ABACUS STORAGE KING (ASK)
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ASK - ABACUS STORAGE KING

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 8.39
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.19

08 Nov
2024

0.000

OPEN

$1.21

0.000

HIGH

$1.23

532,963

LOW

$1.18

TARGET
$1.417 19.0% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
ASK: 1
Title FY23
Actual
FY24
Actual
FY25
Forecast
FY26
Forecast
EPS (cps) xxx 10.5 6.3 xxx
DPS (cps) xxx 6.0 6.2 xxx
EPS Growth xxx 100.0% - 40.6% xxx
DPS Growth xxx N/A 3.3% xxx
PE Ratio xxx N/A 19.0 xxx
Dividend Yield xxx N/A 5.2% xxx
Div Pay Ratio(%) xxx 57.0% 99.2% xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

5.04

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: 28/12 - ex-div 3c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 20232024
EPS Basic xxx10.5
DPS All xxx6.0
Sales/Revenue xxx221.7 M
Book Value Per Share xxx161.1
Net Operating Cash Flow xxx73.8 M
Net Profit Margin xxx62.32 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 20232024
Return on Capital Employed xxx11.62 %
Return on Invested Capital xxx7.99 %
Return on Assets xxx7.38 %
Return on Equity xxx11.62 %
Return on Total Capital xxx6.42 %
Free Cash Flow ex dividends xxx-27.8 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 20232024
Short-Term Debt xxx1 M
Long Term Debt xxx994 M
Total Debt xxx995 M
Goodwill - Gross xxx33 M
Cash & Equivalents - Generic xxx192 M
Price To Book Value xxx0.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 20232024
Capex xxx7.5 M
Capex % of Sales xxx3.40 %
Cost of Goods Sold xxx88 M
Selling, General & Admin. Exp & Other xxx20 M
Research & Development xxx-
Investments - Total xxx2,906 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

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Shaw and Partners

16/09/2024

1

Buy

$1.35

13.45%

Pricing should remain relatively stable despite strong demand prospects for the Australian self-storage industry, suggests Shaw and Partners, as the volume of supply coming into the market is digestible.

Management at Abacus Storage King has announced it will issue $300m in exchangeable notes to fund development initiatives and
reduce high-cost debt.

In FY24, Abacaus maintained high occupancy while graduating customers to higher price contracts, which supports Shaw's positive outlook. Further, the REIT's facilities tend to be in dense, urban locations where demand exceeds supply, explains the broker.

The Buy rating and $1.35 target are unchanged.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 6.30 cents and EPS of 6.00 cents.
Shaw and Partners forecasts a full year FY26 dividend of 6.40 cents and EPS of 6.00 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

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

3

xxxxxxx

$xx.xx

xx.xx%

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Moelis

19/08/2024

3

Hold

$1.34

12.61%

Moelis keeps its Hold rating and $1.34 target for Abacus Storage King following "solid" operating results. Storage remains more resilient-than-expected by the analyst, translating to robust valuations and steady capitalisation rates.

Revenue per available square metre (RevPAM) rose by 4.6% for the established portfolio and occupancy increased by 60bps, with rate increases accounting for the balance of growth in the period, explains the broker.

FORECAST
Moelis forecasts a full year FY25 dividend of 6.10 cents and EPS of 6.30 cents.
Moelis forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.40 cents.

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