Gearing Still Elevated Following Cromwell’s Capital Raise. FVE Increased 4% to AUD 0.95
We’ve made a series of adjustments to our forecasts to account for the significant change across Cromwell Property Group’s portfolio and balance sheet. All-up our fair value estimate for no-moat-rated Cromwell increases 4% to AUD 0.95, with the firm slightly overvalued at current levels. The guided fiscal 2018 distribution of AUD 8.34 cents represents a yield of 8%. However, we view the payout ratio as unsustainably high, propped up by a dividend reinvestment plan and gains on asset sales, which...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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