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Derwent London

BATS-CHIXE:DLNL
Snowflake Description

Proven track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DLNL
BATS-CHIXE
£3B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Derwent London plc owns 84 buildings in a commercial real estate portfolio predominantly in central London valued at £5.4 billion (including joint ventures) as at 30 June 2019, making it the largest London-focused real estate investment trust (REIT). The last earnings update was 39 days ago. More info.


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  • Derwent London has significant price volatility in the past 3 months.
DLNL Share Price and Events
7 Day Returns
-7.9%
BATS-CHIXE:DLNL
-4.2%
GB REITs
-2.2%
GB Market
1 Year Returns
-6.9%
BATS-CHIXE:DLNL
-24.4%
GB REITs
-25.9%
GB Market
DLNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Derwent London (DLNL) -7.9% -28% -24.3% -6.9% 2.4% -17.4%
GB REITs -4.2% -26.5% -32.1% -24.4% -23.4% -30%
GB Market -2.2% -21.7% -29.6% -25.9% -26.6% -26.2%
1 Year Return vs Industry and Market
  • DLNL outperformed the REITs industry which returned -24.4% over the past year.
  • DLNL outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
DLNL
Industry
5yr Volatility vs Market

DLNL Value

 Is Derwent London 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 Derwent London 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 Derwent London.

BATS-CHIXE:DLNL 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 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

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 BATS-CHIXE:DLNL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.45 (1 + (1- 19%) (30.9%))
0.707
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)
= 0.53% + (0.8 * 6.07%)
5.39%

Discounted Cash Flow Calculation for BATS-CHIXE:DLNL using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

BATS-CHIXE:DLNL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:DLNL represents 0.99268x of LSE:DLN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99268x
Value per Share
(Listing Adjusted, GBP)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 27.46 x 0.99268
£27.26
Value per share (GBP) From above. £27.26
Current discount Discount to share price of £29.84
= -1 x (£29.84 - £27.26) / £27.26
-9.5%

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

  • The current share price of Derwent London 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 Derwent London's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Derwent London's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:DLNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £2.54
LSE:DLN Share Price ** LSE (2020-04-03) in GBP £30.06
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.58x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.32x

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

** Primary Listing of Derwent London.

BATS-CHIXE:DLNL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:DLN Share Price ÷ EPS (both in GBP)

= 30.06 ÷ 2.54

11.84x

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

  • Derwent London is good value based on earnings compared to the GB REITs industry average.
  • Derwent London is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Derwent London's expected growth come at a high price?
Raw Data
BATS-CHIXE:DLNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-8.4%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:DLNL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.84x ÷ -8.4%

-1.41x

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

  • Derwent London 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 Derwent London's assets?
Raw Data
BATS-CHIXE:DLNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £39.58
LSE:DLN Share Price * LSE (2020-04-03) in GBP £30.06
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.73x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.06x
BATS-CHIXE:DLNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:DLN Share Price ÷ Book Value per Share (both in GBP)

= 30.06 ÷ 39.58

0.76x

* Primary Listing of Derwent London.

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

  • Derwent London is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Derwent London'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. Derwent London has a total score of 2/6, 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.

DLNL Future Performance

 How is Derwent London expected to perform in the next 1 to 3 years based on estimates from 11 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
-8.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Derwent London expected to grow at an attractive rate?
  • Derwent London's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Derwent London's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Derwent London's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:DLNL Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:DLNL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -8.4%
BATS-CHIXE:DLNL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 4.7%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 24.1%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland 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
BATS-CHIXE:DLNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:DLNL Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 303 108 1
2023-12-31 272 98 2
2022-12-31 243 185 319 4
2021-12-31 227 155 311 5
2020-12-31 207 187 240 7
2020-04-04
BATS-CHIXE:DLNL Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 231 97 283
2019-09-30 224 92 252
2019-06-30 217 86 220
2019-03-31 223 101 221
2018-12-31 229 115 222
2018-09-30 228 117 262
2018-06-30 227 118 302
2018-03-31 215 101 308
2017-12-31 204 84 314
2017-09-30 198 84 210
2017-06-30 192 85 107
2017-03-31 193 82 83

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Derwent London's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Derwent London's revenue is expected to grow by 4.7% 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
BATS-CHIXE:DLNL 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 11 Analyst Estimates (S&P Global) See Below

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

BATS-CHIXE:DLNL Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 0.96 0.96 0.96 1.00
2023-12-31 0.88 0.88 0.88 1.00
2022-12-31 2.73 4.37 1.10 2.00
2021-12-31 2.50 3.55 1.87 3.00
2020-12-31 1.30 3.01 -1.21 4.00
2020-04-04
BATS-CHIXE:DLNL Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 2.54
2019-09-30 2.26
2019-06-30 1.97
2019-03-31 1.98
2018-12-31 1.99
2018-09-30 2.35
2018-06-30 2.71
2018-03-31 2.76
2017-12-31 2.82
2017-09-30 1.89
2017-06-30 0.96
2017-03-31 0.74

*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.
  • Derwent London is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Derwent London'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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.
Derwent London has a total score of 1/6, 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.

DLNL Past Performance

  How has Derwent London 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 Derwent London'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.
  • Derwent London's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Derwent London's 1-year earnings growth exceeds its 5-year average (27.5% vs -30.4%)
  • Derwent London's earnings growth has exceeded the GB REITs industry average in the past year (27.5% vs -21.6%).
Earnings and Revenue History
Derwent London'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 Derwent London Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:DLNL Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 230.50 283.40 37.00
2019-09-30 223.80 251.75 35.60
2019-06-30 217.10 220.10 34.20
2019-03-31 223.00 221.20 33.25
2018-12-31 228.90 222.30 32.30
2018-09-30 227.85 261.95 31.45
2018-06-30 226.80 301.60 30.60
2018-03-31 215.25 307.80 29.40
2017-12-31 203.70 314.00 28.20
2017-09-30 197.95 210.30 28.30
2017-06-30 192.20 106.60 28.40
2017-03-31 193.20 82.65 29.65
2016-12-31 194.20 58.70 30.90
2016-09-30 204.40 263.10 30.70
2016-06-30 214.60 467.50 30.50
2016-03-31 208.40 616.85 30.25
2015-12-31 202.20 766.20 30.00
2015-09-30 194.45 768.05 30.00
2015-06-30 186.70 769.90 30.00
2015-03-31 183.10 753.80 29.20
2014-12-31 179.50 737.70 28.40
2014-09-30 172.20 672.30 28.15
2014-06-30 164.90 606.90 27.90
2014-03-31 163.25 531.75 27.30
2013-12-31 161.60 456.60 26.70
2013-09-30 158.45 398.70 25.85
2013-06-30 155.30 340.80 25.00

*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.
  • Derwent London has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Derwent London used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • Derwent London has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Derwent London'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.
Derwent London has a total score of 4/6, 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.

DLNL Health

 How is Derwent London'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 Derwent London's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Derwent London is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Derwent London's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Derwent London'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 0.3x 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 Derwent London Company Filings, last reported 3 months ago.

BATS-CHIXE:DLNL Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,476.90 980.30 54.50
2019-09-30 4,476.90 980.30 54.50
2019-06-30 4,349.70 978.20 31.50
2019-03-31 4,349.70 978.20 31.50
2018-12-31 4,263.40 918.10 18.30
2018-09-30 4,263.40 918.10 18.30
2018-06-30 4,197.10 791.60 21.40
2018-03-31 4,197.10 791.60 21.40
2017-12-31 4,193.20 738.70 87.00
2017-09-30 4,193.20 738.70 87.00
2017-06-30 4,043.00 833.40 102.80
2017-03-31 4,043.00 833.40 102.80
2016-12-31 3,999.40 915.90 17.70
2016-09-30 3,999.40 915.90 17.70
2016-06-30 4,062.30 1,027.80 12.70
2016-03-31 4,062.30 1,027.80 12.70
2015-12-31 3,995.40 912.60 6.50
2015-09-30 3,995.40 912.60 6.50
2015-06-30 3,630.90 885.00 11.70
2015-03-31 3,630.90 885.00 11.70
2014-12-31 3,075.70 1,045.00 14.80
2014-09-30 3,075.70 1,045.00 14.80
2014-06-30 2,719.10 990.50 8.70
2014-03-31 2,719.10 990.50 8.70
2013-12-31 2,370.50 969.40 12.50
2013-09-30 2,370.50 969.40 12.50
2013-06-30 2,118.20 969.60 5.50
  • Derwent London's level of debt (21.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (33.9% vs 21.9% today).
  • Debt is not well covered by operating cash flow (9.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.4x coverage).
X
Financial health checks
We assess Derwent London'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. Derwent London has a total score of 4/6, 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.

DLNL Dividends

 What is Derwent London'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
2.41%
Current annual income from Derwent London dividends. Estimated to be 2.85% next year.
If you bought £2,000 of Derwent London shares you are expected to receive £48 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?
  • Derwent London's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Derwent London's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.42%).
Upcoming dividend payment

Purchase Derwent London before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
BATS-CHIXE:DLNL 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 11 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 595 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

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

BATS-CHIXE:DLNL Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.17 1.00
2023-12-31 1.01 3.00
2022-12-31 0.94 10.00
2021-12-31 0.85 16.00
2020-12-31 0.78 17.00
2020-04-04
BATS-CHIXE:DLNL Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-02-25 0.725 2.119
2019-05-09 0.659 1.918
2018-08-09 1.365 4.483
2018-04-18 1.347 4.377
2018-02-27 1.347 4.408
2017-02-28 0.524 1.863
2016-04-22 0.434 1.605
2015-08-13 0.406 1.183
2015-05-18 0.397 1.112
2014-05-08 0.365 1.229
2013-02-28 0.337 1.379
2012-04-18 0.627 3.187
2012-03-01 0.314 1.798
2011-03-11 0.290 1.741
2011-03-10 0.290 1.715
2010-08-25 0.276 1.800
2010-04-22 0.270 2.012
2010-03-17 0.270 1.952

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Derwent London's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Derwent London's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Derwent London afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Derwent London 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.

DLNL Management

 What is the CEO of Derwent London'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
Paul Williams
COMPENSATION £1,375,000
AGE 58
TENURE AS CEO 0.9 years
CEO Bio

Mr. Paul Malcolm Williams has been the Chief Executive Officer of Derwent London Plc since May 17, 2019 and has been its Executive Director since 1998. Mr. Williams served as a Propery Director of Derwent London Plc until May 17, 2019. Mr. Williams responsibilities include asset management and supervision of refurbishment and development projects. He serves as a Director of Derwent London Capital (Jersey) Limited and Derwent London Capital No 2 (Jersey) Ltd. He is a chartered surveyor.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paul's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Derwent London management team in years:

7.3
Average Tenure
57
Average Age
  • The average tenure for the Derwent London management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Paul Williams

TITLE
CEO & Director
COMPENSATION
£1M
AGE
58
TENURE
0.9 yrs

Damian Mark Wisniewski

TITLE
CFO & Executive Director
COMPENSATION
£1M
AGE
57
TENURE
10.2 yrs

Nigel George

TITLE
Property Director & Executive Director
COMPENSATION
£1M
AGE
56

Simon Silver

TITLE
Property Director & Executive Director
COMPENSATION
£2M
AGE
68

David Silverman

TITLE
Property Director & Executive Director
COMPENSATION
£1M
AGE
49

Giles Sheehan

TITLE
Head of Investment

Freeman Quentin

TITLE
Head of Investor Relations & Corporate Communications

Katy Levine

TITLE
Head of Human Resources

John Davies

TITLE
Head of Sustainability
TENURE
7.3 yrs

David Westgate

TITLE
Group Head of Tax
Board of Directors Tenure

Average tenure and age of the Derwent London board of directors in years:

10.2
Average Tenure
55.5
Average Age
  • The average tenure for the Derwent London board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

John Burns

TITLE
Founder & Non-Executive Chairman
COMPENSATION
£2M
AGE
74
TENURE
0.9 yrs

Paul Williams

TITLE
CEO & Director
COMPENSATION
£1M
AGE
58
TENURE
22.3 yrs

Damian Mark Wisniewski

TITLE
CFO & Executive Director
COMPENSATION
£1M
AGE
57
TENURE
10.2 yrs

Nigel George

TITLE
Property Director & Executive Director
COMPENSATION
£1M
AGE
56
TENURE
22.3 yrs

Simon Silver

TITLE
Property Director & Executive Director
COMPENSATION
£2M
AGE
68
TENURE
34.3 yrs

David Silverman

TITLE
Property Director & Executive Director
COMPENSATION
£1M
AGE
49
TENURE
12.3 yrs

Simon William Fraser

TITLE
Senior Independent Director
COMPENSATION
£68K
AGE
55

Richard D. Dakin

TITLE
Independent Non-Executive Director
COMPENSATION
£62K
AGE
55
TENURE
6.7 yrs

Claudia Arney

TITLE
Non-Executive Director
COMPENSATION
£58K
AGE
48
TENURE
4.9 yrs

Lucinda Bell

TITLE
Non-Executive Director
AGE
54
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Derwent London individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
16. Mar 20 Buy Simon Silver Individual 16. Mar 20 16. Mar 20 3,500 £29.32 £102,620
15. Nov 19 Sell John Burns Individual 15. Nov 19 15. Nov 19 -150,000 £35.26 £-5,289,570
16. Oct 19 Sell Simon Silver Individual 16. Oct 19 16. Oct 19 -10,000 £34.94 £-349,351
01. Oct 19 Sell John Burns Individual 01. Oct 19 01. Oct 19 -90,183 £33.35 £-3,007,513
20. Jun 19 Sell Simon Silver Individual 20. Jun 19 20. Jun 19 -25,000 £31.38 £-784,553
X
Management checks
We assess Derwent London'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. Derwent London 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.

DLNL News

Simply Wall St News

DLNL Company Info

Description

Derwent London plc owns 84 buildings in a commercial real estate portfolio predominantly in central London valued at £5.4 billion (including joint ventures) as at 30 June 2019, making it the largest London-focused real estate investment trust (REIT). The Company's experienced team has a long track record of creating value throughout the property cycle by regenerating its buildings via development or refurbishment, effective asset management and capital recycling. The Company typically acquires central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or the Tech Belt. The Company capitalises on the unique qualities of each of its properties - taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requirements and an emphasis on design. Reflecting and supporting the Company's long-term success, the business has a strong balance sheet with modest leverage, a robust income stream and flexible financing. Landmark schemes in the Company's 5.7 million sq ft portfolio include Brunel Building W2, White Collar Factory EC1, Angel Building EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building E1. In 2019 to date, the Group has won the CoStar West End Deal of the Year for Brunel Building. In 2018, the Group won EG Offices Company of the Year, whilst White Collar Factory scooped RIBA National and London awards, RICS National and London awards, two BCO awards for Commercial Workplace and Innovation, an EG Creative Places award and an NLA Wellbeing award. 25 Savile Row also won RIBA National and London awards and SKA Gold for the fit-out. In 2013 the Company launched a voluntary Community Fund and has to date supported 89 community projects in Fitzrovia and the Tech Belt. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The address of its registered office is 25 Savile Row, London, W1S 2ER.

Details
Name: Derwent London Plc
DLNL
Exchange: BATS-CHIXE
Founded:
£3,365,051,639
111,944,499
Website: http://www.derwentlondon.com
Address: Derwent London Plc
25 Savile Row,
London,
East Lothian, W1S 2ER,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE DLN Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK DWVY.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB DVK Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BRSE DVK Ordinary Shares Berne Stock Exchange CH CHF 02. Jan 1992
BATS-CHIXE DLNL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
Number of employees
Current staff
Staff numbers
135
Derwent London employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 19:38
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.