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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Released last night. TP $3.23 (31% premium to last close)We are...
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Last
$2.37 |
Change
-0.050(2.07%) |
Mkt cap ! $882.7M |
Open | High | Low | Value | Volume |
$2.48 | $2.50 | $2.37 | $1.841M | 769.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
9 | 27053 | $2.37 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.38 | 1589 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 8461 | 2.370 |
3 | 12742 | 2.360 |
2 | 855 | 2.350 |
1 | 4200 | 2.340 |
2 | 800 | 2.330 |
Price($) | Vol. | No. |
---|---|---|
2.380 | 1589 | 1 |
2.390 | 1589 | 1 |
2.410 | 1589 | 1 |
2.420 | 1589 | 1 |
2.430 | 13272 | 2 |
Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
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