Cromwell Property Group

CMW: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cromwell Earnings: Buyer Poised for Polish Assets, but Cromwell Is Not Out of Danger Yet

Alexander Prineas

Feb 29, 2024

In our view, Cromwell’s balance sheet gearing of 45% and look-through gearing of 50% must be reduced. Reassuringly, at its December half-year results, management stated look-through gearing should reduce slightly via Australian assets contracted for sale in early 2024 and drop to 41.9% if a planned disposal of Polish assets proceeds. Headline gearing falls to a manageable 34% on these asset sales.

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