Aveo Eases off Accelerator for Development. FVE Cut to AUD 2.80
We’ve cut our fair value estimate for no-moat-rated Aveo Group by 9% to AUD 2.80 from AUD 3.10 as headwinds are mounting. The firm reduced the targeted number of new units developed in fiscal 2019 to 418 from over 500 previously, a sign conditions have deteriorated after damaging press reports and weakening house prices in most major cities. We’ve also cut out medium-term development forecasts to around 400 units annually from around 500.While Aveo also upgraded earnings guidance for fiscal 201...
Aveo Group is engaged in the development for resale of land and residential, retail, commercial and industrial property, the investment in, and management of, income producing retail, commercial and industrial Property, commercial, industrial and residential building and construction for the Group, and funds and asset management. As of June 30, 2016, Co. operated in two segments: Retirement, which develops and operates retirement villages and aged care facilities to produce rental and other income; and Non-retirement, which develops residential, commercial and retail property.
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