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Company Information

Company at a Glance

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

Company Overview

AEZ was listed in 2005 as a non-stapled retail property trust with business interests in retail shopping centres spread across Europe. In July 2007, securityholders approved the stapling of the property management business with the property trust. AEZ now trades as a dual-stapled security, comprising the APN European Retail Property Holding Trust and the APN European Retail Property Management Trust (ARPMT).

Company History

APN Funds Management is a wholly owned subsidiary of APN Property Group Limited. APN Funds Management (APN FM) is a specialist property funds manager that was established in 1997. The company has numerous differentiated property funds for a range of clients and advisers in the wholesale, institutional, investment platform and retail markets.

Industries Of Operation

Listed Property Trusts (LPTs) are an investment vehicle that pool the money of many investors to invest in a diversified portfolio of real estate. The fund manager is responsible for all of the maintenance, administration, rentals and improvements of the investment properties. Retail property trusts focus on investment in shopping centres, for AEZ, predominantly of sub-regional grade.

Differentiating Factor

The company invests in a range of retail properties, from supermarkets to leisure and regional shopping centres. The company concentrates on properties generally in strong demographic regions with high occupancy levels and currently has assets across seven European countries. However, these exposures are currently experiencing significant asset devaluations, which differentiate AEZ from other trusts with predominantly regional-grade assets.

Major Customers & Competitors

The major customers of retail property trusts are the retail tenants, including Roller, Carrefour Marinopolous, AMC Cinemas, PC City, Conbipel, Nike and Aldi Supermarkets among others. Competitors include other owners of retail properties, including Westfield Group and GPT Group/Babcock and Brown, as well as similar offerings such as the Bunnings Warehouse Property Trust and the ING Industrial Fund.

Research provided by  

Market Statistics

Market Cap ($M):
15.3
Equiv. Shares (M):
544.9
% All Ords:
0.00
12Mth Range ($):
0.02 - 0.12
Turnover ($M pa):
26.2
Index:
n/a
Sector:
Financials
Industry Group:
Real Estate
Industry:
Real Estate Investment Trusts (REITs)
Sub Industry:
Retail REITs

Last 5 Market Sensitive Announcements

Date
Announcment
19-May-10 18:03
Extension of Working Capital Finance Facility
23-Mar-10 17:45
Market Update - Spain ICR
05-Mar-10 08:30
SandP Announces March SP/ASX Index Rebalance
29-Oct-09 16:05
Interim Update
28-Sep-09 09:26
Response to an ASX Price Query

Calendar Of Events

Date
Event
26-Aug-09
Reporting Date for Final Year Result
25-Feb-09
Reporting Date for Half Yearly Result
29-Aug-08
Dividend Date Payable for Final Year Result (1c 0% franked)
30-Jun-08
Dividend Record Date for Final Year Result (1c 0% franked)
24-Jun-08
Dividend Ex-Dividend Date for Final Year Result (1c 0% franked)

Directors

Name
Position
H Brenchley
Director
J F Harvey
Independent Director
G Brundsdon
Indpendent Director
D Blight
Managing Director
M Johnston
Independent Director

Management

Name
Position
D Blight
Managing Director

Substantial Shareholders

Name
% Holding
Orbis Investment Management
16.8
Christopher and Gail Aylward
12.1
National Australia Bank
10.1
Holus Nominees
8.3
APN News & Media
8.1
AXA
6.7
AXA Asia Pacific
6.2

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 2

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 3.0 4.0
EPS Growth (%)   33.3
P/E Ratio (x) 0.9 0.7
P/E Rel. All Ords (x) 0.08 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 1 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.

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    
Westfield Group 15.4 (19.4) 7.5 28,177.9 12.21 Hold
CFS Retail Property Trust 13.6 24.2 7.6 4,720.2 1.88 Out Perf.
Charter Hall Retail 2.4 62.6 12.8 797.8 0.53 Out Perf.
Centro Retail Trust 2.1 (25.6) 2.2 388.7 0.17 Hold
APN European Retail Property Group 0.8 (36.7) 0.0 15.3 0.03 Hold

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