Dexus
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Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $28.9 billion. The last earnings update was 103 days ago. More info.
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DXS Share Price and Events
7 Day Returns
1 Year Returns
DXS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Dexus (DXS) | 3.5% | 3.3% | 6.9% | 35.4% | 47.8% | 91.5% |
| AU REITs | 2.8% | 2.8% | 4% | 17.4% | 15.7% | 66% |
| AU Market | 1.1% | 1.6% | 4.4% | 2.6% | 17.9% | 7.7% |
1 Year Return vs Industry and Market
- DXS outperformed the REITs industry which returned 17.4% over the past year.
- DXS outperformed the Market in Australia which returned 2.6% over the past year.
Value
Is Dexus 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
Dexus
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Dexus.
| 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 8 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.
| 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))
= 0.523 (1 + (1- 30%) (25.55%)) |
0.743 |
| 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:DXS using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Dexus 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.
Dexus 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.
| Adjusted Funds From Operations (AFFO) (AUD, Millions) | Source |
Present Value Discounted (@ 7.08%) |
|
|---|---|---|---|
| 2019 | 495.60 | Analyst x2 | 462.83 |
| 2020 | 505.20 | Analyst x2 | 440.60 |
| 2021 | 550.55 | Analyst x2 | 448.41 |
| 2022 | 661.40 | Analyst x1 | 503.07 |
| 2023 | 711.39 | Est @ 7.56% | 505.32 |
| 2024 | 753.97 | Est @ 5.98% | 500.15 |
| 2025 | 790.78 | Est @ 4.88% | 489.89 |
| 2026 | 823.30 | Est @ 4.11% | 476.31 |
| 2027 | 852.71 | Est @ 3.57% | 460.71 |
| 2028 | 879.94 | Est @ 3.19% | 443.99 |
| Present value of next 10 years cash flows | A$4,731.28 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= A$879.94 × (1 + 2.31%) ÷ (7.08% – 2.31%) |
A$18,881.78 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$18,881.78 ÷ (1 + 7.08%)10 |
A$9,527.07 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$4,731.28 + A$9,527.07 |
A$14,258.35 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$14,258.35 / 1,091.58 |
A$13.06 |
| Calculation | Result | |
|---|---|---|
| Value per share (AUD) | From above. | A$13.06 |
| Current discount | Discount to share price of
A$13.04
= -1 x (A$13.04 - A$13.06) / A$13.06 |
0.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Dexus's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Dexus'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 Dexus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Dexus's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$1.43 |
| ASX:DXS Share Price ** | ASX (2019-05-17) in AUD | A$13.04 |
| Australia REITs Industry PE Ratio | Median Figure of 38 Publicly-Listed REITs Companies | 11.08x |
| Australia Market PE Ratio | Median Figure of 542 Publicly-Listed Companies | 15.99x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Dexus.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:DXS Share Price ÷ EPS (both in AUD) = 13.04 ÷ 1.43 |
9.1x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dexus is good value based on earnings compared to the AU REITs industry average.
- Dexus is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does
Dexus's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 9.1x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts |
-4.8%per year |
| Australia REITs Industry PEG Ratio | Median Figure of 33 Publicly-Listed REITs Companies | 1.04x |
| Australia Market PEG Ratio | Median Figure of 360 Publicly-Listed Companies | 1.42x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 9.1x ÷ -4.8% |
-1.89x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dexus earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Dexus's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$10.32 |
| ASX:DXS Share Price * | ASX (2019-05-17) in AUD | A$13.04 |
| Australia REITs Industry PB Ratio | Median Figure of 42 Publicly-Listed REITs Companies | 1.12x |
| Australia Market PB Ratio | Median Figure of 1,676 Publicly-Listed Companies | 1.65x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:DXS Share Price ÷ Book Value per Share (both in AUD) = 13.04 ÷ 10.32 |
1.26x |
* Primary Listing of Dexus.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dexus is overvalued based on assets compared to the AU REITs industry average.
Value checks
We assess Dexus's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Dexus has a total score of 2/6, 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.
Future Performance
How is Dexus expected to perform in the next 1 to 3 years based on estimates from 8 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!
Earnings growth vs Low Risk Savings
- Dexus's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
- Dexus's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
- Dexus's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:DXS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts | -4.8% |
| ASX:DXS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts | 1.7% |
| Australia REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -3.2% |
| Australia REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 0.3% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 6.9% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-06-30 | 734 | 1,058 | ||
| 2021-06-30 | 1,163 | 698 | 903 | 4 |
| 2020-06-30 | 1,113 | 679 | 793 | 4 |
| 2019-06-30 | 1,009 | 639 | 954 | 4 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 1,400 | 760 | 1,458 |
| 2018-09-30 | 1,389 | 685 | 1,594 |
| 2018-06-30 | 1,379 | 610 | 1,729 |
| 2018-03-31 | 1,397 | 573 | 1,637 |
| 2017-12-31 | 1,416 | 536 | 1,545 |
| 2017-09-30 | 1,396 | 597 | 1,405 |
| 2017-06-30 | 1,376 | 657 | 1,264 |
| 2017-03-31 | 1,286 | 592 | 1,221 |
| 2016-12-31 | 1,197 | 527 | 1,178 |
| 2016-09-30 | 1,295 | 595 | 1,219 |
| 2016-06-30 | 1,392 | 664 | 1,260 |
| 2016-03-31 | 1,400 | 706 | 1,209 |
*GAAP earnings excluding extraordinary items.
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 8 Analyst Estimates (S&P Global) | See Below |
All data from Dexus Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-06-30 | ||||
| 2021-06-30 | 0.82 | 1.02 | 0.69 | 3.00 |
| 2020-06-30 | 0.68 | 0.70 | 0.66 | 3.00 |
| 2019-06-30 | 0.89 | 1.21 | 0.66 | 4.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 1.43 |
| 2018-09-30 | 1.57 |
| 2018-06-30 | 1.70 |
| 2018-03-31 | 1.63 |
| 2017-12-31 | 1.56 |
| 2017-09-30 | 1.43 |
| 2017-06-30 | 1.31 |
| 2017-03-31 | 1.26 |
| 2016-12-31 | 1.22 |
| 2016-09-30 | 1.26 |
| 2016-06-30 | 1.30 |
| 2016-03-31 | 1.26 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Dexus's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Dexus has a total score of 0/6, 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.
Past Performance
How has Dexus 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
Past Earnings growth analysis
- Dexus has delivered over 20% year on year earnings growth in the past 5 years.
- Dexus's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Dexus's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
All data from Dexus Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 1,400.10 | 1,458.20 | 113.00 | |
| 2018-09-30 | 1,389.35 | 1,593.55 | 109.65 | |
| 2018-06-30 | 1,378.60 | 1,728.90 | 106.30 | |
| 2018-03-31 | 1,397.20 | 1,637.10 | 104.30 | |
| 2017-12-31 | 1,415.80 | 1,545.30 | 102.30 | |
| 2017-09-30 | 1,395.65 | 1,404.75 | 100.60 | |
| 2017-06-30 | 1,375.50 | 1,264.20 | 98.90 | |
| 2017-03-31 | 1,286.45 | 1,221.25 | 96.00 | |
| 2016-12-31 | 1,197.40 | 1,178.30 | 93.10 | |
| 2016-09-30 | 1,294.70 | 1,219.05 | 92.10 | |
| 2016-06-30 | 1,392.00 | 1,259.80 | 91.10 | |
| 2016-03-31 | 1,400.25 | 1,209.10 | 91.05 | |
| 2015-12-31 | 1,408.50 | 1,158.40 | 91.00 | |
| 2015-09-30 | 1,259.75 | 888.55 | 88.70 | |
| 2015-06-30 | 1,111.00 | 618.70 | 86.40 | |
| 2015-03-31 | 1,049.10 | 502.95 | 83.15 | |
| 2014-12-31 | 987.20 | 387.20 | 79.90 | |
| 2014-09-30 | 872.65 | 396.90 | 75.60 | |
| 2014-06-30 | 758.10 | 406.60 | 71.30 | |
| 2014-03-31 | 715.90 | 478.35 | 70.65 | |
| 2013-12-31 | 673.70 | 550.10 | 70.00 | |
| 2013-09-30 | 666.15 | 535.80 | 69.20 | |
| 2013-06-30 | 658.60 | 521.50 | 68.40 | |
| 2013-03-31 | 658.60 | 462.60 | 69.65 | |
| 2012-12-31 | 658.60 | 403.70 | 70.90 | |
| 2012-09-30 | 654.95 | 364.15 | 73.35 | |
| 2012-06-30 | 651.30 | 324.60 | 75.80 |
*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.
- Dexus has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Dexus used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.
- Dexus's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Dexus's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Dexus has a total score of 2/6, 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.
Health
How is Dexus'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 Dexus's finances.
The net worth of a company is the difference between its assets and liabilities.
- Dexus's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Dexus's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is not covered by short term assets, assets are 0.1x 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.
All data from Dexus Company Filings, last reported 4 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 10,492.80 | 3,636.90 | 36.70 |
| 2018-09-30 | 10,492.80 | 3,636.90 | 36.70 |
| 2018-06-30 | 10,047.40 | 3,444.90 | 35.90 |
| 2018-03-31 | 10,047.40 | 3,444.90 | 35.90 |
| 2017-12-31 | 9,556.50 | 3,682.00 | 24.50 |
| 2017-09-30 | 9,556.50 | 3,682.00 | 24.50 |
| 2017-06-30 | 8,824.50 | 2,903.70 | 23.40 |
| 2017-03-31 | 8,824.50 | 2,903.70 | 23.40 |
| 2016-12-31 | 8,104.40 | 3,381.40 | 19.70 |
| 2016-09-30 | 8,104.40 | 3,381.40 | 19.70 |
| 2016-06-30 | 7,523.10 | 3,797.50 | 27.50 |
| 2016-03-31 | 7,523.10 | 3,797.50 | 27.50 |
| 2015-12-31 | 7,324.60 | 3,372.50 | 25.50 |
| 2015-09-30 | 7,324.60 | 3,372.50 | 25.50 |
| 2015-06-30 | 6,777.30 | 2,890.40 | 15.60 |
| 2015-03-31 | 6,777.30 | 2,890.40 | 15.60 |
| 2014-12-31 | 6,148.90 | 3,459.90 | 14.30 |
| 2014-09-30 | 6,148.90 | 3,459.90 | 14.30 |
| 2014-06-30 | 6,053.30 | 3,351.70 | 16.40 |
| 2014-03-31 | 6,053.30 | 3,351.70 | 16.40 |
| 2013-12-31 | 5,251.60 | 2,401.20 | 10.30 |
| 2013-09-30 | 5,251.60 | 2,401.20 | 10.30 |
| 2013-06-30 | 5,191.70 | 2,246.50 | 15.30 |
| 2013-03-31 | 5,191.70 | 2,246.50 | 15.30 |
| 2012-12-31 | 5,063.40 | 2,016.40 | 46.00 |
| 2012-09-30 | 5,063.40 | 2,016.40 | 46.00 |
| 2012-06-30 | 5,007.30 | 2,065.10 | 60.50 |
- Dexus's level of debt (34.7%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (45.8% vs 34.7% today).
- Debt is well covered by operating cash flow (20.9%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 8x coverage).
Financial health checks
We assess Dexus's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Dexus has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
Dividends
What is Dexus'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
If you bought
A$2,000 of
Dexus
shares you are expected to receive
A$79
in your first year as a dividend.
Dividend Amount
- Dexus's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.65%).
- Dexus's dividend is below the markets top 25% of dividend payers in Australia (5.83%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Australia REITs Industry Average Dividend Yield | Market Cap Weighted Average of 40 Stocks | 4.6% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 415 Stocks | 4.3% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.5% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.6% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-06-30 | 0.60 | 1.00 |
| 2021-06-30 | 0.55 | 8.00 |
| 2020-06-30 | 0.53 | 10.00 |
| 2019-06-30 | 0.50 | 10.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-12-13 | 0.513 | 4.288 |
| 2018-06-19 | 0.478 | 4.651 |
| 2017-12-18 | 0.475 | 4.977 |
| 2017-06-19 | 0.455 | 4.709 |
| 2016-12-12 | 0.422 | 4.351 |
| 2016-08-16 | 0.435 | 4.808 |
| 2016-06-20 | 0.409 | 4.367 |
| 2016-02-16 | 0.461 | 5.647 |
| 2015-08-11 | 0.427 | 5.727 |
| 2014-12-18 | 0.229 | 3.025 |
| 2014-08-29 | 0.376 | 5.352 |
| 2013-12-09 | 0.371 | 5.659 |
| 2013-08-30 | 0.373 | 5.971 |
| 2012-12-18 | 0.347 | 5.438 |
| 2012-08-15 | 0.322 | 5.483 |
| 2012-02-29 | 0.320 | 5.805 |
| 2012-02-15 | 0.312 | 5.855 |
| 2012-02-14 | 0.320 | 6.051 |
| 2011-06-21 | 0.311 | 6.118 |
| 2010-06-21 | 0.294 | 5.868 |
| 2009-12-18 | 0.318 | 6.513 |
| 2009-08-18 | 0.438 | 9.219 |
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
Dexus's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.4x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (1369.9x coverage).
Income/ dividend checks
We assess Dexus's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Dexus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Dexus 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.
Management
CEO
| COMPENSATION | A$4,915,319 |
| TENURE AS CEO | 7.2 years |
CEO Bio
Mr. Darren Joseph Steinberg, BEc, FRICS, FAPI, FAICD, has been the Chief Executive Officer and Executive Director of Dexus Funds Management Limited, Responsible entity of Dexus at Dexus Property Group since March 1, 2012. Mr. Steinberg has been the President at Property Council of Australia Ltd since April 11, 2011. He served as Managing Director of Property at Colonial First State Asset Management (Australia) Limited. Mr. Steinberg served as the Head of Colonial First State Property Management Pty Ltd. and Head of Australian Listed Property Funds at CFS Retail Property Trust from August 2006 to November 2009. He served as the Chief Executive Officer of Shopping Centre Division at Stockland Corporation Limited until November 2006. Mr. Steinberg served as the Principal Executive Officer of Novion RE Limited since November 2009. He oversaw the performance and strategic direction for all vehicles managed by these businesses. His extensive experience in the property industry includes senior roles at Stockland Property Group, Westfield, Lend Lease, Jones Lang Wooton and Baillieu Knight Frank. He served as Principal Executive Officer of Novion RE Limited. He has been a Director of DEXUS since March 01, 2012. He serves as the Chairman of Dexus Finance Pty Limited and has been its Director since March 1, 2012. Mr. Steinberg serves as Director of Dexus Rents Trust. He served as a Director of Kiwi Income Properties Limited from March 1, 2011 to November 2011. He is a Director and former National President of Property Council of Australia. He has over 25 years' experience in the property and funds management industry with an extensive background in office, industrial and retail property investment and development. He is a Fellow of the Australian Institute of Company Directors, Royal Institution of Chartered Surveyors and the Australian Property Institute. He is also a founding member of Property Male Champions of Change. Mr. Steinberg received a Bachelor of Economics from the University of Western Australia.
CEO Compensation
- Darren's compensation has been consistent with company performance over the past year.
- Darren's remuneration is about average for companies of similar size in Australia.
Management Team Tenure
Average tenure of the Dexus management team in years:
- The tenure for the Dexus management team is about average.
Management Team
Darren Steinberg
CEO & Executive Director of DEXUS Funds Management Limited
A$5M
7.2 yrs
Alison Harrop
Chief Financial Officer
A$2M
3.6 yrs
Ross Du Vernet
Chief Investment Officer
A$2M
2.8 yrs
Kevin George
Executive GM of Office & Industrial
A$2M
6.4 yrs
Deborah Coakley
Executive General Manager of Funds Management
A$1M
5.2 yrs
David Yates
Executive GM
Brett Cameron
General Counsel & Joint Company Secretary of Dexus Funds Management Limited
Paul Oates
Group General Manager of Development
4.4 yrs
Chris Hynes
Head of Office & Industrial Leasing
Richard Garing
Regional General Manager of Office & Industrial
Board of Directors Tenure
Average tenure and age of the Dexus board of directors in years:
- The tenure for the Dexus board of directors is about average.
Board of Directors
Wallace Sheppard
Non-Executive Chairman of DEXUS Funds Management Limited
A$400K
69
3.6 yrs
Darren Steinberg
CEO & Executive Director of DEXUS Funds Management Limited
A$5M
7.2 yrs
Peter St George
Independent Non-Executive Director of DEXUS Funds Management Limited
A$215K
71
10.1 yrs
Tonianne Dwyer
Independent Non-Executive Director of DEXUS Funds Management Limited
A$241K
56
7.8 yrs
Penny Bingham-Hall
Independent Non-Executive Director of DEXUS Funds Management Limited
A$217K
58
4.9 yrs
Mark Henry Ford
Independent Non-Executive Director of DEXUS Funds Management Limited
A$202K
64
2.5 yrs
John Conde
Independent Non-Executive Director of DEXUS Funds Management Limited
A$213K
70
10.1 yrs
Nicola Roxon
Independent Non-Executive Director of DEXUS Funds Management Limited
A$157K
1.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14. Feb 19 | Sell | Darren Steinberg | Individual | 07. Feb 19 | 07. Feb 19 | -199,500 | A$11.85 | A$-2,364,075 | ||
| 30. Dec 18 | Sell | The Vanguard Group, Inc. | Company | 16. Feb 17 | 20. Dec 18 | -14,858,138 | A$11.22 | A$-166,733,858 | ||
| 30. Dec 18 | Buy | The Vanguard Group, Inc. | Company | 09. Feb 17 | 21. Dec 18 | 32,094,651 | A$11.32 | A$361,941,678 | ||
| 26. Nov 18 | Sell | BlackRock, Inc. | Company | 21. Aug 17 | 23. Nov 18 | -12,627,609 | A$10.90 | A$-16,204 | ||
| 26. Nov 18 | Buy | BlackRock, Inc. | Company | 21. Aug 17 | 26. Nov 18 | 20,079,711 | A$10.89 | A$64,294 | ||
| 15. Oct 18 | Buy | BNY Mellon Asset Management | Company | 21. Aug 18 | 28. Sep 18 | 143,108 | A$10.72 | A$0 | ||
Management checks
We assess Dexus's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Dexus 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.
News
Simply Wall St News
Does Dexus's (ASX:DXS) Share Price Gain of 88% Match Its Business Performance?
For example, the Dexus (ASX:DXS) share price is up 88% in the last 5 years, clearly besting than the market return of around 7.0% (ignoring dividends). … Over half a decade, Dexus managed to grow its earnings per share at 15% a year. … In fact, the share price seems to largely reflect the EPS growth.
Simply Wall St - – Full articleThree Things You Should Check Before Buying Dexus (ASX:DXS) For Its Dividend
Dividend paying stocks like Dexus (ASX:DXS) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … With Dexus yielding 4.0% and having paid a dividend for over 10 years, many investors likely find the company quite interesting.
Simply Wall St - – Full articleWhy Investors Should Run Towards Dexus (ASX:DXS)
Today I want to bring to light the market's darling - Dexus. … Looking at its size, financial health and track record, I believe there's an opportunity with Dexus during these volatile times. … Volatility in the market is hardly detrimental to the financial health and business operations of a large, well-established company
Simply Wall St - – Full articleWhat Kind Of Investor Owns Most Of Dexus (ASX:DXS)?
Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Dexus is a pretty big company. … Normally institutions would own a significant portion of a company this size.
Simply Wall St - – Full articleAre Insiders Selling Dexus (ASX:DXS) Stock?
So we'll take a look at whether insiders have been buying or selling shares in Dexus (ASX:DXS). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … As a general rule we consider it to be discouraging when insiders are selling below the current price.
Simply Wall St - – Full articleShould You Worry About Dexus's (ASX:DXS) CEO Pay Cheque?
Darren Steinberg has been the CEO of Dexus (ASX:DXS) since 2012. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Darren Steinberg's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleDexus (ASX:DXS): What’s In It For The Shareholders?
If you are currently a shareholder in Dexus (ASX:DXS), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … Today we will examine Dexus’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Dexus’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure
Simply Wall St - – Full articleHow To Look At Dexus (ASX:DXS)
real estate investment trust (REIT) based in Sydney, Australia. … Funds from Operations (FFO) is a higher quality measure of DXS's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleIs Dexus (ASX:DXS) A High Quality Stock To Own?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Dexus has a return on equity of 17% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes Dexus's (ASX:DXS) CEO Salary Reflect Performance?
This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Darren Steinberg's Compensation Compare With Similar Sized Companies. … We examined companies with market caps from AU$5.7b to AU$17.0b, and discovered that the median CEO compensation of that group was AU$4m
Simply Wall St - – Full articleCompany Info
Description
Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $28.9 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $13.9 billion of office and industrial properties. We manage a further $15.0 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $5.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 27,000 investors from 19 countries. With more than 30 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors.
Details
| Name: | Dexus |
| DXS | |
| Exchange: | ASX |
| Founded: | |
| A$14,234,164,640 | |
| 1,091,577,043 | |
| Website: | http://www.dexus.com |
| Address: |
Dexus Australia Square, Level 25, Sydney, New South Wales, 2000, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | DXS | Stapled Securities | Australian Securities Exchange | AU | AUD | 06. Oct 2004 | |
| OTCPK | DXSP.F | Stapled Securities | Pink Sheets LLC | US | USD | 06. Oct 2004 | |
| DB | 0DPS | Stapled Securities | Deutsche Boerse AG | DE | EUR | 06. Oct 2004 | |
| CHIA | DXS | Stapled Securities | Chi-X Australia | AU | AUD | 06. Oct 2004 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/19 10:30 |
| End of day share price update: | 2019/05/17 00:00 |
| Last estimates confirmation: | 2019/05/10 |
| Last earnings filing: | 2019/02/05 |
| 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.
