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Company Information

Company at a Glance

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

Company Overview

APZ is a Western Australia-based property investment and management group. It focuses on acquiring attractive-yielding, high-quality properties and developing and managing property-related investment funds to provide securityholders with regular income distributions and positive capital returns. The property investment arm includes rental income from all properties held by APZ, while the funds management arm includes fees and other income from unlisted property funds.

Company History

Aspen Group was formed in 2001 and is comprised of two key entities: Aspen Group Limited and Aspen Property Trust. A majority of the group's property assets are owned by Aspen Property Trust to enable tax-effective distribution of income. Aspen Group Limited provides the avenue for Aspen Group to pursue funds management activities, such as the Aspen Parks Property Fund (an unlisted property fund), generating additional revenue streams for the group.

Industries Of Operation

APZ operates in the Financials Sector. Investment funds comprise investments in residential developments, office blocks, townhouses, investment properties and shopping malls.

Differentiating Factor

APZ looks to create unique funds management products and related services in a broad spectrum of property sectors, including tourist parks, private hospital developments and aged and special accommodation villages. Aspen has a strong property management focus. Aspen targets properties within the price range of $5M to $30M.

Major Customers & Competitors

The major customers of office trusts are the office tenants as well as smaller retail tenants and car park operators. Major office tenants include banks, insurance companies, law firms, accountants and government departments. Competitors include owners of other office properties or business parks.

Research provided by  

Market Statistics

Market Cap ($M):
278.4
Equiv. Shares (M):
580.0
% All Ords:
0.02
12Mth Range ($):
0.27 - 0.58
Turnover ($M pa):
196.5
Index:
S&P/ASX 300
Sector:
Financials
Industry Group:
Real Estate
Industry:
Real Estate Investment Trusts (REITs)
Sub Industry:
Diversified REITs

Last 5 Market Sensitive Announcements

Date
Announcment
12-Jul-10 09:52
Update on Proposal from Aspen
21-Jun-10 11:24
Distribution Announcement
15-Jun-10 09:24
Aspen Announces change to Executive Management Team
10-Jun-10 09:05
Trading Halt
31-Mar-10 11:15
Aspen Responds to Market Speculation

Calendar Of Events

Date
Event
25-Aug-10
Dividend Date Payable for Final Year Result (1.05c 0% franked)
30-Jun-10
Dividend Record Date for Final Year Result (1.05c 0% franked)
24-Jun-10
Dividend Ex-Dividend Date for Final Year Result (1.05c 0% franked)
20-May-10
Dividend Date Payable for Third Quarter Result (1.05c 0% franked)
31-Mar-10
Dividend Record Date for Third Quarter Result (1.05c 0% franked)

Directors

Name
Position
S Chan
Director
R Gillard
Chairman
G Hawkins
Director
G Hawkins
Director
T C Budge
Director
Mr M McCann
Non-Executive Director

Management

Name
Position
Mr J Timms
Chief Executive Officer

Substantial Shareholders

Name
% Holding
A D Borrello
10.7
G Hawkins
10.7
Acorn Capital
8.9
Futuris Corp.
7.0
Babcock and Brown Group
6.3
UBS
6.2
P J Hall
5.8
Challenger Financial Services
5.7
Vanguard Investments Australia Ltd
5.2
VBS Investments Pty Ltd
5.0

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 2

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 6.4 6.6
EPS Growth (%)   3.1
P/E Ratio (x) 7.5 7.3
P/E Rel. All Ords (x) 0.67 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 2 2

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    
Stockland 8.8 (16.2) 10.6 8,962.4 3.79 Out Perf.
GPT Group 12.3 (69.3) 7.4 5,306.8 2.86 Hold
Mirvac Group 8.9 (59.1) 7.4 4,327.9 1.33 Hold
Dexus Property Group 7.6 2.8 9.7 3,929.0 0.82 Hold
Aspen Group 5.6 27.8 18.8 278.4 0.48 Out Perf.

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