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Charter Hall Group

ASX:CHC
Snowflake Description

Adequate balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHC
ASX
A$5B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with $28.4 billion of high quality, long leased property across the office, retail, industrial and social infrastructure sectors. The last earnings update was 91 days ago. More info.


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CHC Share Price and Events
7 Day Returns
3%
ASX:CHC
3.4%
AU REITs
3.5%
AU Market
1 Year Returns
68.8%
ASX:CHC
16.9%
AU REITs
5.6%
AU Market
CHC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Charter Hall Group (CHC) 3% 8% 20.3% 68.8% 102.9% 141.4%
AU REITs 3.4% 4.4% 7.2% 16.9% 18.1% 68.2%
AU Market 3.5% 3.6% 5.5% 5.6% 20.1% 9.4%
1 Year Return vs Industry and Market
  • CHC outperformed the REITs industry which returned 16.9% over the past year.
  • CHC outperformed the Market in Australia which returned 5.6% over the past year.
Price Volatility
CHC
Industry
5yr Volatility vs Market

CHC Value

 Is Charter Hall Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Charter Hall Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Charter Hall Group.

ASX:CHC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:CHC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.521 (1 + (1- 30%) (5.86%))
0.693
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:CHC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Charter Hall Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Charter Hall Group is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ASX:CHC DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2019 205.05 Analyst x2 191.49
2020 293.15 Analyst x2 255.67
2021 249.90 Analyst x2 203.54
2022 267.37 Est @ 6.99% 203.37
2023 282.32 Est @ 5.59% 200.54
2024 295.32 Est @ 4.61% 195.90
2025 306.89 Est @ 3.92% 190.12
2026 317.43 Est @ 3.44% 183.65
2027 327.27 Est @ 3.1% 176.82
2028 336.64 Est @ 2.86% 169.85
Present value of next 10 years cash flows A$1,970.94
ASX:CHC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$336.64 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$7,223.54
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$7,223.54 ÷ (1 + 7.08%)10
A$3,644.74
ASX:CHC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$1,970.94 + A$3,644.74
A$5,615.68
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$5,615.68 / 465.78
A$12.22
ASX:CHC Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$12.22
Current discount Discount to share price of A$10.67
= -1 x (A$10.67 - A$12.22) / A$12.22
12.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Charter Hall Group is available for.
Intrinsic value
13%
Share price is A$10.67 vs Future cash flow value of A$12.22
Current Discount Checks
For Charter Hall Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Charter Hall Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Charter Hall Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Charter Hall Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Charter Hall Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:CHC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.57
ASX:CHC Share Price ** ASX (2019-05-23) in AUD A$10.67
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 11.28x
Australia Market PE Ratio Median Figure of 542 Publicly-Listed Companies 16.13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Charter Hall Group.

ASX:CHC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:CHC Share Price ÷ EPS (both in AUD)

= 10.67 ÷ 0.57

18.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Charter Hall Group is overvalued based on earnings compared to the AU REITs industry average.
  • Charter Hall Group is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Charter Hall Group's expected growth come at a high price?
Raw Data
ASX:CHC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
6.3%per year
Australia REITs Industry PEG Ratio Median Figure of 33 Publicly-Listed REITs Companies 1.05x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

ASX:CHC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.83x ÷ 6.3%

3.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Charter Hall Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Charter Hall Group's assets?
Raw Data
ASX:CHC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$4.04
ASX:CHC Share Price * ASX (2019-05-23) in AUD A$10.67
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.11x
Australia Market PB Ratio Median Figure of 1,680 Publicly-Listed Companies 1.65x
ASX:CHC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:CHC Share Price ÷ Book Value per Share (both in AUD)

= 10.67 ÷ 4.04

2.64x

* Primary Listing of Charter Hall Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Charter Hall Group is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess Charter Hall Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Charter Hall Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CHC Future Performance

 How is Charter Hall Group expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Charter Hall Group expected to grow at an attractive rate?
  • Charter Hall Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Charter Hall Group's earnings growth is positive but not above the Australia market average.
  • Charter Hall Group's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:CHC Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:CHC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 6.3%
ASX:CHC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 4.8%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.3%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.3%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:CHC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:CHC Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30
2022-06-30
2021-06-30 433 155 262 2
2020-06-30 480 220 278 3
2019-06-30 378 155 219 3
ASX:CHC Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 450 187 264
2018-09-30 433 178 258
2018-06-30 417 169 251
2018-03-31 399 157 228
2017-12-31 381 146 205
2017-09-30 402 151 231
2017-06-30 424 156 258
2017-03-31 405 152 251
2016-12-31 387 148 245
2016-09-30 365 139 230
2016-06-30 344 130 215
2016-03-31 342 117 218

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Charter Hall Group's earnings are expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
  • Charter Hall Group's revenue is expected to grow by 4.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:CHC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Charter Hall Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CHC Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30
2022-06-30
2021-06-30 0.59 0.59 0.59 1.00
2020-06-30 0.58 0.73 0.47 3.00
2019-06-30 0.45 0.46 0.44 3.00
ASX:CHC Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.57
2018-09-30 0.55
2018-06-30 0.54
2018-03-31 0.50
2017-12-31 0.46
2017-09-30 0.53
2017-06-30 0.61
2017-03-31 0.60
2016-12-31 0.59
2016-09-30 0.56
2016-06-30 0.53
2016-03-31 0.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Charter Hall Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Charter Hall Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Charter Hall Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CHC Past Performance

  How has Charter Hall Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Charter Hall Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Charter Hall Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Charter Hall Group's 1-year earnings growth exceeds its 5-year average (28.7% vs 23.5%)
  • Charter Hall Group's earnings growth has exceeded the AU REITs industry average in the past year (28.7% vs -11.2%).
Earnings and Revenue History
Charter Hall Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Charter Hall Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CHC Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 449.80 264.00 25.30
2018-09-30 433.25 257.60 24.70
2018-06-30 416.70 251.20 24.10
2018-03-31 398.82 228.18 24.02
2017-12-31 380.93 205.11 24.07
2017-09-30 402.36 231.35 22.63
2017-06-30 423.80 257.60 21.20
2017-03-31 405.43 251.31 19.89
2016-12-31 387.06 245.03 18.58
2016-09-30 365.31 230.13 18.43
2016-06-30 343.56 215.24 18.27
2016-03-31 341.97 218.36 17.20
2015-12-31 340.38 221.47 16.14
2015-09-30 283.45 169.68 15.36
2015-06-30 226.51 117.89 14.59
2015-03-31 211.38 105.66 14.46
2014-12-31 196.25 93.44 14.33
2014-09-30 189.87 87.78 13.95
2014-06-30 183.50 82.12 13.56
2014-03-31 170.52 68.00 13.42
2013-12-31 157.55 53.88 13.28
2013-09-30 157.53 54.14 12.92
2013-06-30 157.50 54.39 12.56
2013-03-31 150.24 38.71 26.30
2012-12-31 142.98 23.02 40.04
2012-09-30 137.10 18.71 56.61
2012-06-30 131.22 14.40 73.17

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Charter Hall Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Charter Hall Group used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.
  • Charter Hall Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Charter Hall Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Charter Hall Group has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CHC Health

 How is Charter Hall Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Charter Hall Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Charter Hall Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Charter Hall Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Charter Hall Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Charter Hall Group Company Filings, last reported 4 months ago.

ASX:CHC Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,923.50 287.20 115.00
2018-09-30 1,923.50 287.20 115.00
2018-06-30 1,858.20 5.00 94.90
2018-03-31 1,858.20 5.00 94.90
2017-12-31 1,782.26 4.67 87.34
2017-09-30 1,782.26 4.67 87.34
2017-06-30 1,722.30 0.00 174.40
2017-03-31 1,722.30 0.00 174.40
2016-12-31 1,437.70 0.00 43.06
2016-09-30 1,437.70 0.00 43.06
2016-06-30 1,311.08 0.00 145.36
2016-03-31 1,311.08 0.00 145.36
2015-12-31 1,295.02 0.00 61.15
2015-09-30 1,295.02 0.00 61.15
2015-06-30 1,200.46 0.00 151.59
2015-03-31 1,200.46 0.00 151.59
2014-12-31 928.20 0.39 12.39
2014-09-30 928.20 0.39 12.39
2014-06-30 917.09 0.00 50.18
2014-03-31 917.09 0.00 50.18
2013-12-31 757.50 39.66 14.33
2013-09-30 757.50 39.66 14.33
2013-06-30 740.29 27.46 12.24
2013-03-31 740.29 27.46 12.24
2012-12-31 750.72 37.36 25.47
2012-09-30 750.72 37.36 25.47
2012-06-30 756.36 52.13 39.32
  • Charter Hall Group's level of debt (14.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (5.2% vs 14.9% today).
  • Debt is well covered by operating cash flow (65.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 41.8x coverage).
X
Financial health checks
We assess Charter Hall Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Charter Hall Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CHC Dividends

 What is Charter Hall Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.09%
Current annual income from Charter Hall Group dividends. Estimated to be 3.69% next year.
If you bought A$2,000 of Charter Hall Group shares you are expected to receive A$62 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Charter Hall Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.56%).
  • Charter Hall Group's dividend is below the markets top 25% of dividend payers in Australia (5.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:CHC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.5%
Australia Market Average Dividend Yield Market Cap Weighted Average of 414 Stocks 4.1%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:CHC Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.46 1.00
2022-06-30 0.45 1.00
2021-06-30 0.43 6.00
2020-06-30 0.40 8.00
2019-06-30 0.34 8.00
ASX:CHC Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-12-11 0.330 3.742
2018-06-18 0.324 4.696
2017-12-08 0.312 5.220
2017-06-19 0.312 5.546
2017-02-23 0.288 5.119
2016-06-17 0.272 5.474
2015-12-15 0.266 5.678
2015-06-11 0.242 5.397
2014-12-15 0.242 4.942
2014-06-20 0.226 5.198
2013-12-16 0.220 5.513
2013-06-19 0.208 5.576
2012-12-17 0.196 5.200
2012-06-18 0.182 6.724
2012-02-22 0.182 8.131
2011-06-20 0.170 8.686
2011-02-23 0.160 6.675
2010-09-30 0.128 5.457
2010-08-23 0.128 5.366
2009-08-25 0.198 7.731

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Charter Hall Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (552.5x coverage).
X
Income/ dividend checks
We assess Charter Hall Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Charter Hall Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Charter Hall Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CHC Management

 What is the CEO of Charter Hall Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Harrison
COMPENSATION A$3,671,271
AGE 52
TENURE AS CEO 14.6 years
CEO Bio

Mr. David William Harrison has been a Director of Charter Hall Education Trust since December 17, 2018. Mr. Harrison has been Group Chief Executive Officer and Managing Director at Charter Hall Group since February 16, 2016. He is responsible for all aspects of the Charter Hall business, with specific focus on strategy and continuing the momentum from building an Investment Manager recognized as a multi-core sector market leader. Mr. Harrison has several years of property market experience across office, retail and industrial sectors in multiple geographies globally. Mr. Harrison was Alternate Executive Director at Charter Hall Education Trust until November 2018. He serves as MD, and Group CEO of Charter Hall Retail Management Limited at Charter Hall Retail REIT. Mr. Harrison is responsible for investment management, strategy, corporate transactions and property investment activities at Charter Hall Group and overseeing the operation of the investment management divisions, including the listed REITs, wholesale unlisted and retail unlisted divisions, together with investor relations and transactions. Prior to this, he was a Managing Director at Savills in Australia. Mr. Harrison has transacted approximately $6 billion of commercial, retail and industrial property assets across all capital city of Australia over ten years. He serves as a Director of Charter Hall Office Management Limited. He has been an Executive Director of Charter Hall Retail Management Limited since March 1, 2010. He has been an Executive Director of Charter Hall Long WALE REIT since February 16, 2016 and also serves as its Chief Executive Officer. Mr. Harrison serves as an Executive Director of Charter Hall Funds Management Ltd. He has overseen the growth of the Charter Hall Group from $500 million to $23.2 billion of assets under management in 14 years. Mr. Harrison has been an Executive Director of Charter Hall Group since August 30, 2006. He served as the Chairman of Charter Hall Office Management Limited until April 28, 2011. He has an extensive Australian commercial property markets experience. He is Director of Charter Hall Retail REIT. He is a Director and Vice-President of the Property Council of Australia. He is an executive member of various Fund Boards and Partnership Investment Committees, and Chair of the Executive Property Valuation Committee and Executive Leadership Group. He is also a member of the Property Male Champions of Change. Mr. Harrison is Fellow of the Australian Property Institute (FAPI). He holds a Bachelor of Business Degree in Land Economy from the Western Sydney University and Graduate Diploma in Applied Finance from Securities Institute of Australia.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure and age of the Charter Hall Group management team in years:

2.3
Average Tenure
52
Average Age
  • The tenure for the Charter Hall Group management team is about average.
Management Team

David Harrison

TITLE
MD, Group CEO & Director
COMPENSATION
A$4M
AGE
52
TENURE
14.6 yrs

Russell Proutt

TITLE
Chief Financial Officer
COMPENSATION
A$2M
TENURE
1.8 yrs

Sean McMahon

TITLE
Chief Investment Officer
COMPENSATION
A$2M
TENURE
2.9 yrs

Adrian Tasman Taylor

TITLE
Office Chief Executive Officer
COMPENSATION
A$1M
AGE
46
TENURE
2.3 yrs

Greg Chubb

TITLE
Retail Chief Executive Officer
COMPENSATION
A$1M
TENURE
2.3 yrs

David Southon

TITLE
COMPENSATION
A$197K
AGE
52

Philip Cheetham

TITLE
Head of Listed Investor Relations
TENURE
3.3 yrs

Mark Bryant

TITLE
Group General Counsel & Company Secretary

Richard Stacker

TITLE
Industrial CEO
COMPENSATION
A$989K
TENURE
0.8 yrs

Steve Bennett

TITLE
Head of Direct Property & Fund Manager
Board of Directors Tenure

Average tenure and age of the Charter Hall Group board of directors in years:

4.5
Average Tenure
59
Average Age
  • The tenure for the Charter Hall Group board of directors is about average.
Board of Directors

David Clarke

TITLE
Chairman of the Board
COMPENSATION
A$375K
AGE
62
TENURE
4.5 yrs

David Harrison

TITLE
MD, Group CEO & Director
COMPENSATION
A$4M
AGE
52
TENURE
12.8 yrs

Anne Brennan

TITLE
Non-Executive Independent Director
COMPENSATION
A$200K
AGE
58
TENURE
8.6 yrs

Phil Garling

TITLE
Non-Executive Independent Director
COMPENSATION
A$178K
AGE
64
TENURE
6.3 yrs

Karen Moses

TITLE
Non-Executive Independent Director
COMPENSATION
A$190K
AGE
60
TENURE
2.7 yrs

David Ross

TITLE
Non-Executive Independent Director
COMPENSATION
A$178K
AGE
57
TENURE
2.4 yrs

Gregory Paramor

TITLE
Director
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • Charter Hall Group insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
06. May 19 Buy Realindex Investments Pty Limited Company 27. Feb 19 03. May 19 117,176 A$9.37 A$1,097,575
06. May 19 Buy Colonial First State Asset Management (Australia) Limited Company 06. Mar 19 03. May 19 3,315,489 A$10.21 A$32,632,705
02. May 19 Sell Vinva Investment Management Company 06. Apr 19 30. Apr 19 -312,512 A$9.83 A$-3,071,336
02. May 19 Buy Vinva Investment Management Company 06. Apr 19 30. Apr 19 43,192 A$10.06 A$434,299
22. Apr 19 Sell The Vanguard Group, Inc. Company 27. Feb 18 15. Apr 19 -2,385,079 A$10.15 A$-24,189,426
22. Apr 19 Buy The Vanguard Group, Inc. Company 27. Feb 18 16. Apr 19 7,072,937 A$10.27 A$72,339,882
15. Apr 19 Sell David Harrison Individual 10. Apr 19 10. Apr 19 -600,000 A$9.99 A$-5,995,199
11. Apr 19 Sell Cohen & Steers Capital Management, Inc. Company 12. Dec 18 09. Apr 19 -5,664,075 A$9.03 A$-48,366,530
11. Apr 19 Buy Cohen & Steers Capital Management, Inc. Company 13. Dec 18 03. Apr 19 1,001,967 A$8.39 A$8,401,985
09. Apr 19 Sell FIL Limited Company 24. Jun 16 05. Apr 19 -17,734,075 A$9.87 A$0
09. Apr 19 Buy FIL Limited Company 28. Jun 16 05. Apr 19 18,892,489 A$10.36 A$0
09. Apr 19 Sell Vinva Investment Management Company 05. Dec 18 05. Apr 19 -138,353 A$9.55 A$-1,321,392
09. Apr 19 Buy Vinva Investment Management Company 05. Dec 18 05. Apr 19 17,328,212 A$8.83 A$152,998,994
28. Feb 19 Sell ASB Group Investments Ltd. Company 31. Jan 19 31. Jan 19 -17,759 A$8.12 A$-144,203
28. Feb 19 Buy ASB Group Investments Ltd. Company 12. Dec 18 04. Feb 19 130,744 A$7.74 A$1,012,139
28. Feb 19 Sell Colonial First State Asset Management (Australia) Limited Company 11. Dec 18 26. Feb 19 -2,336,683 A$8.61 A$-19,033,366
28. Feb 19 Buy Colonial First State Asset Management (Australia) Limited Company 13. Dec 18 25. Jan 19 1,017,691 A$7.62 A$7,750,068
12. Dec 18 Buy Realindex Investments Pty Limited Company 06. Dec 18 07. Dec 18 44,986 A$7.35 A$329,116
12. Dec 18 Buy Colonial First State Asset Management (Australia) Limited Company 06. Dec 18 07. Dec 18 258,042 A$7.29 A$1,875,820
06. Dec 18 Sell Realindex Investments Pty Limited Company 30. Nov 18 04. Dec 18 -10,334 A$6.95 A$-71,790
06. Dec 18 Buy Realindex Investments Pty Limited Company 26. Nov 18 05. Dec 18 23,856 A$7.02 A$167,551
06. Dec 18 Sell Colonial First State Asset Management (Australia) Limited Company 23. Nov 18 05. Dec 18 -588,257 A$7.01 A$-4,122,635
26. Nov 18 Buy Colonial First State Asset Management (Australia) Limited Company 22. Nov 18 22. Nov 18 18,258 A$7.00 A$127,806
30. Oct 18 Buy Pinnacle Investment Management Group Limited Company 26. Sep 18 26. Oct 18 559,766 A$7.05 A$3,946,825
23. Nov 18 Sell Realindex Investments Pty Limited Company 22. Sep 17 20. Nov 18 -3,280,205 A$6.50 A$-21,335,452
23. Nov 18 Buy Realindex Investments Pty Limited Company 26. Sep 17 19. Nov 18 1,960,689 A$6.34 A$12,434,758
23. Nov 18 Sell ASB Group Investments Ltd. Company 16. Apr 18 08. Jun 18 -635,339 A$5.84 A$-3,713,348
23. Nov 18 Buy ASB Group Investments Ltd. Company 03. Oct 17 24. Jul 18 859,300 A$6.11 A$5,247,718
23. Nov 18 Sell Colonial First State Asset Management (Australia) Limited Company 22. Sep 17 19. Nov 18 -11,358,438 A$6.31 A$-69,105,165
23. Nov 18 Buy Colonial First State Asset Management (Australia) Limited Company 22. Sep 17 14. Nov 18 9,509,357 A$6.88 A$58,687,156
19. Nov 18 Sell Pinnacle Investment Management Group Limited Company 14. Nov 18 14. Nov 18 -100,000 A$7.00 A$-699,710
14. Nov 18 Buy Pinnacle Investment Management Group Limited Company 08. Nov 18 12. Nov 18 153,068 A$7.13 A$1,091,045
08. Nov 18 Sell Pinnacle Investment Management Group Limited Company 05. Nov 18 05. Nov 18 -94,193 A$6.66 A$-627,325
07. Nov 18 Sell Pinnacle Investment Management Group Limited Company 31. Oct 18 31. Oct 18 -19,784 A$6.90 A$-136,510
07. Nov 18 Buy Pinnacle Investment Management Group Limited Company 31. Oct 18 02. Nov 18 123,668 A$6.80 A$839,673
09. Aug 18 Sell National Mutual Funds Management Limited Company 07. May 18 07. Aug 18 -316,943 A$6.41 A$-2,031,189
09. Aug 18 Buy National Mutual Funds Management Limited Company 05. Jun 18 05. Jun 18 30,486 A$6.35 A$193,540
09. Aug 18 Sell AMP Capital Investors Limited Company 10. Apr 18 08. Aug 18 -1,192,721 A$6.43 A$-7,646,636
09. Aug 18 Buy AMP Capital Investors Limited Company 09. Apr 18 08. Aug 18 6,303,572 A$6.65 A$41,562,338
15. Jun 18 Sell Pinnacle Investment Management Group Limited Company 28. Mar 18 12. Jun 18 -5,979,202 A$6.39 A$-38,177,240
15. Jun 18 Buy Pinnacle Investment Management Group Limited Company 06. Apr 18 08. Jun 18 91,066 A$6.01 A$547,146
X
Management checks
We assess Charter Hall Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Charter Hall Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CHC News

Simply Wall St News

Could The Charter Hall Group (ASX:CHC) Ownership Structure Tell Us Something Useful?

See our latest analysis for Charter Hall Group ASX:CHC Ownership Summary, May 21st 2019 What Does The Institutional Ownership Tell Us About Charter Hall Group? … We can see that Charter Hall Group does have institutional investors; and they hold 66% of the stock. … Insider Ownership Of Charter Hall Group The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Does Charter Hall Group (ASX:CHC) Have A Place In Your Dividend Portfolio?

Dividend paying stocks like Charter Hall Group (ASX:CHC) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … Charter Hall Group has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Charter Hall Group's is paying out more than half its income as dividends, but at least the dividend is covered both by reported earnings and cashflow.

Simply Wall St -

A Holistic Look At Charter Hall Group (ASX:CHC)

Charter Hall Group (ASX:CHC) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Boasting A 14% Return On Equity, Is Charter Hall Group (ASX:CHC) A Top Quality Stock?

Charter Hall Group has a ROE of 14%, based on the last twelve months. … Check out our latest analysis for Charter Hall Group? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does Charter Hall Group's (ASX:CHC) CEO Salary Reflect Performance?

How Does David Harrison's Compensation Compare With Similar Sized Companies. … According to our data, Charter Hall Group has a market capitalization of AU$4.6b, and pays its CEO total annual compensation worth AU$3.7m. … While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at AU$1.4m

Simply Wall St -

Did You Miss Charter Hall Group's (ASX:CHC) Impressive 128% Share Price Gain?

But on a lighter note, a good company can see its share price rise well over 100%. … Long term Charter Hall Group (ASX:CHC) shareholders would be well aware of this, since the stock is up 128% in five years. … During five years of share price growth, Charter Hall Group achieved compound earnings per share (EPS) growth of 26% per year.

Simply Wall St -

What You Need To Know Before Investing In Charter Hall Group (ASX:CHC)

Charter Hall Group is a AU$4.1b. … View our latest analysis for Charter Hall Group … These items can distort the bottom line and not necessarily reflective of CHC’s daily operations.

Simply Wall St -

What Should Investors Know About Charter Hall Group's (ASX:CHC) Long Term Outlook?

Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings announcement Charter Hall Group's (ASX:CHC) released in June 2018a

Simply Wall St -

Should You Ramp Up Holdings In Charter Hall Group (ASX:CHC)?

High quality stocks such as Charter Hall Group has fared well over time in a fickle stock market, which is why I want to bring it into light amongst all the chaos. … Check out our latest analysis for Charter Hall Group? … Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with over 25 years’ experience managing and investing in high quality property on behalf of institutional, wholesale and retail clients

Simply Wall St -

A Note On Charter Hall Group's (ASX:CHC) ROE and Debt To Equity

Over the last twelve months Charter Hall Group has recorded a ROE of 14%. … That means that for every A$1 worth of shareholders' equity, it generated A$0.14 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

CHC Company Info

Description

Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with $28.4 billion of high quality, long leased property across the office, retail, industrial and social infrastructure sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth and oversees a portfolio of 820 properties that is more than 6.3 million square metres in size. The ASX100 Group has over 27 years’ experience managing and investing in high quality property on behalf of institutional, wholesale and retail clients. Charter Hall’s success is driven by our focus on our tenant and investor customers. We look to partner with our tenants, growing with them and helping meet their property needs. We invest alongside our capital partners, creating value and generating superior investment returns together. Our $5.3 billion development pipeline creates new assets for our investors, improving future returns, while creating opportunities for our tenant partners to expand and adapt their businesses. Sustainability and innovation are key elements of our approach. By ensuring our actions are innovative, commercially sound and make a difference to our people, customers and the environment, Charter Hall makes a positive impact for its investors, the community and the Group.

Details
Name: Charter Hall Group
CHC
Exchange: ASX
Founded: 1991
A$4,904,633,189
465,777,131
Website: http://www.charterhall.com.au
Address: Charter Hall Group
Level 20,
No. 1 Martin Place,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX CHC Stapled Securities Australian Securities Exchange AU AUD 16. Jun 2006
CHIA CHC Stapled Securities Chi-X Australia AU AUD 16. Jun 2006
Number of employees
Current staff
Staff numbers
0
Charter Hall Group employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 10:32
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/02/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.