AUSTRALIAN EDUCATION TRUST (AEU)



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General Information
Company Name: Australian Education Trust
Stock Code: AEU
Website: www.educationtrust.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 253
Equiv. Shares (M): 175

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.440 $ 1.450 $ 1.475 $ 1.410 $ 1.450 194,940 $ -0.010  -0.690 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 3rd Mar 2009
12 Month Target Price (average): $0.78
Brokers Surveyed: 2

Company Overview

Business Description:
Australian Education Trust (AEU) is a property trust that primarily invests in early learning properties within Australia and New Zealand. AEU 's early learning properties are typically standalone, purpose built and located at high flow-through traffic locations primarily in metropolitan and major regional areas. The responsible entity of the trust is Folkestone Investment Management Limited.

Strategy Analysis:
Australian Education Trust aims to provide secure long term cashflows with minimal risk to investors by investing in early learning properties within Australia and New Zealand. The company aims to achieve this by monitoring overall debt levels, applying and possessing a consistent framework for acquisitions and using various risk management strategies.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 23.2 13.2 676.5 7.0 10.0 10.8 --
2011  A 2.3 1.7 -34.6 44.3 4.3 5.8 --
2010  A 3.6 2.6 -- 16.5 0.7 1.5 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Australian Education Trust (AEU) $254 M 7.0181 -- -- 10.9599 -- -- 0.0690 -- --
GPT Group (GPT) $6,986 M 0.6350 -0.2459 0.0381 11.8299 15.6871 15.1109 0.0489 0.0515 0.0533
Mirvac Group (MGR) $6,227 M -0.0702 0.0028 0.1051 15.8582 15.8140 14.3098 0.0494 0.0506 0.0550
Stockland (SGP) $8,326 M -0.0638 -0.2358 0.1071 12.8966 16.8750 15.2419 0.0635 0.0635 0.0635
Westfield (WDC) $26,527 M -0.0223 0.1047 0.0640 20.0631 18.1613 17.0690 0.0409 0.0422 0.0445

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AEU 2.56 10.88 1.19 --
Market 1.08 12.7 0.89 1.87
Sector 1.42 15.6 0.99 2.28

Directors
Name Position Start Date
Mr Nicholas (Nick) James Anagnostou Executive Director,Chief Executive Officer 04 August 2008
Mr Victor David Cottren Non-Executive Chairman 22 December 2004
Mr Michael Francis Johnstone Non-Executive Director 22 December 2004
Mr Grant Hodgetts Non-Executive Director 24 October 2012

Management
Name Position
Travis Butcher Chief Financial Officer
Craig Thompson Chief Operating Officer
Amanda Gawne Company Secretary
Adrian Hill Joint Company Secretary

Substantial Shareholders
Holding Name
9,060,106 (5.16%) Resolution Capital Limited
9,577,989 (5.46%) Louis Pierre Ledger
13,185,746 (7.52%) Acorn Capital Limited
32,639,712 (18.60%) Orbis Investment Management Ltd

Calendar of Events
Date Event
13 February 2014 Report (Interim)
12 February 2014 Report (Interim)
14 August 2013 Report (Annual)
14 August 2013 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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