Interims
- Sirius Real Estate Limited is an owner and operator of business parks in Germany and the United Kingdom.
- The company is progressing to embed ESG into the business and strategy.
Sirius Real Estate represents a unique opportunity for investors to gain exposure, through a UK REIT, to the attractive light industrial business park and out-of-town office sectors in Germany and more recently, in the UK, managed by a growing market leading owner and operator with a strong and long track record of value creation.
Having entered the UK market in November 2021 via the acquisition of BizSpace, a leading provider of regional flexible workspace, Sirius now intends to apply its proven asset management skills to this new market, having already increased BizSpace’s like-for-like annualised rent roll by 7.5% within the first 4.5 months of ownership.
Delivering a stable and attractive return profile
- Sirius has delivered a double-digit total shareholder accounting return in excess of 13% over the last three years
- The Group’s policy of distributing 65% of FFO as dividends ensures it maintains a well-covered dividend and provides the head-room to flex pay-out ratios as required
- Full covered dividend, with consistent dividend growth over past 8 years, including throughout the Covid-19 pandemic
- Defensive gross yield of 7% with valuation gains mainly resulting from income growth generated by asset management
- Further value and income enhancement to come from a combination of asset recycling, filling vacant space in recently acquired assets, implementation and completion of accretive capex investment programmes and reductions in service charge leakage
Sirius has a well-structured, well-located portfolio…
- Sirius owns and manages a portfolio of over €2.5 billion of property assets comprising industrial, manufacturing, office and storage assets in edge of town locations
- Mixed-use assets are situated in strategic locations: in and around the “big seven” German markets[1] and in core regional hotspot clusters across the UK
- Sirius has a well-diversified tenant base. In Germany, its top 50 tenants generate 45% of annual income. In the UK, 26% of annual income is generated by the top 100 tenants
- Future value enhancement to come from developing and letting more than 118,000 sqm of vacant space in Germany and more than 45,000 sqm of vacant space in the UK
- Sirius maintains overall group LTV at 45% or less, financing new acquisitions with up to 50% LTV using long-term, low interest debt and subsequently blending them with unencumbered assets in the portfolio
…in two highly attractive markets with strong, long-term fundamentals
- The German economy is the largest in Europe: characterised by long term GDP growth, low unemployment and high levels of investment and consumer spending, it is forecast to grow by c. 1.9% in 2022 and 2.4% in 2023. 99% of German companies are SMEs - the core customer of Sirius
- The UK’s regional flexible workspace and industrial market is characterised by chronic supply constraints, offering potential for significant rental growth and consolidation due to high levels of market fragmentation.
- Industrial assets can be acquired at attractive yields and at capital values well below replacement cost
- Sirius seeks to buy assets with the potential to create value, predominantly through the asset management process by filling vacant space and converting space to higher value uses
Operating with a proven business model and solid track record
- Sirius has proven capability in transforming assets through its capex investment programmes, which deliver returns in excess of 40% and enhance income and capital values. The Company also has a strong track record for growing its income and has delivered like-for-like rent roll growth in excess of 5% for the last eight consecutive years (within its German platform)
- Unlike its competitors, Sirius has a fully integrated operating platform incorporating in-house marketing and sales functions that targets prospective tenants directly using online and offline techniques that lower risk and increase returns
- Dedicated service charge team delivers best-in-class cost recovery by utilising advanced measurement and cost allocation techniques
- The Company is led by a team of highly experienced individuals who have been tested over the full real estate investment cycle
Platform synergies help drive value creation
- Industrial and out of town office markets in the UK and Germany share similar characteristics
- BizSpace structure and internal operating platform complements Sirius’ existing German business, allowing for meaningful operational and financial synergies to drive value creation for Sirius shareholders
- Sirius will apply its proven asset management skills to this new market and has already increased BizSpace’s like-for-like annualised rent roll by 7.5% within the first 4.5 months of ownership.
Incorporated in 2002
Sirius Real Estate Limited is a company incorporated in Guernsey and resident in the United Kingdom for tax purposes, whose shares are publicly traded on the Main Market of the London Stock Exchange and the Main Board of the Johannesburg Stock Exchange.
The principal activity of the group is the investment in, and development of, commercial and industrial property to provide conventional and flexible workspace in Germany and the United Kingdom.
Forecasts
What are the assumptions used to estimate the financial forecasts?
| Description | Value | Commentary |
|---|---|---|
Revenue
| ||
| What's the estimated current size of the total addressable market? | $2,400,000,000,000 | Here, the total addressable market (TAM) is defined as the global real estate rental income market, and based on a number of assumptions[Note 1], it is estimated that the size of the market as of today (23rd November 2022), in terms of revenue, is $2.4 trillion. |
| What is the estimated company lifespan? | 50 years | Research shows that the average lifespan of a large corporation is around 50 years.[2] |
| What's the estimated annual growth rate of the total addressable market over the lifecycle of the company? | 3% | Research shows that the growth rate of the global real estate rental income market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product[3], which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)[4]. |
| What's the estimated company peak market share? | 1% | Stockhub estimates that especially given the leadership of the company, the peak market share of Sirius is around 1%, and, therefore, suggests using the share amount here. As of 31st March 2022 (i.e. the most recent Sirius full-year results), Sirius's current share of the global real estate rental income market (i.e. the total addressable market) is estimated at around 0.0090% and of the Germany and United Kingdom commercial real estate rental income market is 0.24%. |
| Which distribution function do you want to use to estimate company revenue? | Gaussian | Research suggests that the revenue pattern of companies is similar to the pattern produced by the Gaussian distribution function (i.e. the revenue distribution is bell shaped)[5], so Stockhub suggests using that function here. |
| What's the estimated standard deviation of company revenue? | 5 years | Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Sirius' current revenue amount (i.e. $210 million) and Sirius' estimated lifespan (i.e. 50 years) and Sirius' estimated current stage of its lifecycle (i.e. growth stage), the Stockhub company suggests using five years (i.e. 68% of all sales happen within five years either side of the mean year), so that's what's used here. |
Growth stages
| ||
| How many main stages of growth is the company expected to go through? | 4 stages | Research suggests that a company typically goes through four distinct stages of cash flow growth.[6] Research also shows that incorporating those stages into the discounted cash flow model improves the quality of the model and, ultimately, the quality of the value estimation.[7]
|
| What proportion of the company lifecycle is represented by growth stage 1? | 30% | Research suggests 30%.[9] |
| What proportion of the company lifecycle is represented by growth stage 2? | 10% | Research suggests 10%.[9] |
| What proportion of the company lifecycle is represented by growth stage 3? | 20% | Research suggests 20%.[9] |
| What proportion of the company lifecycle is represented by growth stage 4? | 40% | Research suggests 40%.[9] |
Growth stage 2
| ||
| Cost of goods sold as a proportion of revenue (%) | 42% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the margin for its peers is 42%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Operating expenses as a proportion of revenue (%) | 19% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the margin for its peers is 19%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Tax rate (%) | 12% | Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the rate for its peers is 12%. |
| Depreciation and amortisation as a proportion of fixed capital (%) | 10% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the margin for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Fixed capital as a proportion of revenue (%) | 10% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Working capital as a proportion of revenue (%) | 15% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)[10], and the amount for its peers is 15%. |
| Net borrowing ($000) | Zero | Stockhub suggests that for simplicity, the net borrowing figure is zero. |
| Interest amount ($000) | Zero | Stockhub suggests that for simplicity, the interest amount figure is zero. |
Growth stage 3
| ||
| Cost of goods sold as a proportion of revenue (%) | 62% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)[10], and the margin for its peers is 62%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Operating expenses as a proportion of revenue (%) | 13% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)[10], and the margin for its peers is 13%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Tax rate (%) | 14% | Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)[10], and the rate for its peers is 14%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Depreciation and amortisation as a proportion of revenue (%) | 4% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)[10], and the amount for its peers is 4%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Fixed capital as a proportion of revenue (%) | 3% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)[10], and the amount for its peers is 3%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Working capital as a proportion of revenue (%) | 10% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Net borrowing ($000) | Zero | Stockhub suggests that for simplicity, the net borrowing figure is zero. |
| Interest amount ($000) | Zero | Stockhub suggests that for simplicity, the interest amount figure is zero. |
Growth stage 4
| ||
| Cost of goods sold as a proportion of revenue (%) | 99% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the margin for its peers is 99%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Operating expenses as a proportion of revenue (%) | 15% | Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the margin for its peers is 15%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Tax rate (%) | 0% | Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the rate for its peers is 0%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Depreciation and amortisation as a proportion of revenue (%) | 37% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the amount for its peers is 37%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Fixed capital as a proportion of revenue (%) | 1% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the amount for its peers is 1%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Working capital as a proportion of revenue (%) | 10% | Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)[10], and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. |
| Net borrowing ($000) | Zero | Stockhub suggests that for simplicity, the net borrowing figure is zero. |
| Interest amount ($000) | Zero | Stockhub suggests that for simplicity, the interest amount figure is zero. |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year Ends | 31/03/2013 | 31/03/2014 | 31/03/2015 | 31/03/2016 | 31/03/2017 | 31/03/2018 | 31/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| Turnover | 46.12 | 45.07 | 45.39 | 55.79 | 68.79 | 123.65 | 140.06 | 150.01 | 165.36 | 210.18 |
| Expenses | 22.32 | 21.54 | 23.64 | 23.06 | 29.74 | 83.25 | 85.02 | 85.95 | 98.67 | 121.30 |
| EBITDA | -13.44 | 44.18 | 46.25 | 68.93 | 85.63 | 98.63 | 155.10 | 125.22 | 175.61 | 187.50 |
| EBIT | -14.47 | 43.19 | 45.36 | 68.30 | 84.76 | 97.54 | 153.73 | 123.12 | 173.53 | 184.33 |
| Operating Profit (reported) | 23.80 | 23.52 | 21.76 | 32.73 | 39.05 | 40.40 | 55.04 | 64.06 | 66.69 | 88.88 |
| Operating Profit (adjusted) | - | - | - | - | - | - | - | - | - | - |
| Investment Income | -36.98 | 21.05 | 26.70 | 44.17 | 49.86 | 60.95 | 100.50 | 58.00 | 104.62 | 147.20 |
| Exceptional Items | -1.19 | -1.36 | -3.05 | -8.54 | -4.04 | -3.68 | -1.70 | 0.03 | -0.50 | -13.84 |
| Net Interest | -15.10 | -12.18 | -12.75 | -11.29 | -8.44 | -8.03 | -9.12 | -11.33 | -7.16 | -12.41 |
| Pre-tax Profit | -29.47 | 31.03 | 32.65 | 57.08 | 76.44 | 89.65 | 144.71 | 110.77 | 163.66 | 168.93 |
| Tax | 0.78 | 2.10 | 5.65 | 2.39 | 9.50 | 8.29 | 15.99 | 12.62 | 16.10 | 20.94 |
| Net Profit | -30.25 | 28.93 | 27.00 | 54.69 | 66.94 | 81.36 | 128.72 | 98.15 | 147.56 | 147.99 |
| Minority Interests | -0.03 | 0.01 | 0.02 | 0.02 | 0.03 | 0.09 | 0.07 | 0.01 | 0.11 | 0.12 |
| Profit For Financial Year | -30.23 | 28.93 | 26.99 | 54.67 | 66.91 | 81.27 | 128.66 | 98.14 | 147.45 | 147.87 |
| Ordinary Dividends | - | - | - | - | - | - | - | - | - | - |
| Non Equity Dividends | - | - | - | - | - | - | - | - | - | - |
| Retained Profit | -30.23 | 28.93 | 26.99 | 54.67 | 66.91 | 81.27 | 128.66 | 98.14 | 147.45 | 147.87 |
| Per Share Data | ||||||||||
| DPS | 0.00 | 0.00 | 0.01 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 |
| Normalized EPS | -0.09 | 0.07 | 0.05 | 0.08 | 0.08 | 0.09 | 0.13 | 0.09 | 0.14 | 0.14 |
| Reported EPS | -0.10 | 0.07 | 0.05 | 0.07 | 0.08 | 0.09 | 0.13 | 0.09 | 0.14 | 0.13 |
| Investment Ratios | ||||||||||
| Operating Margin | 0.52 | 0.52 | 0.48 | 0.59 | 0.57 | 0.33 | 0.39 | 0.43 | 0.40 | 0.42 |
| DPS Growth % | - | - | - | 0.65 | 0.53 | 0.15 | 0.03 | 0.08 | 0.06 | 0.11 |
| Dividend Cover x | 0.00 | 0.00 | 21.32 | 3.86 | 3.26 | 56.50 | 3.22 | 3.82 | 2.26 | 3.93 |
| Norm EPS Growth % | - | - | -0.30 | 0.59 | 0.02 | 0.08 | 0.43 | -0.27 | 0.48 | -0.01 |
| Reported EPS Growth % | - | - | -0.33 | 0.51 | 0.11 | 0.10 | 0.47 | -0.26 | 0.48 | -0.05 |
| Other | ||||||||||
| Market Cap at B/S Date | 61.13 | 169.09 | 262.65 | 332.75 | 456.45 | 610.66 | 648.04 | 682.89 | 931.63 | 1,463.27 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year Ends | 31/03/2013 | 31/03/2014 | 31/03/2015 | 31/03/2016 | 31/03/2017 | 31/03/2018 | 31/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| Assets | ||||||||||
| Non Current Assets | ||||||||||
| Intangible | 3.74 | 3.74 | 3.74 | 3.74 | 3.74 | 3.74 | 3.74 | 5.72 | 6.57 | 4.28 |
| Tangible | 2.54 | 1.83 | 1.68 | 1.94 | 2.56 | 3.13 | 3.44 | 4.81 | 4.60 | 20.49 |
| Investments | - | - | - | - | - | - | 0.00 | 12.31 | 17.20 | 24.14 |
| Other | - | - | - | - | - | - | 974.68 | 1,232.93 | 1,407.15 | 2,148.33 |
| Total | 416.77 | 446.66 | 551.04 | 693.32 | 733.84 | 923.27 | 981.86 | 1,255.77 | 1,435.52 | 2,197.25 |
| Current Assets | ||||||||||
| Stock | - | - | - | - | - | - | - | - | - | - |
| Debtors | 9.44 | 11.38 | 9.12 | 6.68 | 7.31 | 7.67 | 9.43 | 13.90 | 17.66 | 19.93 |
| Cash and Securities | 7.72 | 7.01 | 10.06 | 9.02 | 48.70 | 64.41 | 15.95 | 96.58 | 49.31 | 127.29 |
| Total | 26.65 | 27.37 | 29.66 | 31.83 | 62.99 | 122.92 | 47.42 | 136.40 | 84.48 | 175.87 |
| Held for Disposal | 27.66 | 2.63 | - | 0.00 | 96.00 | 17.33 | 164.64 | 10.10 | 0.00 | 13.75 |
| Total Assets | 471.08 | 476.67 | 580.70 | 725.15 | 892.82 | 1,063.51 | 1,193.91 | 1,402.27 | 1,520.00 | 2,386.86 |
| Liabilities and Equity | ||||||||||
| Liabilities | ||||||||||
| Current | 286.17 | 23.92 | 30.15 | 36.07 | 41.50 | 51.87 | 112.13 | 95.56 | 67.98 | 120.48 |
| Non-Current | 33.88 | 226.44 | 262.28 | 301.97 | 356.05 | 386.01 | 355.74 | 504.90 | 525.20 | 1,075.33 |
| Total | 320.05 | 250.36 | 292.44 | 338.04 | 397.55 | 437.88 | 467.87 | 600.46 | 593.17 | 1,195.81 |
| Equity | ||||||||||
| Share Capital | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Reserves | 151.01 | 226.28 | 288.22 | 387.05 | 495.19 | 625.46 | 725.81 | 803.09 | 929.44 | 1,196.93 |
| Shareholders Funds | 151.01 | 226.28 | 288.22 | 387.05 | 495.19 | 625.46 | 725.81 | 801.57 | 926.53 | 1,190.65 |
| Minorities | 0.02 | 0.02 | 0.04 | 0.02 | 0.03 | 0.17 | 0.24 | 0.25 | 0.29 | 0.41 |
| Total | 151.03 | 226.30 | 288.26 | 387.11 | 495.27 | 625.63 | 726.05 | 801.82 | 926.83 | 1,191.06 |
| Total Liabilities and Equity | 471.08 | 476.67 | 580.70 | 725.15 | 892.82 | 1,063.51 | 1,193.91 | 1,402.27 | 1,520.00 | 2,386.86 |
| Net Borrowings | 281.67 | 217.87 | 244.72 | 284.97 | 293.10 | 302.66 | 315.51 | 402.80 | 433.74 | 892.87 |
| Investment Ratios | ||||||||||
| Net Tangible Asset Value Per Share | 46.75 | 26.48 | 27.41 | 37.67 | 43.62 | 49.46 | 56.84 | 67.15 | 68.26 | 71.02 |
| ROCE | -7.83 | 9.54 | 8.24 | 9.91 | 9.96 | 9.64 | 14.21 | 9.42 | 11.95 | 8.13 |
| ROE | -18.20 | 15.33 | 10.49 | 16.19 | 15.17 | 14.51 | 19.04 | 12.85 | 17.07 | 13.97 |
| Gross Gearing | 191.63 | 99.38 | 88.40 | 75.96 | 69.02 | 58.69 | 45.67 | 62.30 | 52.13 | 85.68 |
| Cash | 5.11 | 3.10 | 3.49 | 2.33 | 9.83 | 10.30 | 2.20 | 12.05 | 5.32 | 10.69 |
| Interest Cover x | -0.97 | 3.55 | 3.57 | 6.09 | 10.18 | 12.36 | 17.05 | 9.96 | 17.58 | 11.97 |
| Quick Ratio r | 0.06 | 0.77 | 0.64 | 0.44 | 1.35 | 1.39 | 0.23 | 1.16 | 0.99 | 1.22 |
| Current Ratio r | 0.19 | 1.25 | 0.98 | 0.88 | 3.83 | 2.70 | 1.89 | 1.53 | 1.24 | 1.57 |
| Borrowings | ||||||||||
| Total Borrowings | 289.39 | 224.88 | 254.78 | 293.99 | 341.79 | 367.08 | 331.46 | 499.38 | 483.04 | 1,020.15 |
| Due < 1 Yr | 258.15 | 2.81 | 3.30 | 5.64 | 7.07 | 7.84 | 7.41 | 37.59 | 14.97 | 20.72 |
| Due 1-2 Yrs | - | - | - | - | - | - | - | 10.72 | 75.98 | - |
| Due 2-5 Yrs | - | - | - | - | - | - | - | 8.44 | 3.38 | 8.16 |
| Due > 5 Yrs | 31.24 | 222.07 | 251.48 | 288.35 | 334.72 | 359.23 | 324.05 | 442.63 | 388.72 | 991.28 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year Ends | 31/03/2013 | 31/03/2014 | 31/03/2015 | 31/03/2016 | 31/03/2017 | 31/03/2018 | 31/03/2019 | 31/03/2020 | 31/03/2021 | 31/03/2022 |
| Operating Cash Flow | 22.96 | 18.72 | 29.97 | 37.68 | 49.95 | 43.83 | 54.91 | 72.80 | 71.63 | 85.42 |
| Taxation | -0.59 | -0.19 | -0.55 | 0.17 | -0.02 | -0.76 | -1.81 | -1.46 | -0.63 | -3.67 |
| Investing Activities | 16.81 | 10.22 | -75.70 | -100.03 | -93.65 | -74.07 | -67.81 | -122.24 | -73.53 | -429.51 |
| Net Outflow/Inflow | 39.18 | 28.75 | -46.29 | -62.18 | -43.72 | -31.00 | -14.71 | -50.90 | -2.54 | -347.76 |
| Financing | -31.61 | -31.72 | 52.68 | 61.92 | 72.54 | 61.91 | -24.62 | 131.88 | -53.05 | 431.75 |
| Net Change in Cash | 7.57 | -2.97 | 6.39 | -0.26 | 28.82 | 30.91 | -39.32 | 80.98 | -55.59 | 83.99 |
| Foreign Exchange Adjustments | - | - | - | - | - | - | - | - | 0.00 | 1.30 |
| Opening Balance | 9.15 | 16.72 | 13.75 | 20.14 | 19.87 | 48.70 | 79.61 | 40.28 | 121.26 | 65.67 |
| Closing Balance | 16.72 | 13.75 | 20.14 | 19.87 | 48.70 | 79.61 | 40.28 | 121.26 | 65.67 | 150.97 |
| Investment Ratios | ||||||||||
| Cash Flow Per Share | 0.07 | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.07 | 0.07 | 0.07 |
| CAPEX PS | 0.00 | 0.00 | 0.00 | -0.02 | -0.02 | -0.02 | -0.03 | -0.03 | -0.03 | -0.03 |
| € | FY 2022 Act | FY 2023 Est | FY 2024 Est | FY 2025 Est | FY 2026 Est | ||||
|---|---|---|---|---|---|---|---|---|---|
| 12 Months Ending | 03/31/2022 | 03/31/2023 | # | 03/31/2024 | # | 03/31/2025 | # | 03/31/2026 | # |
| FFO Per Share | 0.0815 | 2 | 0.0875 | 2 | 0.09 | 1 | |||
| Revenue | 210,182,000 | 158,333,333.3 | 3 | 163,666,666.7 | 3 | 169,000,000 | 3 | 311,000,000 | 1 |
| Operating Profit | 181,224,000 | 120,500,000 | 4 | 125,500,000 | 4 | 130,000,000 | 4 | 147,000,000 | 1 |
| EPS, Adj+ | 0.1329 | 0.0806 | 5 | 0.0838 | 5 | 0.0845 | 4 | 0.097 | 1 |
| EPS, GAAP | 0.1348 | 0.07 | 2 | 0.067666667 | 3 | 0.066 | 1 | ||
| EBIT | 188,164,000 | 120,500,000 | 4 | 125,500,000 | 4 | 130,000,000 | 4 | 147,000,000 | 1 |
| EBITDA | 190,495,000 | 92,000,000 | 3 | 114,333,333.3 | 3 | 129,333,333.3 | 3 | 147,000,000 | 1 |
| Pre-Tax Profit | 168,927,000 | 94,475,000 | 4 | 98,575,000 | 4 | 101,000,000 | 3 | 132,000,000 | 1 |
| Net Income Adj+ | 147,873,000 | 107,325,000 | 4 | 121,350,000 | 4 | 126,625,000 | 4 | 115,000,000 | 1 |
| Net Income, GAAP | 147,873,000 | 95,500,000 | 2 | 97,950,000 | 2 | 120,000,000 | 2 | ||
| Net Debt | 869,188,000 | 829,000,000 | 2 | 293,333,333.3 | 3 | 276,333,333.3 | 3 | 935,000,000 | 1 |
| BPS | 1.015775144 | 1.09 | 2 | 1.075 | 2 | 1.07 | 2 | 1.15 | 1 |
| CPS | 0.077237606 | 0.064 | 3 | 0.065 | 3 | 0.065333333 | 3 | 0.088 | 1 |
| DPS | 0.0441 | 0.0538 | 5 | 0.0546 | 5 | 0.0596 | 5 | 0.057 | 1 |
| Return on Equity (%) | 13.96883125 | 6.99 | 2 | 7.88 | 2 | 8.02 | 2 | 7.56 | 1 |
| Return on Assets (%) | 7.569913544 | 3.52 | 1 | 4.37 | 1 | 4.44 | 1 | 4.22 | 1 |
| Depreciation | 1164000 | 4900000 | 1 | 4900000 | 1 | 4900000 | 1 | ||
| Free Cash Flow | 54,504,432.62 | 2 | 56,568,264.38 | 2 | 60,140,167.07 | 2 | 63,425,148.26 | 1 | |
| CAPEX | -51,450,000 | 2 | -50,250,000 | 2 | -15,555,000 | 2 | -26,000,000 | 1 | |
| Net Asset Value | 109,000,000 | 2 | 113,500,000 | 2 | 121,500,000 | 2 | |||
| LTG % | 10.1 | 1 |
| Last 2 Semis Act | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Price/EPS, Adj+ | 11.93 | 11.5 | 11.36 | |
| Price/Book | 0.95 | 0.89 | 0.9 | 0.9 |
| Price/Cash Flow | 12.55 | 15.09 | 14.86 | 14.86 |
| Price/FFO | 11.78 | 10.98 | 10.73 | |
| EV/Revenue | 9.53 | 12.66 | 12.24 | 11.86 |
| EV/EBITDA | 8.89 | 21.78 | 17.53 | 15.5 |
| EV/EBIT | 11.06 | 16.63 | 15.97 | 15.42 |
| EV/OPP | 11.06 | 16.63 | 15.97 | 15.42 |
| Dividend Yield | 5.59 | 5.69 | 6.21 |
- ↑ “Big seven” German markets identified as Frankfurt, Berlin, Munich, Hamburg, Dusseldorf, Cologne and Stuttgart.
- ↑ Stadler, Enduring Success, 3–5.
- ↑ http://www.robertpicard.net/files/econgrowthandadvertising.pdf
- ↑ https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate
- ↑ http://escml.umd.edu/Papers/ObsCPMT.pdf
- ↑ Levie J, Lichtenstein BB (2010) A terminal assessment of stages theory: Introducing a dynamic approach to entrepreneurship. Entrepreneurship: Theory & Practice 34(2): 317–350. https://doi.org/10.1111/j.1540-6520.2010.00377.x
- ↑ Stef Hinfelaar et al.:, 2019.
- ↑ Dickinson, 2010.
- ↑ 9.0 9.1 9.2 9.3 http://escml.umd.edu/Papers/ObsCPMT.pdf
- ↑ 10.00 10.01 10.02 10.03 10.04 10.05 10.06 10.07 10.08 10.09 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf
Cite error: <ref> tags exist for a group named "Note", but no corresponding <references group="Note"/> tag was found