I think it is fantastic price at these levels. The reasons I...

I think it is fantastic price at these levels. The reasons I like the stock is the following:-

- The company is trading at a discount to NTA of ~34%, before the revaluation data is released in 2 weeks and has plenty of downside protection.
- The NTA figure doesn't factor in the third party FUM it manages and is probably worth ~$1.50 to the NTA on a earnings basis.
- The assets held by Dexus on prime assets, strategically located and will be sought after through the cycle.
- The group was proactive in keeping leverage low with asset sales in the last few years.
- Leverage on dated valuations is ~29% and is well within covenants to allow for softening of valuations.
- The industrial portfolio which is ~16% of the earnings, has a portion of the rents below market and will benefit in the upside once the rents are re-set through market rent reviews or new leases.
- Third party FUM is increasing Fy21 - $22B, Fy22 $26B & now at $44B, this capital lite model like Goodman is sought after and can really drive earnings growth if they can get this model right.
- Earnings per share are roughly forecast to be at $0.65 p/share for the next few years and on a P/E basis, the stock is trading on a multiple of ~10x earnings.