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$2.87 charter hall social infrastructure reit

Goldman Sachs report, page-2

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austted

1,096 Posts.

103

12/08/20

15:24

Post #: 46486285
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Originally posted by SaltySultana: ↑

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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Reinforces my view which is a bit of a worry.

CQE Price at posting: $2.48 Sentiment: Buy Disclosure: Held
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0 Great analysis

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(20min delay)
Last $2.87		Change 0.000(0.00%)		Mkt cap ! $1.072B

Open	High	Low	Value	Volume
$2.81	$2.88	$2.81	$123.4K	43.11K

Buyers (Bids)

No.	Vol.	Price($)
2	976	$2.87

Sellers (Offers)

Price($)	Vol.	No.
$2.88	8554	17

View Market Depth

No.	Vol.	Price($)
2	1184	2.870
14	14001	2.860
14	19805	2.850
10	12888	2.840
8	18916	2.830

Price($)	Vol.	No.
2.880	7846	16
2.890	13838	13
2.900	16133	10
2.910	8009	8
2.920	66714	8

Last trade - 11.28am 08/10/2024 (20 minute delay)

CQE (ASX) Chart