ABACUS GROUP (ABG)
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26/08/2026

1

Outperform

$1.30

44.44%

Abacus Group's FY26 FFO per security of 9.08c was around 1% ahead of consensus, but FY27 DPS guidance of 6.7c was well below the 8.4c expected and implies FFO per security of 7.4c–8.4c, Macquarie notes.

FY27 FFO forecast is lowered –12.8% to 7.9c and FY28–FY29 forecasts reduced by around –19%, reflecting the removal of Storage King management fees and changes to funding costs.

Management's strategy is shifting towards A-grade eastern seaboard office assets focused on SME customers, with Storage King no longer considered strategic, the analyst points out.

Around $0.7–1.2bn, or 30%–50%, of the portfolio is estimated to be peripheral or legacy assets. Disposals are expected to reduce gearing from the current 36.2% and potentially be neutral to accretive to FFO.

With Abacus trading at a –42% discount to NTA, asset sales, including its 19.7% Storage King stake, are viewed as the key catalyst for unlocking value. The broker resumes coverage with an Outperform rating and $1.30 target price.

FORECAST
Macquarie forecasts a full year FY27 dividend of 6.70 cents.
Macquarie forecasts a full year FY28 dividend of 6.40 cents.

27/08/2026

1

Upgrade to Buy from Hold

$1.05

16.67%

Shaw and Partners upgrades to Buy for Abacus Group with its target price maintained at $1.05 following an FY26 financial result that printed broadly in line with expectations.

Operational performance remains solid across the office and retail portfolios, though FY27 distribution guidance was reset to 6.7cps following the cessation of management and equity income from Storage King Group ((SKG)).

The broker's estimates indicate that significant asset sales during FY27, including the divestment of the Abacus Group stake in Storage King Group and the Camellia property, will reduce gearing to approximately 25% and provide substantial acquisition capacity.

The analyst highlights the stock trades at a compelling -43% discount to net tangible assets, offering an attractive dividend yield and significant value within the real estate sector.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 6.70 cents and EPS of 7.80 cents.
Shaw and Partners forecasts a full year FY28 dividend of 7.10 cents and EPS of 8.70 cents.