Dexus (DXS) AI Stock Analysis

• Market Cap: AU$7.46B
• Dividend Yield: 5.19%
• Average Volume (3M): 3.72M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: 0.32%
• EPS Growth: 28.89%
• Country: AU
• Employees: 972
• Sector: Real Estate
• Sector Strength: 57
• Industry: REIT - Diversified
• EPS (TTM): 0.01
• Shares Outstanding: 1,075,565,200
• 10 Day Avg. Volume: 3,302,050
• 30 Day Avg. Volume: 3,715,245
• PEG Ratio: 0.18
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 9.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$7.70
• Price Target Upside: 12.01% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6

• Rating: 60 Neutral
• Price Target: AU$7.00 ▲(1.89%Upside)

Dexus's overall stock score reflects significant profitability challenges and declining equity despite a strong dividend yield and reasonable debt levels. The technical analysis shows neutral to slightly positive momentum, but valuation concerns persist due to negative earnings. Improvements in operational efficiency and profitability are crucial for future stability.

Dexus Business Overview & Revenue Model

Company Description

Dexus is one of Australia's leading real estate groups, proudly managing a high-quality Australian property portfolio valued at $44.3 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group's $11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk adjusted returns for investors.

How the Company Makes Money

Dexus makes money through the ownership and management of a large portfolio of real estate assets, generating income primarily from rental revenues. The company leases office, industrial, and retail spaces to a wide range of tenants and earns revenue from long-term lease agreements. In addition, Dexus engages in property development, creating new real estate projects that add to its portfolio and provide capital growth opportunities. The company also manages third-party assets, earning fees for property management and development services. Key partnerships with institutional investors and joint ventures play a significant role in enhancing its revenue streams and expanding its market presence.

Dexus Financial Statement Overview

Summary

Dexus is facing profitability challenges with significant net losses, although it has improved EBIT margins. The company maintains a reasonable debt-to-equity ratio, but declining equity and assets indicate strategic challenges. Positive operating cash flow suggests some operational resilience.

Income Statement

Dexus has experienced fluctuating revenue with a slight growth from 2023 to 2024. However, the company reported significant net losses in both 2023 and 2024, indicating profitability challenges. The EBIT margin improved substantially in 2024, but EBITDA turned negative, signaling potential operational inefficiencies or restructuring costs.

Balance Sheet

The company maintains a reasonable debt-to-equity ratio, but there has been a noticeable decline in stockholders' equity from 2023 to 2024. The equity ratio is strong, indicating good asset coverage by equity, but the decrease in total assets suggests a need for strategic asset management.

Cash Flow

Dexus has a positive operating cash flow, but a decline from previous years, reflecting some operational pressures. The free cash flow remains positive, albeit with reduced growth, which indicates controlled capital expenditure. The operating cash flow to net income ratio is strong due to significant non-cash expenses, but profitability remains a concern.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	880.90M	877.60M	863.10M	1.02B	994.00M
Gross Profit	646.90M	574.70M	494.60M	578.70M	584.90M
EBITDA	-6.30M	348.80M	471.20M	448.80M	269.40M
Net Income	-1.58B	-752.70M	1.62B	1.14B	983.00M
Balance Sheet
Total Assets	15.82B	18.54B	19.23B	18.14B	17.61B
Cash, Cash Equivalents and Short-Term Investments	54.00M	123.90M	75.30M	43.50M	31.80M
Total Debt	5.00B	5.35B	4.94B	4.95B	4.86B
Total Liabilities	5.66B	6.28B	5.67B	5.63B	5.53B
Stockholders Equity	10.16B	12.26B	13.57B	12.51B	12.08B
Cash Flow
Free Cash Flow	611.10M	762.90M	553.80M	982.90M	708.20M
Operating Cash Flow	613.50M	770.90M	560.10M	999.30M	714.10M
Investing Cash Flow	311.00M	-579.80M	41.20M	-698.00M	-604.00M
Financing Cash Flow	-994.40M	-142.50M	-569.50M	-289.60M	-108.10M

Dexus Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DXS, the sentiment is Negative. The current price of 6.87 is above the 20-day moving average (MA) of 6.82, below the 50-day MA of 6.89, and below the 200-day MA of 6.90, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.70 is Neutral, neither overbought nor oversold. The STOCH value of 55.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:DXS.

Dexus Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DXS	60 Neutral	AU$7.46B	―	-9.22%	5.19%	0.32%	28.89%
Sector *	54 Neutral	$1.19B	3.66	0.13%	6.36%	-2.13%	-128.06%
CTOUF	―	$5.92B	308.85	1.03%	1.65%	―	―
GMGSF	―	$44.88B	67.24	5.14%	0.91%	―	―
GPTGF	―	$6.27B	―	-1.94%	4.83%	―	―
STKAF	―	$8.44B	28.40	4.54%	6.37%	―	―
CLW	71 Outperform	AU$2.89B	―	-5.75%	6.16%	-15.42%	65.86%

Dexus Corporate Events

Dexus Announces Cessation of Performance Rights

Dexus announced the cessation of 91,509 performance rights due to the conditions for these securities not being met or becoming incapable of being satisfied. This announcement may impact the company’s capital structure and reflects the challenges in meeting performance conditions, which could have implications for stakeholders and the company’s strategic objectives.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.25 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Unveils Updated Climate Transition Action Plan

Dexus has released its updated Climate Transition Action Plan (CTAP), which outlines the company’s strategic approach to managing climate-related risks and opportunities across its real estate and infrastructure platform. The plan includes climate scenario analysis, sets clear climate aspirations, and outlines programs to support their achievement, demonstrating Dexus’s commitment to sustainability and readiness for the Australian Sustainability Reporting Standards. This initiative is part of Dexus’s broader purpose of creating a sustainable and resilient future for its customers, communities, and investors.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.63 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Reports Portfolio Valuation Growth and Legal Update

Dexus announced a portfolio valuation increase of approximately $55 million, or 0.4%, as of June 30, 2025, driven by market rental growth in both office and industrial properties. The company also declared an estimated distribution of 18.0 cents per security for the six months ending June 30, 2025, reflecting its updated distribution policy. Additionally, Dexus provided an update on legal proceedings involving its interest in Australia Pacific Airports Corporation, with a rescheduled court hearing and potential implications for shareholders depending on the outcome.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.63 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Announces New Distribution for Stapled Securities

Dexus has announced a new distribution for its fully paid units stapled securities, with a distribution amount of AUD 0.18 per unit. The ex-date is set for June 27, 2025, and the record date is June 30, 2025, with payments to be made on August 29, 2025. This announcement is part of the company’s regular financial operations and reflects its ongoing commitment to providing returns to its investors. The distribution is related to the financial period ending June 30, 2025, and annual statements will be dispatched to security holders on the payment date.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.63 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Secures Injunction to Protect Shareholder Interests in APAC Dispute

Dexus has filed proceedings in the New South Wales Supreme Court to contest a notice from the Australia Pacific Airports Corporation (APAC) Board, obtaining an injunction to protect its shareholders’ interests. This injunction temporarily restores governance and voting rights and prevents any forced sale of Dexus Bloc Shareholder interests until the court’s final ruling in August 2025, with Dexus agreeing to cover potential damages if their claim fails.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.63 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Disputes APAC Board Allegations Over Confidentiality Breach

Dexus, acting as a trustee for a significant stake in Australia Pacific Airports Corporation, is facing allegations from the APAC Board regarding a breach of confidentiality in the sale process of its shares. The notice could lead to a compulsory sale process and suspension of certain rights for Dexus Bloc shareholders. Dexus disputes the validity of these allegations and intends to defend its position, as the Dexus Bloc is a substantial part of its third-party funds under management, impacting its management fees.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.63 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Demonstrates Resilience and Sustainability in March 2025 Quarter

Dexus has reported a resilient performance for the March 2025 quarter, with strong occupancy rates in its office and industrial portfolios, and robust rent collections. The company has completed significant transactions worth approximately $960 million and increased its stake in New Zealand’s Powerco. Dexus continues to excel in sustainability, ranking in the top 5% globally, and has made progress in its climate and community initiatives. The company is well-positioned to capitalize on opportunities in the real asset market, supported by a strong balance sheet and disciplined capital management.