Cromwell Property Group CMW

A$0.41 +0.01 (1.25%)

As of Jul 8, 2024 6:10am Delayed Price Closed

Company Report

Cromwell Property Group: Ceasing Coverage

Alexander Prineas Jul 8, 2024

We will discontinue analyst coverage of Cromwell Property Group on or about July 29, 2024. Accordingly, we place Cromwell under review. We provide analyst research and ratings on over 1,600 companies globally and periodically adjust our coverage according to investor interest and staffing.

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Bulls Say, Bears Say

Bulls

Cromwell’s portfolio avoids highly priced office assets in core CBD markets, opting instead for cheaper assets in secondary locations that it views as having greater potential for price upside or development.

Bears

Cromwell’s property portfolio is secondary in quality.

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Trading Information

Previous Close Price: A$0.40
Day Range: A$0.40–0.41
52-Week Range: A$0.31–0.58
Bid/Ask: A$0.46 / A$0.41
Market Cap: A$1.06 Bil
Volume/Avg: 1.3 Mil / 2.4 Mil

Key Statistics

Price/Earnings (Normalized): 11.00
Price/Sales: 3.45
Dividend Yield (Trailing): 7.60%
Dividend Yield (Forward): 7.60%
Total Yield: 7.60%

Company Profile

Cromwell Property Group is an internally managed Australian real estate investment trust. It owns a property portfolio of mostly Australian offices, and also develops and manages properties on behalf of third-party investors in Australia and New Zealand. The group has sold or is in the process of selling its European business in 2024, and once complete, Cromwell's gearing should reduce substantially. This additional financial strength means the business could shift in a variety of directions. It previously contemplated spinning its office assets into a separate REIT, which we think this remains a possibility. Management intends to provide more info at its August 2024 results about possible capital management initiatives.

Sector: Real Estate
Industry: REIT - Office
Stock Style Box: Small Value
Total Number of Employees: 16
Website: https://www.cromwellpropertygroup.com

Competitors

Valuation

Metric	CMW	GOZ	ABG
Price/Earnings (Normalized)	11.00	33.67	—
Price/Book Value	0.56	0.56	0.58
Price/Sales	3.45	5.08	14.08
Price/Cash Flow	7.18	10.51	9.49

Price/Earnings

CMW

GOZ

ABG

Financial Strength

Metric	CMW	GOZ	ABG
Quick Ratio	0.31	0.64	2.06
Current Ratio	1.28	0.70	2.26
Interest Coverage	−5.35	−2.04	−71.56

Quick Ratio

CMW

GOZ

ABG

Profitability

Metric	CMW	GOZ	ABG
Return on Assets (Normalized)	−12.00%	−4.66%	−9.43%
Return on Equity (Normalized)	−23.12%	−7.96%	−15.44%
Return on Invested Capital (Normalized)	−11.42%	−3.27%	−10.66%

Return on Assets

CMW

GOZ

ABG

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REIT - Office Industry Comparables

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Gecina Nom GECFF	—	Sydlrt	$7.2 Bil
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Merlin Properties SOCIMI SA MRPRF	—	Mzj	$5.4 Bil
Vornado Realty Trust VNO	Mxhljfzk	Mkr	$4.9 Bil
Mapletree Pan Asia Commercial Trust Units Real Estate Investment Trust Reg MPCMF	—	Xwcrt	$4.8 Bil
Dexus DEXSF	—	Wfwmt	$4.6 Bil
Kilroy Realty Corp KRC	Zjghpklcvf	Jpp	$3.7 Bil
SL Green Realty Corp SLG	Pkzhxqgw	Tvc	$3.6 Bil