Earnings rebounded in the second half of FY21, delivering growth for the full year of 1%. UBS was disappointed no guidance was provided for FY22.
The company expects to regain adjusted earnings of more than $0.15 per security once the pandemic ends and proceeds from the equity raising are fully deployed.
UBS upgrades estimates by 4% to reflect increased acquisition activity and the lower cost of debt. Neutral maintained. Target rises to $2.65 from $2.43.
Sector: Real Estate.
Target price is $2.65.Current Price is $2.62. Difference: $0.03 – (brackets indicate current price is over target). If SCP meets the UBS target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
