FY20 results were below Citi’s estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.
The stock has underperformed the sector and is trading below long-term averages given the uncertain outlook.
Declining office asset values and potential structural change are the broker’s main concerns. Neutral retained. Target is reduced to $9.11 from $9.44.
Sector: Real Estate.
Target price is $9.11.Current Price is $8.68. Difference: $0.43 – (brackets indicate current price is over target). If DXS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
