After a medium-term notes issuance, the REIThas upgraded 2021 distributable EPS guidance to 15.72-15.80cps from 15.72cps. The $200m of fixed-rate 7-year Notes were priced at a coupon of 2.4% and will be used to partially repay an existing debt facility.
The analyst notes the portfolio of petrol stations is well placed with 99.4% of fuel income contractually secured until May 2026. It’s assumed capital management initiatives will occur in the fourth quarter 2021. The Add rating and $3 target price are unchanged.
Sector: Real Estate.
Target price is $3.00.Current Price is $2.74. Difference: $0.26 – (brackets indicate current price is over target). If WPR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
