CENTURIA OFFICE REIT (COF)
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COF - CENTURIA OFFICE REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 9.7
Index: ASX300

Centuria Office is a real estate investment trust with assets consisting solely of commercial office properties. It has been listed since 2014.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.105

20 Dec
2024

-0.040

OPEN

$1.13

-3.49%

HIGH

$1.15

2,842,823

LOW

$1.11

TARGET
$1.273 15.2% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . 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
COF: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 28.3 12.5 xxx
DPS (cps) xxx 12.0 10.6 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 14.9% - 11.9% xxx
PE Ratio xxx N/A 8.8 xxx
Dividend Yield xxx N/A 9.6% xxx
Div Pay Ratio(%) xxx N/A 84.4% xxx

Dividend yield today if purchased 3 years ago: 5.15%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 10.86

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: 27/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-28.3
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx161.6 M
Book Value Per Share xxxxxxxxxxxxxxx180.1
Net Operating Cash Flow xxxxxxxxxxxxxxx63.8 M
Net Profit Margin xxxxxxxxxxxxxxx-104.43 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-14.11 %
Return on Invested Capital xxxxxxxxxxxxxxx-8.08 %
Return on Assets xxxxxxxxxxxxxxx-7.87 %
Return on Equity xxxxxxxxxxxxxxx-14.11 %
Return on Total Capital xxxxxxxxxxxxxxx4.23 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-11.0 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx857 M
Total Debt xxxxxxxxxxxxxxx857 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx17 M
Price To Book Value xxxxxxxxxxxxxxx0.61

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx63 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx11 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,950 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

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

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

20/08/2024

3

Downgrade to Hold from Add

$1.35

22.17%

Centuria Office REIT’s FY24 result was in line with guidance however the near term outlook remains challenging with FY25 guidance below Morgans' estimates, largely due to impacts from divestments and conservative leasing assumptions.

Gearing is over 41% and post balance date the REIT successfully refinanced and renegotiated covenants.

While Morgans acknowledges the attractive yield on offer, valuation discount and repositioned balance sheet, the broker downgrades to Hold from Add until there is further clarity around leasing outcomes which will continue to put near term pressure on occupancy/cap rates/income.

Target falls to $1.35 from $1.60.

FORECAST
Morgans forecasts a full year FY25 dividend of 10.10 cents and EPS of 11.80 cents.
Morgans forecasts a full year FY26 dividend of 10.60 cents and EPS of 12.40 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

20/08/2024

4

Underweight

$1.20

8.60%

Centuria Office REIT's FY24 result broadly met forecasts but FY25 guidance proved a big miss on consensus forecasts. 

Jarden observes issues with existing and near-term vacancy in non-CBD office markets and expects asset sales may be the solution to rising gearing pressures.

While the company is trading -31% below net tangible assets, the broker says office risks suggests dynamics have not yet bottomed.

Underweight rating and $1.20 target price retained.

FORECAST
Jarden forecasts a full year FY25 dividend of 11.70 cents and EPS of 13.50 cents.
Jarden forecasts a full year FY26 EPS of 14.10 cents.
Access Extra Coverage Research History >

COF STOCK CHART

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