Financials Rural Funds Group

Equities

Market Closed - Australian S.E. Other stock markets 02:10:43 2024-04-26 am EDT			5-day change	1st Jan Change
1.95 ^AUD	-1.52%		0.00%	-8.02%

Mar. 01	Rural Funds Group Estimates Fiscal Q3 Distribution	MT
Feb. 23	Transcript : Rural Funds Group, H1 2024 Earnings Call, Feb 23, 2024

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	768.8	648.4	900.7	960.1	679.3	755.7	-	-
Enterprise Value (EV) ¹	1,061	944.4	1,233	1,413	1,308	1,554	1,588	1,600
P/E ratio	23.2 x	14.5 x	7.63 x	4.59 x	6.05 x	16 x	15 x	15.8 x
Yield	4.53%	5.65%	4.26%	4.67%	6.65%	6.02%	6.14%	6.29%
Capitalization / Revenue	11.6 x	9.01 x	13.4 x	11.7 x	7.15 x	7.37 x	6.91 x	6.54 x
EV / Revenue	16 x	13.1 x	18.4 x	17.3 x	13.8 x	15.2 x	14.5 x	13.8 x
EV / EBITDA	17.9 x	16.5 x	24.1 x	22.1 x	24.1 x	22 x	19.5 x	18.8 x
EV / FCF	-2,474 x	27.1 x	-183 x	-166 x	-25.4 x	-10.4 x	-95.1 x	-41.6 x
FCF Yield	-0.04%	3.69%	-0.55%	-0.6%	-3.94%	-9.62%	-1.05%	-2.41%
Price to Book	1.48 x	1.19 x	1.42 x	1.07 x	0.68 x	0.7 x	0.69 x	0.68 x
Nbr of stocks (in thousands)	334,264	337,713	339,901	382,515	384,857	387,564	-	-
Reference price ²	2.300	1.920	2.650	2.510	1.765	1.950	1.950	1.950
Announcement Date	8/26/19	8/24/20	8/24/21	8/30/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	66.39	72	67.17	81.86	95	102.6	109.3	115.6
EBITDA ¹	59.22	57.34	51.16	63.91	54.37	70.66	81.62	85.29
EBIT ¹	57.98	54.45	42.1	55.69	41.7	68.05	80.31	87.4
Operating Margin	87.34%	75.62%	62.68%	68.02%	43.89%	66.35%	73.47%	75.63%
Earnings before Tax (EBT) ¹	38.18	50.6	120.3	210.5	94.17	42.91	45.02	48.05
Net income ¹	32.39	44.63	117.7	206.8	112	46.5	50.73	48.55
Net margin	48.78%	61.98%	175.23%	252.63%	117.84%	45.34%	46.4%	42.02%
EPS ²	0.0993	0.1328	0.3472	0.5468	0.2917	0.1217	0.1304	0.1237
Free Cash Flow ¹	-0.429	34.86	-6.747	-8.499	-51.5	-149.4	-16.7	-38.5
FCF margin	-0.65%	48.42%	-10.05%	-10.38%	-54.21%	-145.72%	-15.28%	-33.32%
FCF Conversion (EBITDA)	-	60.8%	-	-	-	-	-	-
FCF Conversion (Net income)	-	78.11%	-	-	-	-	-	-
Dividend per Share ²	0.1043	0.1085	0.1128	0.1173	0.1173	0.1175	0.1197	0.1226
Announcement Date	8/26/19	8/24/20	8/24/21	8/30/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	293	296	332	453	629	798	832	845
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.943 x	5.162 x	6.499 x	7.086 x	11.57 x	11.3 x	10.2 x	9.904 x
Free Cash Flow ¹	-0.43	34.9	-6.75	-8.5	-51.5	-149	-16.7	-38.5
ROE (net income / shareholders' equity)	9.44%	8.37%	4.99%	5.46%	4.45%	4.05%	4.23%	4.38%
ROA (Net income/ Total Assets)	-	5%	3.01%	3.43%	2.74%	3.94%	4.53%	4.78%
Assets ¹	-	892	3,910	6,037	4,079	1,181	1,120	1,016
Book Value Per Share ²	1.550	1.620	1.870	2.350	2.590	2.800	2.820	2.850
Cash Flow per Share ²	0.1300	0.1300	0.1000	0.1000	0.0800	0.1100	0.1200	0.1200
Capex ¹	11.7	3	4.46	46.1	35.9	135	41.9	56.7
Capex / Sales	17.62%	4.16%	6.64%	56.3%	37.75%	131.34%	38.36%	49.1%
Announcement Date	8/26/19	8/24/20	8/24/21	8/30/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.95 AUD

Average target price

2.22 AUD

Spread / Average Target

+13.85%

	1st Jan change	Capi.
RURAL FUNDS GROUP	-8.02%	493M
AMERICAN TOWER CORPORATION	-20.47%	80.17B
EQUINIX, INC.	-9.16%	69.43B
DIGITAL REALTY TRUST, INC.	+6.13%	44.6B
IRON MOUNTAIN INCORPORATED	+10.77%	22.72B
SBA COMMUNICATIONS CORPORATION	-22.65%	21.2B
LAMAR ADVERTISING COMPANY	+7.61%	11.69B
OUTFRONT MEDIA INC.	+12.68%	2.61B
KEPPEL DC REIT	-12.82%	2.15B
UNITI GROUP INC.	0.00%	1.39B