ARENA REIT (ARF)
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ARF - ARENA REIT

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

Arena REIT is an Australian real estate investment trust with a portfolio of properties focussed on childcare, healthcare, education and government tenanted facilities. It has been listed since 2013.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.81

25 Jul
2024

-0.020

OPEN

$3.83

-0.52%

HIGH

$3.85

1,136,940

LOW

$3.80

TARGET
$3.993 4.8% upside
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
ARF: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 20.8 17.5 xxx
DPS (cps) xxx 16.8 17.2 xxx
EPS Growth xxx - 76.3% - 15.8% xxx
DPS Growth xxx 5.0% 2.4% xxx
PE Ratio xxx N/A 21.7 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx 80.7% 98.1% xxx

Dividend yield today if purchased 3 years ago: 4.68%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.41

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-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx20.8
DPS All xxxxxxxxxxxxxxx16.8
Sales/Revenue xxxxxxxxxxxxxxx93.2 M
Book Value Per Share xxxxxxxxxxxxxxx342.0
Net Operating Cash Flow xxxxxxxxxxxxxxx59.9 M
Net Profit Margin xxxxxxxxxxxxxxx77.91 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx6.13 %
Return on Invested Capital xxxxxxxxxxxxxxx4.79 %
Return on Assets xxxxxxxxxxxxxxx4.71 %
Return on Equity xxxxxxxxxxxxxxx6.13 %
Return on Total Capital xxxxxxxxxxxxxxx5.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-56.1 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx341 M
Total Debt xxxxxxxxxxxxxxx341 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx16 M
Price To Book Value xxxxxxxxxxxxxxx1.10

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx71.3 M
Capex % of Sales xxxxxxxxxxxxxxx76.50 %
Cost of Goods Sold xxxxxxxxxxxxxxx1 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx7 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,535 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

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

05/07/2024

3

Downgrade to Neutral from Buy

$3.94

3.41%

Through a broad sector update on A-REITs, UBS analysts argue the sector is now less likely to find support from RBA rate cuts (as many REITs are growth challenged and funds management benefits are harder to achieve) and valuations for the winners in the sector are seen as "stretched" in the here and now.

Developers are faced with tougher conditions, with asset sales on the menu (and a must for some). Performance fees for fund managers will be much harder to achieve.

UBS has reduced forecasts across the board, placing the broker's numbers below consensus in most cases.

The broker's rating for Arena REIT has been downgraded to Neutral from Buy. The price target has adjusted to $3.94 from $3.97.

FORECAST
UBS forecasts a full year FY24 dividend of 17.00 cents and EPS of 18.00 cents.
UBS forecasts a full year FY25 dividend of 18.00 cents and EPS of 18.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Login above or Get a Free Trial

Moelis

20/02/2024

3

Hold

$3.76

-1.31%

Moelis assesses a consistent performance by Arena REIT in the 1H and notes growing macroeconomic tailwinds.Tenant occupancy was at a record level and gearing remains low, in the broker's view, at 21.7% compared to 21% at June 30, 2023.

The REIT reported 1H EPS and a dividend of 8.72cpu and 8.70cpu, respectively.

The tenant performance was strong, as the analyst expected, with tenants reporting average daily fee growth of 10.5% (in the 12 months to September 2023) to $141 from $127.

Arena's 10.6% rent to revenue ratio continues to allow for meaningful upside to rents, suggests Moelis.

The Hold rating and $3.76 target are unchanged.

FORECAST
Moelis forecasts a full year FY24 dividend of 17.40 cents and EPS of 17.70 cents.
Moelis forecasts a full year FY25 dividend of 18.20 cents and EPS of 18.50 cents.
Access Stockbroker Research History >

ARF STOCK CHART

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