DEXUS CONVENIENCE RETAIL REIT (DXC)
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DXC - DEXUS CONVENIENCE RETAIL REIT

FNArena Sector : REITs

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 5.67

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$3.08 25 Aug 2025	0.000 OPEN $3.08	0.000 HIGH $3.08	0 LOW $3.08

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$3.08

25 Aug
2025

0.000

OPEN

$3.08

0.000

HIGH

$3.08

LOW

$3.08

TARGET

$3.225

4.7% upside

OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXI . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	28.6	23.7	xxx
DPS (cps)	xxx	20.7	20.8	xxx
EPS Growth	xxx	100.0%	- 17.1%	xxx
DPS Growth	xxx	- 1.5%	0.5%	xxx
PE Ratio	xxx	N/A	13.0	xxx
Dividend Yield	xxx	N/A	6.7%	xxx
Div Pay Ratio(%)	xxx	72.3%	87.6%	xxx

Dividend yield today if purchased 3 years ago: 7.10%

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	2020	2021	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	28.6
DPS All	xxx	xxx	xxx	xxx	xxx	20.7
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	59.9 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	364.3
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	27.1 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	65.70 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	7.93 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	5.43 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	5.28 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	7.93 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	5.24 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-8.3 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	2020	2021	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	216 M
Total Debt	xxx	xxx	xxx	xxx	xxx	216 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	2 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.83

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023	2024	2025
Capex	xxx	xxx	xxx	xxx	xxx	6.8 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	11.43 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	14 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	8 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	731 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
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
Morgans	09/07/2025	3	Downgrade to Hold from Accumulate	$3.00	-2.60%	A Property sector update by Morgans reveals a preference for data centres, retail, and private credit due to more resilient leasing trends and earnings visibility. The broker remains cautious on office and industrial due to softening rental spreads and ongoing leasing incentives. Sydney industrial and office markets have displayed varied performance in yields and vacancies during June, notes Morgans. Overall, June quarter valuations show modest book value gains, as rental growth has largely offset cap rate expansion, explain the analysts. Declining interest rate swap curves are easing funding pressures, with falling interest costs expected to become a tailwind for FFO and improve transaction activity as yield spreads normalise. For Dexus Convenience Retail REIT, the target falls to $3.00 from $3.20 and the rating is downgraded to Hold from Accumulate. FORECAST Morgans forecasts a full year FY26 dividend of 20.60 cents and EPS of 23.70 cents.
Ord Minnett	xx/xx/xxxx	0	xxxxxxxxx xx xxxxxxxx		xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Bell Potter

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Morgans

09/07/2025

Downgrade to Hold from Accumulate

$3.00

-2.60%

A Property sector update by Morgans reveals a preference for data centres, retail, and private credit due to more resilient leasing trends and earnings visibility.

The broker remains cautious on office and industrial due to softening rental spreads and ongoing leasing incentives. Sydney industrial and office markets have displayed varied performance in yields and vacancies during June, notes Morgans.

Overall, June quarter valuations show modest book value gains, as rental growth has largely offset cap rate expansion, explain the analysts.

Declining interest rate swap curves are easing funding pressures, with falling interest costs expected to become a tailwind for FFO and improve transaction activity as yield spreads normalise.

For Dexus Convenience Retail REIT, the target falls to $3.00 from $3.20 and the rating is downgraded to Hold from Accumulate.

FORECAST
Morgans forecasts a full year FY26 dividend of 20.60 cents and EPS of 23.70 cents.

Ord Minnett

xx/xx/xxxx

xxxxxxxxx xx xxxxxxxx

xx.xx%

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

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

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
Moelis	12/02/2025	1	Buy	$3.39	10.06%	Following Dexus Convenience Retail REIT's 1H25 result, Moelis lowered its earnings profile slightly, taking a more conservative view of cost inflation and occupancy. The broker highlights cost inflation continues to run ahead of rent growth, resulting in EBIT margin falling year on year to 71.9% from 72.2%. The broker expects gearing to reach 34% by FY27 without valuation growth, from 28.7% in December. With modest valuation growth, the broker expects below 32% gearing. The broker continues to believe the stock is meaningfully undervalued, with its current implied cap rate of 7.4% representing an attractive discount to direct market evidence. Buy rating retained and target price is $3.39. FORECAST Moelis forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.10 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

12/02/2025

Buy

$3.39

10.06%

Following Dexus Convenience Retail REIT's 1H25 result, Moelis lowered its earnings profile slightly, taking a more conservative view of cost inflation and occupancy.

The broker highlights cost inflation continues to run ahead of rent growth, resulting in EBIT margin falling year on year to 71.9% from 72.2%.

The broker expects gearing to reach 34% by FY27 without valuation growth, from 28.7% in December. With modest valuation growth, the broker expects below 32% gearing.

The broker continues to believe the stock is meaningfully undervalued, with its current implied cap rate of 7.4% representing an attractive discount to direct market evidence. Buy rating retained and target price is $3.39.

FORECAST
Moelis forecasts a full year FY26 dividend of 21.00 cents and EPS of 21.10 cents.

Access Extra Coverage Research History >

DXC STOCK CHART

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Latest REITs News

1	Australian Listed Real Estate Tables – 18-08-2025 Aug 18 2025 - Weekly Reports

2	Australian Listed Real Estate Tables – 11-08-2025 Aug 11 2025 - Weekly Reports

3	Australian Listed Real Estate Tables – 04-08-2025 Aug 04 2025 - Weekly Reports

4	Australian Listed Real Estate Tables – 28-07-2025 Jul 28 2025 - Weekly Reports

5	Australian Listed Real Estate Tables – 21-07-2025 Jul 21 2025 - Weekly Reports

6	Australian Listed Real Estate Tables – 14-07-2025 Jul 14 2025 - Weekly Reports

7	Australian Listed Real Estate Tables – 07-07-2025 Jul 07 2025 - Weekly Reports

8	Australian Listed Real Estate Tables – 01-07-2025 Jul 01 2025 - Weekly Reports

9	Australian Listed Real Estate Tables – 23-06-2025 Jun 23 2025 - Weekly Reports

10	Australian Listed Real Estate Tables – 16-06-2025 Jun 16 2025 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	6.70
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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DEXUS CONVENIENCE RETAIL REIT (DXC)
Share Price Analysis and Chart