Cromwell has performed well, but risk is too high for most defensive income investors.
We have transferred coverage on Cromwell Property Group within the Morningstar Analyst Team. We reaffirm our DCF-based fair value estimate of AUD 0.91 per security, along with our no-moat and high uncertainty ratings. At current share prices, Cromwell Property Group is trading at a 10% premium to our fair value estimate and a one-year forward distribution yield of 8.0%.Cromwell Property Group's office portfolio generally consists of assets in CBD fringes and suburban markets, or secondary locat...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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