Folkestone Poised to Benefit from Introduction of Child Care Subsidy; FVE Unchanged at AUD 3.20
At the current price of AUD 2.71, no-moat-rated Folkestone Education units trade at a 15% discount to our AUD 3.20 fair value estimate. The current market price represents an attractive fiscal 2019 distribution yield of 6.3% although no franking credits are available as Folkestone is a trust and pays no corporate tax. We expect the trust to grow EPS at a CAGR of 4.5% over the next decade, with rental increases enhanced by new centre construction, underpinned by steady child care demand growth.T...
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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