ABACUS STORAGE KING (ASK)
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ASK - ABACUS STORAGE KING

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 8.96
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.57

15 Aug
2025

-0.020

OPEN

$1.58

-1.26%

HIGH

$1.59

749,668

LOW

$1.56

TARGET
$1.643 4.7% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
ASK: 1
Title FY24
Actual
FY25
Actual
FY26
Forecast
FY27
Forecast
EPS (cps) xxx 22.0 6.5 xxx
DPS (cps) xxx 6.2 6.3 xxx
EPS Growth xxx 100.0% - 70.7% xxx
DPS Growth xxx 3.3% 0.8% xxx
PE Ratio xxx N/A 23.9 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 28.2% 96.9% xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

4.03

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 28/12 - ex-div 3c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202320242025
EPS Basic xxxxxx22.0
DPS All xxxxxx6.2
Sales/Revenue xxxxxx247.3 M
Book Value Per Share xxxxxx177.3
Net Operating Cash Flow xxxxxx88.7 M
Net Profit Margin xxxxxx116.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202320242025
Return on Capital Employed xxxxxx13.00 %
Return on Invested Capital xxxxxx8.78 %
Return on Assets xxxxxx8.44 %
Return on Equity xxxxxx13.00 %
Return on Total Capital xxxxxx3.72 %
Free Cash Flow ex dividends xxxxxx0.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202320242025
Short-Term Debt xxxxxx1 M
Long Term Debt xxxxxx1,146 M
Total Debt xxxxxx1,147 M
Goodwill - Gross xxxxxx-
Cash & Equivalents - Generic xxxxxx121 M
Price To Book Value xxxxxx0.87

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202320242025
Capex xxxxxx4.9 M
Capex % of Sales xxxxxx1.98 %
Cost of Goods Sold xxxxxx102 M
Selling, General & Admin. Exp & Other xxxxxx23 M
Research & Development xxxxxx-
Investments - Total xxxxxx3,338 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Shaw and Partners

xx/xx/xxxx

3

xxxx, xxxxxx xxxx

$xx.xx

xx.xx%

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Citi

15/08/2025

1

Buy

$1.73

10.19%

Citi retains its $1.73 target and Buy rating for Abacus Storage King following FY25 results.

A summary of yesterday's research by the broker follows.

At first glance, Abacus Storage King reported funds from operations and distribution which met both Citi and consensus expectations.

Marginally weaker storage revenue was offset by more robust financing costs.

Management's top end of FY26 guidance is in line with expectations, with investors to remain focused on M&A potential as the stock is trading around a circa -8% discount to the revised NTA of $1.74 due to a -10bps decline in cap rates to 5.45%.

FORECAST
Citi forecasts a full year FY26 dividend of 6.30 cents and EPS of 7.00 cents.
Citi forecasts a full year FY27 dividend of 6.40 cents and EPS of 7.10 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Moelis

15/05/2025

3

Hold

$1.59

1.27%

Abacus Storage King has revalued 100% of its portfolio, delivering a 5.5% valuation uplift equating to a 13c rise in net tangible assets (NTA) to $1.73. The cap rate tightened by 7-bps to 5.49%, with most of the uplift driven by income growth.

Moelis notes this NTA level compares favourably to the $1.47 bid from a consortium comprising US-listed Public Storage and Ki Corporation.

Following the revaluation, the company's Independent Board Committee has rejected the non-binding indicative proposal.

National Storage REIT ((NSR)) has also taken a 5.11% stake, potentially complicating shareholder approval unless the bid is raised or restructured to include asset transfers to National Storage REIT, highlights the broker.

Moelis sees scope for the consortium to increase its offer by around 8% to reflect the higher NTA, contingent on due diligence. Failing that, other options such as replacing Abacus as manager and internalising operations could emerge, suggests the analyst.

The broker maintains a Hold rating and lifts the target price to $1.59 from $1.47.

FORECAST
Moelis forecasts a full year FY26 dividend of 6.30 cents and EPS of 6.60 cents.

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