DEXUS (DXS)
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DXS

DXS - DEXUS

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 27.98
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Dexus is an Australian Real Estate Investment Trust (REIT) that owns a portfolio of mainly office properties and manages a range of office, industrial and healthcare properties for third parties. It was founded in 1984 and listed on the ASX as the Deutsche Diversified Trust.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.52

27 Aug
2025

-0.020

OPEN

$7.53

-0.27%

HIGH

$7.56

2,250,668

LOW

$7.47

TARGET
$7.91 5.2% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 12.8 57.5 xxx
DPS (cps) xxx 37.0 37.3 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx - 22.9% 0.9% xxx
PE Ratio xxx N/A 13.1 xxx
Dividend Yield xxx N/A 5.0% xxx
Div Pay Ratio(%) xxx 288.2% 64.9% xxx

Dividend yield today if purchased 3 years ago: 4.26%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.91

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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx12.8
DPS All xxxxxxxxxxxxxxx37.0
Sales/Revenue xxxxxxxxxxxxxxx1,007.6 M
Book Value Per Share xxxxxxxxxxxxxxx920.3
Net Operating Cash Flow xxxxxxxxxxxxxxx828.7 M
Net Profit Margin xxxxxxxxxxxxxxx0.34 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx0.03 %
Return on Invested Capital xxxxxxxxxxxxxxx0.02 %
Return on Assets xxxxxxxxxxxxxxx0.02 %
Return on Equity xxxxxxxxxxxxxxx0.03 %
Return on Total Capital xxxxxxxxxxxxxxx1.03 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx394.2 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx941 M
Long Term Debt xxxxxxxxxxxxxxx3,888 M
Total Debt xxxxxxxxxxxxxxx4,829 M
Goodwill - Gross xxxxxxxxxxxxxxx118 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx65 M
Price To Book Value xxxxxxxxxxxxxxx0.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx13.2 M
Capex % of Sales xxxxxxxxxxxxxxx1.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx310 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx544 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,621 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

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

21/08/2025

5

Underweight

$7.75

3.06%

Morgan Stanley reckons Dexus' FY25 result and FY26 guidance were fine at the headline level, and the consensus EPS forecast for next 12 months is likely to be largely unchanged.

Among issues of concern were lower yield on cost for Atlassian, now 4.0-4.5% vs the target of 4.0-5.0%, the delay in Brisbane Waterfront project and expiry of 8% of Office portfolio in FY26 and 13.9% in FY27.

On the comforting side was $35m performance fee secured for FY26, with the broker already expecting it to be a headwind vs FY25's $41m.

Underweight. Target price $7.75. Industry View: In-Line.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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

Jarden

25/08/2025

4

Underweight

$7.25

-3.59%

Dexus' FY25 result met expectations but FY26 guidance for flat AFFO growth was a disappointment, Jarden highlights, given office sentiment has improved over the past six months.

Additionally, the broker notes sector peers are pivoting back to growth. Office portfolio challenges remain, including pressure on returns from holding costs and fixed contracts.

Fund management is a drag too with performance feed guided -$5m lower in FY26 to $35m, -$3bn redemption queue and APAC litigation overhang (court case in Nov).

Target price rises to $7.25 from $7.10 on model roll-forward. Underweight retained.

FORECAST
Jarden forecasts a full year FY26 dividend of 37.10 cents and EPS of 63.00 cents.
Jarden forecasts a full year FY27 dividend of 37.60 cents and EPS of 63.20 cents.
Access Extra Coverage Research History >

DXS STOCK CHART

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