Hotel Property Investments

HPI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.40	Tyh	Ykcybcpl

Corporate Action: Do Not Take Up Share Purchase Plan for Hotel Property Investments, FVE Unchanged

Mathew Hodge , Shaun Ler

Mar 6, 2020

Our fair value estimate on no-moat Hotel Property Investments remains AUD 3.30 per share, despite its recent announcement to acquire two new hotel properties at a total of AUD 60 million. Hotel Property Investments will raise up to AUD 35 million, which equates to a 7% increase in the number of shares on issue. Given the modest addition to the number of shares, and the issue price being just 2% below our fair value estimate, the raising is immaterial to our fair value estimate.

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