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AOF

Australian Unity Office FundASX:AOF Stock Report

Market Cap

AU$389.6m

7D

0%

1Y

10.2%

Updated

16 Oct, 2021

Data

Company Financials +
AOF fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance3/6
Financial Health2/6
Dividends4/6

AOF Overview

AOF is an ASX-listed REIT that wholly owns a diversified portfolio of nine office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra.

Australian Unity Office Fund Competitors

Dexus

ASX:DXS

AU$11.5b

Cromwell Property Group

ASX:CMW

AU$2.2b

Centuria Office REIT

ASX:COF

AU$1.5b

GDI Property Group

ASX:GDI

AU$636.8m

Price History & Performance

Summary of all time highs, changes and price drops for Australian Unity Office Fund
Historical stock prices
Current Share PriceAU$2.37
52 Week HighAU$2.05
52 Week LowAU$2.85
Beta0.54
1 Month Change-1.66%
3 Month Change0%
1 Year Change10.23%
3 Year Change-17.71%
5 Year Change12.86%
Change since IPO11.27%

Recent News & Updates

Shareholder Returns

AOFAU REITsAU Market
7D0%1.5%0.9%
1Y10.2%20.9%20.2%

Return vs Industry: AOF underperformed the Australian REITs industry which returned 20.9% over the past year.

Return vs Market: AOF underperformed the Australian Market which returned 20.2% over the past year.

Price Volatility

Is AOF's price volatile compared to industry and market?
AOF volatility
AOF Beta0.54
Industry Beta0.86
Market Beta1

Stable Share Price: AOF is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: AOF's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/an/ahttps://www.australianunityofficefund.com.au

AOF is an ASX-listed REIT that wholly owns a diversified portfolio of nine office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra.

Australian Unity Office Fund Fundamentals Summary

How do Australian Unity Office Fund's earnings and revenue compare to its market cap?
AOF fundamental statistics
Market CapAU$389.59m
Earnings (TTM)AU$23.26m
Revenue (TTM)AU$49.64m

16.8x

P/E Ratio

7.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AOF income statement (TTM)
RevenueAU$49.64m
Cost of RevenueAU$20.74m
Gross ProfitAU$28.91m
ExpensesAU$5.65m
EarningsAU$23.26m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.14
Gross Margin58.23%
Net Profit Margin46.85%
Debt/Equity Ratio43.0%

How did AOF perform over the long term?

See historical performance and comparison

Dividends

6.3%

Current Dividend Yield

65%

Payout Ratio

Valuation

Is Australian Unity Office Fund undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AOF (A$2.37) is trading below our estimate of fair value (A$5.5)

Significantly Below Fair Value: AOF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: AOF is poor value based on its PE Ratio (16.8x) compared to the Australian REITs industry average (9.4x).

PE vs Market: AOF is good value based on its PE Ratio (16.8x) compared to the Australian market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: AOF is poor value based on its PEG Ratio (2.8x)


Price to Book Ratio

PB vs Industry: AOF is good value based on its PB Ratio (0.9x) compared to the AU REITs industry average (1.1x).


Future Growth

How is Australian Unity Office Fund forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

6.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AOF's forecast earnings growth (6.1% per year) is above the savings rate (1.9%).

Earnings vs Market: AOF's earnings (6.1% per year) are forecast to grow slower than the Australian market (11.8% per year).

High Growth Earnings: AOF's earnings are forecast to grow, but not significantly.

Revenue vs Market: AOF's revenue is expected to decline over the next 3 years (-15.3% per year).

High Growth Revenue: AOF's revenue is forecast to decline over the next 3 years (-15.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AOF's Return on Equity is forecast to be low in 3 years time (5%).


Past Performance

How has Australian Unity Office Fund performed over the past 5 years?

-13.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AOF has high quality earnings.

Growing Profit Margin: AOF's current net profit margins (46.9%) are higher than last year (23%).


Past Earnings Growth Analysis

Earnings Trend: AOF's earnings have declined by 13.4% per year over the past 5 years.

Accelerating Growth: AOF's earnings growth over the past year (75.6%) exceeds its 5-year average (-13.4% per year).

Earnings vs Industry: AOF earnings growth over the past year (75.6%) underperformed the REITs industry 106.4%.


Return on Equity

High ROE: AOF's Return on Equity (5.2%) is considered low.


Financial Health

How is Australian Unity Office Fund's financial position?


Financial Position Analysis

Short Term Liabilities: AOF's short term assets (A$9.5M) do not cover its short term liabilities (A$13.4M).

Long Term Liabilities: AOF's short term assets (A$9.5M) do not cover its long term liabilities (A$191.1M).


Debt to Equity History and Analysis

Debt Level: AOF's debt to equity ratio (43%) is considered high.

Reducing Debt: AOF's debt to equity ratio has reduced from 46.3% to 43% over the past 5 years.

Debt Coverage: AOF's debt is not well covered by operating cash flow (19.2%).

Interest Coverage: AOF earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is Australian Unity Office Fund current dividend yield, its reliability and sustainability?

6.33%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AOF's dividend (6.33%) is higher than the bottom 25% of dividend payers in the Australian market (2.27%).

High Dividend: AOF's dividend (6.33%) is in the top 25% of dividend payers in the Australian market (5.32%)


Stability and Growth of Payments

Stable Dividend: AOF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: AOF's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (65.3%), AOF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AOF's dividends in 3 years are forecast to be covered by earnings (76.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average board tenure


CEO

Australian Unity Office Fund has no CEO, or we have no data on them.


Board Members

Experienced Board: AOF's board of directors are considered experienced (5.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: AOF insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Australian Unity Office Fund's employee growth, exchange listings and data sources


Key Information


Location

  • Australian Unity Office Fund
  • 271 Spring Street
  • Level 15
  • Melbourne
  • Victoria
  • 3000
  • Australia

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/16 07:01
End of Day Share Price2021/10/15 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.