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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 19.20 Fair value 21.29 One-star price 23.61
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (19.20) to the one-star price (23.61).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 20.45 |
| Price - 12 month high | 25.95 |
| Price - 12 month low | 17.49 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 2.25 |
| Market capitalization | 9,672.79 |
| 12 Month High price date | 22 DEC 2025 |
| 12 Month Low price date | 28 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 1.79 |
| Price - 1 Day % Change | 3.28% |
| Price - 13 week price percent change | -12.16% |
| Price - 26 week price percent change | 3.23% |
| Price - 5 Day % Change | 4.82% |
| Price - 52 week price percent change | -12.49% |
| Price - YTD price percent change | -16.36% |
| Price % Change Month To Date | 14.50% |
| EPS excluding extraordinary items - most recent fiscal year | 0.888 |
| EPS excluding extraordinary items - trailing 12 month | 0.888 |
| EPS Normalized - most recent fiscal year | 1.013 |
| Revenue/share - most recent fiscal year | 0.932 |
| Revenue/share - trailing 12 month | 0.932 |
| Book value per share - most recent fiscal year | 6.125 |
| Book value per share - most recent half-year | 6.125 |
| Book value (tangible) per share - most recent fiscal year | 5.887 |
| Book value (tangible) per share - most recent half-year | 5.887 |
| Cash per share - most recent fiscal year | 0.436 |
| Cash per share - most recent half-year | 0.436 |
| Cash Flow per share - most recent fiscal year | -0.041 |
| Cash Flow per share - trailing 12 month | -0.041 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.507 |
| EBITD per share - trailing 12 month | 1.075 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.905 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.905 |
| EPS including extraordinary items - most recent fiscal year | 0.905 |
| EPS including extraordinary items - trailing 12 month | 0.905 |
| Free Cash Flow per share - trailing 12 month | -0.047 |
| P/E excluding extraordinary items, most recent fiscal year | 23.03 |
| P/E Normalized, most recent fiscal year | 20.19 |
| Price to sales - most recent fiscal year | 21.95 |
| Price to Tangible Book - most fiscal year | 3.47 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 3.34 |
| P/E excluding extraordinary items high, trailing 12 months | 38.04 |
| P/E excluding extraordinary items low, trailing 12 months | 16.54 |
| Net Debt, LFI | 259.50 |
| Net Debt, LFY | 511.60 |
| Dividend Yield - 5 Year Average | 2.82% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.55% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.48% |
| Free Cash Flow - most recent fiscal year | -22.60 |
| LT debt/equity - most recent fiscal year | 24.67% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 24.78% |
| LT debt/equity - most recent half-year | 16.73% |
| Total debt/total equity - most recent half-year | 16.95% |
| Free Cash Flow - trailing 12 month | -22.60 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 449.00 |
| Revenue - trailing 12 month | 449.00 |
| EBITD - most recent fiscal year | 517.90 |
| EBITD - trailing 12 month | 517.90 |
| Earnings before taxes - most recent fiscal year | 482.10 |
| Earnings before taxes - trailing 12 month | 482.10 |
| Net Income available to common - most recent fiscal year | 427.90 |
| Net Income available to common - trailing 12 months | 427.90 |
| Earnings before taxes Normalized - most recent fiscal year | 238.30 |
| Net Income Available to Common, Normalized - most recent fiscal year | 488.10 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.01 |
| Net Profit Margin % - 1st historical fiscal year | 95.30% |
| Net Profit Margin % - trailing 12 month | 95.30% |
| Operating margin - 1st historical fiscal year | 37.28% |
| Operating margin - trailing 12 month | 37.28% |
| Pretax margin - trailing 12 month | 107.37% |
| Pretax margin - 1st historical fiscal year | 107.37% |
| Operating Margin - 5 year average | 44.70% |
| Pretax Margin - 5 year average | 65.10% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 57.16% |
| Free Operating Cash Flow/Revenue, TTM | -5.03% |
| Net Profit Margin - 5 year average | 48.02% |
| Return on average assets - most recent fiscal year | 11.67% |
| Return on average assets - trailing 12 month | 11.67% |
| Return on average equity - most recent fiscal year | 15.17% |
| Return on average equity - trailing 12 month | 15.17% |
| Return on average assets - 5 year average | 9.42% |
| Return on average equity - 5 year average | 12.52% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | -5.87% |
| EPS growth rate, 5 year | -2.64% |
| Growth rate% - dividend, 3 year | 6.00% |
| Revenue/share (5 yr growth) | -5.62% |
| Growth rate% - Revenue, 3 year | -17.01% |
| Growth rate% - EPS, 3 year | 29.70% |
| Book value per share growth rate, 5 year | 3.77% |
| Capital Spending growth rate, 5 year | -13.58% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -2.08% |
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 |
Property has been firmly on the nose as bond yields have pushed higher, and Charter Hall (CHC) has been hit particularly hard. The stock has fallen sharply since August as investors price in lower property values, softer transaction activity and pressure on earnings. We think the market may be getting too bearish.
CHC -6.33%: delivered strong year-on-year earnings growth, but the result wasn’t strong enough relative to expectations. Several metrics fell short of consensus and FY27 guidance failed to provide the upside after a strong run in the stock.
CHC screens strongly across all four core quant factors: positive earnings revisions, a track record of beating expectations, an improving industry backdrop and clear near-term catalysts. The company has upgraded guidance three times, while FY26 EPS expectations have risen 13.9% over the past three months. It also beat at its last two results, office conditions are improving, inflows have reached record levels, and the August result will provide both FY26 numbers and FY27 guidance.
CHC has been a stellar performer over the last few years and yesterday’s dividend update did little to dent the markets current love for the stock - its noticeably outperformed the sector even as bond yields have risen. They announced an increased half-year distribution of 24.83 cents, 85% franked, putting the stock on an estimated yield of 2.1% over the next 12-months. The company already upgraded guidance by ~5.5% in November, which saw the stock pop over +15%. This is a company whose share price reflects how well they are executing.
CHC has been a standout performer in the real estate sector through 2025, gaining 26% so far. We like how this fund giant, best known as the owner of office towers and commercial property, has quietly assembled a portfolio of apartments for development as it explores opportunities to address the national housing shortage.
CHC produced an 1H profit turnaround despite a revenue drop, propelling its shares to a 52-week high. The company also upgraded its fiscal 2025 post-tax earnings guidance by 2.5%.
Property fund manager CHC surged +15.79% on Wednesday after delivering strong guidance for FY25 for earnings and distributions. The advance sent the stock to fresh 18-month highs, making it the second-best ASX200 stock on a big day of earnings numbers. CHC delivered 2024 earnings slightly above estimates while flagging a healthy 6 per cent rise in distributions in the coming year. The solid result, combined with strong forward guidance, saw the stock re-rated from the opening bell:
We have been bullish towards the Real Estate Sector over recent months, and yesterday’s moves following the CPI have amplified this. As an investor and real estate developer, CHC is well-positioned to benefit from falling interest rates over the coming 1-2 years. The stock rallied +6.9% on Wednesday, making it the best-performing name on the ASX200 at the same time, taking the stock into positive territory for 2024.
As an investor and real estate developer, CHC is well-positioned to benefit from the potential lower interest rate environment looming on the horizon. We can still see the stock testing $15 through 2024 or ~10% higher, but we would call it more of a hold than a “buy-in to dips” stock
CHC advanced +5% yesterday, making it the second-best performer to GMG. As an investor & developer of real estate, it's perfectly positioned to benefit from a lower interest rate environment. We can see the stock testing ~$15 through 2024 or over 20% higher as investors search for value in different areas of the market, helped by 1H24 results, which have been largely better across the sector.
MM is bullish CHC ~$18.50
MM is neutral toward CHC preferring their CLW REIT & MGR in the property space
MM is cautiously bullish towards CHC around $22
MM is neutral towards CHC ~$24
MM is neutral CHC above $18
MM is cautiously bullish on CHC
MM is bullish CHC from the $14 area
MM is bullish towards CHC
MM is cautiously bullish toward CHC
MM is bullish toward CHC
Charter Hall Group is the umbrella group of over 40 retail and institutional unlisted funds, as well as three listed REITs: Charter Hall Long WALE REIT, Charter Hall Retail REIT, and Charter Hall Social Infrastructure REIT. Investment management fees and property services fees from these investment vehicles are the main sources of revenue for Charter Hall. The aggregate portfolio across the platform has one third exposure to office, one third to logistics, and the remainder in retail, social infrastructure and listed equities. Charter Hall co-invests in many of the vehicles, so a portion of its earnings come from rent and fund distributions. The group also earns development revenue on projects that it manages,but this income stream is relatively small.
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