Charter Hall Retail REIT CQR

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A$3.20 +0.01 (0.16%)

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As of Jul 5, 2024 3:03am Delayed Price Open

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Company Report

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Asset Sales at Book Value Have Derisked This REIT

Alexander Prineas May 23, 2024

Charter Hall Retail REIT owns or partially owns an Australian portfolio of about 50 convenience-focused shopping centres, and several hundred service stations leased to BP, and Ampol in Australia, Gull in New Zealand. More than half of rent comes from tenants we view as unlikely to ever miss rental payments.

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Price vs Fair Value

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CQR is trading at a 125% premium.

Price

A$3.19

Jul 4, 2024

Fair Value

A$9.10

Aug 16, 2023

Uncertainty

Medium

1-Star Price: A$5.82
5-Star Price: A$1.98
Economic Moat: Jxcz
Capital Allocation: Nrtmsqjp

Bulls Say, Bears Say

Bulls

Over half of revenue comes from tenants that we consider to have a low likelihood of missing rent payments. Combined with long leases on anchor tenants, Charter Hall Retail REIT’s income is relatively resilient.

Bears

There are few barriers to entry for new convenience shopping centres to be established.

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Trading Information

Previous Close Price: A$3.19
Day Range: A$3.18–3.21
52-Week Range: A$3.04–3.85
Bid/Ask: A$3.19 / A$3.20
Market Cap: A$1.86 Bil
Volume/Avg: 324,038 / 952,227

Key Statistics

Price/Earnings (Normalized): 29.63
Price/Sales: 8.63
Dividend Yield (Trailing): 7.74%
Dividend Yield (Forward): 7.77%
Total Yield: 7.74%

Company Profile

Charter Hall Retail Retail REIT owns and manages a portfolio of convenience focused retail properties, including neighborhood and subregional shopping centres, and service stations. The REIT is managed by Charter Hall, a listed, diversified fund manager and developer, which owns a minority stake in Charter Hall Retail REIT and frequently partners with it on acquisitions and developments. More than half of rental income comes from major tenants Woolworths, Coles, Wesfarmers, Ampol, and BP (the latter two occupy service station assets). The portfolio is more seasoned than some convenience rivals, with approximately 83% of supermarket tenants at or near thresholds for paying turnover-linked rent.

Sector: Real Estate
Industry: REIT - Retail
Stock Style Box: Small Value
Total Number of Employees: —
Website: https://www.charterhall.com.au

Competitors

Valuation

Metric	CQR	RGN	GPT
Price/Earnings (Normalized)	29.63	25.80	110.94
Price/Book Value	0.70	174.68	0.72
Price/Sales	8.63	6.61	8.64
Price/Cash Flow	12.09	14.60	13.27

Price/Earnings

CQR

RGN

GPT

Financial Strength

Metric	CQR	RGN	GPT
Quick Ratio	0.29	0.17	0.20
Current Ratio	2.59	0.27	0.74
Interest Coverage	−2.73	−0.11	−0.19

Quick Ratio

CQR

RGN

GPT

Profitability

Metric	CQR	RGN	GPT
Return on Assets (Normalized)	3.95%	−1.37%	0.20%
Return on Equity (Normalized)	5.86%	−463.50%	0.31%
Return on Invested Capital (Normalized)	4.04%	−0.53%	1.05%

Return on Assets

CQR

RGN

GPT

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