Ann: CLW 1H FY22 Results, page-6

Excerpts from FNArena Broker Call:

CLW - CHARTER HALLLONG WALE REIT

Macquarie rates CLW as Outperform (1) - Charter Hall Long WALEREIT's December-half earnings broadly met Macquarie's forecasts and managementreiterated guidance for 4.5%-plus growth.

The broker cites strong operational metrics, thanks totransactions and expects the balance sheet may offer opportunities for capitalmanagement should the REIT's share price trade below net tangible assets (NTA).

Charter Hall offers an FY23 forecast dividend yield and istrading at a 17% discount to NTA.

Macquarie hopes Charter Hall can pull forward ALE's 2028 rentreviews given inefficiency in the portfolio. EPS forecasts are steady for FY22;and rise 1% for FY23 and 4% for FY24.

Outperform rating retained. Target price eases to $5.23 from$5.31.

Target price is $5.23 Current Price is $4.91 Difference: $0.32If CLW meets the Macquarie target it will return approximately 7% (excludingdividends, fees and charges). Current consensus price target is $5.49,suggesting upside of 11.7%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 30.40 cents andEPS of 31.70 cents . At the last closing share price the estimated dividendyield is 6.19%. At the last closing share price the stock's estimated Price toEarnings Ratio (PER) is 15.49. How do these forecasts compare to marketconsensus projections?

Current consensus EPS estimate is 31.0, implying annual growthof -72.7%. Current consensus DPS estimate is 30.7, implying a prospectivedividend yield of 6.3%. Current consensus EPS estimate suggests the PER is15.8.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 30.50 cents andEPS of 31.80 cents . At the last closing share price the estimated dividendyield is 6.21%. At the last closing share price the stock's estimated Price to EarningsRatio (PER) is 15.44. How do these forecasts compare to market consensusprojections?

Current consensus EPS estimate is 31.6, implying annual growthof 1.9%. Current consensus DPS estimate is 31.4, implying a prospectivedividend yield of 6.4%. Current consensus EPS estimate suggests the PER is15.5.

Market Sentiment: 0.7All consensus data are updated untilyesterday. FNArena's consensus calculations require a minimum of three sources