Released last night. TP $3.23 (31% premium to last close)
We are Buy-rated (on CL) on CQE.AX as we believe the current pricing provides an attractive investment opportunity. On GS estimates, the market is pricing in a 14% devaluation of CQE’s portfolio or an implied cap rate of 7.2% (vs. 6.2% book), which we see as overly bearish given continued government funding, exposure to high-quality operators with limited exposure to Victoria, as well as CQE’s solid balance sheet position and improving outlook. Our A$3.23 (was A$3.16), 12-month price target is based on a 42.5%/42.5%/15% blend of our SOTP (A$2.56, was A$2.68), DCF (A$3.80, was A$3.51) and M&A (A$3.50, was A$3.49) valuations, and implies 37% total return vs. our A-REIT coverage average of 17%.
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Last
$2.44 |
Change
0.020(0.83%) |
Mkt cap ! $908.8M |
Open | High | Low | Value | Volume |
$2.41 | $2.46 | $2.38 | $4.264M | 1.756M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 10716 | $2.43 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.44 | 46728 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1446 | 2.420 |
1 | 1446 | 2.410 |
3 | 15446 | 2.400 |
1 | 1446 | 2.390 |
1 | 1446 | 2.380 |
Price($) | Vol. | No. |
---|---|---|
2.450 | 1446 | 1 |
2.460 | 10477 | 2 |
2.470 | 6446 | 2 |
2.480 | 1465 | 1 |
2.490 | 1465 | 1 |
Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
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