Folkestone Education Remains Undervalued Following a Strong Fiscal 2018 Result
Folkestone Education reported a strong fiscal 2018 financial result that was broadly in line with our expectations. Our earnings forecasts are largely unchanged, and we retain our fair value estimate at AUD 3.20 per unit. At the current market price of AUD 2.71, we still believe Folkestone is undervalued. Based on the market price and our earnings forecasts, the fiscal 2019 price/earnings ratio is 15 and the distribution yield is 5.9%, whereas our fair value implies a P/E ratio of 19 and a distr...Folkestone Education Trust is a property trust investing in early learning property assets. Co. is an early learning property owner which at June 30 2016 owned a total of 393 early learning properties, which including eight development sites in locations around Australia and New Zealand. Co. also owns a medical centre and a portfolio of property securities.
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