DEXUS (DXS)
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DXS

DXS - DEXUS

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 18.65
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Dexus is an Australian real assets group with a listed portfolio and funds-management platform spanning office, industrial, retail, healthcare and infrastructure assets. It began as Deutsche Diversified Trust.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.90

03 Nov
2026

0.110

OPEN

$5.85

1.90%

HIGH

$5.90

3,774,745

LOW

$5.78

TARGET
$6.354 7.7% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . ARF . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . FDC . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . SKG . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXS: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 45.1 52.6 xxx
DPS (cps) xxx 37.0 37.0 xxx
EPS Growth xxx 100.0% 16.6% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 11.2 xxx
Dividend Yield xxx N/A 6.3% xxx
Div Pay Ratio(%) xxx 82.1% 70.4% xxx

Dividend yield today if purchased 3 years ago: 5.37%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.30

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: 29/06 - (franking ex-div 17.70c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx45.1
DPS All xxxxxxxxxxxxxxx37.0
Sales/Revenue xxxxxxxxxxxxxxx723.9 M
Book Value Per Share xxxxxxxxxxxxxxx927.4
Net Operating Cash Flow xxxxxxxxxxxxxxx939.2 M
Net Profit Margin xxxxxxxxxxxxxxx0.19 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx0.01 %
Return on Invested Capital xxxxxxxxxxxxxxx0.01 %
Return on Assets xxxxxxxxxxxxxxx0.01 %
Return on Equity xxxxxxxxxxxxxxx0.01 %
Return on Total Capital xxxxxxxxxxxxxxx1.55 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx505.0 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx1,085 M
Long Term Debt xxxxxxxxxxxxxxx3,569 M
Total Debt xxxxxxxxxxxxxxx4,654 M
Goodwill - Gross xxxxxxxxxxxxxxx118 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx58 M
Price To Book Value xxxxxxxxxxxxxxx0.58

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx33.5 M
Capex % of Sales xxxxxxxxxxxxxxx4.63 %
Cost of Goods Sold xxxxxxxxxxxxxxx240 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx257 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,385 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

0.1

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

23/09/2026

5

Underweight

$6.10

3.39%

The market is now pricing in interest rates to remain high. Morgan Stanley points out with 1yr–3yr swaps at around 5%, the broker is expecting the RBA to hike the cash rate by 25bps to 4.6% on 29 September.

The analyst has assessed the REIT sector's FY27/FY28 interest rate hedges and isolated which REITs are most exposed if rates remain elevated.

Amongst the large cap REITs, Dexus and Mirvac ((MGR)) have the most floating rate exposure for FY28, with hedges falling by -24% and -18%, respectively.

Target $6.10. Unchanged Underweight rating. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY27 EPS of 55.70 cents.
Morgan Stanley forecasts a full year FY28 EPS of 55.20 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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

15/10/2026

3

Downgrade to Neutral from Overweight

$5.68

-3.73%

Jarden lowers Australian REIT price targets by an average of -11%, lifting its risk-free rate assumption to 5.1% from 4.4% and capitalisation rates by 30bps to 6.2%.

FY28 earnings forecasts for residential developers and property fund managers are also reduced to reflect weaker sales, slower funds growth and negative revaluations.

Despite these adjustments, the broker sees potential sector total returns of 16%, comprising 12% capital upside and a 4% distribution yield. Current prices imply further increases in interest rates beyond Jarden's assumptions.

A peak in rates, potentially already reached or following a November hike, is viewed as a positive catalyst.

Rental growth remains supported by constrained new supply, while balance sheets are broadly sound. Jarden favours better-capitalised companies with lower leverage.

Its rating for Dexus has been downgraded to Neutral from Overweight on less relative value appeal. Price target drops to $5.68 (we had $6.19).
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

1
Rudi’s View: High Conviction ASX Opportunities

Oct 29 2026 - Rudi's View
2
Rudi’s View: Quality At Home, Value Abroad

Oct 22 2026 - Rudi's View
3
Next Week At A Glance – 19 – 23 Oct 2026

Oct 16 2026 - Weekly Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 16-10-26

Oct 16 2026 - Weekly Reports
5
Rudi’s View: Stocks To Own & Best To Avoid

Oct 15 2026 - Rudi's View

Latest REITs News

1
Australian Listed Real Estate Tables – 02-11-2026

Nov 02 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 26-10-2026

Oct 26 2026 - Weekly Reports
3
Australian Listed Real Estate Tables – 19-10-2026

Oct 19 2026 - Weekly Reports
4
Australian Listed Real Estate Tables – 12-10-2026

Oct 12 2026 - Weekly Reports
5
Australian Listed Real Estate Tables – 06-10-2026

Oct 06 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 29-09-2026

Sep 29 2026 - Weekly Reports
7
Australian Listed Real Estate Tables – 22-09-2026

Sep 22 2026 - Weekly Reports
8
Treasure Chest: Abacus Group

Sep 22 2026 - Treasure Chest
9
A-REITs Facing More RBA Rate Pressure In FY27

Sep 18 2026 - Feature Stories
10
Australian Listed Real Estate Tables – 14-09-2026

Sep 14 2026 - Weekly Reports