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Dexus

ASX:DXS
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DXS
ASX
A$14B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

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
3.5%
ASX:DXS
2.8%
AU REITs
1.1%
AU Market
1 Year Returns
35.4%
ASX:DXS
17.4%
AU REITs
2.6%
AU Market
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.
Price Volatility
DXS
Industry
5yr Volatility vs Market

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.
Raw Data

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

ASX:DXS 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 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.

Calculation of Discount Rate/ Cost of Equity for ASX:DXS
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.

ASX:DXS DCF 1st Stage: Next 10 year cash flow forecast
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
ASX:DXS DCF 2nd Stage: Terminal Value
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
ASX:DXS Total Equity Value
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
ASX:DXS Discount to Share Price
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
Amount off the current price Dexus is available for.
Intrinsic value
0%
Share price is A$13.04 vs Future cash flow value of A$13.06
Current Discount Checks
For Dexus to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
ASX:DXS PE (Price to Earnings) Ratio Data Sources
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.

ASX:DXS PE (Price to Earnings) Ratio Calculation
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?
Raw Data
ASX:DXS PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

ASX:DXS PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
ASX:DXS PB (Price to Book) Ratio Data Sources
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
ASX:DXS PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess Dexus'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. 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!
Annual Growth Rate
-4.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dexus expected to grow at an attractive rate?
  • 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
Raw Data
ASX:DXS Future Growth Rates Data Sources
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
Raw Data
ASX:DXS Analysts Growth Expectations Data Sources
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 numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:DXS Future Estimates Data
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
ASX:DXS Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Dexus's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Dexus's revenue is expected to grow by 1.7% 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:DXS 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.

ASX:DXS Future Estimates Data
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
ASX:DXS Past Financials Data
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.

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.
  • Dexus is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Dexus'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.
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
Below we compare Dexus'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.
  • 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
Dexus'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 Dexus Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:DXS 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 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).
X
Past performance checks
We assess Dexus'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.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Dexus'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 0.1x 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.
Raw Data

All data from Dexus Company Filings, last reported 4 months ago.

ASX:DXS Past Debt and Equity Data
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).
X
Financial health checks
We assess Dexus'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. Dexus 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.

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
Dividend payments
3.93%
Current annual income from Dexus dividends. Estimated to be 4.06% next year.
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
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?
  • 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.
Raw Data
ASX:DXS 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 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.

ASX:DXS Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.60 1.00
2021-06-30 0.55 8.00
2020-06-30 0.53 10.00
2019-06-30 0.50 10.00
ASX:DXS Past Annualized Dividends Data
Date (Data in A$) 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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1369.9x coverage).
X
Income/ dividend checks
We assess Dexus's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Dexus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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

 What is the CEO of Dexus'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
Darren Steinberg
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:

4.8
Average Tenure
  • The tenure for the Dexus management team is about average.
Management Team

Darren Steinberg

TITLE
CEO & Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$5M
TENURE
7.2 yrs

Alison Harrop

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

Ross Du Vernet

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

Kevin George

TITLE
Executive GM of Office & Industrial
COMPENSATION
A$2M
TENURE
6.4 yrs

Deborah Coakley

TITLE
Executive General Manager of Funds Management
COMPENSATION
A$1M
TENURE
5.2 yrs

David Yates

TITLE
Executive GM

Brett Cameron

TITLE
General Counsel & Joint Company Secretary of Dexus Funds Management Limited

Paul Oates

TITLE
Group General Manager of Development
TENURE
4.4 yrs

Chris Hynes

TITLE
Head of Office & Industrial Leasing

Richard Garing

TITLE
Regional General Manager of Office & Industrial
Board of Directors Tenure

Average tenure and age of the Dexus board of directors in years:

6
Average Tenure
66.5
Average Age
  • The tenure for the Dexus board of directors is about average.
Board of Directors

Wallace Sheppard

TITLE
Non-Executive Chairman of DEXUS Funds Management Limited
COMPENSATION
A$400K
AGE
69
TENURE
3.6 yrs

Darren Steinberg

TITLE
CEO & Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$5M
TENURE
7.2 yrs

Peter St George

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$215K
AGE
71
TENURE
10.1 yrs

Tonianne Dwyer

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$241K
AGE
56
TENURE
7.8 yrs

Penny Bingham-Hall

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$217K
AGE
58
TENURE
4.9 yrs

Mark Henry Ford

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$202K
AGE
64
TENURE
2.5 yrs

John Conde

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$213K
AGE
70
TENURE
10.1 yrs

Nicola Roxon

TITLE
Independent Non-Executive Director of DEXUS Funds Management Limited
COMPENSATION
A$157K
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) 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
X
Management checks
We assess Dexus'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. 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 -

Three 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 -

Why 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 -

What 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 -

Are 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 -

Should 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 -

Dexus (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 -

How 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 -

Is 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 -

Does 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 -

Company 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
Staff numbers
427
Dexus employees.
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.