NEWS.com.au |
Fox Sports |
Newspapers |
CareerOne |
carsguide |
TrueLocal |
Real Estate |
MySpace AU

Company Information

Company at a Glance

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

Company Overview

Centro Retail Trust has a well-diversified portfolio of shopping centres located in Australia and the US. The portfolio is well diversified by retail sub-sector, with investments in major shopping centres as well as smaller centres anchored by supermarkets. CER will maintain 100% exposure to retail property and generates revenue from property ownership. It is intended that CER will not be highly acquisitive, although it may invest in other funds managed by the Centro Properties Group (CNP).

Company History

The listing of Centro Retail Trust occurred in August 2005 through the effective capital return of $0.50 per CNP security paid in the form of CER securities. One CER security was issued for every three CNP securities held as at the entitlement date.

Industries Of Operation

CER's operations are focused on investing in, managing and developing shopping centres. The portfolio is well diversified across Australia and the US. A substantial portion of CER's assets can be classified as sub-regional shopping centres and convenience centres.

Differentiating Factor

The rationale behind the IPO of CER in 2005 stemmed from the strong demand by investors to invest in the retail property sector at that time. CER provides investors access to pure retail and property ownership, although with property markets now deteriorating, the demand for such exposure has declined.

Major Customers & Competitors

CER's tenants include major US and Australian retailers such as Myer, Woolworths and David Jones. Other tenants include a diverse range of small- and medium-sized retailers. CNP competes with other retail centres and independent retailers.

Research provided by  

Market Statistics

Market Cap ($M):
389
Equiv. Shares (M):
2,286
% All Ords:
0.02
12Mth Range ($):
0.09 - 0.27
Turnover ($M pa):
324
Index:
S&P/ASX 300
Sector:
Financials
Industry Group:
Real Estate
Industry:
Real Estate Investment Trusts (REITs)
Sub Industry:
Retail REITs

Last 5 Market Sensitive Announcements

Date
Announcment
29-Jul-10 09:31
CER - CER Financing and Restructure Update July 2010
04-Jun-10 10:06
June 2010 Distribution Announcement
19-May-10 14:00
CER - March Quarter 2010 Portfolio Results
27-Apr-10 09:46
Price Query Response
24-Feb-10 09:51
CER - Appendix 4D Half Yearly Report and Accounts

Calendar Of Events

Date
Event
24-Feb-10
Reporting Date for Half Yearly Result
28-Aug-09
Dividend Date Payable for Final Year Result (0.3755c 0% franked)
25-Aug-09
Reporting Date for Final Year Result
30-Jun-09
Dividend Record Date for Final Year Result (0.3755c 0% franked)
24-Jun-09
Dividend Ex-Dividend Date for Final Year Result (0.3755c 0% franked)

Directors

Name
Position
J Hall
Non-executive Director
W P Day
Chairman
M Humphris
Non-Executive Director
F MacKenzie
Non-Executive Director

Management

Name
Position
M Carroll
Chief Executive Officer – Centro US
T Clarke
Chief Executive Officer

Substantial Shareholders

Name
% Holding
CPT Manager Limited
53.8
Centro MCS Manager Limited
45.9
Orbis Global Equity Fund Limited
14.3
HSBC Custody Nominees
7.5
Commonwealth Bank of Australia
5.2

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 2

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 7.0 7.0
EPS Growth (%)   0.0
P/E Ratio (x) 2.4 2.4
P/E Rel. All Ords (x) 0.22 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) 7.5 28,178 12.21 Hold
CFS Retail Property Trust 13.6 24 7.6 4,720 1.88 Out Perf.
Charter Hall Retail 2.4 63 12.8 798 0.53 Out Perf.
Centro Retail Trust 2.1 (26) 2.2 389 0.17 Hold
EDT Retail Trust n/a n/a n/a 263 0.06 none

Tools

Advertisement

Wealth

Go for growth assets

Go for growth assets

James Dunn

THE increasing longevity of Australians means super investments must work harder for longer.

More Wealth Coverage

Also in The Australian Today

THE AUSTRALIAN

I'm in the fight of my life: Gillard

JULIA Gillard is in the "fight of her life" after polls gave the Coalition an election-winning lead heading into the...

Australian IT

Kramer quits as Telstra restructures

TELSTRA product management boss Holly Kramer has resigned amid a massive reshuffle at the top deck and the creation of new business...

Higher Education

Private schools 'to lose appeal'

PARENTS could be reluctant to fork out expensive private school fees because of changes in university entry tests.

Politics

Anglers caught up in Tiwi permits net

RECREATIONAL fishermen are being held to ransom as a funding row between the Tiwi Land Council and the NT government drags on.