Dexus

DXS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$51.10	Pxzcnnd	Dpdxnrnp

Dexus' Fair Value Estimate Increased Because of Resilience in Industrial Portfolio

Alexander Prineas

Dec 18, 2020

We increase our fair value estimate for narrow-moat Dexus by 4% to AUD 9.70. Nearly 25 cents of the increase is due to the remarkable resilience demonstrated in Dexus’ industrial property portfolio. About 10 cents of the increase is driven by lower debt costs that are locked in. The balance is due to Dexus buying back a small number of securities at prices below our fair value estimate.

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