ALE Group’s FVE Unchanged Following Broadly In Line 1H19 Results
Our fair value estimate of no-moat ALE Property Group is unchanged at AUD 4.60 per security following in line first-half fiscal 2019 results. Unfortunately, the earnings update did not provide any meaningful guidance on potential changes in market rents on the 45 properties that remain subject to the ongoing 2018 market rent reviews. The 34 properties that have already had their rents increased by 10% as part of the market rent reviews led to overall passing rents increasing by 4.26% from June 3...ALE Property Trust is engaged in investment in property and property funds management. Co. comprises Australian Leisure and Entertainment Property Trust and its controlled entities. As of June 30 2016, Co. owned a portfolio of 86 pub properties across the five mainland states of Australia.
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