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

$6.09

05 May
2026

-0.170

OPEN

$6.26

-2.72%

HIGH

$6.28

4,316,043

LOW

$6.01

TARGET
$6.992 14.8% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . GDF . GDI . HCW . HDN . NSR . 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 62.7 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 9.8 xxx
Dividend Yield xxx N/A 6.0% xxx
Div Pay Ratio(%) xxx 288.2% 59.0% xxx

Dividend yield today if purchased 3 years ago: 4.64%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.00

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

0.1

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

06/05/2026

5

Underweight

$6.47

6.24%

Dexus reiterated FY26 adjusted funds from operations (AFFO) guidance of 44.5cpu-45.5cpu and a 37cpu distribution, with operational performance broadly stable, Morgan Stanley highlights. Improved office occupancy is also noted.

The broker highlights a strategic shift toward balance sheet repositioning, with asset sell-downs required to fund capital redeployment and any meaningful buyback activity. Execution of the buyback is now dependent on further divestments.

Management flagged FY27 as a more challenging year, with limited trading profits and performance fees expected, suggesting to the analysts downside risk to current market forecasts.

Underweight. Target $6.47. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 37.00 cents and EPS of 63.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 37.00 cents and EPS of 60.00 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

29/04/2026

3

Upgrade to Neutral from Underweight

$6.94

(05/05/2026)

13.96%

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to "stand in front of increasing interest rates" sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is upgraded to Neutral from Underweight for Dexus, while the target is reduced to $6.94 from $7.55.

FORECAST
Jarden forecasts a full year FY26 dividend of 37.00 cents and EPS of 63.90 cents.
Jarden forecasts a full year FY27 dividend of 37.00 cents and EPS of 60.50 cents.
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 01-05-26

May 01 2026 - Weekly Reports
2
Rudi’s View: Stagflation, No Recession

Apr 30 2026 - Rudi's View
3
Australian Broker Call *Extra* Edition – Apr 29, 2026

Apr 29 2026 - Daily Market Reports
4
Next Week At A Glance – 27-24 Apr 2026

Apr 24 2026 - Weekly Reports
5
Rudi’s View: Best Buys & Conviction Calls

Apr 23 2026 - Rudi's View

Latest REITs News

1
Australian Listed Real Estate Tables – 05-05-2026

May 05 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 27-04-2026

Apr 27 2026 - Weekly Reports
3
Australian Listed Real Estate Tables – 13-04-2026

Apr 13 2026 - Weekly Reports
4
Assessing Real Estate’s AI Future

Apr 09 2026 - Australia
5
Australian Listed Real Estate Tables – 07-04-2026

Apr 07 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 16-03-2026

Mar 16 2026 - Weekly Reports
7
A-REITs: Debt And RBA Hikes vs Solid Momentum

Mar 12 2026 - Australia
8
Australian Listed Real Estate Tables – 09-03-2026

Mar 09 2026 - Weekly Reports
9
Australian Listed Real Estate Tables – 02-03-2026

Mar 02 2026 - Weekly Reports
10
Australian Listed Real Estate Tables – 23-02-2026

Feb 23 2026 - Weekly Reports