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Mid-Cap

Drop in National Storage REIT and Cover-More Group

June 30, 2016 | Team Kalkine
Drop in National Storage REIT and Cover-More Group

National Storage REIT



NSR Details
  • Boosting capital position: National Storage REIT (ASX: NSR) fell over 6.5% on June 30, 2016. The group began trading ex-dividend on June 29, 2016 (dividend amount as $0.044). On the other hand, NSR finished raising over $212 million via Entitlement Offer to fund its acquisition of the Southern Cross Portfolio (for $285m). Accordingly, management reported that their acquisitions and new centers would be underlying earnings accretive from FY17. The group reiterated its FY16 EPS guidance of 8.7 – 8.8 cents per stapled security and forecasts a better FY17 underlying earnings in the range of 9.2 – 9.4 cents per stapled security, which is 5.7% – 8.0% rise against FY16 guidance. We believe that long term investors need to leverage today’s correction to enter the stock.
  • Recommendation: We give a “Speculative Buy” on the group at the current price of $1.66
 

Southern Cross Portfolio acquisition contribution (Source: Company Reports)
 
Cover-More Group Ltd



CVO Details
  • Attractive levels: Cover-More Group Ltd (ASX: CVO) stock corrected over 2.4% on June 30, 2016 leading to a correction of a total of 17.1% in the last four weeks. On the other hand, CVO clarified that their Munich Re’s recent decision to divest Great Lakes Australia (GLA) is forecasted to limit the impact on Cover-More’s business. Meanwhile, the recent correction in the stock placed them at attractive P/E. The group also has a decent dividend yield.
  • Recommendation: We maintain a “Buy” recommendation on the stock at the current price of $1.21
 

Cover-More Group growth via their innovation model (Source: Company Reports)
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