Cromwell’s Acquisitive Growth Is Not Without Risk. FVE Unchanged
Cromwell Property Group reported first-half fiscal 2018 operating profit of AUD 76.8 million or AUD 4.32 cents per security, down 4% on the AUD 4.5 cps in the previous corresponding period. The decline was consistent with expectations largely driven by the scheduled vacancy at Tuggeranong Office Park. Guidance for fiscal 2018 was reiterated for operating earnings of AUD 8.25 cps and distributions of AUD 8.34 cps. Our fair value estimate is unchanged at AUD 0.95, with Cromwell screening as broadl...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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