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General Information

Abacus Property Group
ABP
http://www.abacusproperty.com.au
Diversified Real Estate Investment Trusts
1,648
553

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$2.98 $2.99 $3.02 $2.93 $3.01 754795 $0.03 ( 1% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Buy
02/07/2015
3

Company Overview

Business Description
Abacus Property Group (ABP) is a diversified property group that specialises in investing in core plus property opportunities across Australia's commercial property markets. It invests in office, retail and industrial properties, self-storage facilities, participation in property ventures and developments and property funds management.
Strategy Analysis
ABP is a fundamental property investor, acquiring properties on balance sheet for active asset management and later recycling into funds management vehicles providing both high margin transaction fees and replacement annuity style fee revenue. ABP has a strategy to target balance sheet exposure of 70% direct property assets and 30% from funds management and property ventures. The Groups strategy implementation is flexible to the point of being opportunistically responsive but remains limited by capital availability given lower quality property assets. Abacus Property Group reported NPAT of $23.69m for the half-year ended 31 December 2012. Revenues from ordinary activities were $170.54m, up 29% from the same period last year. Basic and Diluted EPS was 5.35 cents compared to 0.63 cents last year. Net operating cash flow was $106.99m compared to $44.12m last year. The interim dividend declared was 8.25 cents, in line with 8.25 cents last year.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 120.7 21.2 -7.5% 14.1 17.0 5.7% 0.0%
2015 F 120.0 22.9 9.8% 13.0 17.0 5.7% 0.0%
2014 A 101.3 20.8 11.0% 11.1 16.8 7.3% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Abacus (ABP) $1,665M 0.4249 -0.0424 -0.0997 12.3817 12.9296 14.3607 5.54% 5.65% 5.96%
Charter Hall (CHC) $1,888M 0.0648 0.1117 0.0493 18.8388 16.9467 16.1504 4.81% 5.31% 5.57%
GPT Group (GPT) $7,804M -0.2200 0.1150 0.0289 17.4692 15.6674 15.2272 4.83% 5.01% 5.22%
Mirvac Group (MGR) $6,970M 0.0731 0.0460 0.0611 16.0699 15.3627 14.4777 4.77% 4.91% 5.32%
Stockland (SGP) $9,896M 0.0688 0.0803 0.0739 17.5240 16.2214 15.1045 5.73% 5.73% 5.79%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.65 12.80 1.23 0.00
Market 0.91 16.10 1.33 1.27
Sector 1.55 15.00 1.15 2.19

Directors

Name Position Start Date
Dr Frank Michael Wolf Managing Director 04/12/1997
Mr John Michael Thame Non-Executive Chairman 11/09/2002
Mr Malcolm Geoffrey Irving Non-Executive Director 12/09/2002
Mr William (Bill) John Bartlett Non-Executive Director 14/02/2007
Ms Myra Salkinder Non-Executive Director 12/04/2011
Mr Peter Spira Non-Executive Director 28/05/2015

Management

Name Position
Ellis Varejes Company Secretary,Chief Operating Officer

Substantial Shareholders

Holding Name
252,981,605 (49.18%) Calculator Australia Pty Ltd

Calendar of Events

Date Event
17 February 2016 Report (Interim)
20 October 2015 Report (Annual)
27 August 2015 Report (Prelim)
27 August 2015 Report (Annual)
14 August 2015 Div Pay Date
08 July 2015 Books Close
06 July 2015 Div Ex Date
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