Initiating Coverage on Arena REIT with AUD 2.50 FVE and No-Moat Rating
We are initiating coverage of Arena REIT with a AUD 2.50 fair value estimate, a no-moat rating, and a medium fair value uncertainty rating. At the current market price of AUD 2.18, we believe the securities are undervalued. Arena’s fair value estimate of AUD 2.50 per security, implies a fiscal 2018 distribution yield of 5.1%, a 35% premium to net tangible asset backing of AUD 1.84 per security as at June 30, 2017, and a P/E ratio of 18. Our valuation is derived using a discounted cash flow model...Arena REIT No. 1 (ARF1) is a Trust. The objective of the Trust is to generate and predictable income distributors to investors with earnings growth prospects over the medium to long term. The Company is a part of the Arena REIT Stapled Group.
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