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Company Information

Company at a Glance

Industry:
Real Estate Investment Trusts (REITs)
Fiscal Year-End:
Jun 10

Company Overview

Abacus Property Group is a diversified property investment group, providing exposure to a portfolio of commercial, retail and industrial property, mortgage investments, development syndicates and property funds management initiatives. The Abacus Group consists of a 'stapled' structure, with shares held in the company stapled to units in the Abacus Trust.

Company History

The group was created in August 2001 with the merger of a number of property trusts and a small development company, created by Abacus, between 1996 and 1999. In October 2002, the group acquired Abacus Funds Management, creating an integrated property investment company.

Industries Of Operation

ABP operates in the Financials Sector. Its activities revolve around creating wealth for securityholders through ownership of commercial property and management of property-related investment funds within Australia. Investment funds comprise investments in residential developments, office, industrial properties and shopping malls.

Differentiating Factor

The company has a highly diversified income stream. It generates rental income from properties under management, fees from its funds management division and interest income from secured loans in addition to revenue from development projects.

Major Customers & Competitors

The various financial products offered by Abacus are available through financial advisors and directly to the public. Retail properties held by ABP are leased to a range of major and specialist retailers. The group competes with a range of property trusts and small development companies.

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Market Statistics

Market Cap ($M):
674.2
Equiv. Shares (M):
1,509.6
% All Ords:
0.05
12Mth Range ($):
0.23 - 0.48
Turnover ($M pa):
464.8
Index:
S&P/ASX 200
Sector:
Financials
Industry Group:
Real Estate
Industry:
Real Estate Investment Trusts (REITs)
Sub Industry:
Diversified REITs

Last 5 Market Sensitive Announcements

Date
Announcment
20-Jan-10 09:59
Property revaluations
04-Jan-10 10:06
Interim 2010 distribution
11-Dec-09 09:00
Successful placement raises $91.4 million
27-Aug-09 12:02
Appendix 4E and 2009 Financial Statements
22-Jul-09 10:53
Abacus Property Group - Property Revaluations

Calendar Of Events

Date
Event
23-Feb-10
Dividend Date Payable for Half Yearly Result (1.5c % franked)
17-Feb-10
Reporting Date for Half Yearly Result
14-Jan-10
Dividend Record Date for Half Yearly Result (1.5c % franked)
08-Jan-10
Dividend Ex-Dividend Date for Half Yearly Result (1.5c % franked)
27-Aug-09
Reporting Date for Final Year Result

Directors

Name
Position
J Thame
Chairman
Dr F Wolf
Managing Director
D Bluth
Director
M Irving
Director
L Lloyd
Director
D Bastian
Non-Executive Director
B Bartlett
Independent Director

Management

Name
Position
J M Thame
Chairman
F Wolf
Managing Director
E Varejes
Company Secretary

Substantial Shareholders

Name
% Holding
Calculator Australia Pty Ltd
27.4
TOWER
13.9
KiFin Limited
13.6
Guardian Trust
13.6
Australian Executor Trustees
9.2
Financial Services Partners
5.5
J P Morgan Chase
5.1

Consensus Recommendation Summary


0
3
1
1
1
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 6

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 4.0 4.0
EPS Growth (%)   0.6
P/E Ratio (x) 9.6 9.6
P/E Rel. All Ords (x) 0.66 0.79
P/E Rel. Sector (x) 0.71 0.79
Number of Brokers in Earnings Survey: 6 6

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
Lend Lease Group 12.9 (36.3) 4.5 4,205.3 9.19 Out Perf.
FKP Property Group 2.8 (59.2) 5.2 795.8 0.66 Out Perf.
Australand Property n/a n/a n/a 754.9 0.45 Hold
Abacus Property Group 4.6 (41.9) 20.1 674.2 0.39 Hold
Peet 15.9 (40.0) 3.4 613.7 2.07 Buy

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