ALE Group’s FVE Unchanged Following Distribution Update
We maintain no-moat ALE Property Group’s fair value estimate at AUD 4.60 per unit following its announced AUD 10.45 cents per unit distribution for the second half of fiscal 2019. This results in a fiscal 2019 distribution of AUD 20.90 cents per unit, moderately lower than our forecast of AUD 22.10 cents. The difference is due to timing on when unitholders capture the benefit of expected rent uplifts from the ongoing 2018 market rent reviews. We continue to estimate the rent reviews will result ...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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