DEXUS (DXS)
Share Price Analysis and Chart

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19/02/2026

3

Neutral

$7.80

31.31%

On further inspection, Citi adds capital management has come into focus at Dexus post the launch of a share buyback, as management signals the stock offers better value than pursuing new developments or acquisitions.

The fund management redemption queue has eased, the analyst highlights, with -$1bn withdrawn amid stronger primary and secondary capital raising activity from domestic and offshore investors.

Around -$2bn remains in the queue, split evenly between infrastructure and real estate strategies.

Citi stresses the stock trades at around a -24% discount to NTA and on roughly 10x PE, drawing value-oriented investors ahead of a possible FY27/28 recovery with a Neutral rating and $7.80 target.

***

On first look, Dexus reaffirmed FY26 adj funds from operations guidance of 44.5–45.5cps, broadly in line with Citi and  consensus expectations.

The broker notes 1H26 adj funds from operations of 23.6cps was in line, while the 19.3cps distribution was 2% ahead of consensus.

Citi highlights a 1.0% uplift in portfolio valuations over the half, with office up 0.7% and industrial up 1.6%, while occupancy remained stable at 92.2% for office and improved slightly to 97.0% for industrial.

Improved platform momentum, including a -$1bn reduction in the redemption queue supported by $1.4bn of divestments, alongside an ongoing share buyback was highlighted.

 Neutral rating and $7.80 target price.

FORECAST
Citi forecasts a full year FY26 dividend of 37.00 cents and EPS of 63.00 cents.
Citi forecasts a full year FY27 dividend of 37.00 cents and EPS of 63.40 cents.

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25/02/2026

4

Underweight

$7.55

27.10%

Jarden retains its Underweight rating on Dexus and lifts its price target by 10c to $7.55 after 1H adjusted funds from operations (AFFO) of 23.6c beat the 23.4 consensus forecast.

Stronger trading profits offset slightly weaker underlying FFO, explain the analysts. FY26 AFFO guidance of 44.5-45.5c was unchanged and a buyback of up to 10% of securities (around $750m) was announced.

The broker updates its forecasts to reflect lower trading profits from FY27, the buyback, and a higher interest rate curve, resulting in modest AFFO and FFO revisions across FY26-28.

Despite improving office conditions, Jarden highlights FY27 headwinds from positive FY26 one-offs rolling off the financial model and lower funds under management (FUM).

FORECAST
Jarden forecasts a full year FY26 dividend of 37.00 cents and EPS of 64.00 cents.
Jarden forecasts a full year FY27 dividend of 37.10 cents and EPS of 60.60 cents.