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Charter Hall Group CHC

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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

Charter Hall Group’s main activity is managing property funds for retail and institutional investors, and listed REITs such as Charter Hall Retail REIT, Charter Hall Social Infrastructure REIT, and Charter Hall Long WALE REIT. More than two thirds of earnings come from funds management and we expect this proportion to increase over time. Strong returns generated substantial performance fees over the last five years, which we expect to moderate due to lower property market returns in future, however regular base fees and intermittent performance fees should continue. Charter Hall co-invests in its funds, so a portion of its earnings come from rent, as well as development fees and development profits on projects that it manages.

No.1 Martin Place, Level 20
Sydney, NSW, 2000, Australia
T +61 286519000
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type

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