Interesting elements in this presentation :1/ On the macro side,...

Interesting elements in this presentation :

1/ On the macro side, Australia is one of the rare OECD countries where the is a decrease of per capita supply, for housing.

2/ Regarding Aspen :
Rental business :
- their average rents are 15 % lower than market median,
- they are now skewing to metro residential and lifestyle properties- "improving growth/risk profile in our opinion".
- during the last 5 years, their "net rental margin has increased 10 ppt to 51 % through improved operational management and portfolio composition".

Development business
- average prices are 31 % lower than market average.
- clear acceleration for this business, the company aiming to sell 200 units per year (over the medium term) vs less than 100 in FY 24.
Still surprised by the low marketing costs for this business (less than 2 % of revenues), which seems to be also the case for their peers.


Perhaps, I am too positive on this company, but I really like their double focus on growth and risk.
Quite scarce in this sector where quite often companies are growing by taking too much risks, via financing gearing, risky developments...