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TheStreet Open House
Vornado Realty Trust
VNO : NYSE : Financial
$105.98 -0.00 | -0.00%
Today's Range: 105.52 - 106.55
Avg. Daily Volume: 836,200
10/21/14 - 9:41 AM ET

Financial Analysis


VORNADO REALTY TRUST's gross profit margin for the second quarter of its fiscal year 2014 has increased when compared to the same period a year ago. Even though sales increased, the net income has decreased.

During the same period, stockholders' equity ("net worth") has decreased by 9.56% from the same quarter last year.

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Income Statement Q2 FY14 Q2 FY13
Net Sales ($mil)722.41696.71
EBITDA ($mil)0.00.0
EBIT ($mil)283.28235.56
Net Income ($mil)97.01158.2


Balance Sheet Q2 FY14 Q2 FY13
Cash & Equiv. ($mil)1531.581093.73
Total Assets ($mil)20736.7820333.23
Total Debt ($mil)10868.810024.74
Equity ($mil)6454.147136.49


Profitability Q2 FY14 Q2 FY13
Gross Profit Margin39.2133.81
EBITDA Margin0.00.0
Operating Margin39.2133.81
Sales Turnover0.120.14
Return on Assets1.133.68
Return on Equity0.112.98
Debt Q2 FY14 Q2 FY13
Current Ratio0.00.0
Debt/Capital0.630.58
Interest Expense133.61129.89
Interest Coverage2.121.81


Share Data Q2 FY14 Q2 FY13
Shares outstanding (mil)187.67186.99
Div / share0.730.73
EPS0.40.43
Book value / share34.3938.16
Institutional Own % n/a n/a
Avg Daily Volume830416.0724115.0

Valuation


BUY. VORNADO REALTY TRUST's P/E ratio indicates a significant premium compared to an average of 182.94 for the Real Estate Investment Trusts (REITs) industry and a significant premium compared to the S&P 500 average of 18.06. To use another comparison, its price-to-book ratio of 3.02 indicates a premium versus the S&P 500 average of 2.49 and a discount versus the industry average of 3.07. The current price-to-sales ratio is well above the S&P 500 average, but below the industry average.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
VNO 3459.00 Peers 182.94   VNO 18.65 Peers 20.32

Premium. A higher P/E ratio than its peers can signify a more expensive stock or higher growth expectations.

VNO is trading at a significant premium to its peers.

 

Average. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

VNO is trading at a valuation on par to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
VNO 44.44 Peers 53.89   VNO NM Peers 4.26

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

VNO is trading at a premium to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

VNO's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
VNO 3.02 Peers 3.07   VNO -97.46 Peers 174.21

Average. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

VNO is trading at a valuation on par with its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, VNO is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
VNO 7.80 Peers 7.81   VNO -13.79 Peers 36.73

Average. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

VNO is trading at a valuation on par with its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

VNO significantly trails its peers on the basis of sales growth

 

 

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