Dexus

ASX:DXS

Dexus

ASX:DXS
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$6.64 (-0.7%)
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PeregrineCapital
Added 10 months ago
View author's company report

Haven't absorbed the results yet but just though I'd make a post appreciating DXS's reporting. Some of the smaller peers have a lot to learn. Everything is crystal clear and transparent. As you can see below, FFO can be a very misleading indication of FCF. DXS do a great job of reconciling FFO to AFFO and FCF and also demonstrating how it all ties in with the balance sheet.

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Valuation of $9.00
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PeregrineCapital
Added 2 years ago

June 23:

Sale of 44 Market Street at a 17% discount to NTA means my thesis below holds up.

I think the FM business is getting chucked in for free at the moment.

May 23:

Following on from my Straw 3 weeks ago, there has been some coverage in the AFR that offers are coming in around 15% below book value as at Dec 22.

If this discount is indicative of the entire DXS portfolio, the result would imply that NTA is overstated by around 20% once you allow for the impact of leverage.

This compares to the current discount to the last reported NTA which in Excess of 35%. This also ignores the value imbedded in the Funds Management side of DXS.

If DXS can divest some assets and reduce leverage (keep an eye on ICR as well as look through gearing) I think the current SP is very appealing.

Will adopt a val of $9.00 per share based on a 25% discount to NTA and take the $44 BILLION in FUM for free.

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#AFR
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PeregrineCapital
Added 2 years ago
View author's company report

Dexus selling Sydney office towers 1 Margaret Street and 44 Market Street in test of unlisted office asset valuations.pdf

Book value of assets is $800 mil. Market cap of Dexus is just over $8bil.

A sale within 15% of book value would be a positive for not only Dexus but the boader office market. 15-25% wold be ok, anything over 25% would send some alarm bells ringing I would have thought.

Keep a close eye on this one I think.

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