Cromwell Property Group

CMW: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
—	—	—	Mddrbkztk

Cromwell Likely to Collect Rent from Qantas for at Least a Decade. Cromwell FVE Unchanged

Alexander Prineas

Nov 6, 2020

We make no change to our AUD 0.95 fair value estimate for no-moat Cromwell Property Group. We continue to suggest investors do not accept the proportional off-market offer. ARA has extended its bid to Monday Nov. 30. Apart from adjusting the offer price downwards to account for a recent distribution payment, the offer price is unchanged at AUD 90.125 cents per stapled security, which we believe undervalues Cromwell.

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