CENTURIA INDUSTRIAL REIT (CIP)
Share Price Analysis and Chart

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CIP - CENTURIA INDUSTRIAL REIT

FNArena Sector : REITs

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 9.94

Index: ASX200 | ASX300 | ALL-ORDS

Centuria Industrial is an Australian Real Estate Investment Trust with a portfolio of large industrial properties across Australia. Established in 2002, it became a listed entity in 2012.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.94 28 Apr 2025	0.020 OPEN $2.93	0.68% HIGH $2.95	803,966 LOW $2.92

TARGET

$3.295

12.1% upside

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FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	7.6	17.6	xxx
DPS (cps)	xxx	16.0	16.3	xxx
EPS Growth	xxx	N/A	100.0%	xxx
DPS Growth	xxx	0.0%	1.9%	xxx
PE Ratio	xxx	N/A	16.9	xxx
Dividend Yield	xxx	N/A	5.5%	xxx
Div Pay Ratio(%)	xxx	211.1%	92.5%	xxx

Dividend yield today if purchased 3 years ago: 4.01%

DIVIDEND YIELD CALCULATOR

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	7.6
DPS All	xxx	xxx	xxx	xxx	xxx	16.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	224.8 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	387.1
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	95.5 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	21.42 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	1.94 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	1.27 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	1.24 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	1.94 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	3.54 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-6.0 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1,335 M
Total Debt	xxx	xxx	xxx	xxx	xxx	1,335 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	17 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.78

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	0.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.00 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	74 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	17 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	3,715 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.6

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgan Stanley	26/02/2025	3	Equal-weight	$3.31	12.59%	Centuria Industrial REIT posted first half earnings (FFO) of 8.9 cents, in line with Morgan Stanley's forecast. Guidance has been reiterated for FY25 FFO of 17.5 cents. Key to the results was the fall in occupancy to 96.6% from 97.2% in September 2024, and the broker suspects a slowdown in the December quarter with deals done only attracting spreads of around 30%. Still, Morgan Stanley suggests it would be premature to call out any trends. Equal-weight rating and $3.31 target retained. Industry view: In-Line. FORECAST Morgan Stanley forecasts a full year FY25 EPS of 18.00 cents. Morgan Stanley forecasts a full year FY26 EPS of 18.00 cents.
Macquarie	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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EXTRA COVERAGE

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No. Of Recommendations

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%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Moelis	03/03/2025	1	Buy	$3.72	26.53%	Centuria Industrial REIT delivered a first half result that was in line with Moelis. The company has re-affirmed FY25 guidance for 17.5 cents in FFO and 16.3 cents as a distribution. The broker notes more than 50% leasing spreads reflect continued success in releasing by the company and, with a portfolio that remains around -20-25% under rented, anticipates more than 5% comparable net operating income growth to FY27. Market conditions remain favourable although softer leasing in Melbourne's north and western markets mean incentives are starting to increase modestly. Buy rated with $3.72 target price. FORECAST Moelis forecasts a full year FY25 dividend of 16.30 cents and EPS of 17.50 cents. Moelis forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

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

Moelis

03/03/2025

Buy

$3.72

26.53%

Centuria Industrial REIT delivered a first half result that was in line with Moelis. The company has re-affirmed FY25 guidance for 17.5 cents in FFO and 16.3 cents as a distribution.

The broker notes more than 50% leasing spreads reflect continued success in releasing by the company and, with a portfolio that remains around -20-25% under rented, anticipates more than 5% comparable net operating income growth to FY27.

Market conditions remain favourable although softer leasing in Melbourne's north and western markets mean incentives are starting to increase modestly.

Buy rated with $3.72 target price.

FORECAST
Moelis forecasts a full year FY25 dividend of 16.30 cents and EPS of 17.50 cents.
Moelis forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.00 cents.

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CIP STOCK CHART

FNArena News on CIP

1	Australian Broker Call Extra Edition – Mar 04, 2025 Mar 04 2025 - Daily Market Reports

2	Australian Broker Call Extra Edition – Mar 03, 2025 Mar 03 2025 - Daily Market Reports

3	FNArena Corporate Results Monitor – 26-02-2025 Feb 26 2025 - Australia

4	Rudi’s View: AGL Energy, Bega Cheese, BRG, Harvey Norman, Imdex & Superloop Feb 06 2025 - Rudi's View

5	Weekly Ratings, Targets, Forecast Changes – 31-01-25 Feb 03 2025 - Weekly Reports

Latest REITs News

1	Australian Listed Real Estate Tables – 28-04-2025 Apr 28 2025 - Weekly Reports

2	Australian Listed Real Estate Tables – 22-04-2025 Apr 22 2025 - Weekly Reports

3	Australian Listed Real Estate Tables – 14-04-2025 Apr 14 2025 - Weekly Reports

4	Abacus Counts Takeover Benefits Apr 14 2025 - Small Caps

5	Australian Listed Real Estate Tables – 07-04-2025 Apr 07 2025 - Weekly Reports

6	Australian Listed Real Estate Tables – 24-03-2025 Mar 24 2025 - Weekly Reports

7	Australian Listed Real Estate Tables – 17-03-2025 Mar 17 2025 - Weekly Reports

8	Post Bottom, Focus Shifts To A-REITs Potential Mar 13 2025 - Feature Stories

9	Australian Listed Real Estate Tables – 10-03-2025 Mar 10 2025 - Weekly Reports

10	Australian Listed Real Estate Tables – 03-03-2025 Mar 03 2025 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	5.37
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CENTURIA INDUSTRIAL REIT (CIP)
Share Price Analysis and Chart