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EMPIRE STATE REALTY OP LP-ES (ESBA) Stock Fundamental Analysis

NYSEARCA:ESBA - NYSE Arca - US2921021000 - Currency: USD

8.45  -0.3 (-3.43%)

Fundamental Rating

4

Taking everything into account, ESBA scores 4 out of 10 in our fundamental rating. ESBA was compared to 129 industry peers in the Diversified REITs industry. ESBA has an average financial health and profitability rating. ESBA is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year ESBA was profitable.
In the past year ESBA had a positive cash flow from operations.
In multiple years ESBA reported negative net income over the last 5 years.
ESBA had a positive operating cash flow in each of the past 5 years.
ESBA Yearly Net Income VS EBIT VS OCF VS FCFESBA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 0 100M 200M

1.2 Ratios

With a decent Return On Assets value of 1.90%, ESBA is doing good in the industry, outperforming 68.25% of the companies in the same industry.
Looking at the Return On Equity, with a value of 10.98%, ESBA belongs to the top of the industry, outperforming 90.48% of the companies in the same industry.
With a Return On Invested Capital value of 2.83%, ESBA perfoms like the industry average, outperforming 54.76% of the companies in the same industry.
ESBA had an Average Return On Invested Capital over the past 3 years of 2.32%. This is in line with the industry average of 3.11%.
The 3 year average ROIC (2.32%) for ESBA is below the current ROIC(2.83%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.9%
ROE 10.98%
ROIC 2.83%
ROA(3y)1.01%
ROA(5y)0.92%
ROE(3y)5.78%
ROE(5y)5.14%
ROIC(3y)2.32%
ROIC(5y)2.29%
ESBA Yearly ROA, ROE, ROICESBA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

With a decent Profit Margin value of 10.84%, ESBA is doing good in the industry, outperforming 60.32% of the companies in the same industry.
In the last couple of years the Profit Margin of ESBA has declined.
ESBA's Operating Margin of 19.84% is in line compared to the rest of the industry. ESBA outperforms 42.86% of its industry peers.
In the last couple of years the Operating Margin of ESBA has declined.
ESBA has a worse Gross Margin (54.16%) than 76.98% of its industry peers.
ESBA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 19.84%
PM (TTM) 10.84%
GM 54.16%
OM growth 3Y23.05%
OM growth 5Y-5.33%
PM growth 3YN/A
PM growth 5Y-7.53%
GM growth 3Y1.23%
GM growth 5Y-0.78%
ESBA Yearly Profit, Operating, Gross MarginsESBA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 0 20 40

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5

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ESBA is destroying value.
Compared to 1 year ago, ESBA has less shares outstanding
Compared to 5 years ago, ESBA has less shares outstanding
ESBA has a better debt/assets ratio than last year.
ESBA Yearly Shares OutstandingESBA Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
ESBA Yearly Total Debt VS Total AssetsESBA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

The Debt to FCF ratio of ESBA is 24.05, which is on the high side as it means it would take ESBA, 24.05 years of fcf income to pay off all of its debts.
ESBA has a better Debt to FCF ratio (24.05) than 72.22% of its industry peers.
A Debt/Equity ratio of 3.07 is on the high side and indicates that ESBA has dependencies on debt financing.
ESBA has a Debt to Equity ratio of 3.07. This is amonst the worse of the industry: ESBA underperforms 83.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.45
WACC6.27%
ESBA Yearly LT Debt VS Equity VS FCFESBA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

ESBA has a Current Ratio of 5.01. This indicates that ESBA is financially healthy and has no problem in meeting its short term obligations.
ESBA has a better Current ratio (5.01) than 92.06% of its industry peers.
A Quick Ratio of 5.01 indicates that ESBA has no problem at all paying its short term obligations.
The Quick ratio of ESBA (5.01) is better than 92.06% of its industry peers.
Industry RankSector Rank
Current Ratio 5.01
Quick Ratio 5.01
ESBA Yearly Current Assets VS Current LiabilitesESBA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 200M 400M 600M

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 37.44% over the past year.
Measured over the past years, ESBA shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.01% on average per year.
Looking at the last year, ESBA shows a small growth in Revenue. The Revenue has grown by 1.72% in the last year.
The Revenue has been growing slightly by 0.22% on average over the past years.
EPS 1Y (TTM)37.44%
EPS 3YN/A
EPS 5Y-5.01%
EPS Q2Q%-28%
Revenue 1Y (TTM)1.72%
Revenue growth 3Y6.68%
Revenue growth 5Y0.22%
Sales Q2Q%6.4%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
ESBA Yearly Revenue VS EstimatesESBA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 200M 400M 600M
ESBA Yearly EPS VS EstimatesESBA Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023

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3

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 28.17, ESBA can be considered very expensive at the moment.
Based on the Price/Earnings ratio, ESBA is valued a bit cheaper than the industry average as 65.87% of the companies are valued more expensively.
ESBA is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 29.63, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 28.17
Fwd PE N/A
ESBA Price Earnings VS Forward Price EarningsESBA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ESBA indicates a rather cheap valuation: ESBA is cheaper than 94.44% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ESBA indicates a rather cheap valuation: ESBA is cheaper than 90.48% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.79
EV/EBITDA 8.43
ESBA Per share dataESBA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.35%, ESBA has a reasonable but not impressive dividend return.
With a Dividend Yield of 1.35, ESBA pays less dividend than the industry average, which is at 18.48. 92.86% of the companies listed in the same industry pay a better dividend than ESBA!
With a Dividend Yield of 1.35, ESBA pays less dividend than the S&P500 average, which is at 2.29.
Industry RankSector Rank
Dividend Yield 1.35%

5.2 History

ESBA has paid a dividend for at least 10 years, which is a reliable track record.
ESBA has decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years2
ESBA Yearly Dividends per shareESBA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.1 0.2 0.3 0.4

5.3 Sustainability

51.56% of the earnings are spent on dividend by ESBA. This is a bit on the high side, but may be sustainable.
DP51.56%
EPS Next 2YN/A
EPS Next 3YN/A
ESBA Yearly Income VS Free CF VS DividendESBA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 0 50M 100M
ESBA Dividend Payout.ESBA Dividend Payout, showing the Payout Ratio.ESBA Dividend Payout.PayoutRetained Earnings

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EMPIRE STATE REALTY OP LP-ES

NYSEARCA:ESBA (2/21/2025, 8:16:03 PM)

8.45

-0.3 (-3.43%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner Change7.93%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap911.75M
Analysts0
Price TargetN/A
Short Float %0.02%
Short Ratio0.42
Dividend
Industry RankSector Rank
Dividend Yield 1.35%
Yearly Dividend0.38
Dividend Growth(5Y)N/A
DP51.56%
Div Incr Years0
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 28.17
Fwd PE N/A
P/S 1.23
P/FCF 9.79
P/OCF 3.92
P/B 1.25
P/tB N/A
EV/EBITDA 8.43
EPS(TTM)0.3
EY3.55%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY10.22%
OCF(TTM)2.15
OCFY25.5%
SpS6.85
BVpS6.77
TBVpS-0.77
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.9%
ROE 10.98%
ROCE 3.59%
ROIC 2.83%
ROICexc 3.1%
ROICexgc 3.95%
OM 19.84%
PM (TTM) 10.84%
GM 54.16%
FCFM 12.6%
ROA(3y)1.01%
ROA(5y)0.92%
ROE(3y)5.78%
ROE(5y)5.14%
ROIC(3y)2.32%
ROIC(5y)2.29%
ROICexc(3y)2.53%
ROICexc(5y)2.5%
ROICexgc(3y)3.23%
ROICexgc(5y)3.23%
ROCE(3y)2.94%
ROCE(5y)2.9%
ROICexcg growth 3Y27.14%
ROICexcg growth 5Y-4.6%
ROICexc growth 3Y28.34%
ROICexc growth 5Y-4.52%
OM growth 3Y23.05%
OM growth 5Y-5.33%
PM growth 3YN/A
PM growth 5Y-7.53%
GM growth 3Y1.23%
GM growth 5Y-0.78%
F-Score8
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Debt/EBITDA 6.66
Cap/Depr 73.36%
Cap/Sales 18.84%
Interest Coverage 1.59
Cash Conversion 69.07%
Profit Quality 116.25%
Current Ratio 5.01
Quick Ratio 5.01
Altman-Z N/A
F-Score8
WACC6.27%
ROIC/WACC0.45
Cap/Depr(3y)59.56%
Cap/Depr(5y)78.28%
Cap/Sales(3y)17.15%
Cap/Sales(5y)21.83%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)37.44%
EPS 3YN/A
EPS 5Y-5.01%
EPS Q2Q%-28%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.72%
Revenue growth 3Y6.68%
Revenue growth 5Y0.22%
Sales Q2Q%6.4%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y15.49%
EBIT growth 3Y31.26%
EBIT growth 5Y-5.13%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y9.73%
FCF growth 3Y33.48%
FCF growth 5Y20.95%
OCF growth 1Y10.1%
OCF growth 3Y8.45%
OCF growth 5Y-3.58%