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: 8.64
Index: ASX300 | ALL-ORDS

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

$1.19

19 Jul
2024

-0.010

OPEN

$1.19

-0.83%

HIGH

$1.19

449,305

LOW

$1.18

TARGET
$1.373 15.3% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
COF: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx - 15.4 13.9 xxx
DPS (cps) xxx 14.1 12.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 15.1% - 14.9% xxx
PE Ratio xxx N/A 8.5 xxx
Dividend Yield xxx N/A 10.2% xxx
Div Pay Ratio(%) xxx N/A 86.5% xxx

Dividend yield today if purchased 3 years ago: 5.71%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

11.95

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: 27/06 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx-15.4
DPS All xxxxxxxxxxxxxxx14.1
Sales/Revenue xxxxxxxxxxxxxxx167.3 M
Book Value Per Share xxxxxxxxxxxxxxx220.4
Net Operating Cash Flow xxxxxxxxxxxxxxx71.7 M
Net Profit Margin xxxxxxxxxxxxxxx-54.96 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx-6.55 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.00 %
Return on Assets xxxxxxxxxxxxxxx-3.89 %
Return on Equity xxxxxxxxxxxxxxx-6.55 %
Return on Total Capital xxxxxxxxxxxxxxx4.67 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-16.3 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 xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx926 M
Total Debt xxxxxxxxxxxxxxx926 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx17 M
Price To Book Value xxxxxxxxxxxxxxx0.62

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx61 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx-1 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2,219 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

0.0

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

23/02/2024

1

Add

$1.60

34.45%

Centuria Office REIT reported 1H funds from operations of 7cpu, down from 8.1cpu in the previous corresponding period.

Morgans explains property income grew by 1.7% due to improved occupancy, which offset materially higher interest costs, higher property costs, as well as loss of income from divestments.

Gearing has risen to around 40% after revaluations at December 31, with further asset sales on the agenda, notes the analyst.

Management reiterated FY24 guidance for FFO of 13.8cpu and a dividend of 12cpu.

The broker's Add rating remains, but the target falls to $1.60 from $1.72 on assumed falls for the portfolio value.

FORECAST
Morgans forecasts a full year FY24 dividend of 12.00 cents and EPS of 13.80 cents.
Morgans forecasts a full year FY25 dividend of 11.40 cents and EPS of 13.10 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$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

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

16/05/2024

1

Buy

$1.88

57.98%

Centuria Office REIT's 3Q results saw leasing activity at 2.6% of the portfolio, below the average of 3.1%, with total expiries of 10.1k square metres (sqm) in 2H24 and 31.6k sqm in FY25.

Moelis notes an uptick in the vacancy rate  to 5.7% from 3.8%, driven by soft demand in Docklands and St Leonards.

The REIT sold the Keswick property for $38.3m, a -4% discount to its December 2023 book value and -14% below June 2023, as part of its balance sheet strategy.

This divestment, along with another recent sale, is expected to reduce gearing to around 39% from 40.9%.

The broker views the assets as undervalued and of relatively good quality with Centuria Office REIT offering a forecast 9.5% yield in FY25, although there remains some balance sheet risk.

Buy rating and the target lowered to $1.88 from $1.97.

FORECAST
Moelis forecasts a full year FY24 dividend of 12.00 cents and EPS of 13.80 cents.
Moelis forecasts a full year FY25 dividend of 11.30 cents and EPS of 13.10 cents.

COF STOCK CHART