DEXUS (DXS)
Share Price Analysis and Chart

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DXS

DXS - DEXUS

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 27.98
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Dexus is an Australian Real Estate Investment Trust (REIT) that owns a portfolio of mainly office properties and manages a range of office, industrial and healthcare properties for third parties. It was founded in 1984 and listed on the ASX as the Deutsche Diversified Trust.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.77

25 Jun
2026

0.130

OPEN

$5.72

2.30%

HIGH

$5.79

4,230,212

LOW

$5.64

TARGET
$6.75 17.0% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 12.8 62.6 xxx
DPS (cps) xxx 37.0 37.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx - 22.9% 0.0% xxx
PE Ratio xxx N/A 9.2 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx 288.2% 59.1% xxx

Dividend yield today if purchased 3 years ago: 4.86%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.42

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/06 - (franking ex-div 18c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx12.8
DPS All xxxxxxxxxxxxxxx37.0
Sales/Revenue xxxxxxxxxxxxxxx1,007.6 M
Book Value Per Share xxxxxxxxxxxxxxx920.3
Net Operating Cash Flow xxxxxxxxxxxxxxx828.7 M
Net Profit Margin xxxxxxxxxxxxxxx0.34 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx0.03 %
Return on Invested Capital xxxxxxxxxxxxxxx0.02 %
Return on Assets xxxxxxxxxxxxxxx0.02 %
Return on Equity xxxxxxxxxxxxxxx0.03 %
Return on Total Capital xxxxxxxxxxxxxxx1.03 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx394.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx941 M
Long Term Debt xxxxxxxxxxxxxxx3,888 M
Total Debt xxxxxxxxxxxxxxx4,829 M
Goodwill - Gross xxxxxxxxxxxxxxx118 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx65 M
Price To Book Value xxxxxxxxxxxxxxx0.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx13.2 M
Capex % of Sales xxxxxxxxxxxxxxx1.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx310 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx544 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,621 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

02/06/2026

3

Neutral

$6.68

15.77%

Dexus lost its NSW Supreme Court challenge over the Australia Pacific Airports Corporation (APAC). UBS notes the ruling could force the sale of the Dexus' entire 27% APAC stake, valued at $4bn-$4.5bn. The broker expects management to appeal.

While the direct earnings impact from losing APAC funds management fees appears modest, UBS believes the more significant risk lays in reputational damage and questions over the group's infrastructure and funds management strategy following the Collimate transaction.

UBS continues to view Dexus as too difficult despite the shares trading at a -37% discount to NTA and around 9x earnings.

Ongoing uncertainty around the APAC dispute, declining earnings expectations and execution risks at Waterfront remain key concerns.

The broker retains a Neutral rating and $6.68 target price.

FORECAST
UBS forecasts a full year FY26 dividend of 37.00 cents and EPS of 62.00 cents.
UBS forecasts a full year FY27 dividend of 35.00 cents and EPS of 58.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

11/06/2026

3

Neutral

$6.40

10.92%

Jarden maintains a Neutral rating for Dexus with its target price decreased to $6.40 following a recent New South Wales Supreme Court judgment regarding the Melbourne Airport dispute.

The ruling validates a default notice triggering a compulsory sale of the Dexus Bloc shares, prompting Jarden analysts to completely remove the -$4bn asset stake from future assets under management forecasts.

Revisions to underlying valuation models flow through to a -10% reduction in FY27 adjusted funds from operations and distribution per share estimates.

Jarden believes current market pricing overly penalises the remaining core office portfolio, implying a -50% discount to replacement cost and ignoring emerging deep asset value.

The broker suggests negative sentiment is already heavily priced into the security, leaving the balance sheet trading at an attractive 37% discount to net tangible assets.
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

1
Rudi’s View: Diversified Asset Allocators

Jun 11 2026 - Rudi's View
2
Australian Broker Call *Extra* Edition – Jun 11, 2026

Jun 11 2026 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 05-06-26

Jun 09 2026 - Weekly Reports
4
Next Week At A Glance – 8-12 Jun 2026

Jun 05 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jun 03, 2026

Jun 03 2026 - Daily Market Reports

Latest REITs News

1
Australian Listed Real Estate Tables – 22-06-2026

Jun 22 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 15-06-2026

Jun 15 2026 - Weekly Reports
3
Australian Listed Real Estate Tables – 10-06-2026

Jun 10 2026 - Weekly Reports
4
Australian Listed Real Estate Tables – 02-06-2026

Jun 02 2026 - Weekly Reports
5
Australian Listed Real Estate Tables – 26-05-2026

May 26 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 11-05-2026

May 11 2026 - Weekly Reports
7
Australian Listed Real Estate Tables – 05-05-2026

May 05 2026 - Weekly Reports
8
Australian Listed Real Estate Tables – 27-04-2026

Apr 27 2026 - Weekly Reports
9
Australian Listed Real Estate Tables – 13-04-2026

Apr 13 2026 - Weekly Reports
10
Assessing Real Estate’s AI Future

Apr 09 2026 - Australia