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

$5.78

27 Aug
2026

-0.040

OPEN

$5.79

-0.69%

HIGH

$5.83

6,559,767

LOW

$5.73

TARGET
$6.468 11.9% 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 57.9 xxx
DPS (cps) xxx 37.0 37.0 xxx
EPS Growth xxx 100.0% 28.4% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 10.0 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx 82.1% 63.9% xxx

Dividend yield today if purchased 3 years ago: 4.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.38

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

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.
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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

21/08/2026

3

Neutral

$6.38

10.38%

On further inspection, the target price is raised to $6.38 from $6.12 with FY27/FY28 EPS forecasts tweaked slightly higher.

Dexus is viewed as an increasingly interesting proposition following FY27 guidance, supported by a -34% discount to NTA, rebased AFFO growth of around 10% over three years and plans to release more than $2bn of capital for redeployment.

Further clarity on the APAC matter is considered important, as potential fees and debt-funded remediation could temper the emerging FY27 earnings growth trajectory.

UBS retains a preference for Buy-rated GPT Group ((GPT)), but believes investor interest in Dexus could rise quickly if its earnings growth proves sustainable.

First Read: Dexus' FY26 result was broadly in line, but FY27 AFFO guidance implies a -14% y/y decline and is around -3% below consensus.

Office occupancy improved to 95.7% and industrial like-for-like income growth remained strong at 8.3%, although industrial occupancy eased to 94.6%.

The broker highlights uncertainty around the strategic review of the $7.3bn infrastructure platform, which is expected to make a materially lower earnings contribution in FY27, while redemption requests have increased at the Dexus Healthcare Property Fund.

Neutral. Target $6.12.

FORECAST
UBS forecasts a full year FY27 dividend of 37.00 cents and EPS of 57.00 cents.
UBS forecasts a full year FY28 dividend of 39.00 cents and EPS of 63.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

24/08/2026

2

Overweight

$6.19

7.09%

Dexus reported FY26 adjusted funds from operations of 45.0c, tracking closely against consensus expectations of 45.2c.

Management issued FY27 adjusted funds from operations guidance of 37.5c to 39.5c, reflecting well-flagged sector headwinds and project delays.

The broker has trimmed estimates to account for these ongoing pressures.

Supported by valuation appeal relative to peers, Jarden maintains an Overweight rating while reducing the target price to $6.19 from $6.20.

FORECAST
Jarden forecasts a full year FY27 dividend of 35.00 cents and EPS of 38.50 cents.
Jarden forecasts a full year FY28 dividend of 36.00 cents and EPS of 40.00 cents.
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-08-26

Aug 28 2026 - Weekly Reports
2
Rudi’s View: August Delivers Soft Guidance, Higher Dividends

Aug 26 2026 - Rudi's View
3
Australian Broker Call *Extra* Edition – Aug 24, 2026

Aug 24 2026 - Daily Market Reports
4
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
5
Rudi’s View: Beats, Misses And Early AI Signals

Aug 19 2026 - Rudi's View

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