Fair value $1.13 aligns with market price. 7.1% yield supported by 17.9% gearing, but 73% terminal value dependency and 45% downside scenario probability (bear 35%, severe 10%) create asymmetric risk. Brisbane's 600k NLA supply surge threatens lease-up and margins.
View noteHOLD rating with $4.53 fair value vs $6.43 current price. Strong Q1 operational performance validates management execution but creates 29.5% overvaluation concern requiring exceptional execution for positive returns.
View noteAustralia's #2 retail REIT with fortress assets trading at $2.57 vs $1.82 fair value. Peak 99.5% occupancy faces normalisation. ROIC 4.1% below 9.5% WACC indicates value destruction despite quality portfolio.
View noteHOLD rating with $8.31 fair value. Exceptional 46.2% EBITDA margins face inevitable compression as 74% ROIC attracts competition. Income-focused opportunity only.
View noteHOLD rating with fair value $6.96 vs current $5.55. Transformation story with 25% upside potential but elevated execution risks from $2bn capital recycling programme.
View noteHOLD rating with $3.60 fair value vs $5.96 current price. Strong demographics offset by execution risks and regulatory headwinds.
View noteTrading at $1.00 vs fair value $0.88. Business quality 5.9/10, EBITDA margins compressing 49.9% to 44.7%. Development pipeline finite, competitive moat narrowing 4-6 years.
View noteHOLD rating with $4.75 fair value vs $5.27 current price. 98.5% occupancy but office headwinds and 7.2x leverage create challenging outlook.
View noteTrading at $35.89 vs fair value $18.38 (95% premium). Development margins at 47.8% face compression to 42%. ROIC 8.2% trails WACC 9.6%. Quality business, extreme valuation.
View noteHOLD rating with $0.56 fair value vs $0.57 current price. Market leader in seniors' rental (18% share, 98% occupancy) executing risky all-age expansion. 35% execution failure probability creates binary outcomes.
View noteECF trades at 31% discount to $1.02 fair value with 10.7% yield, 96.3% occupancy vs 94% peers, facing external management transition risks
View noteSELL rating with fair value $4.71 vs current $7.42. Office REIT facing structural headwinds from hybrid working, 64% downside risk.
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