Charter Hall Group

CHC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Charter Hall Group Earnings: Reassuring Outlook Dissipates Some of the Uncertainty

Brian Han

Aug 21, 2024

Narrow-moat Charter Hall Group delivered a fiscal 2024 result in line with our forecasts and management guidance. Operating earnings per security of AUD 75.8 cents fell 19% from a year ago while distributions of AUD 45.1 cents per security rose 6%. For fiscal 2025, management expects another 6% increase in distributions, slightly above our prior forecast of 4%. Management also guides to OEPS of AUD 79 cents which, if achieved, would be the first time OEPS expands since fiscal 2022. The management forecast is based on stabilization of asset values evidenced by recent transactions and unpinned by a quality portfolio.

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