Morningstar

Charter Hall Group CHC

Morningstar Rating
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Stock XASX Rating as of
A$15.92 −0.04 (0.25%)
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As of Delayed Price Closed

Company Report

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Charter Hall Group Highlights Growth Outlook and Resilient Portfolio

Brian Han,

Charter Hall Group manages retail and institutional listed and unlisted property investments. It typically co-invests, aligning itself with its funds management clients. This gives Charter Hall diversified property exposure, so rental income produced accounts for about half of the group’s EBITDA. A smaller portion of EBITDA comes from development, including development fees for managing projects for clients, and development profits on its own stake in each project.

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Price vs Fair Value

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CHC is trading at a 267% premium.
Price
A$15.92
Fair Value
A$34.40
Uncertainty
Medium
1-Star Price
A$59.17
5-Star Price
A$78.16
Economic Moat
Tfrqs
Capital Allocation
Jrtsksqbw

Bulls Say, Bears Say

Bulls

There remains a long pipeline of sale-and-leaseback opportunities, including new opportunities in sectors such as education and healthcare.

Bears

Charter Hall had almost everything in its favor until 2022, including falling interest rates, strong demand for property investments, and strong rental growth on property. All these tailwinds could be headwinds, given higher interest rates.

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Trading Information

Previous Close Price
A$15.96
Day Range
A$15.71–16.01
52-Week Range
A$8.63–16.39
Bid/Ask
A$15.67 / A$16.10
Market Cap
A$7.53 Bil
Volume/Avg
1.2 Mil / 2.5 Mil

Key Statistics

Price/Earnings (Normalized)
13.92
Price/Sales
15.14
Dividend Yield (Trailing)
2.83%
Dividend Yield (Forward)
2.83%
Total Yield
2.98%

Company Profile

Charter Hall Group’s main activity is managing property funds for retail and institutional investors and listed REITs such as Charter Hall Retail REIT, Charter Hall Social Infrastructure REIT, and Charter Hall Long WALE REIT. More than two thirds of earnings come from funds management, and we expect this proportion to increase over time. Strong returns generated substantial performance fees over the last five years, which we expect to moderate due to lower property market returns in the future, but regular base fees should grow in the long run, and intermittent performance fees should continue. Charter Hall co-invests in its funds, so a portion of its earnings come from rent, as well as development fees and development profits on projects that it manages.
Sector
Real Estate
Industry
Real Estate - Diversified
Stock Style Box
Mid Value
Total Number of Employees
—
Website
https://www.charterhall.com.au

Competitors

Valuation

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Metric
CHC
LLC
GMG
Price/Earnings (Normalized)
 13.9221.9933.66
Price/Book Value
 2.671.014.01
Price/Sales
 15.140.5336.58
Price/Cash Flow
 17.89—59.15
Price/Earnings
CHC
LLC
GMG

Financial Strength

Metric
CHC
LLC
GMG
Quick Ratio
 1.790.521.42
Current Ratio
 2.101.071.77
Interest Coverage
 −3.23−4.63−1.52
Quick Ratio
CHC
LLC
GMG

Profitability

Metric
CHC
LLC
GMG
Return on Assets (Normalized)
 −4.62%−2.22%8.67%
Return on Equity (Normalized)
 −5.85%−6.66%11.58%
Return on Invested Capital (Normalized)
 −4.67%−4.19%9.57%
Return on Assets
CHC
LLC
GMG

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