Transferring Coverage of No-Moat Cromwell Property Group; AUD 1.00 FVE Unchanged
We confirm our AUD 1.00 fair value for Australian REIT Cromwell Property Group as we transition coverage to a new analyst. Our no-moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is trading 18% above our valuation.Our fair value estimate implies a fiscal 2019 price/earnings multiple of 11.7 and a fiscal 2019 EV/EBITDA of 14.5. Our valuation is broadly consistent with the net tangible asset backing of AUD 0.99 as at December 2018. W...
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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