Financials DEXUS

Equities

DXS

AU000000DXS1

Commercial REITs

Market Closed - Australian S.E. Other stock markets 02:10:43 2024-04-26 am EDT			5-day change	1st Jan Change
7.04 ^AUD	-1.95%		-0.28%	-8.33%

Mar. 25	Miners, healthcare firms push Australia stocks higher	RE
Mar. 19	Australia shares flat ahead of key RBA policy decision	RE

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,237	10,039	11,476	9,551	8,389	7,554	-	-
Enterprise Value (EV) ¹	18,274	14,845	16,381	14,418	13,611	12,653	13,120	13,707
P/E ratio	10.6 x	10.4 x	10.2 x	5.99 x	-11.1 x	11.7 x	10.5 x	10.2 x
Yield	3.87%	5.47%	4.85%	5.99%	6.62%	6.84%	6.94%	7%
Capitalization / Revenue	17.9 x	10.1 x	11.3 x	10.9 x	9.89 x	9.1 x	8.53 x	8.01 x
EV / Revenue	23 x	15 x	16.1 x	16.5 x	16 x	15.2 x	14.8 x	14.5 x
EV / EBITDA	22.4 x	16.8 x	19 x	15.5 x	15.1 x	15.5 x	15.1 x	14.8 x
EV / FCF	-	30.3 x	23.7 x	26 x	24.8 x	24.5 x	63.5 x	35.7 x
FCF Yield	-	3.3%	4.21%	3.85%	4.02%	4.08%	1.58%	2.8%
Price to Book	1.21 x	0.83 x	0.92 x	0.7 x	0.68 x	0.7 x	0.69 x	0.68 x
Nbr of stocks (in thousands)	1,096,858	1,091,202	1,075,565	1,075,565	1,075,565	1,073,020	-	-
Reference price ²	12.98	9.200	10.67	8.880	7.800	7.040	7.040	7.040
Announcement Date	8/13/19	8/18/20	8/16/21	8/16/22	8/15/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	795.1	991.9	1,016	874.3	848.4	830.5	885.9	942.9
EBITDA ¹	817.2	882.6	862.3	928.4	899.9	817.8	871.6	927.3
EBIT ¹	806.9	869.4	853.2	914.6	891.5	847	881.3	931.4
Operating Margin	101.48%	87.65%	83.98%	104.61%	105.08%	101.99%	99.48%	98.79%
Earnings before Tax (EBT) ¹	1,324	1,024	1,180	1,631	-741.5	618.4	664.2	692
Net income ¹	1,281	983	525	1,583	-752.7	308.5	675.7	696.4
Net margin	161.11%	99.1%	51.68%	181.06%	-88.72%	37.14%	76.27%	73.86%
EPS ²	1.224	0.8860	1.047	1.484	-0.7000	0.6013	0.6725	0.6935
Free Cash Flow ¹	-	489.2	690.4	555.3	547.8	516.2	206.8	384
FCF margin	-	49.32%	67.96%	63.51%	64.57%	62.15%	23.34%	40.73%
FCF Conversion (EBITDA)	-	55.43%	80.06%	59.81%	60.87%	63.12%	23.72%	41.41%
FCF Conversion (Net income)	-	49.77%	131.5%	35.08%	-	167.34%	30.6%	55.14%
Dividend per Share ²	0.5020	0.5030	0.5180	0.5320	0.5160	0.4814	0.4886	0.4930
Announcement Date	8/13/19	8/18/20	8/16/21	8/16/22	8/15/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1
Net sales	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	420	443.6	-	-	-	248.3	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	6	469	-	-	-	-	-	-	-	-
Net income	-	-	201.8	323.2	780.3	802.7	7.6	-	-601.2	-	344
Net margin	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	0.6417	0.7377	0.7459	0.0136	-	-0.5552	-	0.3200
Dividend per Share ¹	0.2700	0.2330	0.2880	0.2300	0.2800	0.2520	0.2880	0.2280	-	0.2100	0.2400
Announcement Date	2/5/20	8/18/20	2/8/21	8/16/21	2/14/22	8/16/22	2/13/23	8/15/23	2/13/24	-	-

¹AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,037	4,806	4,905	4,867	5,222	5,099	5,566	6,153
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.94 x	5.446 x	5.689 x	5.242 x	5.803 x	6.235 x	6.386 x	6.636 x
Free Cash Flow ¹	-	489	690	555	548	516	207	384
ROE (net income / shareholders' equity)	6.25%	3.98%	4.27%	12.1%	5.72%	5.98%	6.26%	6.26%
ROA (Net income/ Total Assets)	4.46%	2.78%	2.94%	8.49%	3.92%	4.09%	4.1%	3.92%
Assets ¹	28,701	35,337	17,840	18,646	-19,202	7,543	16,494	17,766
Book Value Per Share ²	10.70	11.10	11.60	12.60	11.40	9.990	10.20	10.30
Cash Flow per Share ²	-	0.6100	0.6400	0.4900	0.5800	0.4700	0.5500	0.5900
Capex ¹	261	241	111	306	223	335	671	611
Capex / Sales	32.85%	24.27%	10.9%	34.99%	26.3%	40.28%	75.76%	64.84%
Announcement Date	8/13/19	8/18/20	8/16/21	8/16/22	8/15/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DEXUS

Trading Rating

Investor Rating

ESG Refinitiv

A+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.04 AUD

Average target price

8.431 AUD

Spread / Average Target

+19.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office REITs

	1st Jan change	Capi.
DEXUS	-8.33%	4.93B
BOSTON PROPERTIES, INC.	-12.34%	9.66B
NIPPON BUILDING FUND INC.	-1.80%	6.48B
JAPAN REAL ESTATE INVESTMENT CORPORATION	-8.05%	4.85B
EMBASSY OFFICE PARKS REIT	+11.51%	4.11B
KDX REALTY INVESTMENT CORPORATION	-4.73%	4.02B
KILROY REALTY CORPORATION	-16.82%	3.89B
SL GREEN REALTY CORP.	+12.04%	3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-15.11%	3.16B
SOCIÉTÉ FONCIÈRE LYONNAISE	-1.19%	3.03B

Office REITs