Cromwell’s High Distribution Yield Comes with Higher Earnings Volatility. FVE AUD 0.91 (Corrected)
Cromwell Property Group’s reported fiscal 2017 operating earnings of AUD 152.2 million or AUD 8.65 cents per security, or cps, was 3% ahead of previously provided market guidance of AUD 8.4 cps.Our fair value estimate for no-moat-rated Cromwell remains at AUD 0.91, with the firm fairly valued at current levels. The guided fiscal 2018 distribution of AUD 8.34 cps, represents a high yield for the property sector of 9%.
Cromwell has guided for fiscal 2018 operating earnings of AUD 8.25 cps, implyi...
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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