DEXUS

ASX:DXS Stock Report

Market Cap: AU$7.8b

DEXUS Valuation

Is DXS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DXS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
AU$10.46
Fair Value
30.9% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: DXS (A$7.23) is trading below our estimate of fair value (A$10.46)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DXS?

Key metric: As DXS is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DXS. This is calculated by dividing DXS's market cap by their current revenue.
What is DXS's PS Ratio?
PS Ratio11.7x
SalesAU$661.00m
Market CapAU$7.76b

Price to Sales Ratio vs Peers

How does DXS's PS Ratio compare to its peers?

The above table shows the PS ratio for DXS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.4x
CMW Cromwell Property Group
5x-3.3%AU$955.9m
ABG Abacus Group
4.6x-3.1%AU$1.0b
COF Centuria Office REIT
4.7x-1.6%AU$710.8m
AOF Australian Unity Office Fund
7.4x-110.7%AU$144.7m
DXS DEXUS
11.7x9.0%AU$7.8b

Price-To-Sales vs Peers: DXS is expensive based on its Price-To-Sales Ratio (11.7x) compared to the peer average (5.4x).

Price to Sales Ratio vs Industry

How does DXS's PS Ratio compare vs other companies in the Global Office REITs Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
DXS 11.7xIndustry Avg. 4.6xNo. of Companies14PS03.26.49.612.816+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DXS is expensive based on its Price-To-Sales Ratio (11.7x) compared to the Global Office REITs industry average (4.6x).

Price to Sales Ratio vs Fair Ratio

What is DXS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DXS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.7x
Fair PS Ratio11x

Price-To-Sales vs Fair Ratio: DXS is expensive based on its Price-To-Sales Ratio (11.7x) compared to the estimated Fair Price-To-Sales Ratio (11x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DXS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$7.23
AU$8.13
+12.4%
8.7%AU$9.60AU$7.35n/a10
Apr ’26AU$7.22
AU$8.13
+12.5%
8.7%AU$9.60AU$7.35n/a10
Mar ’26AU$7.32
AU$8.13
+11.0%
8.7%AU$9.60AU$7.35n/a10
Feb ’26AU$7.26
AU$7.96
+9.6%
9.9%AU$9.60AU$7.20n/a10
Jan ’26AU$6.66
AU$8.07
+21.2%
10.3%AU$9.60AU$6.52n/a10
Dec ’25AU$7.28
AU$8.05
+10.6%
10.4%AU$9.60AU$6.52n/a10
Nov ’25AU$7.07
AU$8.05
+13.9%
10.4%AU$9.60AU$6.52n/a10
Oct ’25AU$7.55
AU$8.02
+6.3%
14.1%AU$10.80AU$6.52n/a10
Sep ’25AU$7.22
AU$7.83
+8.4%
14.8%AU$10.80AU$6.52n/a10
Aug ’25AU$7.08
AU$8.17
+15.4%
13.2%AU$10.80AU$6.51n/a10
Jul ’25AU$6.51
AU$8.31
+27.7%
12.1%AU$10.80AU$7.38n/a10
Jun ’25AU$6.78
AU$8.39
+23.8%
11.4%AU$10.80AU$7.38n/a10
May ’25AU$7.00
AU$8.43
+20.4%
10.3%AU$10.80AU$7.38n/a11
Apr ’25AU$7.91
AU$8.40
+6.1%
10.6%AU$10.80AU$7.38AU$7.2211
Mar ’25AU$7.27
AU$8.40
+15.5%
10.6%AU$10.80AU$7.38AU$7.3211
Feb ’25AU$7.63
AU$8.26
+8.3%
11.7%AU$10.80AU$7.36AU$7.2611
Jan ’25AU$7.68
AU$8.31
+8.2%
11.4%AU$10.80AU$7.35AU$6.6611
Dec ’24AU$6.95
AU$8.35
+20.1%
11.1%AU$10.80AU$7.35AU$7.2811
Nov ’24AU$6.58
AU$8.31
+26.3%
11.1%AU$10.80AU$7.35AU$7.0711
Oct ’24AU$7.30
AU$8.88
+21.6%
8.1%AU$10.80AU$8.10AU$7.5511
Sep ’24AU$7.72
AU$8.88
+15.0%
8.1%AU$10.80AU$8.10AU$7.2211
Aug ’24AU$8.28
AU$9.02
+8.9%
8.2%AU$10.80AU$8.00AU$7.0810
Jul ’24AU$7.80
AU$9.14
+17.2%
8.1%AU$10.80AU$8.00AU$6.5110
Jun ’24AU$8.09
AU$9.14
+13.0%
8.1%AU$10.80AU$8.00AU$6.7810
May ’24AU$7.88
AU$9.31
+18.1%
8.8%AU$10.80AU$8.00AU$7.0010
Apr ’24AU$7.51
AU$9.34
+24.4%
7.7%AU$10.80AU$8.40AU$7.9111
AnalystConsensusTarget
Consensus Narrative from 10 Analysts
AU$8.13
Fair Value
11.0% undervalued intrinsic discount
10
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/17 11:37
End of Day Share Price 2025/04/17 00:00
Earnings2024/12/31
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DEXUS is covered by 19 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Donald ChuaBofA Global Research