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: 8.74
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

$3.39

23 Feb
2024

0.010

OPEN

$3.40

0.30%

HIGH

$3.41

717,942

LOW

$3.38

TARGET
$3.468 2.3% upside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
CIP: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx - 12.5 17.2 xxx
DPS (cps) xxx 16.0 16.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 7.5% 0.0% xxx
PE Ratio xxx N/A 19.7 xxx
Dividend Yield xxx N/A 4.7% xxx
Div Pay Ratio(%) xxx N/A 92.8% xxx

Dividend yield today if purchased 3 years ago: 5.42%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

4.72

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 4c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx-12.5
DPS All xxxxxxxxxxxxxxx16.0
Sales/Revenue xxxxxxxxxxxxxxx225.4 M
Book Value Per Share xxxxxxxxxxxxxxx395.5
Net Operating Cash Flow xxxxxxxxxxxxxxx97.6 M
Net Profit Margin xxxxxxxxxxxxxxx-33.98 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx-2.95 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.95 %
Return on Assets xxxxxxxxxxxxxxx-1.90 %
Return on Equity xxxxxxxxxxxxxxx-2.95 %
Return on Total Capital xxxxxxxxxxxxxxx3.75 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-6.0 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 xxxxxxxxxxxxxxx-
Long Term Debt xxxxxxxxxxxxxxx1,290 M
Total Debt xxxxxxxxxxxxxxx1,290 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx21 M
Price To Book Value xxxxxxxxxxxxxxx0.78

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx-
Capex % of Sales xxxxxxxxxxxxxxx-
Cost of Goods Sold xxxxxxxxxxxxxxx73 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx5 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,740 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

0.3

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

08/02/2024

3

Hold

$3.30

-2.65%

Centuria Industrial REIT's flat December half funds from operations appears to have pleased Ord Minnett, the broker observing a 6% jump in like-for-like rental growth, which was offset by rising debt costs and asset sales.

The broker observes strong tenant demand in Sydney, Melbourne and Brisbane Industrial market and low vacancy rates, and management advised portfolio rents were roughly -30% below market rates, leaving a strong runway for rental growth in the medium term as leases renew; and that gearing is in the bottom half of the target range.

Ord Minnett expects higher debt costs to continue to weigh in the medium term given the company's development pipeline is likely to incur -$500m in capital expenditure over five years, putting covenants at risk without an equity raising or major asset sales.

Therefore the broker factors in a $300m equity raising into its valuation. Hold rating retained. Target price rises 6% to $3.30.

FORECAST
Ord Minnett forecasts a full year FY24 dividend of 16.00 cents and EPS of 17.20 cents.
Ord Minnett forecasts a full year FY25 dividend of 16.00 cents and EPS of 17.20 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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CIP STOCK CHART