Aveo’s Potential Takeover Overshadows Soft 1H Result. FVE Falls 9% to AUD 2.10
We reduce our fair value estimate for Aveo to AUD 2.30 after making further downward adjustments to our assumptions for the company’s build rate on increased concerns for the domestic residential property market. Long-term low auction clearance rates of about 45% on a national level and even lower in some cities combined with faster than anticipated falls in property prices have driven this revision. Meanwhile, credit growth is falling rapidly as funding is becoming increasingly difficult to obt...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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