CENTURIA OFFICE REIT (COF)
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COF

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

$1.16

20 Feb
2025

-0.005

OPEN

$1.16

-0.43%

HIGH

$1.17

1,338,713

LOW

$1.15

TARGET
$1.23 6.0% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
COF: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 28.3 11.9 xxx
DPS (cps) xxx 12.0 10.1 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 14.9% - 16.0% xxx
PE Ratio xxx N/A 9.9 xxx
Dividend Yield xxx N/A 8.6% xxx
Div Pay Ratio(%) xxx N/A 84.9% xxx

Dividend yield today if purchased 3 years ago: 5.50%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 10.21

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

-0.5

No. Of Recommendations

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

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

06/02/2025

3

Hold

$1.20

3.45%

Centuria Office REIT reiterated FY25 guidance, though the -17.1% year-on-year decline in first-half funds from operations (FFO) missed Bell Potter and consensus forecasts for declines of -7.7% and -5.5%.

The miss was largely attributed to the divestment of high-yielding assets in the prior period and increasing portfolio vacancy, explain the analysts.

Bell Potter believes the asset devaluation cycle is nearing a nadir, supported by improving office transaction volumes in the first half and 37% of Centuria’s portfolio valuations either increasing or stabilising over the period.

The broker maintains a Hold rating, with the target easing to $1.20 from $1.25.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 10.10 cents.
Bell Potter forecasts a full year FY26 dividend of 10.20 cents.

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx 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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

10/02/2025

4

Underweight

$1.17

0.86%

Centuria Office REIT's 1H25 result highlighted challenging office leasing markets in the near term, notes Jarden. The REIT also flagged incentives and capex will drag on adjusted funds from operations in the near term.

The broker believes the REIT does appear cheap but it is looking for more conviction on underlying income growth to get more constructive, which is made harder by the exposure to less known suburban markets.

The broker raised FY26 funds from operations forecast by 0.4%, mainly driven by a lower BBSW curve and highlighted upside potential for the stock in a declining interest rate environment.

Underweight rating retained and target price is $1.17.

FORECAST
Jarden forecasts a full year FY25 dividend of 10.10 cents and EPS of 11.80 cents.
Jarden forecasts a full year FY26 dividend of 10.10 cents and EPS of 11.90 cents.
Access Extra Coverage Research History >

COF STOCK CHART

FNArena News on COF

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Australian Broker Call *Extra* Edition – Feb 10, 2025

Feb 10 2025 - Daily Market Reports
2
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