Centuria Capital Earnings: Reassuring Half-Year Result, but Debt Level in Underlying Funds a Risk

Centuria Capital delivered a decent half-year result, with operating earnings of AUD 0.06 per security and distributions of AUD 0.05. The property fund manager looks on track to meet full-year guidance, and our operating EPS estimate of AUD 0.12 and distributions of AUD 0.10, respectively. The stock has rallied 27% since we initiated coverage in September 2023, and trades about in line with our unchanged fair value estimate of AUD 1.75 per security.