Stockland Gets Nice Bounce in Retail but Trajectory Is Still Slowing; FVE Unchanged at AUD 4.45
We’ve trimmed near-term earnings for Stockland’s smallest division--retirement living--due to a protracted period of slow resales. Our fiscal 2018 earnings growth is now towards the bottom rather than the top of guidance for fiscal 2018 earnings growth of 5.0%-6.5%. Our fair value estimate is unchanged at AUD 4.45, with narrow-moat Stockland screening as broadly fairly valued, currently trading 6% below our fair value estimate.Retail sales across Stockland’s shopping centre portfolio were stron...
Stockland is engaged in owning, managing and developing shopping centres, logistics centres and business parks, office assets, residential communities, and retirement living villages. As of June 30 2016, Co.'s Commercial Property portfolio included 42 retail centres, 27 properties of logistics and business parks portfolio, and nine assets of office portfolio; and it had approximately 76,800 lots in its residentialportfolio. Also, Co. is a retirement living operator in Australia, with over 9,600 established units across five states and the Australian Capital Territory, which includes a development pipeline of over 3,100 units.
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.
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