GRT  Glimcher Realty Trust

Exchange

NYSE

Sector

Consumer Services

Industry

Real Estate Investment Trusts

Market Cap.

2.049B

Vuru Grade

45.42/100

Current Price

$13.96
+0.10 (+0.72%)

Growth Price

$26.62
Undervalued by 90.72%

Company Metrics

  • P/E 65.06
  • P/S 5.79
  • P/B 6.9
  • EPS 0
  • Cash ROIC -0.48%
  • Cash Ratio -
  • Dividend 0.416 / 2.98%
  • Avg. Vol. 1.84M
  • Shares 2.72B
  • Market Cap. 2.049B

Company Description

Glimcher Realty Trust operates as a real estate investment trust (REIT) in the United States. It owns, leases, acquires, develops, and operates a portfolio of retail properties, including regional and super regional malls, as well as community shopping centers. As of December 31, 2007, the company managed and leased 27 properties, including 23 malls and 4 community centers located in the states of... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

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Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for GRT to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate GRT's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$13.96 Current Price

$26.62 Growth Price (DCF)

Undervalued by 90.72%


Growth Rate Assumed by Market: -500.00%


Future Free Cash Flow Growth Rate: 0.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$45.83 Book Price

Undervalued by 228.33%


Very Poor Cash Return on Invested Capital over the past 5 years

GRT has failed to generate positive returns on its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

GRT has lost $0.48 of cash for every $100 invested.
Figures in USD. Fiscal year ends in June
20122013201420152016
Free Cash Flow -169.31M 57.44M -465,000.00 712,000.00 649.00M
divided by
Invested Capital 2.33B 2.66B 11.65M 11.60M 118.53B
Cash ROIC -7.27% 2.16% -3.99% 6.14% 0.55%

Poor Return on Equity over the past 5 years

GRT has shown an inability to deliver strong results for shareholders. This could be due to poor management, GRT operating in a highly competitive industry, or having a weak business in general.

GRT has only generated $1.52 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in June
20122013201420152016
Net Income -2.68M -4.68M - - 5.97B
divided by
Stockholders' Equity 699.60M 638.01M 11.65M 11.60M 68.30B
Return on Equity -0.38% -0.73% - - 8.74%

Mediocre Business Performance over the past 6 years

GRT isn't a strong business and might be consistently attempting to fuel growth with debt or has trouble staying profitable. The lack of predictability in free cash flow should be concerning for the reliability of future earnings.

GRT has been unable to consistently create value for shareholders.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Free Cash Flow 79.00M -169.31M 57.44M -465,000.00 712,000.00 649.00M

Good Balance Sheet

GRT's Total Assets double Total Liabilities. Its financial position is adequate. Remember to check Shareholders' Equity to see if it's stable or growing. It's one of the best measures of whether a company is creating value for shareholders.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Cash - - - - - -
Current Assets - - - - - -
Total Assets 1.86B 2.33B 2.66B - - 118.53B
Current Liabilities - - - - - -
Total Liabilities 1.33B 1.63B 2.02B - - 50.23B
Stockholder' Equity 532.37M 699.60M 638.01M 11.65M 11.60M 68.30B
Current Ratio - - - - - -
TL-to-TA 0.71 0.70 0.76 - - 0.42

Consistent Reinvestment of Profits over the past 6 years

GRT has consistently retained profits. This may put GRT in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, GRT can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Retained Earnings -766.57M -853.53M -949.44M 8.99M 8.93M 2.63B
Retained Earnings Growth - -11.34% -11.24% 100.95% -0.62% 29,329.28%

Inconsistent Net Profit Margins over the past 6 years

GRT potentially has a competitive advantage, however inconsistent profit margins are a cause for concern. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

$10.92 of every $100 of Revenue have been pure profit, on average over the past 6 years.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Net Income 19.35M -2.68M -4.68M - - 5.97B
divided by
Revenue 199.20M 255.44M 301.52M 24.07M 19.96M 10.22B
Net Profit Margin 9.71% -1.05% -1.55% - - 58.39%

Weak Pricing Power over the past 6 years

GRT is likely in a highly competitive industry, due to low barriers to entry. It's because of this, that GRT has been unable to raise prices and increase their profitability. This puts them in a poor position if inflation becomes an issue, as they would struggle to pass higher costs onto consumers.

Only $- of every $100 worth of sales have been Gross Profit, on average over the past 6 years.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Gross Profit - - - - - -
divided by
Revenue 199.20M 255.44M 301.52M 24.07M 19.96M 10.22B
Gross Margin - - - - - -

Low Capital Intensity over the past 6 years

GRT has consistently used a small portion of their Net Income buying new equipment or investing in new facilities. This indicates that GRT may require minimal investment to stay competitive. This leaves them with extra money to spend on growing their business and potentially buying back stock.

0.05% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Capital Expenditure - 328.66M 185.85M 3.15M 1.00M 3.00M
divided by
Net Income 19.35M -2.68M -4.68M - - 5.97B
Capital Expenditure Ratio - -12,254.18% -3,975.49% - - 0.05%

Inconsistent Dividend History over the past 6 years

GRT has started distributing dividends in the past couple years or has recently suspended their dividend distribution. The reliability of future distributions is unclear.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Dividend Paid 65.67M 80.10M 83.49M - - -
divided by
Shares Outstanding 107.10M 137.62M 146.77M 168,000.00 168,000.00 2.72B
Dividend Paid Per Share 0.61 0.58 0.57 - - -
Price at Year End 9.20 10.98 9.39 13.77 14.06 14.06
Dividend Yield 6.66% 5.30% 6.06% - - -

History of Stock Buybacks over the past 6 years

GRT has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in June
201120122013201420152016
Shares Outstanding 107.10M 137.62M 146.77M 168,000.00 168,000.00 2.72B
Stock Bought Back - -22.18% -6.23% 87,260.12% - -99.99%
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