Morningstar

Stockland Corp Ltd SGP

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Stock XASX Rating as of
A$5.32 +0.01 (0.19%)
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As of Delayed Price Closed

Company Report

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Solid Residential Development Activity Readies Stockland for Future Growth

Johannes Faul,

About 75% of Stockland's capital is deployed in its commercial property portfolio. Of that, approximately half is retail property, the rest industrial and a smaller amount in office. The other 25% of capital goes into residential development and land-lease. The development business is cyclical and its contribution to earnings can swing substantially, while the commercial rental business is relatively stable. Earnings from the residential business have been remarkably resilient despite interest rate rises and house price falls, in part due to relative affordability from Stockland's developments and land-lease communities, and an undersupply of housing in Australia.

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Price vs Fair Value

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SGP is trading at a 738% premium.
Price
A$5.32
Fair Value
A$3.46
Uncertainty
Medium
1-Star Price
A$4.71
5-Star Price
A$9.85
Economic Moat
Kmsv
Capital Allocation
Rgxmynsfs

Bulls Say, Bears Say

Bulls

Population growth has resumed at a rapid pace, which should underpin Stockland’s residential development sales, and retail rents.

Bears

Stockland has exposure to retail department stores, one of the hardest-hit segments in the entire property space.

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Trading Information

Previous Close Price
A$5.31
Day Range
A$5.21–5.35
52-Week Range
A$3.49–5.46
Bid/Ask
A$5.22 / A$5.36
Market Cap
A$12.70 Bil
Volume/Avg
6.1 Mil / 6.4 Mil

Key Statistics

Price/Earnings (Normalized)
22.52
Price/Sales
4.27
Dividend Yield (Trailing)
4.62%
Dividend Yield (Forward)
6.24%
Total Yield
4.81%

Company Profile

Stockland is Australia’s largest housing developer, and this division generates about 40% of the group’s funds-from-operations. Near two thirds comes from commercial property, about half of which is retail. It also has a growing land-lease business. The mix is evolving. Earnings from the residential development division are volatile though we expect volumes and margins to improve over the next five years, after a challenging 2023 where interest rate rises caused house price falls. In commercial property the group is trimming retail and adding office and industrial via acquisitions and developments. Stockland-stapled securities comprise one share in the corporation that largely operates developments and one unit in a trust that holds the property portfolio.
Sector
Real Estate
Industry
REIT - Diversified
Stock Style Box
Large Value
Total Number of Employees
1,013
Website
https://www.stockland.com.au

Competitors

Valuation

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Metric
SGP
GPT
LLC
Price/Earnings (Normalized)
 22.52137.7121.99
Price/Book Value
 1.280.941.01
Price/Sales
 4.2710.300.53
Price/Cash Flow
 112.0716.55—
Price/Earnings
SGP
GPT
LLC

Financial Strength

Metric
SGP
GPT
LLC
Quick Ratio
 0.670.130.52
Current Ratio
 1.700.461.07
Interest Coverage
 1.42−1.25−4.63
Quick Ratio
SGP
GPT
LLC

Profitability

Metric
SGP
GPT
LLC
Return on Assets (Normalized)
 2.12%−0.82%−2.22%
Return on Equity (Normalized)
 3.61%−1.25%−6.66%
Return on Invested Capital (Normalized)
 1.63%0.09%−4.19%
Return on Assets
SGP
GPT
LLC

REIT - Diversified Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
VICI Properties Inc Ordinary Shares
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—Jldw$34.1 Bil
 W.P. Carey Inc
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—Tpbgj$13.3 Bil
 Stockland Corp Ltd
STKAF
—Kbg$8.7 Bil
 GPT Group
GPTGF
—Bhrd$6.6 Bil
 Covivio SA ADR
FNCDY
—Nwcm$6.6 Bil
 Covivio SA
GSEFF
—Xcn$6.6 Bil
 Land Securities Group PLC ADR
LDSCY
—Rhrfy$6.3 Bil
 Land Securities Group PLC
LSGOF
—Mjkhn$6.3 Bil
 Mirvac Group
MRVGF
—Ywxz$6.0 Bil
 Empire State Realty Trust Inc Class A
ESRT
FrsdbpqPvvv$1.8 Bil

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