We’ve recently updated our valuation analysis.

Dexus Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

DXS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.7x
Enterprise Value/EBITDA10.4x
PEG Ratio-0.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DXS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average6x
CMW Cromwell Property Group
6.8x-9.4%AU$1.8b
COF Centuria Office REIT
8.3x-2.9%AU$955.7m
GDF Garda Property Group
2.2x-50.2%AU$313.1m
ECF Elanor Commercial Property Fund
6.8x-7.0%AU$297.6m
DXS Dexus
5.2x-20.9%AU$8.5b

Price-To-Earnings vs Peers: DXS is good value based on its Price-To-Earnings Ratio (5.2x) compared to the peer average (6x).


Price to Earnings Ratio vs Industry

How does DXS's PE Ratio compare vs other companies in the AU REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-6.3%
n/an/an/a

Price-To-Earnings vs Industry: DXS is good value based on its Price-To-Earnings Ratio (5.2x) compared to the Australian REITs industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

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

DXS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.2x
Fair PE Ratio8.1x

Price-To-Earnings vs Fair Ratio: DXS is good value based on its Price-To-Earnings Ratio (5.2x) compared to the estimated Fair Price-To-Earnings Ratio (8.1x).


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.

Below Fair Value: DXS (A$7.85) is trading below our estimate of fair value (A$10.78)

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


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$7.85
AU$9.65
+22.9%
7.6%AU$10.80AU$8.26n/a12
Dec ’23AU$8.08
AU$9.65
+19.4%
7.6%AU$10.80AU$8.26n/a12
Nov ’23AU$7.93
AU$9.90
+24.9%
6.1%AU$10.80AU$9.07n/a12
Oct ’23AU$7.72
AU$10.14
+31.3%
5.4%AU$10.80AU$9.25n/a12
Sep ’23AU$8.46
AU$10.26
+21.3%
5.0%AU$10.85AU$9.25n/a12
Aug ’23AU$9.60
AU$10.47
+9.1%
6.2%AU$11.50AU$9.22n/a12
Jul ’23AU$8.88
AU$10.86
+22.3%
6.0%AU$12.00AU$9.25n/a12
Jun ’23AU$10.56
AU$11.67
+10.5%
6.1%AU$12.60AU$10.49n/a12
May ’23AU$11.17
AU$11.69
+4.7%
6.6%AU$13.00AU$10.49n/a13
Apr ’23AU$10.93
AU$11.62
+6.3%
6.1%AU$12.60AU$10.49n/a14
Mar ’23AU$10.78
AU$11.61
+7.7%
6.1%AU$12.60AU$10.49n/a14
Feb ’23AU$10.19
AU$11.52
+13.0%
5.3%AU$12.57AU$10.55n/a13
Jan ’23AU$11.12
AU$11.33
+1.8%
7.2%AU$12.52AU$9.54n/a12
Dec ’22AU$10.77
AU$11.23
+4.3%
6.5%AU$12.22AU$9.54AU$8.0812
Nov ’22AU$10.99
AU$11.23
+2.2%
6.5%AU$12.22AU$9.54AU$7.9312
Oct ’22AU$10.45
AU$11.17
+6.9%
6.2%AU$12.11AU$9.54AU$7.7212
Sep ’22AU$10.61
AU$11.12
+4.8%
5.9%AU$12.11AU$9.54AU$8.4612
Aug ’22AU$10.28
AU$10.66
+3.7%
6.9%AU$11.75AU$9.21AU$9.6011
Jul ’22AU$10.67
AU$10.36
-2.9%
9.0%AU$11.75AU$8.34AU$8.8812
Jun ’22AU$10.42
AU$10.42
+0.02%
9.0%AU$11.70AU$8.34AU$10.5613
May ’22AU$10.17
AU$10.04
-1.3%
9.6%AU$11.70AU$7.86AU$11.1713
Apr ’22AU$9.69
AU$9.63
-0.6%
9.4%AU$11.48AU$7.86AU$10.9313
Mar ’22AU$9.11
AU$9.62
+5.6%
9.8%AU$11.48AU$7.86AU$10.7813
Feb ’22AU$8.89
AU$9.75
+9.7%
9.5%AU$11.48AU$8.15AU$10.1911
Jan ’22AU$9.40
AU$9.84
+4.7%
8.1%AU$11.48AU$8.15AU$11.1211
Dec ’21AU$9.71
AU$9.73
+0.2%
6.9%AU$10.59AU$8.15AU$10.7711

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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