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General Information

ALE Property Group
LEP
http://www.alegroup.com.au
Diversified Real Estate Investment Trusts
744
196

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$3.80 $3.83 $3.83 $3.78 $3.80 34241 - ( No change )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Sell
04/05/2015
2

Company Overview

Business Description
ALE Property Group (LEP) is a property investment and property fund management company which owns a property portfolio of 87 pubs across five mainland states of Australia. LEP comprises of Australian Leisure and Entertainment Property Trust and its controlled entities including ALE Direct Property Trust, ALE Finance Company PTY Limited and Australian Leisure and Entertainment Property Management Limited as the responsible entity of the trust.
Strategy Analysis
ALE is a passive owner and operator of pub properties. Each property is leased to Australian Leisure and Hospitality, a Woolworths subsidiary, for an initial term of 25 years to 2028 with four 10-year options to renew. Annual rent reviews are linked to CPI. ALE is seeking to acquire additional high quality properties that complement its existing portfolio. 2010 was a period of consolidation with 12 properties sold and debt reduced to more conservative levels. ALE Property Group reported a net loss of $3.73m for the half-year ended 31 December 2012. Revenues from ordinary activities were $26.39m, up 2.9% from last year. Basic and Diluted EPS was (2.2) cents compared to 0.23 cents last year. Net operating cash flow was $18.14m compared to $10.68m last year. The interim dividend declared was 8 cents, compared with 8 cents last year.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 26.5 13.5 5.9% 28.1 17.1 4.5% 0.0%
2015 F 25.0 12.8 -10.0% 29.8 16.8 4.4% 0.0%
2014 A 27.7 14.2 1.7% 19.7 16.5 5.9% 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
Dexus Property (DXS) $7,230M -0.2674 0.0704 0.0082 15.7696 14.7329 14.6128 4.99% 5.43% 5.59%
Goodman Gp (GMG) $11,237M 0.0702 0.0752 0.0784 18.6935 17.3854 16.1217 3.23% 3.45% 3.73%
Investa Office Fund (IOF) $2,303M 0.4908 -0.3045 0.0326 11.1840 16.0806 15.5731 4.93% 5.14% 5.32%
ALE Property (LEP) $744M -0.3299 0.4882 0.0476 40.7725 27.3973 26.1528 4.33% 4.42% 4.52%
Novion Property (NVN) $7,724M -0.0071 0.1070 0.0196 20.1931 18.2413 17.8902 5.42% 5.50% 5.60%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 2.57 28.80 1.97 1.16
Market 0.97 16.70 1.33 2.28
Sector 1.54 15.40 1.21 2.45

Directors

Name Position Start Date
Mr James T McNally Executive Director 26/06/2003
Mr Andrew Frederick Osborne Wilkinson Managing Director 16/11/2004
Mr Peter Hastings Warne Non-Executive Chairman, Non-Executive Director 08/09/2003
Ms Helen I Wright Non-Executive Director 08/09/2003
Ms Nancy Jane Milne Non-Executive Director 06/02/2015
Ms Phillipa (Pippa) Downes Non-Executive Director 26/11/2013
Mr Paul Say Non-Executive Director 24/09/2014

Management

Name Position
D J Shipway Asset Manager
A J Slade Capital Manager
Brendan Howell Company Secretary
M J Clarke Finance Manager

Substantial Shareholders

Holding Name
43,487,908 (22.22%) Caledonia (Private) Investments Pty Limited & its Associates
23,453,125 (11.98%) Allan Gray Australia Pty Ltd
17,076,936 (8.73%) WoolWorths Limited and Associates

Calendar of Events

Date Event
04 February 2016 Report (Interim)
25 September 2015 Report (Annual)
05 August 2015 Report (Annual)
05 August 2015 Report (Prelim)
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