Dexus

DXS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$73.70	Jnmrgj	Ltsnpyjdb

Narrow-Moat Dexus Makes Hay While the Sun Shines; FVE Unchanged.

Alexander Prineas

Feb 6, 2020

Property heavyweight Dexus’ half-year result reflected strong conditions, especially in undersupplied office markets such as the Sydney CBD. However, we expected narrow-moat Dexus to perform well this half. We make no change to our fair value estimate of AUD 9.50, and we continue to view the shares as expensive at current levels.

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