ALE Property Group’s FVE of AUD 4.94 Unchanged Following 1H 2018 Results
Our fair value estimate of AUD 4.94 for narrow-moat ALE Property Group is unchanged following first-half 2018 results. The company’s rental income increased by 1.7%, and the property portfolio value increased by 1.9% to AUD 1.1 billion. Similarly, distributions increased by 2% to 10.35 cents per security, with management reaffirming guidance of distributions growing at least in line with CPI. We expect distributions to continue to climb at a low-single-digit annual rate over the next 10 years, o...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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