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): 1,241
Equiv. Shares (M): 505

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 2.460 $ 2.420 $ 2.460 $ 2.390 $ 2.460 1,360,751 0%

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 27th Feb 2014
12 Month Target Price (average): $2.28
Brokers Surveyed: 1

Company Overview

Business Description:
Abacus Property Group (ABP) is a stapled security, which combines three companies, Abacus Group Holdings Limited, Abacus Group Projects Limited and Abacus Storage Operations Limited, and three trusts, Abacus Trust, Abacus Income Trust and Abacus Storage Property Trust. The business is principally a property investment and funds management group with interests in property finance, joint ventures and development.

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 (%)
2015  F 100.0 20.1 1.7 12.2 17.0 6.9 0.0
2014  F 94.0 19.8 5.4 12.4 16.8 6.8 0.0
2013  A 83.8 18.8 -2.0 11.4 16.5 7.7 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Abacus (ABP) $1,211 M 0.1292 0.1173 0.0496 14.0105 12.5392 11.9462 0.0688 0.0698 0.0727
Lend Lease Group (LLC) $7,374 M 0.0865 -0.1189 0.1972 12.5270 14.2173 11.8758 0.0329 0.0368 0.0356
Mirvac Group (MGR) $6,443 M 0.0938 0.1203 0.0391 16.2780 14.5296 13.9824 0.0499 0.0516 0.0548
Stockland (SGP) $8,749 M -0.2367 0.0532 0.0756 16.8082 15.9593 14.8382 0.0638 0.0638 0.0638
Westfield (WDC) $22,276 M 0.0955 0.0470 0.0310 15.9649 15.2488 14.7909 0.0484 0.0498 0.0507

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
ABP 1.56 13.1 1.03 1.58
Market 1.09 15.9 1.26 2.00
Sector 1.54 14.0 1.03 3.38

Directors
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

Management
Name Position
Ellis Varejes Company Secretary

Substantial Shareholders
Holding Name
213,046,573 (47.03%) Calculator Australia Pty Ltd

Calendar of Events
Date Event
25 February 2015 Report (Interim)
17 October 2014 Report (Annual)
16 October 2014 Report (Annual)
27 August 2014 Report (Annual)
27 August 2014 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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