Dexus Industria REIT (DXI.AX)

Industry: REIT - Industrial Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
O5RU.SI	54	AIMS APAC REIT	145	3,983.42	3,931.33	1,840.91	1,663.64	1,907.35	1,699.33
WIR-U.TO	55	WPT Industrial Rea	139	4.67	3.21	4.13	2.62	3.54	4.30
FTREIT.BK	56	Frasers Property T	132	10.00	9.18	12.51	8.51	12.93	12.63
2979.T	57	SOSiLA Logistics R	130	10.92	10.92	12.14	12.14	15.48	16.66
NXR-UN.TO	58	Nexus Industrial R	127	9.51	8.78	15.31	12.04	16.82	13.16
2191.HK	59	SF Real Estate Inv	115	-	-	7.34	7.34	8.88	189.89
365550.KS	60	ESR Kendall Square	113	60.93	60.93	26.26	26.26	36.79	40.88
DXI.AX	61	Dexus Industria RE	108	2.33	1.48	24.50	24.50	-	13.98
DHLU.SI	62	Daiwa House Logist	91	5.54	5.54	28.85	28.85	10.83	11.17
M1GU.SI	63	Alpha Integrated R	91	39.39	56.24	64.04	91.87	13.80	17.51
LAND	64	Gladstone Land Cor	68	37.33	33.53	12.99	11.93	43.35	59.90
LPA	65	Logistic Propertie	58	21.96	29.26	9.12	9.12	16.01	17.38
BWCU.SI	66	EC World Real Esta	42	-	-	-	-	26.79	21.15
CPTGF.BK	67	C.P. Tower Growth	41	9.42	10.44	8.14	3.15	6.28	9.91
AIMIRT.BK	68	AIM Industrial Gro	34	9.82	8.84	11.62	5.62	14.48	12.84
AJXA	69	Great Ajax Corp. 7	32	139.50	179.08	-	-	-	7.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.00	10.44	12.14	9.12	14.14	13.16
Full Range Median Multiple	10.92	10.92	12.51	11.93	14.98	16.66
Industry Multiple	334.03	334.41	157.95	144.85	152.38	142.30
Market Implied Multiple	2.28	1.44	24.11	24.11	-	13.76
Company (DXI.AX) Multiple	2.33	1.48	24.50	24.50	-	13.98
(*) Net Income / EBITDA / Revenue	245	386	33	33	-9	57
Winsorized Enterprise Value	N/A	N/A	397	298	-123	755
Full Range Median Enterprise Value	N/A	N/A	410	390	-130	956
(-) Net Debt	232	232	232	232	232	232
Winsorized Equity Value	2,447	4,028	165	67	-355	523
Full Range Median Equity Value	2,670	4,211	178	158	-362	724
(/) Shares Outstanding	210	210	210	210	210	210
Winsorized Fair Value	$11.68	$19.23	$0.79	$0.32	$-1.69	$2.50
Full Range Median Fair Value	$12.74	$20.10	$0.85	$0.76	$-1.73	$3.46
Current Price	$2.66	$2.66	$2.66	$2.66	$2.66	$2.66
Upside / Downside	339.01%	622.84%	-70.32%	-88.05%	-163.69%	-6.10%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.17	$13.46	$0.55	$0.22	$-1.19	$1.75
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy