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
$2.69 |
Change
-0.040(1.47%) |
Mkt cap ! $1.004B |
Open | High | Low | Value | Volume |
$2.70 | $2.71 | $2.67 | $1.650M | 613.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 3042 | $2.67 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.71 | 6241 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 3042 | 2.670 |
4 | 6042 | 2.660 |
1 | 1621 | 2.650 |
2 | 4121 | 2.640 |
1 | 1621 | 2.630 |
Price($) | Vol. | No. |
---|---|---|
2.710 | 6241 | 2 |
2.720 | 4396 | 1 |
2.730 | 1542 | 1 |
2.740 | 1542 | 1 |
2.750 | 19542 | 2 |
Last trade - 16.10pm 04/09/2024 (20 minute delay) ? |
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CQE (ASX) Chart |