Annuncio • May 22
Abacus Group Reportedly Plans Sale of Stake In Abacus Storage King Abacus Group (ASX:ABG)'s management internalisation deal with its listed satellite is barely dry and already the next chapter appears to be taking shape. Sources suggest Morgan Stanley, which advised Abacus Group on the internalisation, is working on a plan to sell down Abacus Group's almost 20% stake in the $1,840 million listed Abacus Storage King (ASX:ASK). They say the $300 million-plus deal could be imminent - and it is understood billionaire Nathan Kirsh will acquire half of the parcel while the remainder is to be placed with institutional investors. Mr. Kirsh, whose interests own about 40% of Abacus Storage King directly, would emerge from the transaction with a meaningfully larger foothold in the fund, consolidating his position as the dominant force in the business just as it begins its life as a fully internally managed REIT. The institutional placement of the remaining half would broaden the register and provide the liquidity that has at times eluded the stock since its 2023 listing. The logic behind Abacus Group's exit is straightforward enough. With the management agreement terminated, the fund has been cut loose to stand on its own feet. Abacus Group, which is now essentially an office and retail property owner comprising about 16 office assets worth $1,500 million and two retail properties worth about $419 million, has its own capital structure to tend to. Net proceeds from the internalisation are earmarked for debt repayment, reducing gearing from 34% to somewhere in the 15-20% range. Kirsh's decision to absorb half of Abacus Group's departing stake can reasonably be read as a vote of confidence in the fund's prospects under its new structure, and a further consolidation of his grip on a business he has long sought to reshape. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Trent Alston was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annuncio • Feb 25
Abacus Group Reaffirms Distribution Guidance of Fiscal Year 2026 Abacus Group reaffirmed Fiscal year 2026 distribution guidance of 8.505 cents per security, targeting a full year payout ratio of 85%-95% of FFO, predicated on no material decline in current business conditions, including the management and 19.7% ownership of Abacus Storage King. Annuncio • Oct 22
Abacus Group, Annual General Meeting, Nov 20, 2025 Abacus Group, Annual General Meeting, Nov 20, 2025. Location: level 13, 77 castlereagh street, sydney, nsw 2000, Australia Annuncio • Jun 25
Abacus Group Announces Ordinary Dividend for the Six Months Ended June 30, 2025, Payable on August 29, 2025 Abacus Group announced ordinary dividend of AUD 0.04250000 for the six months ended June 30, 2025. The payable date is August 29, 2025, ex date is June 30, 2025 and record date is July 1, 2025. Annuncio • Feb 24
Abacus Group Affirms Distribution Guidance for the Fiscal Year 2025 Abacus Group affirms its fiscal year 2025 distribution guidance of 8.5 cents per security, targeting a full year payout ratio of 85%-95% of FFO, predicated on no material decline in current business conditions. Annuncio • Dec 17
Abacus Group Announces Executive Changes Abacus Group announced that Ms. Lucy Rowe will be appointed as company secretary, effective immediately. For the purposes of ASX Listing Rule 12.6, Ms. Rowe will be the primary person responsible for communications with ASX in relation to Listing Rule matters. Ms. Belinda Cleminson has notified the Board of her resignation as company secretary. Board Change • Oct 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Non-Executive Director Trent Alston was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annuncio • Sep 27
Sally Herman to Retire from Abacus Group Board, Effective September 30, 2024 Abacus Group announced that Sally Herman will retire from the company Board, with effect from close of business, 30 September 2024. The Board would like to thank Sally for her contribution to the Abacus Group Board and its Committees since joining in December 2022. Annuncio • Sep 06
HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd for approximately AUD 120 million. HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd for approximately AUD 120 million on September 4, 2024. A cash consideration of AUD 121 million will be paid by HMC Capital Limited.
HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd on September 4, 2024. Reported Earnings • Aug 23
Full year 2024 earnings released: AU$0.27 loss per share (vs AU$0.27 loss in FY 2023) Full year 2024 results: AU$0.27 loss per share (further deteriorated from AU$0.27 loss in FY 2023). Revenue: AU$172.7m (up 22% from FY 2023). Net loss: AU$242.0m (loss widened 1.6% from FY 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 01
Now 80% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to €0.70. The fair value is estimated to be €3.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 25
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €0.72. The fair value is estimated to be €0.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Jun 23
Dividend of AU$0.043 announced Shareholders will receive a dividend of AU$0.043. Ex-date: 28th June 2024 Payment date: 30th August 2024 Dividend yield will be 128%, which is higher than the industry average of 5.8%. Buy Or Sell Opportunity • May 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €0.72. The fair value is estimated to be €0.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to €0.68. The fair value is estimated to be €0.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Annuncio • Apr 10
Abacus Group, Annual General Meeting, Nov 20, 2024 Abacus Group, Annual General Meeting, Nov 20, 2024. Buy Or Sell Opportunity • Mar 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to €0.72. The fair value is estimated to be €0.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 27
First half 2024 earnings released: AU$0.16 loss per share (vs AU$0.095 profit in 1H 2023) First half 2024 results: AU$0.16 loss per share (down from AU$0.095 profit in 1H 2023). Revenue: AU$63.8m (down 68% from 1H 2023). Net loss: AU$144.5m (down 271% from profit in 1H 2023). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 21
Upcoming dividend of AU$0.043 per share at 15% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 29 February 2024. Trailing yield: 15%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (5.5%). Annuncio • Dec 20
Abacus Group to Report First Half, 2024 Results on Feb 27, 2024 Abacus Group announced that they will report first half, 2024 results on Feb 27, 2024 Annuncio • Dec 14
Abacus Property Group Announces Dividend on ABP - Fully Paid Ordinary/Units Stapled Securities for the Six Months Ended December 31, 2023 Payable on February 29, 2024 Abacus Property Group announced dividend of AUD 0.04250000 per share on ABP - FULLY PAID ORDINARY/UNITS STAPLED SECURITIES for the six months ended December 31, 2023. For the dividend record date is December 29, 2023, Ex-Date is December 28, 2023 and payment date is February 29, 2024. Annuncio • Sep 18
Abacus Group(ASX:ABG) dropped from S&P/ASX 200 Index Abacus Group(ASX:ABG) dropped from S&P/ASX 200 Index New Risk • Aug 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 107% Dividend yield: 15% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Dividend is not well covered by cash flows (107% cash payout ratio). Reported Earnings • Aug 20
Full year 2023 earnings released: FFO per share: AU$0.2 (vs AU$0.19 in FY 2022) Full year 2023 results: FFO per share: AU$0.2 (up from AU$0.19 in FY 2022). Revenue: AU$141.4m (down 11% from FY 2022). Funds from operations (FFO): AU$175.0m (up 8.8% from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Annuncio • Aug 19
Abacus Group Provides Distributions Guidance for the Fiscal Year 2024 Abacus Group provides distributions guidance for the fiscal year 2024. The company affirm that it expect distributions for the full year to be at least $0.085 per share for Abacus Group. New Risk • Aug 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (86% net profit margin). Annuncio • Aug 04
Abacus Property Group Announces Executive Changes Abacus Property Group announced as part of De-stapling Implementation, Mark Bloom has resigned from the Abacus Group Board after two years of service and remains as a Non-Executive Director on the ASK Board. The Appendix 3Z for Mark Bloom together with the Appendix 3Zs for John O'Sullivan, Stephanie Lai and Karen Robbins for the purposes of closing out their Appendix 3Xs given to ASX by Abacus Property Group on 13 June 2023 will be lodged following this announcement. Myra Salkinder, Trent Alston, Mark Haberlin, Sally Herman and Jingmin Qian have resigned from the ASK Board and remain as directors on the Abacus Group Board. Upcoming Dividend • Jun 23
Upcoming dividend of AU$0.094 per share at 7.1% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 31 August 2023. Trailing yield: 7.1%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.5%). Buying Opportunity • Jun 21
Now 22% undervalued Over the last 90 days, the stock is up 8.0%. The fair value is estimated to be €2.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings is forecast to decline by 4.6% per annum over the same time period. Annuncio • Jun 19
Abacus Property Group Announces Dividend for the Six Months Ending June 30, 2023, Payable on August 31, 2023 Abacus Property Group announced dividend of AUD 0.09400000 per share on ABP - FULLY PAID ORDINARY/UNITS STAPLED SECURITIES for the six months ended June 30, 2023. For the dividend record date is July 3, 2023, Ex-Date is June 30, 2023 and payment date is August 31, 2023. Reported Earnings • Feb 17
First half 2023 earnings released: EPS: AU$0.095 (vs AU$0.38 in 1H 2022) First half 2023 results: EPS: AU$0.095 (down from AU$0.38 in 1H 2022). Revenue: AU$200.6m (down 14% from 1H 2022). Net income: AU$84.5m (down 73% from 1H 2022). Profit margin: 42% (down from 135% in 1H 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of AU$0.09 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 February 2023. Trailing yield: 6.8%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (5.7%). Recent Insider Transactions • Oct 01
MD & Director recently bought €60k worth of stock On the 29th of September, Steven Sewell bought around 36k shares on-market at roughly €1.66 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €125k. Steven has been a buyer over the last 12 months, purchasing a net total of €245k worth in shares. Recent Insider Transactions • Aug 27
MD & Director recently bought €125k worth of stock On the 23rd of August, Steven Sewell bought around 65k shares on-market at roughly €1.92 per share. This was the largest purchase by an insider in the last 3 months. Steven has been a buyer over the last 12 months, purchasing a net total of €439k worth in shares. Reported Earnings • Aug 17
Full year 2022 earnings released: EPS: AU$0.61 (vs AU$0.50 in FY 2021) Full year 2022 results: EPS: AU$0.61 (up from AU$0.50 in FY 2021). Revenue: AU$390.3m (up 35% from FY 2021). Net income: AU$517.2m (up 40% from FY 2021). Over the next year, revenue is forecast to decline by 11% while the REITs industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €2.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 4.9% in 2 years. Earnings is forecast to decline by 68% in the next 2 years. Reported Earnings • Feb 19
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: FFO: AU$234.1m per share (up from AU$0.092 in 1H 2021). Revenue: AU$234.1m (up 79% from 1H 2021). Funds from operations (FFO): AU$81.1m (up 34% from 1H 2021). FFO margin: 35% (down from 46% in 1H 2021). Revenue missed analyst estimates by 4.3%. Over the next year, revenue is expected to shrink by 16% compared to a 1.3% growth forecast for the industry in Germany. Upcoming Dividend • Dec 23
Upcoming dividend of AU$0.087 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 28 February 2022. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Sep 23
MD & Director recently bought €253k worth of stock On the 15th of September, Steven Sewell bought around 115k shares on-market at roughly €2.21 per share. This was the largest purchase by an insider in the last 3 months. This was Steven's only on-market trade for the last 12 months. Reported Earnings • Aug 21
Full year 2021 earnings released: FFO AU$0.18 per share (vs AU$0.19 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$288.9m (up 1.6% from FY 2020). Funds from operations (FFO): AU$136.4m (up 9.5% from FY 2020). FFO margin: 47% (up from 44% in FY 2020). Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Mark Bloom was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 22
Upcoming dividend of AU$0.085 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 31 August 2021. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.4%). Reported Earnings • Feb 20
First half 2021 earnings released: FFO AU$0.092 per share (vs AU$0.11 in 1H 2020) The company reported a poor first half result with weaker earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: AU$136.1m (down 12% from 1H 2020). Funds from operations (FFO): AU$60.6m (down 9.9% from 1H 2020). FFO margin: 45% (in line with 1H 2020). Is New 90 Day High Low • Feb 03
New 90-day low: €1.67 The company is down 7.0% from its price of €1.80 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.33 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €1.85 The company is up 19% from its price of €1.56 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.52 per share. Is New 90 Day High Low • Sep 27
New 90-day high: €1.76 The company is up 7.0% from its price of €1.65 on 29 June 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.41 per share.