Scentre shops at home
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Scentre Group has announced at its annual general meeting that it plans to buy back up to $700m worth of its own securities on the market. This would represent about 3.4% of the current shares on issue. The buyback will be funded by debt and will move Scentre Group's gearing from 32% to 34%, in the middle of its target range.
With the stock trading at an 8% discount to its net tangible assets of $4.24, this should enhance value, and effectively enables Scentre to invest more in its own shopping centres without the need to pay developers, lawyers and bankers.
The stock is barely changed since we upgraded back in February and we continue to rate it a BUY.
Intelligent Investor is loading up the van and going on tour in April and May, with events on the NSW central and north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. If you'd like to hear us talk about building a portfolio to weather any storm, book your spot here.
Disclosure: The author Hugh Dive owns shares in Scentre Group.
Note: The Intelligent Investor Equity Income portfolio owns shares in Scentre Group. You can find out about investing directly in Intelligent Investor portfolios by clicking here.
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