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Abacus Property Group ABP

Rating as of

Morningstar’s Analysis

Valuation
Currency in AUD
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5-Star Price

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Economic Moat

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Capital Allocation

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Don’t Quit the City; The Office Is Set For a Comeback. FVEs Increased for Dexus, GPT, and Mirvac.

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

We see risks to Australian office demand as widely overestimated, despite our expectation that work-from-home will endure post-pandemic. Several REITs remain modestly undervalued, particularly those focused on prime grade offices, with long leases, and solid balance sheets. We raise our fair value estimates for three particularly high-quality office-heavy REITs: Dexus, GPT, and Mirvac.

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Company Profile

Business Description

Abacus Property Group is a diversified property group, with interests ranging from storage, office, retail, property lending, and residential development. However, Abacus is striving for a simpler and more conservative business, primarily as an owner of self-storage and office assets. It remains an active acquirer and developer of self-storage assets, but is looking for opportunities to sell its retail and residential assets. Abacus is a stapled security comprising a share in each of Abacus Group Holdings and Abacus Group Projects and a unit in each of Abacus Trust and Abacus Income Trust, which can only be traded together.

Contact
264-278 George Street, Level 34, Australia Square
Sydney, NSW, 2000, Australia
T +61 292538600
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 51

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