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| Company Name: |
Stockland |
| Stock Code: |
SGP |
| Website: |
www.stockland.com.au |
| Market Cap ($M): |
8,962 |
| Equiv. Shares (M): |
2,365 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
|
$ 3.790 |
$ 3.810 |
$ 3.820 |
$ 3.740 |
$ 3.790
|
9,555,748 |
0%
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
16th Jul 2010 |
| 12 Month Target Price (average) : |
$4.098 |
| Brokers Surveyed : |
9 |
|
| % of Market: |
0.7100 |
| % of Sector: |
7.2811 |
| Sector: |
Financials |
| Industry Group: |
Real Estate |
| Industry: |
Real Estate Investment Trusts (REITs) |
|
|
|
|
|
| Company Overview |
| Stockland Group (SGP) is a global property development and investment management group, founded in 1952. It holds a diversified portfolio of retail, commercial and industrial investment properties across Australia together with an Australian retirement communities portfolio and an extensive residential land bank and development pipeline. |
| Company History |
| In 1988, the Stockland Trust and the Stockland Corporation Ltd jointly listed on the ASX as a stapled unit. The original Stockland Trust was formed in 1980. The Trust initially bought a number of properties owned by Stock and Holdings (a listed property development and investment company). In 1988, the Trust and the company restructured for tax purposes and the joint quotation became effective. In July 2003, SGP acquired AMP Diversified Property Trust (ADP). |
| Differentiating Factor |
| SGP offers size, liquidity, low gearing and high relative DPU growth. SGP is in a unique position, given its stapled structure, its breadth of operations, asset diversity and a very long and successful track record. |
| Major Customers & Competitors |
| Major customers for the office portfolio include banks, insurance companies, law firms, accountants and government departments. Customers of the industrial portfolio include major transport companies and light industrial companies. Customers of the shopping centre portfolio include Coles Myer, Woolworths and David Jones, as well as national, regional and local specialty stores. SGP sells residential sub-divisions to predominantly owner occupiers. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
1,716.3 |
539.2 |
36.5 |
53.4 |
10.4 |
n/a |
n/a |
41.9 |
11.1 |
9.2 |
6.6 |
| 2008A |
705.2 |
673.4 |
43.5 |
19.2 |
8.7 |
n/a |
n/a |
43.9 |
11.6 |
n/a |
7.9 |
| 2009A |
(1,802.8) |
632.3 |
36.5 |
-16.1 |
10.4 |
1.0 |
1.1 |
34.0 |
9.0 |
n/a |
7.3 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| SGP |
-5.0100 |
1.0800 |
20.3100 |
| Sector |
-10.4109 |
-4.5369 |
11.7885 |
| Market |
-6.7540 |
-1.9465 |
7.4232 |
|
| P/E (x) |
FY07 |
10.4 |
n/a |
n/a |
|
FY08 |
8.7 |
n/a |
n/a |
| Yield (%) |
FY07 |
11.1 |
n/a |
n/a |
|
FY08 |
11.6 |
n/a |
n/a |
| EV/EBIT (x) |
FY07 |
0.0 |
n/a |
n/a |
|
FY08 |
0.0 |
n/a |
n/a |
| EV/EBITDA (x) |
FY07 |
0.0 |
n/a |
n/a |
|
FY08 |
0.0 |
n/a |
n/a |
|
| G J Bradley |
Chairman |
| N F Greiner |
Deputy Chairman |
| M Quinn |
Managing Director |
| H Thorburn |
Finance Director |
| P Scott |
Non-Executive Director |
| T Williamson |
Non-Executive Director |
| D Boyle |
Non-Executive Director |
| B Neil |
Director |
| C Hewson |
Non-Executive Director |
|
| M Quinn |
Managing Director |
| H Thorburn |
Finance Director |
| D Hickey |
CEO - Development Division |
| S Mann |
CEO - Commercial and Industrial |
| J Schroder |
CEO - Retail |
| M K Lindsay |
Managing Director |
|
| Commonwealth Bank |
7.6000 |
| Australia and New Zealand Banking Group |
7.4200 |
| AMP |
5.4600 |
| ING |
5.1800 |
| Barclays Global Investors |
5.0100 |
|
| 31-Aug-2010 |
Dividend Date Payable for Final Year Result
(10.8c 0% franked)
|
| 11-Aug-2010 |
Reporting Date for Final Year Result |
| 30-Jun-2010 |
Dividend Record Date for Final Year Result
(10.8c 0% franked)
|
| 24-Jun-2010 |
Dividend Ex-Dividend Date for Final Year Result
(10.8c 0% franked)
|
| 26-Feb-2010 |
Dividend Date Payable for Half Yearly Result
(10.8c % franked)
|
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
|
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