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Madison Pacific Properties

TSX:MPC
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MPC
TSX
CA$166M
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Madison Pacific Properties Inc., together with its subsidiaries, owns, develops, and manages office, industrial, commercial, and retail real estate properties in Metro Vancouver region, British Columbia, Alberta, and Ontario. The last earnings update was 80 days ago. More info.


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MPC Share Price and Events
7 Day Returns
-1.6%
TSX:MPC
-1.2%
CA Real Estate
1%
CA Market
1 Year Returns
-11.4%
TSX:MPC
-9.1%
CA Real Estate
-23.3%
CA Market
MPC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Madison Pacific Properties (MPC) -1.6% - -13.4% -11.4% -6.3% 34.8%
CA Real Estate -1.2% -23.2% -19.5% -9.1% 5.2% 6.7%
CA Market 1% -19.9% -23.8% -23.3% -20.9% -15%
1 Year Return vs Industry and Market
  • MPC underperformed the Real Estate industry which returned -9.1% over the past year.
  • MPC outperformed the Market in Canada which returned -23.3% over the past year.
Price Volatility
MPC
Industry
5yr Volatility vs Market

MPC Value

 Is Madison Pacific Properties 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 Madison Pacific Properties 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 Madison Pacific Properties.

TSX:MPC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-11-30) in CAD CA$ .105000
Payout Ratio Company Filings (2019-11-30) 1300.5%
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

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 TSX:MPC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.98 (1 + (1- 26.5%) (139.65%))
1.314
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.314 * 5.44%)
8.59%

Discounted Cash Flow Calculation for TSX:MPC using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Madison Pacific Properties is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

TSX:MPC Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= CA$0.11 / (8.59% - 1.44%)
CA$1.47
TSX:MPC Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$1.47
Current discount Discount to share price of CA$3.10
= -1 x (CA$3.10 - CA$1.47) / CA$1.47
-111.1%

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

  • The current share price of Madison Pacific Properties 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 Madison Pacific Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Madison Pacific Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:MPC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-11-30) in CAD CA$0.64
TSX:MPC Share Price ** TSX (2020-04-02) in CAD CA$3.1
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 10.57x
Canada Market PE Ratio Median Figure of 499 Publicly-Listed Companies 10.64x

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

** Primary Listing of Madison Pacific Properties.

TSX:MPC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:MPC Share Price ÷ EPS (both in CAD)

= 3.1 ÷ 0.64

4.86x

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

  • Madison Pacific Properties is good value based on earnings compared to the CA Real Estate industry average.
  • Madison Pacific Properties is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Madison Pacific Properties's expected growth come at a high price?
Raw Data
TSX:MPC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
North America Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies 0.6x
Canada Market PEG Ratio Median Figure of 232 Publicly-Listed Companies 0.67x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Madison Pacific Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Madison Pacific Properties's assets?
Raw Data
TSX:MPC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-11-30) in CAD CA$5.95
TSX:MPC Share Price * TSX (2020-04-02) in CAD CA$3.1
Canada Real Estate Industry PB Ratio Median Figure of 37 Publicly-Listed Real Estate Companies 0.62x
Canada Market PB Ratio Median Figure of 2,355 Publicly-Listed Companies 0.99x
TSX:MPC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:MPC Share Price ÷ Book Value per Share (both in CAD)

= 3.1 ÷ 5.95

0.52x

* Primary Listing of Madison Pacific Properties.

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

  • Madison Pacific Properties is good value based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Madison Pacific Properties'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Madison Pacific Properties 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.

MPC Future Performance

 How is Madison Pacific Properties expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Madison Pacific Properties has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
22.7%
Expected Real Estate industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Madison Pacific Properties expected to grow at an attractive rate?
  • Unable to compare Madison Pacific Properties's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Madison Pacific Properties's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Madison Pacific Properties's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:MPC Future Growth Rates Data Sources
Data Point Source Value (per year)
North America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 22.7%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.2%
Canada 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
TSX:MPC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:MPC Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-11-30 33 8 37
2019-08-31 32 10 35
2019-05-31 32 10 34
2019-02-28 32 13 34
2018-11-30 33 13 37
2018-08-31 33 13 42
2018-05-31 33 13 47
2018-02-28 34 13 53
2017-11-30 34 11 52
2017-08-31 35 14 53
2017-05-31 34 16 62
2017-02-28 34 15 65

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Madison Pacific Properties is high growth as no earnings estimate data is available.
  • Unable to determine if Madison Pacific Properties is high growth as no revenue estimate data is available.
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
TSX:MPC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Madison Pacific Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MPC Past Financials Data
Date (Data in CAD Millions) EPS *
2019-11-30 0.64
2019-08-31 0.59
2019-05-31 0.58
2019-02-28 0.58
2018-11-30 0.63
2018-08-31 0.72
2018-05-31 0.81
2018-02-28 0.90
2017-11-30 0.88
2017-08-31 0.90
2017-05-31 1.06
2017-02-28 1.12

*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.
  • Unable to establish if Madison Pacific Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Madison Pacific Properties is trading at Madison Pacific Properties'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Madison Pacific Properties's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. Madison Pacific Properties's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Madison Pacific Properties'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 North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada 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.
Madison Pacific Properties 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.

MPC Past Performance

  How has Madison Pacific Properties 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 Madison Pacific Properties's growth in the last year to its industry (Real Estate).
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.
  • Madison Pacific Properties's year on year earnings growth rate has been positive over the past 5 years.
  • Madison Pacific Properties's 1-year earnings growth is less than its 5-year average (0.7% vs 7.8%)
  • Madison Pacific Properties's earnings growth has exceeded the CA Real Estate industry average in the past year (0.7% vs -22.9%).
Earnings and Revenue History
Madison Pacific Properties'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 Madison Pacific Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MPC Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-11-30 32.65 37.40 3.20
2019-08-31 32.36 34.75 3.20
2019-05-31 31.92 33.68 3.15
2019-02-28 31.67 33.80 3.22
2018-11-30 32.51 37.14 3.05
2018-08-31 32.76 41.98 2.91
2018-05-31 32.86 47.29 2.71
2018-02-28 34.05 52.56 2.48
2017-11-30 33.91 51.70 2.39
2017-08-31 34.89 52.99 2.38
2017-05-31 34.33 62.29 2.55
2017-02-28 34.49 65.33 2.69
2016-11-30 32.70 57.57 2.80
2016-08-31 31.41 53.23 2.81
2016-05-31 31.97 39.28 2.76
2016-02-29 30.75 31.61 2.69
2015-11-30 30.59 29.95 2.65
2015-08-31 30.60 28.14 2.71
2015-05-31 30.74 20.88 2.71
2015-02-28 30.67 17.57 2.68
2014-11-30 30.86 17.06 2.87
2014-08-31 30.74 15.46 2.92
2014-05-31 28.75 16.85 3.32
2014-02-28 27.08 15.86 3.27
2013-11-30 25.36 13.41 2.99
2013-08-31 23.69 11.96 2.71

*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.
  • Madison Pacific Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Madison Pacific Properties used its assets more efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Madison Pacific Properties's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Madison Pacific Properties'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 Real Estate 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.
Madison Pacific Properties 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.

MPC Health

 How is Madison Pacific Properties'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 Madison Pacific Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Madison Pacific Properties's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Madison Pacific Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Madison Pacific Properties'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 Madison Pacific Properties Company Filings, last reported 4 months ago.

TSX:MPC Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-11-30 360.74 229.86 53.42
2019-08-31 352.66 230.35 57.14
2019-05-31 344.06 231.36 56.82
2019-02-28 337.05 221.54 47.48
2018-11-30 328.36 222.97 54.97
2018-08-31 323.23 210.21 47.47
2018-05-31 315.42 220.84 42.84
2018-02-28 308.40 202.67 2.33
2017-11-30 295.80 202.14 12.24
2017-08-31 285.76 201.17 11.79
2017-05-31 272.23 202.29 12.14
2017-02-28 260.00 198.57 11.78
2016-11-30 248.53 197.21 15.20
2016-08-31 257.27 199.43 33.43
2016-05-31 237.85 200.32 24.93
2016-02-29 220.96 201.92 23.43
2015-11-30 217.55 195.91 8.97
2015-08-31 210.83 208.58 4.11
2015-05-31 205.71 201.26 1.30
2015-02-28 196.88 199.36 0.88
2014-11-30 194.61 195.21 1.13
2014-08-31 189.64 194.87 1.04
2014-05-31 188.94 194.15 1.21
2014-02-28 184.57 199.50 1.49
2013-11-30 183.18 212.02 1.40
2013-08-31 171.04 150.36 3.99
  • Madison Pacific Properties's level of debt (63.7%) 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 (100.3% vs 63.7% today).
  • Debt is not well covered by operating cash flow (3.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Madison Pacific Properties'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. Madison Pacific Properties 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.

MPC Dividends

 What is Madison Pacific Properties'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
3.39%
Current annual income from Madison Pacific Properties dividends.
If you bought CA$2,000 of Madison Pacific Properties shares you are expected to receive CA$68 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?
  • Madison Pacific Properties's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.67%).
  • Madison Pacific Properties's dividend is below the markets top 25% of dividend payers in Canada (8.63%).
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
TSX:MPC 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 0 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 1.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 4.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.4%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.6%

Industry and Market average data is calculated daily.

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

TSX:MPC Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-01-15 0.105 3.028
2019-07-12 0.105 3.035
2019-01-16 0.105 2.962
2018-07-17 0.105 2.734
2018-01-11 0.105 3.009
2017-07-13 0.105 2.974
2017-01-12 0.105 3.171
2016-07-13 0.105 3.259
2016-01-14 0.105 3.575
2015-07-09 0.105 4.095
2015-01-13 0.105 4.428
2014-07-14 0.105 4.310
2014-01-24 0.105 4.332
2013-08-13 0.105 4.135
2013-07-29 0.105 3.759
2013-04-17 0.105 3.884
2013-01-11 0.105 3.684
2012-11-29 0.105 3.703
2012-08-10 0.105 3.426
2012-02-06 0.105 3.001
2011-11-14 0.105 2.873
2011-08-10 0.105 3.333
2011-02-02 0.105 3.637
2010-11-12 0.105 4.450
2010-08-10 0.105 4.469
2010-02-12 0.105 4.643
2009-11-18 0.105 4.561
2009-08-20 0.105 4.472

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

  • Dividends per share have been stable in the past 10 years.
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Madison Pacific Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Madison Pacific Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - 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 Madison Pacific Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Madison Pacific Properties 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.

MPC Management

 What is the CEO of Madison Pacific Properties'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
Marvin Haasen
COMPENSATION CA$383,680
TENURE AS CEO 7.4 years
CEO Bio

Mr. Marvin G. Haasen has been the Chief Executive Officer and President of Madison Pacific Properties Inc. since November 1, 2012. Mr. Haasen has been the Chief Executive Officer and President at Metro Vancouver Properties Corp. since November 1, 2012. Mr. Haasen has been Management Consultant of IntraCorp. Real Estate LLC (IntraCorp. Companies) since 2007. Mr. Haasen provides consulting services recommending investments and acquisition strategy, including identification of desired product categories, markets and transaction types. He also recommends third-party management firms necessary to manage acquired assets and maximize property net operating income. He has more than 27 years of experience in real estate investments, asset management and development. Mr. Haasen spent 12 years working in Toronto for prominent real estate developers and investors. In 1994 he joined Lend Lease Real Estate Investments where he spent 12 years in Canada and Asia, most recently as Director of Acquisitions and Fund Manager for a $350 million real estate fund. He served as Chief Executive Officer of a USD 350 million (equity) fund that invested in Asian real estate opportunities. Mr. Haasen worked for eight years at a prominent Canadian real estate developer where he held positions in acquisitions, leasing and asset management. In 2006, Mr. Haasen relocated to Vancouver, where he set up his own real estate advisory firm, assisting high net worth individuals invest in commercial real estate. He has been a Director at Madison Pacific Properties Inc. since November 1, 2012. He has been a Director at Metro Vancouver Properties Corp. since 2012. Mr. Haasen received an undergraduate degree from the University of Western Ontario in urban development and a Masters in Business Administration at the University of Toronto.

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

Marvin Haasen

TITLE
President
COMPENSATION
CA$384K
TENURE
7.4 yrs

Dino Di Marco

TITLE
Secretary & CFO
COMPENSATION
CA$552K
TENURE
6.9 yrs
Board of Directors Tenure

Average tenure of the Madison Pacific Properties board of directors in years:

7.4
Average Tenure
  • The tenure for the Madison Pacific Properties board of directors is about average.
Board of Directors

Sam Grippo

TITLE
Independent Chairman of the Board
COMPENSATION
CA$60K

Marvin Haasen

TITLE
President
COMPENSATION
CA$384K
TENURE
7.4 yrs

Mark Elliott

TITLE
Independent Director
COMPENSATION
CA$19K
TENURE
6.3 yrs

Michael Delesalle

TITLE
Independent Director
COMPENSATION
CA$15K
TENURE
20.2 yrs

Peter Bonner

TITLE
Independent Director
COMPENSATION
CA$15K
TENURE
12.2 yrs

Jonathan Hugh Rees

TITLE
Independent Director
COMPENSATION
CA$7K
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
23. Aug 19 Buy Madison Venture Corporation Company 23. Aug 19 23. Aug 19 22,285 CA$3.88 CA$86,466
X
Management checks
We assess Madison Pacific Properties'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. Madison Pacific Properties 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.

MPC News

Simply Wall St News

Should Income Investors Buy Madison Pacific Properties Inc (TSE:MPC) Before Its Ex-Dividend?

Have you been keeping an eye on Madison Pacific Properties Inc's (TSE:MPC) upcoming dividend of CA$0.052 per share payable on the 06 September 2018? … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Madison Pacific Properties's latest financial data to analyse its dividend attributes. … Here's how I find good dividend stocks?

Simply Wall St -

Is Madison Pacific Properties Inc's (TSE:MPC) Balance Sheet Strong Enough To Weather A Storm?

Madison Pacific Properties Inc (TSE:MPC) is a small-cap stock with a market capitalization of CA$196.23m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is.

Simply Wall St -

Madison Pacific Properties Inc (TSE:MPC): Did It Outperform The Industry?

After reading Madison Pacific Properties Inc's (TSE:MPC) most recent earnings announcement (28 February 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … See our latest analysis for Madison Pacific Properties? … MPC's trailing twelve-month earnings (from 28 February 2018) of CA$52.56m has

Simply Wall St -

Madison Pacific Properties Inc (TSE:MPC): Dividend Is Coming In 3 Days, Should You Buy?

See our latest analysis for Madison Pacific Properties 5 questions to ask before buying a dividend stock If you are a dividend investor, you should always assess these five key metrics: Does it pay an annual yield higher than 75% of dividend payers? … TSX:MPC Historical Dividend Yield Feb 3rd 18 How well does Madison Pacific Properties fit our criteria? … Next Steps: After digging a little deeper into Madison Pacific Properties's yield, it's easy to see why you should be cautious investing in the company just for the dividend.

Simply Wall St -

Should You Be Concerned About Madison Pacific Properties Inc's (TSX:MPC) Shareholders?

The company hardly has institutions in its ownership structure, indicating limited concern for investors to worry about potential sell-offs that could arise due to extensive liquidation. … Private Company Ownership Potential investors in MPC should also look at another important group of investors: private companies, with a stake of 60.98%, who are primarily invested because of strategic and capital gain interests. … Institutional ownership in MPC is not at a level that would concern investors.

Simply Wall St -

With An ROE Of 24.84%, Has Madison Pacific Properties Inc's (TSX:MPC) Management Done A Good Job?

Check out our latest analysis for Madison Pacific Properties Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) weighs MPC’s profit against the level of its shareholders’ equity. … ROE can be broken down into three different ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity TSX:MPC Last Perf Oct 24th 17 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

Simply Wall St -

MPC Company Info

Description

Madison Pacific Properties Inc., together with its subsidiaries, owns, develops, and manages office, industrial, commercial, and retail real estate properties in Metro Vancouver region, British Columbia, Alberta, and Ontario. Its property portfolio comprises interests in 1,580,202 square feet of net rentable area of industrial properties; 120,559 square feet of net rentable area of retail/highway commercial properties; and 116,689 square feet of net rentable area of office property. The company also provides property management services, including tenant services and relationships, building operations, leasing, lease administration, property accounting and reporting, and project management. In addition, it holds interest in undeveloped residential lands in Mission, British Columbia. The company was formerly known as Princeton Mining Corporation and changed its name to Madison Pacific Properties Inc. in April 1998. Madison Pacific Properties Inc. was incorporated in 1963 and is headquartered in Vancouver, Canada.

Details
Name: Madison Pacific Properties Inc.
MPC
Exchange: TSX
Founded: 1963
CA$166,174,274
58,570,581
Website: http://www.madisonpacific.ca
Address: Madison Pacific Properties Inc.
389 West 6th Avenue,
Vancouver,
British Columbia, V5Y 1L1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX MPC Class B Voting Common Shares The Toronto Stock Exchange CA CAD 28. May 1998
OTCPK MDPC.F Class B Voting Common Shares Pink Sheets LLC US USD 28. May 1998
TSX MPC.C Class C Non-voting Common Shares The Toronto Stock Exchange CA CAD 13. Sep 2007
Number of employees
Current staff
Staff numbers
10
Madison Pacific Properties employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 00:34
End of day share price update: 2020/04/02 00:00
Last earnings filing: 2020/01/14
Last earnings reported: 2019/11/30
Last annual earnings reported: 2019/08/31


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.