • Debt is not well covered by operating cash flow (10.5%, less than 20% of total debt).
  • Shopping Centres Australasia Property Group earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Shopping Centres Australasia Property Group'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. Shopping Centres Australasia Property Group has a total score of 1/6, 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 Shopping Centres Australasia Property Group'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
5.58%
Current annual income from Shopping Centres Australasia Property Group dividends. Estimated to be 5.82% next year.
If you bought A$2,000 of Shopping Centres Australasia Property Group shares you are expected to receive A$112 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?
  • Shopping Centres Australasia Property Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.5%).
  • Shopping Centres Australasia Property Group's dividend is below 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:SCP 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 7 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:SCP Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.16 7.00
2021-06-30 0.16 8.00
2020-06-30 0.15 8.00
2019-10-13
ASX:SCP Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-06-12 0.149 5.836
2018-12-13 0.145 5.698
2018-06-13 0.142 5.705
2017-12-13 0.136 5.871
2017-06-16 0.134 5.893
2016-12-14 0.128 5.690
2016-06-15 0.124 5.535
2015-12-16 0.120 5.396
2015-06-17 0.116 5.699
2014-12-17 0.112 5.522
2014-06-17 0.112 6.349
2013-12-18 0.108 6.633
2013-08-27 0.056 3.604

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

  • Whilst dividend payments have been stable, Shopping Centres Australasia Property Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Shopping Centres Australasia Property Group only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Shopping Centres Australasia Property Group'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 (1000x coverage).
X
Income/ dividend checks
We assess Shopping Centres Australasia Property Group'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 Shopping Centres Australasia Property Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Shopping Centres Australasia Property Group 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 Shopping Centres Australasia Property Group'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
Anthony Michael Mellowes
COMPENSATION A$1,990,701
TENURE AS CEO 6.9 years
CEO Bio

Mr. Anthony Michael Grainger Mellowes serves as the Chief Executive Officer at Shopping Centres Australasia Property Group Re Limited, a Responsible Entity of Shopping Centres Australasia Property Group since July 1, 2013. Mr. Mellowes has been an Executive Director of Shopping Centres Australasia Property Group Re Limited, a Responsible Entity of Shopping Centres Australasia Property Group since October 2, 2012. He is an Executive Director of SCA Unlisted Retail Fund RE Limited. Previously, he served as the Interim Chief Executive Officer at Shopping Centres Australasia Property Group from November 23, 2012 to July 1, 2013. Mr. Mellowes was a key member of the Woolworths Limited team which created SCA Property Group. Prior to joining SCA Property Group, he was employed by Woolworths Limited since 2002 to 2012 and held a number of senior property related roles including Head of Asset Management and Group Property Operations Manager. Prior to Woolworths, Mr. Mellowes worked for Lend Lease Group and Westfield Limited. Mr. Mellowes is an Experienced Property Executive. He has specific skills in the following areas: Real estate, in particular retail assets, spanning all aspects of real estate including property and development management, portfolio and investment management and funds management; Retail experience spanning all retail asset classes; M&A and capital markets; and Equity placements. He holds a Bachelor of Financial Administration and completed Strategic Management Program at Macquarie Graduate School of Management.

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

Average tenure of the Shopping Centres Australasia Property Group management team in years:

6.9
Average Tenure
  • The average tenure for the Shopping Centres Australasia Property Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Anthony Michael Mellowes

TITLE
CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$2M
TENURE
6.9 yrs

Mark Fleming

TITLE
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$1M
TENURE
6.2 yrs

Mark Lamb

TITLE
General Counsel & Company Secretary of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$816K
TENURE
7.1 yrs

Sid Sharma

TITLE
General Manager of Operations

Campbell Aitken

TITLE
Chief Investment Officer
Board of Directors Tenure

Average tenure of the Shopping Centres Australasia Property Group board of directors in years:

5.9
Average Tenure
  • The tenure for the Shopping Centres Australasia Property Group board of directors is about average.
Board of Directors

Philip Clark

TITLE
Independent Chairman of Shopping Centres Australasia Property Group Re Limited
COMPENSATION
A$334K
TENURE
7.1 yrs

Anthony Michael Mellowes

TITLE
CEO & Executive Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$2M
TENURE
7 yrs

Mark Fleming

TITLE
CFO, Head of Investor Relations & Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$1M
TENURE
4.4 yrs

Phil Redmond

TITLE
Independent Non-Executive Director
COMPENSATION
A$163K
TENURE
7.1 yrs

Belinda Robson

TITLE
Independent Non-Executive Director of Shopping Centres Australasia Property Group Re Limited
COMPENSATION
A$169K
TENURE
7.1 yrs

Kirstin Ferguson

TITLE
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$158K
AGE
46
TENURE
4.8 yrs

Steve Crane

TITLE
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$83K
AGE
67
TENURE
0.8 yrs

Beth Laughton

TITLE
Independent Non-Executive Director of Shopping Centres Australasia Property Group RE Limited
COMPENSATION
A$83K
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • Shopping Centres Australasia Property Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
26. Aug 19 Sell Mark Fleming Individual 26. Aug 19 26. Aug 19 -19,255 A$2.56 A$-49,293
26. Aug 19 Sell Mark Fleming Individual 23. Aug 19 23. Aug 19 -68,289 A$2.58 A$-176,186
12. Aug 19 Sell Anthony Michael Mellowes Individual 09. Aug 19 09. Aug 19 -400,000 A$2.56 A$-1,024,720
25. Jun 19 Sell QS Investors LLC Company 14. Mar 19 30. May 19 -782,853 A$2.60 A$-2,032,444
25. Jun 19 Buy QS Investors LLC Company 12. Mar 19 12. Mar 19 56,000 A$2.48 A$138,880
25. Jun 19 Sell Legg Mason, Inc. Company 18. Feb 19 24. May 19 -814,525 A$2.57 A$-2,089,606
25. Jun 19 Buy Legg Mason, Inc. Company 21. Feb 19 21. Jun 19 8,911,744 A$2.57 A$22,933,450
25. Jun 19 Buy Belinda Robson Individual 20. Jun 19 20. Jun 19 25,000 A$2.60 A$65,000
23. Jun 19 Sell State Street Global Advisors, Inc. Company 24. May 19 19. Jun 19 -1,020,095 A$2.64 A$-2,673,543
23. Jun 19 Buy State Street Global Advisors, Inc. Company 30. May 19 17. Jun 19 91,406 A$2.65 A$240,436
28. May 19 Buy State Street Global Advisors, Inc. Company 21. May 19 22. May 19 11,048 A$2.61 A$28,729
14. Apr 19 Buy State Street Global Advisors, Inc. Company 11. Dec 18 10. Apr 19 18,406,006 A$2.69 A$49,140,325
21. Mar 19 Buy Beth Laughton Individual 19. Mar 19 19. Mar 19 4,000 A$2.60 A$10,420
11. Dec 18 Sell Legg Mason, Inc. Company 07. Dec 18 07. Dec 18 -343,797 A$2.72 A$-936,160
10. Dec 18 Buy Legg Mason, Inc. Company 16. Aug 18 29. Nov 18 1,652,387 A$2.42 A$3,991,139
10. Dec 18 Sell Legg Mason, Inc. Company 15. Aug 18 06. Dec 18 -4,673,654 A$2.64 A$-12,337,088
07. Feb 19 Buy Steven Crane Individual 07. Feb 19 07. Feb 19 50,000 A$2.50 A$124,800
09. Nov 18 Sell Investors Mutual Limited Company 31. Oct 18 07. Nov 18 -1,313,900 A$2.59 A$-3,385,686
31. Oct 18 Sell Investors Mutual Limited Company 10. Jul 18 30. Oct 18 -12,583,056 A$2.56 A$-32,251,170
X
Management checks
We assess Shopping Centres Australasia Property Group'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. Shopping Centres Australasia Property Group 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

Investing In Property Through Shopping Centres Australasia Property Group (ASX:SCP)

Shopping Centres Australasia Property Group is a AU$2.4b small-cap, real estate investment trust (REIT) based in Sydney, Australia. … Check out our latest analysis for Shopping Centres Australasia Property Group REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: Shopping Centres Australasia Property Group can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

Will Shopping Centres Australasia Property Group's (ASX:SCP) Earnings Grow In The Next 12 Months?

On 30 June 2019, Shopping Centres Australasia Property Group (ASX:SCP) announced its earnings update. … In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for Shopping Centres Australasia Property Group in the longer term. … View our latest analysis for Shopping Centres Australasia Property Group What can we expect from Shopping Centres Australasia Property Group in the longer term?

Simply Wall St -

Should You Buy Shopping Centres Australasia Property Group (ASX:SCP) For Its Dividend?

With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Shopping Centres Australasia Property Group is a new dividend aristocrat in the making. … Looking at the data, we can see that Shopping Centres Australasia Property Group has been paying a dividend for the past six 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. Earnings have grown at around 5.6% a year for the past five years, which is better than seeing them shrink! EPS have been growing at a reasonable rate, although with most of the profits being paid out to shareholders, we question if the company will be able to keep growing its dividends in the future. We'd also point out that Shopping Centres Australasia Property Group issued a meaningful number of new shares in the past year. Trying to grow the dividend when issuing new shares reminds us of the ancient Greek tale of Sisyphus - perpetually pushing a boulder uphill. Companies that consistently issue new shares are often suboptimal from a dividend perspective. 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.

Simply Wall St -

Can We See Significant Institutional Ownership On The Shopping Centres Australasia Property Group (ASX:SCP) Share Register?

Check out our latest analysis for Shopping Centres Australasia Property Group ASX:SCP Ownership Summary, July 22nd 2019 What Does The Institutional Ownership Tell Us About Shopping Centres Australasia Property Group? … Insider Ownership Of Shopping Centres Australasia Property Group While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. … General Public Ownership The general public, who are mostly retail investors, collectively hold 55% of Shopping Centres Australasia Property Group shares.

Simply Wall St -

Is Shopping Centres Australasia Property Group (ASX:SCP) Overpaying Its CEO?

Check out our latest analysis for Shopping Centres Australasia Property Group How Does Anthony Michael Mellowes's Compensation Compare With Similar Sized Companies? … Our data indicates that Shopping Centres Australasia Property Group is worth AU$2.3b, and total annual CEO compensation is AU$1.8m. … On average over the last three years, Shopping Centres Australasia Property Group has shrunk earnings per share by 5.5% each year (measured with a line of best fit).

Simply Wall St -

Are Insiders Selling Shopping Centres Australasia Property Group (ASX:SCP) Stock?

So shareholders might well want to know whether insiders have been buying or selling shares in Shopping Centres Australasia Property Group (ASX:SCP). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Shopping Centres Australasia Property Group The Last 12 Months Of Insider Transactions At Shopping Centres Australasia Property Group Over the last year, we can see that the biggest insider sale was by the CEO &amp; Executive Director of Shopping Centres Australasia Property Group RE Limited, Anthony Michael Mellowes, for AU$1.3m worth of shares, at about AU$2.43 per share. … All up, insiders sold more shares in Shopping Centres Australasia Property Group than they bought, over the last year.

Simply Wall St -

Did Shopping Centres Australasia Property Group's (ASX:SCP) Share Price Deserve to Gain 45%?

For example, long term Shopping Centres Australasia Property Group (ASX:SCP) shareholders have enjoyed a 45% share price rise over the last half decade, well in excess of the market return of around 7.4% (not including dividends). … During five years of share price growth, Shopping Centres Australasia Property Group achieved compound earnings per share (EPS) growth of 1.5% per year. … We note that for Shopping Centres Australasia Property Group the TSR over the last 5 years was 94%, which is better than the share price return mentioned above.

Simply Wall St -

Why You Shouldn't Look At Shopping Centres Australasia Property Group's (ASX:SCP) Bottom Line

Shopping Centres Australasia Property Group is a AU$2.4b small-cap, real estate investment trust (REIT) based in Sydney, Australia. … See our latest analysis for Shopping Centres Australasia Property Group REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: As a REIT, Shopping Centres Australasia Property Group offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

Here's What You Should Know About Shopping Centres Australasia Property Group's (ASX:SCP) 5.5% Dividend Yield

Is Shopping Centres Australasia Property Group (ASX:SCP) a good dividend stock? How would you know? A dividend paying company with growing earnings can be rewarding in the long term.. … 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.. … In this case, Shopping Centres Australasia Property Group likely looks attractive to dividend investors, given its 5.5% dividend yield and six-year payment history.

Simply Wall St -

Do Institutions Own Shopping Centres Australasia Property Group (ASX:SCP) Shares?

A look at the shareholders of Shopping Centres Australasia Property Group (ASX:SCP) can tell us which group is most powerful. … Generally speaking, as a company grows, institutions will increase their ownership. … Shopping Centres Australasia Property Group isn't enormous, but it's not particularly small either.

Simply Wall St -

Company Info

Description

SCA Property Group (SCP) includes two internally managed real estate investment trusts owning a portfolio of quality neighbourhood and sub-regional shopping centres located across Australia. The SCA Property Group invests in shopping centres predominantly anchored by non-discretionary retailers, with long term leases to tenants such as Woolworths Limited, Coles Group Limited and companies in the Wesfarmers Limited group. The SCA Property Group is a stapled entity comprising Shopping Centres Australasia Property Management Trust (ARSN 160 612 626) and Shopping Centres Australasia Property Retail Trust (ARSN 160 612 788).

Details
Name: Shopping Centres Australasia Property Group
SCP
Exchange: ASX
Founded: 2012
A$2,487,859,336
931,782,523
Website: http://www.scaproperty.com.au
Address: Shopping Centres Australasia Property Group
50 Pitt Street,
Level 5,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX SCP Stapled Units Australian Securities Exchange AU AUD 26. Nov 2012
OTCPK SCPA.F Stapled Units Pink Sheets LLC US USD 26. Nov 2012
CHIA SCP Stapled Units Chi-X Australia AU AUD 26. Nov 2012
Number of employees
Current staff
Staff numbers
0
Shopping Centres Australasia Property Group employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 10:37
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/09/15
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.