DEXUS (DXS)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

DXS

DXS - DEXUS

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: -794.37
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

$7.23

07 Aug
2025

0.060

OPEN

$7.19

0.84%

HIGH

$7.25

1,713,124

LOW

$7.17

TARGET
$7.818 8.1% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 147.3 57.7 xxx
DPS (cps) xxx 48.0 37.2 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 7.0% - 22.5% xxx
PE Ratio xxx N/A 12.6 xxx
Dividend Yield xxx N/A 5.1% xxx
Div Pay Ratio(%) xxx N/A 64.5% xxx

Dividend yield today if purchased 3 years ago: 5.23%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.62

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-147.3
DPS All xxxxxxxxxxxxxxx48.0
Sales/Revenue xxxxxxxxxxxxxxx964.0 M
Book Value Per Share xxxxxxxxxxxxxxx945.1
Net Operating Cash Flow xxxxxxxxxxxxxxx616.0 M
Net Profit Margin xxxxxxxxxxxxxxx-164.29 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-14.12 %
Return on Invested Capital xxxxxxxxxxxxxxx-9.84 %
Return on Assets xxxxxxxxxxxxxxx-9.22 %
Return on Equity xxxxxxxxxxxxxxx-14.12 %
Return on Total Capital xxxxxxxxxxxxxxx-0.12 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx73.8 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 xxxxxxxxxxxxxxx178 M
Long Term Debt xxxxxxxxxxxxxxx4,827 M
Total Debt xxxxxxxxxxxxxxx5,005 M
Goodwill - Gross xxxxxxxxxxxxxxx107 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx54 M
Price To Book Value xxxxxxxxxxxxxxx0.69

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx2.4 M
Capex % of Sales xxxxxxxxxxxxxxx0.25 %
Cost of Goods Sold xxxxxxxxxxxxxxx356 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx629 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,921 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

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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

Macquarie

14/07/2025

1

Outperform

$7.50

3.73%

In a preview of the August earnings season, Macquarie sees limited earnings risk for Australian REITs, with FY25 EPS growth for the sector forecast at 4.3%. For FY26, the broker believes headwinds are reducing and expects EPS growth of 5.8%, with an acceleration to 10.6% growth in FY27.

Revised expectation for the cash rate is a key driver as Macquarie strategists now expect -125bps of rate cuts in this cycle vs -75bps forecast in January. Within the sector, the broker expects retail and logistics to be the top performers in terms of earnings, driven by income growth, low maintenance capital expenditures, and reduced lease incentive leakage.

No change to FY25 AFFO forecast for Dexus but FY26 forecast cut by -1.1%. The stock is among the broker's key picks in the large caps space.

Target falls to $7.50 from $8.08. Outperform retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 37.00 cents and EPS of 45.00 cents.
Macquarie forecasts a full year FY26 dividend of 38.90 cents and EPS of 45.20 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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

UBS

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
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

11/06/2025

4

Downgrade to Underweight from Neutral

$7.10

-1.80%

Ahead of the FY25 reporting season in August, Jarden has marked-to-market the REIT sector to account for news flow, and the latest BBSW futures curve and risk-free rates.

Overall, the broker expects upbeat messages from the REITs, most likely to guide to an accelerating NTA and FFO growth.

The broker's forecast for Dexus' FY25 adjusted FFO is in line with guidance, but for FY26, the analyst is forecasting flat AFFO vs consensus for 0.3% y/y growth.

Broader office sector recovery would be a catalyst for cash earnings growth, the broker highlights, but challenges are emerging in funds management.

Rating downgraded to Underweight from Neutral. Target trimmed to $7.10 from $7.50.

FORECAST
Jarden forecasts a full year FY25 dividend of 36.90 cents and EPS of 62.70 cents.
Jarden forecasts a full year FY26 dividend of 36.90 cents and EPS of 63.50 cents.
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

1
Rudi’s View: AI Updates, Hot Favourites & First August Results

Aug 07 2025 - Rudi's View
2
Rudi’s View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

Jul 24 2025 - Rudi's View
3
Rudi’s View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Jul 17 2025 - Rudi's View
4
Rudi’s View: Navigating Covid Legacies

Jul 16 2025 - Rudi's View
5
Rudi’s View: Gold stocks & Miners, DigiCo, Pinnacle & More

Jul 10 2025 - Rudi's View

Latest REITs News

1
Australian Listed Real Estate Tables – 04-08-2025

Aug 04 2025 - Weekly Reports
2
Australian Listed Real Estate Tables – 28-07-2025

Jul 28 2025 - Weekly Reports
3
Australian Listed Real Estate Tables – 21-07-2025

Jul 21 2025 - Weekly Reports
4
Australian Listed Real Estate Tables – 14-07-2025

Jul 14 2025 - Weekly Reports
5
Australian Listed Real Estate Tables – 07-07-2025

Jul 07 2025 - Weekly Reports
6
Australian Listed Real Estate Tables – 01-07-2025

Jul 01 2025 - Weekly Reports
7
Australian Listed Real Estate Tables – 23-06-2025

Jun 23 2025 - Weekly Reports
8
Australian Listed Real Estate Tables – 16-06-2025

Jun 16 2025 - Weekly Reports
9
In Case You Missed It – BC Extra Upgrades & Downgrades – 13-06-25

Jun 13 2025 - Weekly Reports
10
Australian Listed Real Estate Tables – 10-06-2025

Jun 10 2025 - Weekly Reports