DEXUS INDUSTRIA REIT (DXI)
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DXI - DEXUS INDUSTRIA REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 5.52
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.60

20 Dec
2024

-0.060

OPEN

$2.66

-2.26%

HIGH

$2.68

1,247,819

LOW

$2.56

TARGET
$3.05 17.3% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DXC . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXI: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 3.7 17.8 xxx
DPS (cps) xxx 16.4 16.4 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 14.6 xxx
Dividend Yield xxx N/A 6.3% xxx
Div Pay Ratio(%) xxx N/A 92.0% xxx

Dividend yield today if purchased 3 years ago: 4.74%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.31

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: 27/03 - ex-div 4.1c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-3.7
DPS All xxxxxxxxxxxxxxx16.4
Sales/Revenue xxxxxxxxxxxxxxx82.2 M
Book Value Per Share xxxxxxxxxxxxxxx327.2
Net Operating Cash Flow xxxxxxxxxxxxxxx58.9 M
Net Profit Margin xxxxxxxxxxxxxxx-14.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-1.10 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.82 %
Return on Assets xxxxxxxxxxxxxxx-0.80 %
Return on Equity xxxxxxxxxxxxxxx-1.10 %
Return on Total Capital xxxxxxxxxxxxxxx3.84 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-1.4 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 xxxxxxxxxxxxxxx302 M
Total Debt xxxxxxxxxxxxxxx303 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx4 M
Price To Book Value xxxxxxxxxxxxxxx0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx8.3 M
Capex % of Sales xxxxxxxxxxxxxxx10.06 %
Cost of Goods Sold xxxxxxxxxxxxxxx19 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx8 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx970 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

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

15/08/2024

1

Outperform

$3.19

22.69%

Dexus Industria REIT reported FY24 funds from operations in line with guidance and Macquarie. FY25 FFO guidance is directly in line with the broker.

Macquarie remains attracted to the group's exposure to the industrial sub-sector, including its strong balance sheet which provides capacity for further deployment.

An FFO compound annual growth rate of 3.2% remains attractive and the broker sees valuation as appealing in the current environment. Target rises to $3.19 from $3.11, Outperform retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 16.40 cents and EPS of 17.90 cents.
Macquarie forecasts a full year FY26 dividend of 16.40 cents and EPS of 18.20 cents.

Bell Potter

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

20/08/2024

1

Buy

$3.32

27.69%

Dexus Industria REIT reported FY24 earnings and dividend in line with upgraded guidance. Average rent reviews were 4.4% across the portfolio and FY25 guidance is in line with Moelis' estimates.

Net tangible asset (NTA) valuation fell -2.4% in the past six months, from $3.32 to $3.24, with the portfolio cap rate expanding from 5.77% to 5.98%.

Look-through gearing fell from 28.1% in Dec'23 to 27.3% following the sale of two industrial assets and the impact of revaluations.

Moelis views NTA as slightly understated in the context of market income growth and strong leasing outcomes at a number of assets, and notes ongoing development upside with a balance sheet that retains ample capacity.

Target rises to $3.32 from $3.21, Buy retained.

FORECAST
Moelis forecasts a full year FY25 dividend of 16.40 cents and EPS of 17.90 cents.
Moelis forecasts a full year FY26 dividend of 17.40 cents and EPS of 18.90 cents.
Access Extra Coverage Research History >

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