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Undervalued
Morningstar Quantitative Rating as of 29 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 3.74 Fair value 4.25 One-star price 4.84
Morningstar Quantitative Rating as of 29 OCT 2026.
Morningstar Quantitative Rating as of 29 OCT 2026. The slider runs from the five-star price (3.74) to the one-star price (4.84).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 3.40 |
| Price - 12 month high | 4.34 |
| Price - 12 month low | 3.11 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.79 |
| Market capitalization | 2,456.01 |
| 12 Month High price date | 12 NOV 2025 |
| 12 Month Low price date | 6 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.90 |
| Price - 1 Day % Change | 1.80% |
| Price - 13 week price percent change | -11.46% |
| Price - 26 week price percent change | -2.86% |
| Price - 5 Day % Change | 3.03% |
| Price - 52 week price percent change | -22.55% |
| Price - YTD price percent change | -16.67% |
| Price % Change Month To Date | 4.29% |
| EPS excluding extraordinary items - most recent fiscal year | 0.387 |
| EPS excluding extraordinary items - trailing 12 month | 0.387 |
| EPS Normalized - most recent fiscal year | 0.255 |
| Revenue/share - most recent fiscal year | 0.269 |
| Revenue/share - trailing 12 month | 0.269 |
| Book value per share - most recent fiscal year | 4.715 |
| Book value per share - most recent half-year | 4.715 |
| Book value (tangible) per share - most recent fiscal year | 4.715 |
| Book value (tangible) per share - most recent half-year | 4.715 |
| Cash per share - most recent fiscal year | 0.025 |
| Cash per share - most recent half-year | 0.025 |
| Cash Flow per share - most recent fiscal year | 0.222 |
| Cash Flow per share - trailing 12 month | 0.222 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.255 |
| EBITD per share - trailing 12 month | 0.380 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.387 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.387 |
| EPS including extraordinary items - most recent fiscal year | 0.387 |
| EPS including extraordinary items - trailing 12 month | 0.387 |
| Free Cash Flow per share - trailing 12 month | 0.222 |
| P/E excluding extraordinary items, most recent fiscal year | 8.79 |
| P/E Normalized, most recent fiscal year | 13.33 |
| Price to sales - most recent fiscal year | 12.64 |
| Price to Tangible Book - most fiscal year | 0.72 |
| Price to Free Cash Flow per Share - most recent fiscal year | 15.31 |
| Price to Cash Flow per share - trailing 12 month | 15.31 |
| Price to Book - most recent fiscal year | 0.72 |
| P/E excluding extraordinary items high, trailing 12 months | 26.15 |
| P/E excluding extraordinary items low, trailing 12 months | 8.07 |
| Net Debt, LFI | 1,818.98 |
| Net Debt, LFY | 1,493.28 |
| Dividend Yield - 5 Year Average | 6.73% |
| Dividend Yield - indicated annual dividend divided by closing price | 7.77% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 7.50% |
| Free Cash Flow - most recent fiscal year | 158.45 |
| LT debt/equity - most recent fiscal year | 44.58% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 44.58% |
| LT debt/equity - most recent half-year | 52.25% |
| Total debt/total equity - most recent half-year | 55.25% |
| Free Cash Flow - trailing 12 month | 158.45 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 191.82 |
| Revenue - trailing 12 month | 191.82 |
| EBITD - most recent fiscal year | 270.86 |
| EBITD - trailing 12 month | 270.86 |
| Earnings before taxes - most recent fiscal year | 275.90 |
| Earnings before taxes - trailing 12 month | 275.90 |
| Net Income available to common - most recent fiscal year | 275.90 |
| Net Income available to common - trailing 12 months | 275.90 |
| Earnings before taxes Normalized - most recent fiscal year | -5.03 |
| Net Income Available to Common, Normalized - most recent fiscal year | 181.89 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.26 |
| Net Profit Margin % - 1st historical fiscal year | 143.84% |
| Net Profit Margin % - trailing 12 month | 143.84% |
| Operating margin - 1st historical fiscal year | 62.40% |
| Operating margin - trailing 12 month | 62.40% |
| Pretax margin - trailing 12 month | 143.84% |
| Pretax margin - 1st historical fiscal year | 143.84% |
| Operating Margin - 5 year average | 65.44% |
| Pretax Margin - 5 year average | 60.89% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 89.34% |
| Free Operating Cash Flow/Revenue, TTM | 82.60% |
| Net Profit Margin - 5 year average | 60.89% |
| Return on average assets - most recent fiscal year | 5.43% |
| Return on average assets - trailing 12 month | 5.43% |
| Return on average equity - most recent fiscal year | 8.29% |
| Return on average equity - trailing 12 month | 8.29% |
| Return on average assets - 5 year average | 3.11% |
| Return on average equity - 5 year average | 4.34% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 4.43% |
| EPS growth rate, 5 year | -19.38% |
| Growth rate% - dividend, 3 year | -3.07% |
| Revenue/share (5 yr growth) | -1.06% |
| Growth rate% - Revenue, 3 year | -4.68% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -2.01% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -15.76% |
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 |
CLW -3.17%: A solid result from CLW with operating EPS and distributions modestly ahead of expectations, while FY27 guidance also came in slightly above consensus. The key attraction remains the predictability of CLW's income, underpinned by high occupancy, a 9.2-year WALE and high-quality tenants.
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.
CLW -5.71%: Was a very interesting result today with worthwhile takeaways for our thinking on the broader property sector. While we have not had any interest in owning CLW for some time, given we viewed it as akin to buying a longer-dated bond that would struggle in a rising rate environment.
CLW is a long WALE REIT mainly with government tenants hence stable and low-risk income with duration making it the ideal candidate to be first when we decide to catch the property “falling knife”. Its already forecast to yield ~7.5% over the next 12-months which by definition will go up if the stock continues to fall. – MM is already finding CLW tempting!
This conservative property group that generally owns government tenanted buildings yesterday launched a bid in partnership with HostPlus to buy pub group ALE Property Group (LEP) at a huge 53% premium to their last stated net asset value. Obviously pubs are mostly closed however if things go back to normal and they start to collect rents as usual, the proposed...
CLW +2.5%: A solid result today from a very solid real-estate investment trust. Operating earnings of $159m were inline with expectations as was the distribution of 29.2c.
Charter Hall LONG WALE REIT (CLW) went early and reported 1H results yesterday, it was actually scheduled for today. This is a stock we held and sold from the Income Portfolio
Charter Hall Long WALE REIT (CLW) holds long duration leases that are negatively impacted by rising interest rates, a theme we're starting to see play our in global bond markets. With cash low in the Income Portfolio, we see better opportunity elsewhere. We are selling CLW for a loss.
MM believes some property stocks are at accumulation levels
MM remains long and bullish CLW
MM is switching from CNI to CLW in the Income Portfolio
MM is buying CLW in the Active Income Portfolio, allocating 4% around $3.50
MM is now bullish CLW ~$4.00
We are adding CLW to our Income Portfolio Hitlist
MM likes CLW into weakness towards $4
MM is neutral CLW around $5.10
MM is now neutral/bullish CLW around $5.10
MM views CLW as around about fair value here, but growth will be hard to come by
Charter Hall Long WALE REIT is a listed investment vehicle established and managed by Charter Hall Group. The REIT pays management fees to the parent group. There are over 500 properties on balance sheet and in joint ventures, spanning retail, industrial, office, data centers and social infrastructure. The portfolio typically has near full occupancy and long weighted average lease expiry, or WALE, of around 10 years. About half the leases are subject to annual inflation-linked rental uplifts, and half to fixed annual increases (typically 3%). One third of the REIT's income is rents collected from the properties held on its own balance sheet and the rest is co-investment earnings from a dozen joint ventures.
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