Abacus Property Group (ABP)

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General Information
Company Name: Abacus Property Group
Stock Code: ABP
Website: www.abacusproperty.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 1,579
Equiv. Shares (M): 514

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.130 $ 3.070 $ 3.140 $ 3.070 $ 3.070 482,148 $ 0.060  1.954 %

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 26th Feb 2015
Brokers Surveyed: 3

Company Overview

Business Description:
Abacus Property Group (ABP) is a diversified property group that specialises in investing in core plus property opportunities across Australia's commercial property markets. It invests in office, retail and industrial properties, self-storage facilities, participation in property ventures and developments and property funds management.

Strategy Analysis:
ABP is a fundamental property investor, acquiring properties on balance sheet for active asset management and later recycling into funds management vehicles providing both high margin transaction fees and replacement annuity style fee revenue. ABP has a strategy to target balance sheet exposure of 70% direct property assets and 30% from funds management and property ventures. The Groups strategy implementation is flexible to the point of being opportunistically responsive but remains limited by capital availability given lower quality property assets. Abacus Property Group reported NPAT of $23.69m for the half-year ended 31 December 2012. Revenues from ordinary activities were $170.54m, up 29% from the same period last year. Basic and Diluted EPS was 5.35 cents compared to 0.63 cents last year. Net operating cash flow was $106.99m compared to $44.12m last year. The interim dividend declared was 8.25 cents, in line with 8.25 cents last year.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F 116.9 22.1 -4.5 13.9 17.0 5.5 0.0
2015  F 120.2 23.2 11.2 13.2 17.0 5.5 0.0
2014  A 101.3 20.8 11.0 11.1 16.8 7.2 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Abacus (ABP) $1,564 M 0.4249 -0.0430 -0.0706 12.4539 13.0137 14.0028 5.51 5.59 5.85
Lend Lease Group (LLC) $10,062 M 0.4790 -0.2938 0.1056 11.5142 16.3035 14.7469 4.09 3.09 4.03
Scentre (SCG) $20,499 M -0.6809 2.6944 0.0482 62.9085 17.0279 16.2447 5.30 5.49 5.66
Stockland (SGP) $10,969 M 0.0688 0.0845 0.0632 19.5316 18.0100 16.9387 5.14 5.14 5.19
Westfield Corporation (WFD) $20,261 M -0.4057 1.0966 0.1058 39.8936 19.0281 17.2079 5.02 3.31 3.60

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
ABP 1.59 12.9 1.26 10.00
Market 0.92 16.5 1.31 2.31
Sector 1.55 15.5 1.20 2.90

Name Position Start Date
Dr Frank Michael Wolf Managing Director 04 December 1997
Mr John Michael Thame Non-Executive Chairman 11 September 2002
Mr Malcolm Geoffrey Irving Non-Executive Director 12 September 2002
Mr William (Bill) John Bartlett Non-Executive Director 14 February 2007
Ms Myra Salkinder Non-Executive Director 12 April 2011

Name Position
Ellis Varejes Company Secretary,Chief Operating Officer

Substantial Shareholders
Holding Name
252,981,605 (49.18%) Calculator Australia Pty Ltd

Calendar of Events
Date Event
17 February 2016 Report (Interim)
20 October 2015 Report (Annual)
27 August 2015 Report (Annual)
27 August 2015 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.


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