Cromwell has performed well, but risk is too high for most defensive income investors.
We’ve left our AUD 0.95 fair value estimate unchanged, with no-moat-rated Cromwell screening as overvalued at current levels. Cromwell's distribution for the year of AUD 8.34 cents per security, or cps, offers the highest yield of property stocks under coverage of 7.4%. But we don't view this level of distribution as sustainable as it exceeds what we view as recurring cashflows, which is adjusted funds from operations, or AFFO, being operating earnings adjusted for lease amortisations, maintenan...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.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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