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Charter Hall Group - Stock Quote CHC

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Morningstar's Charter Hall Group Stock Analysis

Currency in AUD
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Another Strong Result From Charter Hall; Shares Fairly Valued After 25% Fall Since December

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

We raise our fair value estimate for narrow-moat Charter Hall Group by 9% to AUD 15.30, following a strong first-half result. Charter Hall increased its property funds under management, or FUM, by 17% over the six months to December, to AUD 61.3 billion. Much of the FUM is gated by redemption rules, unlike equity fund managers in the headlines recently for fund outflows.

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Charter Hall Group's Company Profile

Business Description

Charter Hall Group’s main activity is managing property funds for retail and institutional investors, and listed REITs such as Charter Hall Retail REIT, Charter Hall Social Infrastructure REIT, and Charter Hall Long WALE REIT. More than two thirds of earnings come from funds management and we expect this proportion to increase over time. Strong returns generated substantial performance fees over the last five years, which we expect to moderate due to lower property market returns in future, however regular base fees and intermittent performance fees should continue. Charter Hall co-invests in its funds, so a portion of its earnings come from rent, as well as development fees and development profits on projects that it manages.

No.1 Martin Place, Level 20
Sydney, NSW, 2000, Australia
T +61 286519000
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type