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Undervalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 1.48 Fair value 1.89 One-star price 2.40
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (1.48) to the one-star price (2.40).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 1.24 |
| Price - 12 month high | 2.39 |
| Price - 12 month low | 1.03 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.75 |
| Market capitalization | 1,239.26 |
| 12 Month High price date | 18 NOV 2025 |
| 12 Month Low price date | 15 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 4.11 |
| Price - 1 Day % Change | 1.65% |
| Price - 13 week price percent change | -16.84% |
| Price - 26 week price percent change | -28.28% |
| Price - 5 Day % Change | 9.78% |
| Price - 52 week price percent change | -46.75% |
| Price - YTD price percent change | -38.58% |
| Price % Change Month To Date | 5.56% |
| EPS excluding extraordinary items - most recent fiscal year | 0.066 |
| EPS excluding extraordinary items - trailing 12 month | 0.066 |
| EPS Normalized - most recent fiscal year | 0.133 |
| Revenue/share - most recent fiscal year | 0.302 |
| Revenue/share - trailing 12 month | 0.302 |
| Book value per share - most recent fiscal year | 1.760 |
| Book value per share - most recent half-year | 1.760 |
| Book value (tangible) per share - most recent fiscal year | 0.706 |
| Book value (tangible) per share - most recent half-year | 0.706 |
| Cash per share - most recent fiscal year | 0.439 |
| Cash per share - most recent half-year | 0.439 |
| Cash Flow per share - most recent fiscal year | 0.095 |
| Cash Flow per share - trailing 12 month | 0.095 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.104 |
| EBITD per share - trailing 12 month | 0.096 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.067 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.067 |
| EPS including extraordinary items - most recent fiscal year | 0.067 |
| EPS including extraordinary items - trailing 12 month | 0.067 |
| Free Cash Flow per share - trailing 12 month | 0.082 |
| P/E excluding extraordinary items, most recent fiscal year | 18.71 |
| P/E Normalized, most recent fiscal year | 9.29 |
| Price to sales - most recent fiscal year | 4.10 |
| Price to Tangible Book - most fiscal year | 1.95 |
| Price to Free Cash Flow per Share - most recent fiscal year | 15.00 |
| Price to Cash Flow per share - trailing 12 month | 13.03 |
| Price to Book - most recent fiscal year | 0.70 |
| P/E excluding extraordinary items high, trailing 12 months | 24.29 |
| P/E excluding extraordinary items low, trailing 12 months | 9.61 |
| Net Debt, LFI | 242.36 |
| Net Debt, LFY | 363.24 |
| Dividend Yield - 5 Year Average | 5.66% |
| Dividend Yield - indicated annual dividend divided by closing price | 8.47% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 8.40% |
| Free Cash Flow - most recent fiscal year | 70.50 |
| LT debt/equity - most recent fiscal year | 102.40% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 102.40% |
| LT debt/equity - most recent half-year | 3.72% |
| Total debt/total equity - most recent half-year | 99.15% |
| Free Cash Flow - trailing 12 month | 70.50 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 258.18 |
| Revenue - trailing 12 month | 258.18 |
| EBITD - most recent fiscal year | 82.35 |
| EBITD - trailing 12 month | 82.35 |
| Earnings before taxes - most recent fiscal year | 53.35 |
| Earnings before taxes - trailing 12 month | 53.35 |
| Net Income available to common - most recent fiscal year | 56.51 |
| Net Income available to common - trailing 12 months | 56.51 |
| Earnings before taxes Normalized - most recent fiscal year | 99.63 |
| Net Income Available to Common, Normalized - most recent fiscal year | 113.77 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.13 |
| Net Profit Margin % - 1st historical fiscal year | 16.13% |
| Net Profit Margin % - trailing 12 month | 16.13% |
| Operating margin - 1st historical fiscal year | 25.69% |
| Operating margin - trailing 12 month | 25.69% |
| Pretax margin - trailing 12 month | 20.66% |
| Pretax margin - 1st historical fiscal year | 20.66% |
| Operating Margin - 5 year average | 36.37% |
| Pretax Margin - 5 year average | 23.85% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 44.63% |
| Free Operating Cash Flow/Revenue, TTM | 27.31% |
| Net Profit Margin - 5 year average | 19.76% |
| Return on average assets - most recent fiscal year | 1.08% |
| Return on average assets - trailing 12 month | 1.08% |
| Return on average equity - most recent fiscal year | 3.16% |
| Return on average equity - trailing 12 month | 3.16% |
| Return on average assets - 5 year average | 2.51% |
| Return on average equity - 5 year average | 5.12% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 7.95% |
| EPS growth rate, 5 year | -22.81% |
| Growth rate% - dividend, 3 year | -3.50% |
| Revenue/share (5 yr growth) | 0.39% |
| Growth rate% - Revenue, 3 year | -5.93% |
| Growth rate% - EPS, 3 year | -20.31% |
| Book value per share growth rate, 5 year | -1.58% |
| Capital Spending growth rate, 5 year | 26.16% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -14.95% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Centuria (CNI) has been under significant pressure in recent months, with the shares now trading around half their 12-month high. While the FY26 result itself was respectable, the market is increasingly focused on private credit, and specifically Centuria Bass’ exposure to the troubled Bathla Group.
CNI -10.53%: Was hit hard after slightly missing EPS estimates, despite management guiding to a meaningful lift in profit in FY27. Today's reaction is overwhelmingly about Centuria Bass Credit and its A$278m exposure to collapsed developer Bathla.
CNI - 8.01%: It's been a terrible week for Centuria Capital (CNI), with the stock hitting a fresh 52-week low today. The sell-off has been driven primarily by a damaging private-credit controversy, amplified by the recent capital raising, with a deteriorating Australian property backdrop putting the cherry on a very sour tasting cake.
Centuria Capital Group (CNI) has moved to strengthen its balance sheet and fund the next leg of growth, announcing a $300m equity raising at $2.00 per security. The raising comprises a $200m institutional placement and a 1-for-17 entitlement offer, with around 150m new securities to be issued.
We are tweaking our property exposure selling Centuria Capital (CNI) in the Active Income Portfolio, preferring Charter Hall (CLW) which is more defensive, and income-focused.
The Active Income Strategy continues to do what it’s designed to do, deliver high, consistent income with capital growth over time, while cushioning volatility when markets get tougher – as they are currently.
CNI -0.8% delivered a solid first-half result and modestly upgraded its full-year operating EPS, reinforcing confidence in earnings resilience despite ongoing volatility across listed property and capital markets.
We touched on the CNI result in yesterday afternoon's The Match Out report, however, it’s worth spending a bit more time on it this morning, given we think this could be a turning point for a position that has required some patience.
CNI +9.97%: Beats across the board for the property fund manager today, with slightly stronger earnings in FY25, and slightly higher than expected dividend, and guidance implies that momentum continues to build.
Centuria (CNI) made headlines this week, shelling out $216m for the Port Adelaide Distribution Centre—a major logistics and warehouse hub benefitting from the AUKUS naval shipbuilding program. This is SA’s largest ever industrial property deal, acquired at what CNI calls a ~70% discount to replacement cost.
MM is cautiously bullish CNI ~$1.30
MM is neutral toward CNI, preferring CLW for property exposure
MM has turned neutral on CNI ~$1.50
MM remains long & bullish CNI in the Emerging Companies Portfolio
MM is switching from CNI to CLW in the Income Portfolio
MM is selling CNI in the Active Income Portfolio (only), taking a small loss around ~$1.70
MM remains long & bullish CNI ~$2
MM remains long & bullish CNI across two portfolios
MM remains long & bullish CNI
MM is long & bullish CNI ~$1.90
Centuria Capital Group is a real estate fund manager with assets under management of AUD 22 billion as of June 2026. A range of investment products is offered on the platform, including listed funds (primarily Centuria Industrial REIT and Centuria Office REIT), unlisted property funds, and real estate credit funds. Centuria co-invests in some of these vehicles-the group is the largest securityholder of the listed office and industrial trusts. The majority of Centuria's earnings come from management fees on its investment products and distribution income from co-investments. The real estate investments span various sectors, with roughly a third of AUM allocated to office, another third to industrial, and the rest to retail, healthcare, agriculture, and real estate finance.
Performance update for March, stocks that drove returns & our current positioning
Recorded Tuesday 9th April
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