The company has acquired six assets for $222m, to be funded via replacement and new debt. Distribution guidance for FY22 is now 8.25c.
Morgans adjusts forecasts to allow for the acquisitions, placement and distribution reinvestment plan and expects further accretive acquisitions that will drive upside.
The broker considers the portfolio well-positioned, a beneficiary of click and collect trends. Add rating maintained. Target rises to $1.69 from $1.62.
Sector: Real Estate.
Target price is $1.69.Current Price is $1.60. Difference: $0.09 – (brackets indicate current price is over target). If HDN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
