Financials Dexus Convenience Retail REIT

Equities

DXC

AU0000179061

Commercial REITs

Market Closed - Australian S.E. 02:10:06 2024-06-26 EDT 5-day change 1st Jan Change
2.79 AUD 0.00% Intraday chart for Dexus Convenience Retail REIT +2.57% +7.31%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 246.2 372.9 459.2 394 352.7 384.3 - -
Enterprise Value (EV) 1 361.3 447.2 639.8 688.4 610.6 628.4 648.4 643.3
P/E ratio - 6.62 x 5.96 x 4.72 x -194 x 28.6 x 10.5 x 7.14 x
Yield 6.7% 6.41% 5.89% 8.08% 8.44% 7.49% 7.54% 7.81%
Capitalization / Revenue 9.97 x 11.1 x 13.8 x 9.23 x 5.94 x 7.55 x 7.46 x 7.39 x
EV / Revenue 14.6 x 13.4 x 19.3 x 16.1 x 10.3 x 12.3 x 12.6 x 12.4 x
EV / EBITDA 16.6 x 19.3 x 21.9 x 18.7 x 13.5 x 15.2 x 15.2 x 14.5 x
EV / FCF 22.1 x 21.5 x 33.2 x 40.9 x 17.8 x 21.8 x 15 x 21.7 x
FCF Yield 4.52% 4.66% 3.01% 2.45% 5.62% 4.58% 6.66% 4.6%
Price to Book 1.05 x 1.04 x 1.01 x 0.71 x 0.68 x 0.77 x 0.76 x 0.78 x
Nbr of stocks (in thousands) 78,910 109,685 123,430 137,757 137,757 137,757 - -
Reference price 2 3.120 3.400 3.720 2.860 2.560 2.790 2.790 2.790
Announcement Date 19-08-19 20-08-17 21-08-16 22-08-07 23-08-06 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24.7 33.46 33.23 42.68 59.38 50.91 51.53 51.97
EBITDA 1 21.75 23.13 29.15 36.75 45.24 41.28 42.74 44.31
EBIT 1 21.75 23.13 29.15 36.75 45.24 41.28 42.74 44.31
Operating Margin 88.07% 69.13% 87.71% 86.11% 76.19% 81.09% 82.94% 85.25%
Earnings before Tax (EBT) - 45.8 73.82 82.64 -8.38 - 29.6 -
Net income 1 - 45.8 73.82 82.64 -8.38 13.46 36.65 53.84
Net margin - 136.87% 222.13% 193.63% -14.11% 26.44% 71.13% 103.58%
EPS 2 - 0.5137 0.6238 0.6060 -0.0132 0.0975 0.2659 0.3909
Free Cash Flow 1 16.33 20.84 19.28 16.85 34.32 28.8 43.2 29.6
FCF margin 66.13% 62.28% 58.02% 39.49% 57.8% 56.57% 83.84% 56.95%
FCF Conversion (EBITDA) 75.08% 90.09% 66.15% 45.85% 75.87% 69.76% 101.08% 66.81%
FCF Conversion (Net income) - 45.51% 26.12% 20.39% - 213.91% 117.87% 54.98%
Dividend per Share 2 0.2090 0.2180 0.2190 0.2310 0.2160 0.2091 0.2103 0.2179
Announcement Date 19-08-19 20-08-17 21-08-16 22-08-07 23-08-06 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2021 S1 2021 S2 2023 S1 2023 S2 2024 S1
Net sales 1 12.67 - 17.41 30.71 28.66 24.44
EBITDA 11.18 - 15.24 - 21.7 -
EBIT 11.18 - - - 21.7 -
Operating Margin 88.23% - - - 75.7% -
Earnings before Tax (EBT) - - - - - -
Net income - 9.274 - 1.543 - -
Net margin - - - 5.02% - -
EPS - 0.1853 - - - -
Dividend per Share 2 0.1090 - 0.1095 - - 0.1040
Announcement Date 20-02-17 21-02-15 21-08-16 23-02-05 23-08-06 24-02-04
1AUD in Million2AUD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 115 74.2 181 294 258 244 264 259
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.291 x 3.209 x 6.198 x 8.011 x 5.702 x 5.912 x 6.178 x 5.844 x
Free Cash Flow 1 16.3 20.8 19.3 16.9 34.3 28.8 43.2 29.6
ROE (net income / shareholders' equity) 10.4% 7.7% 16.3% 6.05% -1.57% 5.76% 5.84% 5.99%
ROA (Net income/ Total Assets) 6.84% 5.64% - 7.67% 6.34% 4.39% 4.44% 4.66%
Assets 1 - 812.1 - 1,077 -132.2 306.8 824.6 1,155
Book Value Per Share 2 2.960 3.270 3.670 4.030 3.750 3.640 3.690 3.570
Cash Flow per Share 2 0.2100 0.2500 0.2100 0.2100 0.2500 0.2000 0.2200 0.2300
Capex 1 0.11 1.53 5.12 12.2 0.08 3.73 11.6 0.7
Capex / Sales 0.43% 4.56% 15.39% 28.6% 0.14% 7.32% 22.56% 1.35%
Announcement Date 19-08-19 20-08-17 21-08-16 22-08-07 23-08-06 - - -
1AUD in Million2AUD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
2.79 AUD
Average target price
3.141 AUD
Spread / Average Target
+12.58%
Consensus

Quarterly revenue - Rate of surprise

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