Cardiff Property
Website:
Cardiff Property
Index:
FTSE Fledgling
EPIC: CDFF
Supersector:
Real Estate
Sector:
Real Estate Investment and Services
Subsector:
Real Estate Holding and Development
Market Cap:
£27.29M
Payout Frequency: Semi-Annual
Cardiff Property Dividend Analysis and Summary
Key dividend details
- Dividend: 10.0p per share (interim)
- Ex-dividend date: 21/05/2026
- Record date: 22/05/2026
- Payment date: 25/06/2026
- Year-on-year change (interim): +33.3% (vs 7.5p interim in 2025)
- Prior full-year dividend (FY2025): 27.5p total (interim 7.5p + final 20.0p)
- Estimated cash cost of interim: ~£99k (company disclosure)
- Interim dividend cover by H1 EPS: ~5.7x (EPS 57.28p vs 10.0p)
Sustainability and cover
- Profitability: H1 profit before tax £0.73m (slightly lower YoY £0.76m); H1 EPS 57.28p comfortably covers the 10.0p interim.
- Cash and liquidity: Cash £10.5m and term deposits £4.35m at 31 Mar 2026; no debt (nil gearing). H1 operating cash flow £0.32m readily covers the proposed interim (~£0.10m).
- Earnings mix: Material contribution from interest income (£0.31m), reflecting high cash balances. Rental income (ex-JV) grew to £0.38m in H1; JV share of revenue £0.30m.
- JV cash potential: No JV dividend received in H1 (vs £1.5m prior year), but post-period JV asset sale (The Priory) for £6.2m boosts Campmoss liquidity, potentially supporting future distributions.
- Balance sheet strength: Net assets £30.68m, NAV per share £30.92; stability supports ongoing dividend capacity.
Dividend growth trajectory and policy signals
- The +33% uplift in the interim signals confidence relative to FY2025’s total 27.5p. If the final dividend were maintained at last year’s level, total FY payout would rise; however, the final is not yet declared.
- Share buybacks (12,220 shares in H1; ~£319k spent) and use of treasury shares reduce the dividend outflow and support per-share growth over time.
Capital allocation and structural factors
- Buybacks/treasury: Ongoing repurchases, with some shares held in treasury; supportive of per-share metrics and dividend affordability.
- Asset recycling at JV: Post-period disposal of The Priory (£6.2m) increases JV cash, which may enable future JV dividends, though timing/quantum remain at the JV’s discretion.
- No leverage: Nil gearing lowers financial risk and supports dividend resilience through cycles.
- No M&A/demergers/share consolidations disclosed; a Relationship Agreement with the controlling shareholder is noted but does not change dividend mechanics.
Risks and flags to monitor
- Interest rate path: Management notes potential rate increases vs prior expectations of cuts. Higher rates could pressure property valuations/tenant demand, while deposit interest currently supports earnings; a future rate decline would reduce interest income.
- JV distribution variability: Absence of H1 JV dividend (vs strong prior-year contribution) highlights reliance on discretionary JV payouts; the recent JV sale improves capacity but distributions are not assured.
- Planning and development risk: Multiple schemes face protracted and uncertain planning processes, affecting timing of value realisation and potential cash inflows.
- Market conditions: Thames Valley commercial market described as subdued; residential apartment values under pressure. Letting progress and RPI-linked rent uplifts are positives but should be watched.
- Small-cap concentration: Portfolio concentrated in a specific region and relatively small scale can amplify earnings and valuation volatility.
Read more
Cardiff Property Annual Dividend Yield - 1.09%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 15/01/2026 |
30/01/2026 |
Final |
20.0000p |
GBX |
| 21/05/2026 |
25/06/2026 |
Interim |
10.0000p |
GBX |
Total (Annual Dividends Per Share):
30.00p
Dividend Yield =
Annual Dividends Per Share (30.00p)
÷ Share Price (2750p)
= 1.09%
Cardiff Property Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 21/05/2026 |
25/06/2026 |
Interim |
10.0000p |
GBX |
| 15/01/2026 |
30/01/2026 |
Final |
20.0000p |
GBX |
| 22/05/2025 |
26/06/2025 |
Interim |
7.50p |
GBX |
| 16/01/2025 |
31/01/2025 |
Final |
17.00p |
GBX |
| 23/05/2024 |
27/06/2024 |
Interim |
6.50p |
GBX |
| 18/01/2024 |
02/02/2024 |
Final |
16.00p |
GBX |
| 25/05/2023 |
29/06/2023 |
Interim |
6.00p |
GBX |
| 19/01/2023 |
03/02/2023 |
Final |
15.00p |
GBX |
| 26/05/2022 |
30/06/2022 |
Interim |
5.50p |
GBX |
| 20/01/2022 |
01/02/2022 |
Final |
13.50p |
GBX |
| 27/05/2021 |
01/07/2021 |
Interim |
5.00p |
GBX |
| 14/01/2021 |
29/01/2021 |
Final |
12.80p |
GBX |
| 28/05/2020 |
02/07/2020 |
Interim |
4.80p |
GBX |
| 23/01/2020 |
14/02/2020 |
Final |
12.50p |
GBX |
| 30/05/2019 |
04/07/2019 |
Interim |
4.60p |
GBX |
| 24/01/2019 |
14/02/2019 |
Final |
12.20p |
GBX |
| 31/05/2018 |
05/07/2018 |
Interim |
4.40p |
GBX |
| 25/01/2018 |
15/02/2018 |
Final |
11.50p |
GBX |
| 01/06/2017 |
06/07/2017 |
Interim |
4.00p |
GBX |
| 26/01/2017 |
16/02/2017 |
Final |
10.40p |
GBX |
| 02/06/2016 |
07/07/2016 |
Interim |
3.60p |
GBX |
| 28/01/2016 |
18/02/2016 |
Final |
10.00p |
GBX |
| 04/06/2015 |
08/07/2015 |
Interim |
3.50p |
GBX |
| 29/01/2015 |
19/02/2015 |
Final |
9.55p |
GBX |
| 04/06/2014 |
04/07/2014 |
Interim |
3.40p |
GBX |
| 22/01/2014 |
13/02/2014 |
Final |
9.25p |
GBX |
| 05/06/2013 |
05/07/2013 |
Interim |
3.30p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
6.500 |
17.000 |
GBX |
23.500 |
6.810 |
| 2023 |
6.000 |
16.000 |
GBX |
22.000 |
7.310 |
| 2022 |
5.500 |
15.000 |
GBX |
20.500 |
10.810 |
| 2021 |
5.000 |
13.500 |
GBX |
18.500 |
5.110 |
| 2020 |
4.800 |
12.800 |
GBX |
17.600 |
2.920 |
| 2019 |
4.600 |
12.500 |
GBX |
17.100 |
3.010 |
| 2018 |
4.400 |
12.200 |
GBX |
16.600 |
7.090 |
| 2017 |
4.000 |
11.500 |
GBX |
15.500 |
10.710 |
| 2016 |
3.600 |
10.400 |
GBX |
14.000 |
3.700 |
| 2015 |
3.500 |
10.000 |
GBX |
13.500 |
4.240 |
| 2014 |
3.400 |
9.550 |
GBX |
12.950 |
3.180 |
| 2013 |
3.300 |
9.250 |
GBX |
12.550 |
|
Cardiff Property Dividend Calculator
Cardiff Property Dividend Growth
| Dividend Growth (1Y) |
22.45%
|
| Dividend CAGR (5Y) |
11%
|
| Years of Growth |
12
|
| Payout Ratio |
20.59%
|
| Buyback Yield |
3.24%
|
| Shareholder Yield |
4.24%
|
| P/E Ratio (TTM) | 20.72 |
|---|
| Forward P/E | – |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 4.88% |
|---|
| FCF Yield | – |
|---|
| ROE | 4.35% |
|---|
| ROCE | 3.11% |
|---|
| Profit Margin | 125.09% |
|---|
| Operating Margin | 90.32% |
|---|
| Gross Margin | 86.47% |
|---|