Promted by the declaration of a second half dividend of 6.6 cents, Credit Suisse increases forecast FY21-FY23 DPS by 5.5-5.6% to reflect a higher assumed payout ratio.
Management indicated the payout was towards the lower end of its 95-100% adjusted funds from operations (AFFO) payout policy. As a result, the broker assumes a dividend payout to 95% of estimated AFFO over the forecast period.
The analysts underlying earnings estimates are unchanged and the Neutral rating and $1.69 target are unchanged.
Sector: Real Estate.
Target price is $1.69.Current Price is $1.64. Difference: $0.05 – (brackets indicate current price is over target). If VCX meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
