Report
Tony Sherlock
EUR 101.80 For Business Accounts Only

Scentre Can’t Curate Its Rents Faster Than Tenant Sales Forever; FVE Unchanged at AUD 3.85

Scentre Group reported 2017 earnings on a funds from operations, or FFO, basis of AUD 24.29 cents per security, or CPS, with the 4.25% growth rate right on company guidance from a year prior. Our fair value estimate is unchanged at AUD 3.85, with Scentre trading in line with our valuation with a distribution yield of 5.8%. Our long-term assumptions assume rental growth across the portfolio will slow, as increased use of digital purchasing reduces the frequency of mall visits and weighs on the sa...
Provider
Morningstar
Morningstar

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.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Tony Sherlock

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