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A Fresh Look at Dexus (ASX:DXS) Valuation as Share Price Steadies
Thu 11 Sep 25, 12:06 PMAssessing Dexus After 9.3% Rally and Renewed Sector Optimism in 2025
Tue 09 Sep 25, 11:53 AMDexus pitches Australia as safe haven, plans A$2 billion asset sale
Tue 18 Feb 25, 02:48 AMSydney office block sold at 16% discount as rates, remote working hit sector
Fri 18 Aug 23, 02:53 AMDexus (ASX:DXS) shareholders have endured a 10% loss from investing in the stock three years ago
Sat 04 Jun 22, 11:17 PMDexus' (ASX:DXS) Dismal Stock Performance Reflects Weak Fundamentals
Wed 09 Feb 22, 10:34 PMDexus' (ASX:DXS) investors will be pleased with their decent 52% return over the last five years
Sat 11 Dec 21, 10:18 PMDexus' (ASX:DXS) CEO Compensation Is Looking A Bit Stretched At The Moment
Tue 12 Oct 21, 08:41 PM| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Income before tax | 134.70M | -1593.50000M | -741.50000M | 1631.10M | 1179.70M |
| Minority interest | 20.40M | 4.90M | 67.50M | - | - |
| Net income | 156.50M | -1578.90000M | -685.20000M | 1615.90M | 1138.40M |
| Selling general administrative | 258.10M | 292.50M | 194.90M | 167.50M | 127.40M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 701.30M | 646.90M | 639.70M | 591.20M | 604.90M |
| Reconciled depreciation | 18.10M | 13.90M | 8.40M | 9.60M | 9.10M |
| Ebit | 337.60M | -20.20000M | -528.10000M | 1774.60M | 1310.70M |
| Ebitda | 355.70M | -6.30000M | -519.70000M | 1784.20M | 1319.80M |
| Depreciation and amortization | 18.10M | 13.90M | 8.40M | 9.60M | 9.10M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 403.60M | 324.20M | 440.80M | 1269.90M | 1035.30M |
| Other operating expenses | 517.60M | 556.70M | 1433.90M | 436.80M | 498.50M |
| Interest expense | 202.90M | 168.40M | 150.20M | 140.70M | 131.00M |
| Tax provision | -1.40000M | -9.70000M | 11.20M | 15.20M | 41.30M |
| Interest income | 30.00M | 21.30M | 1022.60M | 2.40M | 716.90M |
| Net interest income | -179.70000M | -148.00000M | -163.40000M | -139.40000M | -129.70000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | -1.40000M | -9.70000M | 11.20M | 15.20M | 41.30M |
| Total revenue | 921.20M | 880.90M | 837.70M | 871.90M | 1014.60M |
| Total operating expenses | 297.70M | 322.70M | 222.40M | 249.90M | 153.50M |
| Cost of revenue | 219.90M | 234.00M | 198.00M | 280.70M | 409.70M |
| Total other income expense net | -268.90000M | -1917.70000M | -995.40000M | 1429.20M | 858.70M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 136.10M | -1583.80000M | -752.70000M | 1615.90M | 1138.40M |
| Net income applicable to common shares | 156.50M | -1583.80000M | -752.70000M | 1615.90M | 1138.40M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Total assets | 15388.60M | 15822.40M | 18480.20M | 19192.10M | 18099.60M |
| Intangible assets | 508.20M | 601.30M | 610.70M | 438.10M | 304.50M |
| Earning assets | - | - | - | - | - |
| Other current assets | 48.70M | -292.70000M | 83.00M | 36.70M | 8.70M |
| Total liab | 5475.50M | 5657.60M | 6215.90M | 5624.90M | 5590.60M |
| Total stockholder equity | 9898.10M | 10164.80M | 12264.30M | 13567.20M | 12509.00M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | - | -177.80000M | 118.20M | 4.30M | 7.80M |
| Common stock | - | 7155.10M | 7155.10M | 7155.10M | 7155.10M |
| Capital stock | 7155.10M | 7155.10M | 7155.10M | 7155.10M | 7155.10M |
| Retained earnings | 2742.70M | 2995.90M | 5053.30M | 6361.00M | 5317.30M |
| Other liab | - | - | - | - | - |
| Good will | 52.00M | 66.50M | 68.70M | 49.90M | 0.90M |
| Other assets | - | 15822.40M | 387.30M | 530.40M | 374.30M |
| Cash | 65.30M | 54.00M | 123.90M | 75.30M | 43.50M |
| Cash and equivalents | - | - | 123.90M | 75.30M | 43.50M |
| Total current liabilities | 1464.80M | 699.70M | 1066.60M | 555.10M | 533.50M |
| Current deferred revenue | - | 668.60M | 495.90M | 472.50M | 436.90M |
| Net debt | 4657.40M | 4950.50M | 5221.90M | 4867.00M | 4905.20M |
| Short term debt | - | 177.80M | 405.40M | 37.30M | 53.50M |
| Short long term debt | 909.70M | 166.00M | 403.30M | 33.10M | 50.00M |
| Short long term debt total | - | 5004.50M | 5345.80M | 4942.30M | 4948.70M |
| Other stockholder equity | - | 0.00000M | -12208.40000M | -13516.10000M | -12472.40000M |
| Property plant equipment | - | - | 17.80M | 28.60M | 23.70M |
| Total current assets | 532.30M | 661.90M | 1873.90M | 747.30M | 637.80M |
| Long term investments | 9089.80M | 8959.10M | 9481.90M | 9068.40M | 8250.90M |
| Net tangible assets | - | - | - | - | - |
| Short term investments | - | - | 64.70M | 33.10M | - |
| Net receivables | 16.80M | 238.70M | 151.80M | 166.50M | 121.00M |
| Long term debt | 3813.00M | 4745.90M | 4927.90M | 4882.30M | 4874.70M |
| Inventory | - | 60.20M | 30.60M | 54.40M | 137.20M |
| Accounts payable | 57.00M | 31.10M | 47.10M | 41.00M | 35.30M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | 13.80M | 55.90M | 51.10M | 36.60M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | -15.80000M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 1.20M | 5441.00M | -10284.10000M | -9696.80000M | 41.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 14856.30M | 15160.50M | 16606.30M | 18444.80M | 17461.80M |
| Capital lease obligations | 106.50M | 92.60M | 14.60M | 26.90M | 24.00M |
| Long term debt total | - | - | 4940.40M | 4905.00M | 4895.20M |
| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Investments | -109.60000M | 311.00M | -579.80000M | 41.20M | -698.00000M |
| Change to liabilities | - | - | - | - | - |
| Total cashflows from investing activities | -109.60000M | 311.00M | -579.80000M | 41.20M | -698.00000M |
| Net borrowings | -236.20000M | -437.60000M | - | - | - |
| Total cash from financing activities | -690.40000M | -994.40000M | -142.50000M | -569.50000M | -289.60000M |
| Change to operating activities | - | - | - | - | - |
| Net income | 156.50M | -1583.80000M | -752.70000M | 1615.90M | 1138.40M |
| Change in cash | 11.30M | -69.90000M | 48.60M | 31.80M | 11.70M |
| Begin period cash flow | 54.00M | 123.90M | 75.30M | 43.50M | 31.80M |
| End period cash flow | 65.30M | 54.00M | 123.90M | 75.30M | 43.50M |
| Total cash from operating activities | 811.30M | 613.50M | 770.90M | 560.10M | 999.30M |
| Issuance of capital stock | - | - | - | - | - |
| Depreciation | - | 13.90M | 6.90M | 12.30M | 7.10M |
| Other cashflows from investing activities | 5.10M | 2.50M | -571.80000M | 47.50M | -681.60000M |
| Dividends paid | -433.60000M | -540.90000M | -572.20000M | -548.60000M | -567.90000M |
| Change to inventory | - | - | 23.80M | 123.80M | 157.60M |
| Change to account receivables | - | - | 30.50M | -12.10000M | 11.20M |
| Sale purchase of stock | -15.80000M | -11.60000M | -7.50000M | -16.30000M | -135.80000M |
| Other cashflows from financing activities | -4.80000M | -15.90000M | -7.50000M | -16.30000M | -7.30000M |
| Change to netincome | - | - | - | - | - |
| Capital expenditures | 13.20M | 1.30M | 8.00M | 6.30M | 16.40M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 26.80M | -107.20000M | 54.30M | 111.70M | 168.80M |
| Stock based compensation | - | - | 10.31M | 8.43M | 7.98M |
| Other non cash items | 784.50M | 2304.50M | 1516.70M | -1068.10000M | -146.20000M |
| Free cash flow | 798.10M | 611.10M | 762.90M | 553.80M | 982.90M |
Sector: Real Estate Industry: REIT - Office
| Company | Change (AUD) | Price (AUD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| DXS Dexus |
-0.02 0.32% | 6.25 | 13.85 | 9.98 | 4.85 | 0.69 | 17.58 | 16.64 |
| GOZ Growthpoint Properties Australia |
0.03 1.40% | 2.17 | 43.60 | 9.30 | 4.94 | 0.71 | 10.85 | 27.56 |
| CMW Cromwell Property Group |
0.005 1.25% | 0.41 | 10.25 | 9.83 | 4.31 | 0.71 | 9.85 | 11.61 |
| COF Centuria Office REIT |
-0.005 0.50% | 1.00 | 9.27 | 10.09 | 3.86 | 0.59 | 9.74 | 13.80 |
| AOF Australian Unity Office Fund |
- -% | 0.35 | - | 16.16 | 6.66 | 0.86 | 15.69 | -7.0979 |
Dexus is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $51.5 billion. The Dexus Platform includes the Dexus listed portfolio and the funds management business. The $15.3 billion listed portfolio includes direct and indirect ownership of office, industrial, retail, healthcare, infrastructure, alternatives and other investments. We manage a further $36.2 billion investment in our funds management business which connects third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering performance and benefit from Dexus's Platform capabilities. The Platform's $11.5 billion real estate development pipeline provides the opportunity to grow both the listed and funds' portfolios and enhance future returns. We are deeply connected to our purpose; unlock potential, create tomorrow, reflecting our unique ability to create value for our people, customers, investors and communities over the long term. Sustainability is embedded into the way we do business, focusing on the three priority areas of Customer Prosperity, Climate Action and Enhancing Communities. Dexus is supported by more than 37,000 investors from 26 countries. With more than four decades of expertise in real asset investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors.
Level 30, Quay Quarter Tower, Sydney, NSW, Australia, 2000
| Name | Title | Year Born |
|---|---|---|
| Mr. Darren Joseph Steinberg BEc, F.A.C.I.D., FAICD, FAPI, FRICS | CEO & Exec. Director of DEXUS Funds Management Limited | NA |
| Ms. Keir L. Barnes | Chief Financial Officer | NA |
| Mr. Ross G. Du Vernet | Chief Investment Officer of Dexus Funds Management Limited | NA |
| Ms. Deborah Claire Coakley | Exec. Gen. Mang. of Funds Management | NA |
| Ms. Melanie Bourke | Chief Operating Officer of Dexus Funds Management Limited | NA |
| Ms. Rowena Causley | Head of Investor Relations | NA |
| Mr. Brett D. Cameron B.A., GAICD, L.L.B. | Gen. Counsel & Company Sec. of Dexus Funds Management Limited | NA |
| Mr. Paul Oates | Group Gen. Mang. of Devel. | NA |
| Mr. Christopher Hynes | Head of Office & Industrial Leasing | NA |
| Mr. Richard Garing | Regional Gen. Mang. of Office & Industrial | NA |
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