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 Properties Group (CNP) manages a large number of shopping centres in Australia, NZ and the US. CNP will maintain 100% exposure to retail property. CNP generates revenue from property ownership and a property-services business. Property services business revenue is generated through funds management, leasing, development and property management. CNP manages over 30 syndicates and the fees generated from this are a core strength and revenue component of CNP's business.

Company History

The Centro Properties Group (CNP) was created following the merger of CEP and the Prime Retail Group (PRX) in 2004. In 1997, Centro Properties Group Ltd and the Centro Property Trust jointly listed on the stock exchange under a stapled structure. CEP acquired the MCS Syndicate business in 2003 and CNP acquired the US Heritage and New Plan businesses in October 2006 and April 2007, respectively.

Industries Of Operation

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

Differentiating Factor

CNP's combination of investment-property earnings and income from funds, development and leasing management is unique in comparison to an external management model because all earnings streams (less expenses) flow to unitholders rather than being siphoned off to an associated management company. CNP is focused on retail property exclusively, and the packaging of retail property for investors is its unique attribute.

Major Customers & Competitors

CNP's tenants include major Australian retailers such as Coles, Woolworths, Franklins and Bi-Lo and US retailers such as Wal-Mart, Ahold and Kroger. 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 ($M):
204.2
Equiv. Shares (M):
971.9
% All Ords:
0.02
12Mth Range ($):
0.09 - 0.52
Turnover ($M pa):
507.1
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 09:47
Response to an ASX Price Query
29-Jul-10 09:31
Centro - CNP Financing and Restructure Update July 2010
04-Jun-10 10:50
Centro - Exchangeable Notes at 30 June 2010
04-Jun-10 10:03
CNP June 2010 Distribution Announcement
19-May-10 13:58
Centro - March Quarter 2010 Managed Portfolio Results

Calendar Of Events

Date
Event
25-Feb-10
Reporting Date for Half Yearly Result
26-Aug-09
Reporting Date for Final Year Result
26-Feb-09
Reporting Date for Half Yearly Result
28-Nov-08
AGM Date for Final Year Result
28-Aug-08
Reporting Date for Final Year Result

Directors

Name
Position
J W Hall
Director
A Buduls
Non Executive Director
R Wylie
Non-Executive Director
P Cooper
non executive Chairman
S Oliver
Non Executive Director
R Tsenin
Non- Executive Director

Management

Name
Position
G Rufrano
CEO
R Nenna
CFO
T Torney
GM - Unlisted Funds and Shared Services
G Young
General Manager - Funds Management
J Hutchinson
General Counsel
M Carroll
CEO, Centro US
T Clarke
CEO, Centro Australia

Substantial Shareholders

Name
% Holding
HSBC Custody Nominees
16.3
J P Morgan Chase
12.4
CENTRO SHAREHOLDERS ASSOCIAYION
11.8
National Nominees
11.4
Citicorp Nominees
7.6
Citicorp Nominees Pty Limited
7.0

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 1

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 2.0 2.0
EPS Growth (%)   0.0
P/E Ratio (x) 9.8 9.8
P/E Rel. All Ords (x) 0.87 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
Centro Properties Group 0.8 (16.1) 0.0 204.2 0.20 Under Perf.

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.