iShares FTSE EPRA/NAREIT Europe
ALTAR
Score™
5.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
10.9x
P/BV
ratio
1.0x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares FTSE EPRA/NAREIT Europe Index Fund seeks investment results that correspond to the FTSE EPRA/NAREIT Europe Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Nov 16, 2007
Assets (mns) $27
Currency USD
Expense ratio 48 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 105
Wgt avg mkt cap (mns) $7,376
Large cap (>$10bn) 30.5%
Mid cap ($2-10bn) 51.7%
Small cap (<$2bn) 9.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 9.9 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED 7.6 %
DEUTSCHE WOHNEN AG 4.7 %
SEGRO PLC 4.2 %
GECINA SA 3.1 %
LAND SECURITIES GROUP PLC 2.9 %
SWISS PRIME SITE-REG 2.8 %
AROUNDTOWN SA 2.7 %
LEG IMMOBILIEN AG 2.5 %
KLEPIERRE 2.5 %
Total 42.5 %

TOP COUNTRY EXPOSURE
BRITAIN 20.2 %
GERMANY 19.7 %
NETHERLANDS 8.9 %
FRANCE 8.8 %
SWEDEN 7.8 %
SWITZERLAND 6.2 %
BELGIUM 4.5 %
LUXEMBOURG 3.6 %
SPAIN 3.2 %
AUSTRIA 0.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
18.4% 13.1% 5.5% 7.0% 2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.43 17%
MSCI EAFE 0.72 41%
MSCI Emg. Mkts. 0.51 34%

Technical Indicators
Recent close $38.89
30d moving avg. $38.72
Annualized volatility 12.5%
Short interest (ETF) 0.1%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.3%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $772

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares FTSE EPRA/NAREIT Europe ETF based on the alternatives' overlap in portfolio holdings with IFEU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IFEU Expense: 48 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IFEU
Ticker Fund
Name
Overlap1
vs IFEU
(%)
Expense
ratio
(bp)
Savings
vs IFEU
(bp)
ALTAR
Score™
(%)
ALTAR
vs IFEU
(%)
IFGL iShares FTSE EPRA/NARIET Developed REIT 31.3 48 0 6.7 +0.8
RWX SPDR DJ International REIT 29.8 59 -11 5.9 +0.0
WPS iShares S&P Developed ex-US Property 26.2 48 0 6.9 +1.1
DRW WisdomTree Global ex-US Real Estate 22.4 58 -10 9.0 +3.2
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 21.5 10 38 7.9 +2.1
VNQI Vanguard Global ex-US Real Estate 20.4 12 36 8.9 +3.1
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 14.5 60 -12 6.2 +0.4
GRI Cohen & Steers Global Realty 13.5 55 -7 5.9 +0.0
RWO SPDR DJ Global Real Estate 12.9 50 -2 6.1 +0.3
GQRE FlexShares Global Quality Real Estate 11.0 45 3 6.5 +0.7
FDD First Trust STOXX European Select Dividend 10.6 57 -9 7.6 +1.8
FGM First Trust Germany 9.5 80 -32 9.0 +3.2
REET iShares Global REIT 9.0 14 34 6.3 +0.5
IEUS iShares MSCI Europe Small Cap 8.2 40 8 6.2 +0.4
FEP First Trust Europe AlphaDEX 8.1 80 -32 7.3 +1.5
FEUZ First Trust Eurozone AlphaDex 7.7 80 -32 7.0 +1.2
SMEZ SPDR Euro Stoxx Small Cap 7.2 46 2 5.4 -0.4
EWUS iShares MSCI United Kingdom Small Cap 6.9 59 -11 7.8 +1.9
OEUR O'Shares FTSE Europe Quality Dividend 6.4 48 0 6.4 +0.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares FTSE EPRA/NAREIT Europe
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.3 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 48 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.70 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.