RURAL FUNDS GROUP (RFF)
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10/06/2026

1

Buy

$2.50

12.61%

Abares' recent report shows a rise in livestock property values of 9% y/y and 15% y/y in cropping values, with a -1% decline y/y in orchard land values.

Bell Potter also notes Bendigo Bank's agricultural land values report showed 3% y/y growth across Australia, with Queensland up 6% y/y and NSW up 4% y/y.

The analyst also notes Rural Funds shareholders approved both tranches of the increase in the guarantee from major shareholder J&F Investments, being a $28m increase in tranche 1 and a further $40m in tranche 2, subject to the sale of $80m in assets.

A Buy rating is retained. Bell Potter highlights the expanded guarantee offsets the impact of higher interest rates. The target remains $2.50.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 11.70 cents.
Bell Potter forecasts a full year FY27 dividend of 11.70 cents.

26/02/2026

1

Buy

$2.46

10.81%

Rural Funds' interim result missed Canaccord Genuity's forecasts for other income and net farm income specifically. These misses are both considered a timing issue that will resolve in the 2H.

Net property income (NPI) rose 7% on the prior year, in line with the broker and ahead of consensus. Funds from operations (FFO) of 5.87cpu was flat on the prior year and adjusted FFO fell -4%, missing the analysts' forecast by -9%.

FY26 guidance for FFO of 11.70cpu and a distribution of 11.73cpu was reiterated. The broker expects portfolio initiatives and asset sales to lift earnings and reduce gearing from 39% towards its 30-35% target range.

Canaccord re-iterates a Buy rating on Rural Funds and raises its target price to $2.46 from $2.43.

FORECAST
Canaccord Genuity forecasts a full year FY26 EPS of 12.00 cents.
Canaccord Genuity forecasts a full year FY27 EPS of 12.00 cents.