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.
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Last
$6.44 |
Change
-0.015(0.23%) |
Mkt cap ! $6.915B |
Open | High | Low | Value | Volume |
$6.47 | $6.47 | $6.42 | $3.583M | 555.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
27 | 15777 | $6.43 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.44 | 16195 | 21 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
29 | 17728 | 6.430 |
21 | 32238 | 6.420 |
11 | 14576 | 6.410 |
16 | 36155 | 6.400 |
8 | 100441 | 6.390 |
Price($) | Vol. | No. |
---|---|---|
6.440 | 9908 | 17 |
6.450 | 26671 | 23 |
6.460 | 26954 | 17 |
6.470 | 12089 | 12 |
6.480 | 23366 | 11 |
Last trade - 10.58am 03/07/2024 (20 minute delay) ? |
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