Ann: FY20 Results Announcement, page-4

Hard to know to be honest.

Their main source of revenue (childcare) is propped up by Government subsidies which have since ended, and are unlikely to come back despite some political musings by backbenchers. Go to a childcare facility and just see how empty they are - which is a real concern for the viability of their tenants. For example, Goodstart which is 47% of CQE's revenue, had revenue in 2019 of $1bn and a profit of $11m - it's razor thin, and going to be significantly worse due to Covid-19.

The other two headwinds that CQE face in the medium term. First, most properties are in residential areas which will face years of declining real estate prices (and for some reason this was not captured in their report claiming something like a 4% price increase on properties that I can't understand). And secondly, that net migration will decrease over the coming years, and so there will be less kids and less demand / growth opportunities.