Folkestone Education Remains Undervalued as Oversupply Fears Abate
Folkestone’s interim result was in line with our expectations and we make no change to our earnings forecasts or AUD 3.20 fair value estimate. At the current market price of AUD 2.60, we continue to believe the units are undervalued. Our fair value implies a fiscal 2018 price/earnings ratio of 21, a distribution yield of 4.6%, and we forecast an EPS CAGR of 4.6% over the next decade. As a trust, Folkestone does not pay franked dividends.The key positive take-aways from the result were that the ...
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.
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