Committed funds under management (FUM) growth is a key driver of value for alternative real estate investment manager Qualitas, explains Morgans.

Hence, the broker's target price rises to $3.15 from $2.75 after the recent announcement of a $1.0bn mandate win. The committed FUM forecast is increased to around $9.2bn by FY25, up from $7.4bn.

Morgans sees scope for a further re-rating, should peers re-rate toward their longer-run average multiples. Add.

Sector: Real Estate.

Target price is $3.15.Current Price is $2.60. Difference: $0.55 - (brackets indicate current price is over target). If QAL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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