Cromwell Property Group

CMW: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cromwell Earnings: Gradual Deleveraging Progress, but Two Steps Forward and One Step Back

Alexander Prineas

Sep 1, 2023

Cromwell delivered fiscal 2023 operating earnings of AUD 158.6 million (AUD 6.06 cents per security), down from 2022’s AUD 201 million. Disposals reduced revenue, and higher interest rates boosted debt costs. The result lagged our estimate of AUD 175 million due to lower performance and transaction fees, and higher than expected costs in its Polish retail portfolio. Distributions were AUD 5.5 cps, and management expects distributions for the September quarter of 0.83 cps. We assume a constant distribution rate, implying 2024 distributions totaling AUD 3.3 cps. We assume fiscal 2024 operating earnings of AUD 155 million, or AUD 5 cps.

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