Transferring Coverage of Narrow-Moat-Rated Stockland, AUD 3.90 FVE Unchanged
We reiterate our AUD 3.90 fair value estimate for property conglomerate Stockland following transfer of coverage to a new analyst. Our narrow moat, medium fair value uncertainty, and Standard stewardship ratings are retained. At AUD 4.45, shares screen as modestly overvalued. Key risks are tight lending standards, which may continue to depress the housing market and impact the volume and price of residential developments, and the erosion of the value of Stockland’s malls as sales are lost to onl...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.
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