Corporate Action: Take Up Entitlements as Cromwell Slightly Deleverages
Cromwell Property Group's fiscal 2018 operating earnings of AUD 156.8 million, or AUD 8.33 cents per security, and distributions of AUD 8.34 cps were in line with guidance. Our fair value estimate for no-moat-rated Cromwell increased to AUD 0.98 from AUD 0.95 on an improved outlook for rents across Cromwell's Australian office portfolio. Cromwell continues to screen as overvalued, currently trading at a 10% premium to our valuation.Key share price catalysts are delivery on redevelopment opport...
Cromwell Property Group has five operating segments: property investment, which owns investment properties located throughout Australia; property/internal funds management, which includes property and facility management, leasing and project management for the trust and all of Co.'s managed investment schemes; external funds management - retail, which at June 30 2016, included nine Co.-managed external retail funds with combined assets under management of A$1.70 billion; external funds management - wholesale, which had combined assets under management of A$5.60 billion as at June 30 2016; and property development.
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