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

NYSEARCA:ESBA - American Stock Exchange - US2921021000

9.6327  +0.33 (+3.58%)

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 does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

ESBA had positive earnings in the past year.
ESBA had a positive operating cash flow in the past year.
In multiple years ESBA reported negative net income over the last 5 years.
Each year in the past 5 years ESBA had a positive operating cash flow.
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

The Return On Assets of ESBA (1.90%) is better than 68.25% of its industry peers.
Looking at the Return On Equity, with a value of 10.98%, ESBA belongs to the top of the industry, outperforming 89.68% of the companies in the same industry.
With a Return On Invested Capital value of 2.83%, ESBA perfoms like the industry average, outperforming 53.97% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for ESBA 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

ESBA has a better Profit Margin (10.84%) than 60.32% of its industry peers.
In the last couple of years the Profit Margin of ESBA has declined.
The Operating Margin of ESBA (19.84%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of ESBA has declined.
With a Gross Margin value of 54.16%, ESBA is not doing good in the industry: 77.78% of the companies in the same industry are doing better.
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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ESBA is destroying value.
ESBA has less shares outstanding than it did 1 year ago.
The number of shares outstanding for ESBA has been reduced compared to 5 years ago.
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.
With a decent Debt to FCF ratio value of 24.05, ESBA is doing good in the industry, outperforming 73.02% of the companies in the same industry.
ESBA has a Debt/Equity ratio of 3.07. This is a high value indicating a heavy dependency on external financing.
ESBA has a worse Debt to Equity ratio (3.07) than 83.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.51
WACC5.6%
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 Current ratio of 5.01. This is amongst the best in the industry. ESBA outperforms 92.06% of its industry peers.
ESBA has a Quick 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 Quick ratio (5.01) 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

ESBA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 37.44%, which is quite impressive.
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.
The Revenue has been growing slightly by 1.72% in the past year.
Measured over the past years, ESBA shows a small growth in Revenue. The Revenue has been growing by 0.22% on average per year.
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 32.11, ESBA can be considered very expensive at the moment.
ESBA's Price/Earnings ratio is a bit cheaper when compared to the industry. ESBA is cheaper than 63.49% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.29, ESBA is valued at the same level.
Industry RankSector Rank
PE 32.11
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

ESBA's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ESBA is cheaper than 92.06% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, ESBA is valued cheaply inside the industry as 90.48% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 11.16
EV/EBITDA 8.71
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 18.51. 91.27% of the companies listed in the same industry pay a better dividend than ESBA!
Compared to an average S&P500 Dividend Yield of 2.28, ESBA's dividend is way lower than the S&P500 average.
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.
The dividend of ESBA decreased 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

ESBA pays out 51.56% of its income as dividend. 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 (1/17/2025, 8:04:00 PM)

9.6327

+0.33 (+3.58%)

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 Change1.33%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap1.04B
Analysts0
Price TargetN/A
Short Float %0.02%
Short Ratio0.39
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 32.11
Fwd PE N/A
P/S 1.41
P/FCF 11.16
P/OCF 4.47
P/B 1.42
P/tB N/A
EV/EBITDA 8.71
EPS(TTM)0.3
EY3.11%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY8.96%
OCF(TTM)2.15
OCFY22.37%
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
WACC5.6%
ROIC/WACC0.51
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%