- We initiate coverage with a BUY recommendation on Cromwell European REIT with a DDM-derived target price of €1.91. The FY24e forward dividend yield is 10% based on the current Cromwell REIT's share price, which is trading at a P/NAV of 0.65x.
About Cromwell European REIT
- - Read this at SGinvestors.io -
- Its €2.3bn portfolio comprises 110 predominantly freehold properties in or close to major gateway cities in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, the Czech Republic, and the UK, with an aggregate lettable area of ~1.8mil sq m and over 800 tenant-customers.
- - Read this at SGinvestors.io -
The Sponsor
- Cromwell European REIT is managed by Cromwell EREIT Management Pte. Ltd., a wholly owned subsidiary of the REIT’s sponsor, Cromwell Property Group.
- Cromwell Property Group is an ASX-listed real estate investor and fund manager with an AUM of A$11.4bn across Australia, Europe, and New Zealand. It owns a 28% stake in Cromwell European REIT.
Key Investment Merits
Resilient portfolio with high occupancy and rent reversions.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-04-01
Read also Phillip's most recent report:
2024-11-06 Cromwell European REIT - Secured Debt Facilities To Refinance Bond.
Previous report by Phillip:
2024-08-12 Cromwell European REIT - Positive Reversions Expected To Continue.
Price targets by other brokers at Cromwell REIT Target Prices.
Listing of research reports at Cromwell REIT Analyst Reports.
Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividend Payout Dates & Corporate Actions,
Cromwell REIT News
