Transferring Coverage of No-Moat Folkestone Education. FVE Increased to AUD 3.20
We have transferred coverage of Folkestone Education Trust to a new analyst and reviewed its economic moat rating and fair value estimate in the process. We have downgraded the moat rating from narrow to no-moat as we now believe the trust faces material long-term threats to its ability to sustain excess returns on investment capital. We have also increased the fair value estimate by 3% to AUD 3.20 per unit, largely reflecting the time-value-of-money impact on our financial model. At the current...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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