DEXUS (DXS)
Share Price Analysis and Chart

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DXS

DXS - DEXUS

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 27.98
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Dexus is an Australian Real Estate Investment Trust (REIT) that owns a portfolio of mainly office properties and manages a range of office, industrial and healthcare properties for third parties. It was founded in 1984 and listed on the ASX as the Deutsche Diversified Trust.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.22

02 Oct
2025

0.020

OPEN

$7.20

0.28%

HIGH

$7.26

1,606,698

LOW

$7.15

TARGET
$7.962 10.3% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 12.8 56.6 xxx
DPS (cps) xxx 37.0 37.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx - 22.9% 0.0% xxx
PE Ratio xxx N/A 12.8 xxx
Dividend Yield xxx N/A 5.1% xxx
Div Pay Ratio(%) xxx 288.2% 65.4% xxx

Dividend yield today if purchased 3 years ago: 4.56%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.10

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx12.8
DPS All xxxxxxxxxxxxxxx37.0
Sales/Revenue xxxxxxxxxxxxxxx1,007.6 M
Book Value Per Share xxxxxxxxxxxxxxx920.3
Net Operating Cash Flow xxxxxxxxxxxxxxx828.7 M
Net Profit Margin xxxxxxxxxxxxxxx0.34 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx0.03 %
Return on Invested Capital xxxxxxxxxxxxxxx0.02 %
Return on Assets xxxxxxxxxxxxxxx0.02 %
Return on Equity xxxxxxxxxxxxxxx0.03 %
Return on Total Capital xxxxxxxxxxxxxxx1.03 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx394.2 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx941 M
Long Term Debt xxxxxxxxxxxxxxx3,888 M
Total Debt xxxxxxxxxxxxxxx4,829 M
Goodwill - Gross xxxxxxxxxxxxxxx118 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx65 M
Price To Book Value xxxxxxxxxxxxxxx0.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx13.2 M
Capex % of Sales xxxxxxxxxxxxxxx1.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx310 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx544 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,621 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

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

21/08/2025

5

Underweight

$7.75

7.34%

Morgan Stanley reckons Dexus' FY25 result and FY26 guidance were fine at the headline level, and the consensus EPS forecast for next 12 months is likely to be largely unchanged.

Among issues of concern were lower yield on cost for Atlassian, now 4.0-4.5% vs the target of 4.0-5.0%, the delay in Brisbane Waterfront project and expiry of 8% of Office portfolio in FY26 and 13.9% in FY27.

On the comforting side was $35m performance fee secured for FY26, with the broker already expecting it to be a headwind vs FY25's $41m.

Underweight. Target price $7.75. Industry View: In-Line.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

11/09/2025

4

Underweight

$7.40

2.49%

Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.

Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.

Among key risks in the broker's view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.

In the case of Dexus, the broker believes investors will need to see evidence of a clear AFFO recovery to step in from the sidelines.

Underweight. Target rises to $7.40 from $7.25.

FORECAST
Jarden forecasts a full year FY26 dividend of 37.10 cents and EPS of 63.00 cents.
Jarden forecasts a full year FY27 dividend of 37.60 cents and EPS of 63.20 cents.
Access Extra Coverage Research History >

DXS STOCK CHART

FNArena News on DXS

Latest REITs News

1
Australian Listed Real Estate Tables – 06-06-2022

Jun 06 2022 - Weekly Reports
2
Australian Listed Real Estate Tables – 30-05-2022

May 30 2022 - Weekly Reports
3
Australian Listed Real Estate Tables – 23-05-2022

May 23 2022 - Weekly Reports
4
Australian Listed Real Estate Tables – 16-05-2022

May 16 2022 - Weekly Reports
5
Australian Listed Real Estate Tables – 09-05-2022

May 09 2022 - Weekly Reports
6
Australian Listed Real Estate Tables – 03-05-2022

May 03 2022 - Weekly Reports
7
Australian Listed Real Estate Tables – 26-04-2022

Apr 26 2022 - Weekly Reports
8
Australian Listed Real Estate Tables – 19-04-2022

Apr 19 2022 - Weekly Reports
9
Australian Listed Real Estate Tables – 11-04-2022

Apr 11 2022 - Weekly Reports
10
Australian Listed Real Estate Tables – 04-04-2022

Apr 04 2022 - Weekly Reports