WDC
Stock Code
Stock Exchange
Westfield Group (WDC) is a real property management group vertically integrated and internally managed with a global portfolio. Its operations involve property management, shopping centre investment, property development, leasing and marketing, funds/assets management and design and construction. WOS was listed on the Australian Stock Exchange on the 5th of July 2004. Its average annual revenue reaches approximately AUD$6 million. Its headquarters is located in Sydney, Australia. Westfield Group operates mainly in three business segments: Funds, Property Development and Property Management.
Dexus Property Group (DXS), a major Australia based property Company that operates at more than 260 properties worth of A$15 billion, mainly concentrating on acquisition, management and development of retail, industrial and office properties in both Australia and other regions with market capitalisation $3955.9 million was the best performer of the 4th week in ASX100 with a gain of 1.2 percent or 1 cent to its stock price closing the week at 83 cents.
Westfield Group (WDC) has reported that the sales growth is in decline in Australia for the third quarter of the year despite a stable condition in the United States and UK. Steven Lowy, the managing director of the company stated that he is looking forward to see the operating earnings and distributions to be within the range of 94 cents and 97 cents for each stapled security for calendar 2009.
While Australian shares rose by 0.6% yesterday, Westfield (WDC) has seen a drop in share price after the announcement made by the company regarding the distribution cut. The company said that the net profit for the year 2008 till December would reflect a $3 billion charge against shopping centre assets because of an increase in capitalisation rates.
Westfield Group (WDC) has a $18.50 share price target and it is upgraded to Buy from Hold from Australian stock analyst Macquarie Research Equities.
Westfield Group (WDC) : Playing Hide and Seek
A place to hide; upgrading to Buy — With the recent share price decline, we upgrade Westfield to Buy from Hold. Westfield represents good value compared to Australian REIT peers given its relatively lower earnings risk, good valuation discount, quality assets, and low re-financing risk. Westfield is also attractive relative to Global peers.
Westfield Group (WDC) is upgraded to Buy from Hold and it's target share price has downgraded to $18.50 from Australian stockmarket analysts from Citi.
Westfield Group (WDC) : Playing Hide and Seek
With the recent share price decline, we upgrade Westfield to Buy from Hold. Westfield represents good value compared to Australian REIT peers given its relatively lower earnings risk, good valuation discount, quality assets, and low re-financing risk. Westfield is also attractive relative to Global peers.
Westfield Group (WDC) are extremely well positioned and has a $19.79 share price target from Australian stock analyst Macquarie Research Equities
Westfield Group (WDC) Earnings robust in uncertain environment
Superior operator in an uncertain environment:
Westfield Group (WDC) has a price target of $19.79 from Australian stock analyst UBS.
Westfield Group (WDC) Domestically strong, US seasonal
Esteemed operator in an uncertain environment:
Here is a list of the ASX top 10 (Australian Stock Exchange Top 10) as of close of trade on Friday, February 1, 2008. This list shows the top 10 companies with the largest market capitalisation listed on the Australian Stock Exchange. Market capitalisation is the price of one of the Company's ordinary shares multiplied by the number of shares in issue. Figures presented beside the company name and ticker symbol is the company's market capital in $ million.
- BHP Billiton (BHP) : $129,376 million
Westfield (WDC) has a Neutral 1 share trading recommendation and a $21.25 price target from Australian stockmarket analyst UBS. WDC have announced the establishment of the UK Wholesale Shopping Centre Fund as foreshadowed at the time of the $3bn equity capital raising last month. The centres include Merry Hill, Belfast, Tunbridge Wells and also Derby once its development is completed (before Oct 2009). Initial yield to be 4.3% after costs with Derby to be sold to the Fund on a yield of 5.0%. 67% of the fund has been taken up by 2 investors with the remaining third to be marketed to a wider group. Accretive but no change to DPU: Initially the establishment of the fund is on average 1.2%pa accretive assuming the proceeds are used to pay down debt (6.5%). If the proceeds are subsequently reinvested in the development pipeline yielding 9%, there is accretion of 2.9% on average. DPU guidance has been maintained at 106.5c. WDC cashing up with $7bn raised in 6months: WDC has now raised $7bn in 6 months, through equity and property sales/funds management initiatives. This will fund half of their 5 year development program (12-15% IRR unlevered) which needs $14bn+ just for WDC's interests. They expect Westfield to continue to sell more mature assets as it works through its current pipeline. Other possible asset sales include US$450m (announced as part of capital raising) and further tranches of Property Notes. The analysts' DCF valuation is $21.25 and NAV is $21.43. Their Price Target is based on a DCF model.
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