Transferring Coverage of Narrow-Moat Scentre Group; Our AUD 3.85 Fair Value Estimate Is Unchanged
We confirm our AUD 3.85 per share fair value estimate for Scentre Group as we transition coverage to a new analyst. Our narrow moat, medium fair value uncertainty, and Standard stewardship ratings are unchanged. At current prices, the stock is trading broadly in line with our intrinsic valuation. Our fair value estimate implies fiscal 2019 price/earnings of 15 and enterprise value/adjusted EBITDA of 17. Our valuation is derived using a discounted cash flow methodology, using a 7.5% cost of equit...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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