Scentre Curates Earnings with AUD 700 million Buyback. FVE Unchanged at AUD 3.85
Scentre Group’s Annual General Meeting was largely a non-event but for the decision to undertake an on-market buyback, capped at AUD 700 million, or roughly 3.4% of current issued equity. As with peers, the buyback will only take place at a discount to the firm’s net tangible assets, or NTA, and illustrates management’s conviction in the December 2017 NTA of AUD 4.24 per security, up on the AUD 3.67 a year prior. Our unchanged AUD 3.85 fair value estimate for Scentre means we have a considerabl...Scentre Group is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its Australian and New Zealand portfolio of retail properties. Co.'s operational segment comprises the property investments and property and project management segments. The property investments segment includes existing shopping centers and completed developments. The property and project management segment includes property management and development. As of Dec 31 2015, Co. had a portfolio of 34 centers in Australia and six centers in New Zealand.
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