Dexus (DXS) Fair Value & Analysis
Real Estate · AU · Market cap A$6.0B (≈ $4.4B) · ISIN AU000000DXS1
What is Dexus really worth?
A solid business, but trading 29% above our fair value of A$4.49.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 15 valuation models · updated 22 days ago
Share price −3.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (A$4.81). The favourable scenario is already priced in.
- A fairly wide model range (A$2.37 to A$4.81) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range A$5.17 – A$8.61 · fair‑value band A$2.37 – A$4.81 · the A$5.81 price screens above the A$4.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Dexus (DXS) currently trades at A$5.81, while our model-based Fair Value estimate is A$4.49, implying the stock looks roughly 29.4% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Real Estate sector. Bull case: the Growth DCF group reads highest at a median of A$6.85 per share, and 4 of the 15 models we run sit above the A$5.81 price. Bear case: the Multiples group reads lowest at A$2.48, and 11 of the 15 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Dexus generated revenue of A$1.4B at a net margin of 39.0%. Revenue grew 22.7% year over year. It earns a return on equity of 4.7%. Net debt stands at A$4.8B. Fundamentals as of Aug 13, 2026
Our scenario range runs from A$2.37 (bear case) to A$4.81 (bull case); at A$5.81, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −22% fair-value upside, at −23%, DXS screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly A$0.0900 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 15 models by family
Widest divergence: Growth DCF (A$6.85) versus Multiples (A$2.48). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 47
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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 dollars. The Dexus Platform includes the Dexus listed portfolio and the funds management business.
Full company description
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 dollars. The Dexus Platform includes the Dexus listed portfolio and the funds management business. The 15.3 billion dollars listed portfolio includes direct and indirect ownership of office, industrial, retail, healthcare, infrastructure, alternatives and other investments. We manage a further 36.2 billion dollars 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 dollars 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. DEXUS was incorporated in 2004 in Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Dexus reported revenue of A$921M in FY2025 versus A$1.0B in FY2021, a compound −2.5%/yr. Reported net income was A$157M in FY2025, compounding −39.1%/yr from FY2021.
DXS screens 29% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Peer Group
REIT - Office · 69 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €13.51 | €5.66 | −58% |
| BXP, Inc BXP | $67.95 | $53.27 | −22% |
| Vornado Realty Trust VNORP | $51.00 | $40.45 | −21% |
| Alexandria Real Estate Equities, Inc ARE | $51.63 | $58.69 | +14% |
| Gecina GFC | €67.25 | €75.35 | +12% |
| Hudson Pacific Properties, Inc HPP | $12.74 | $3.81 | −70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.27 SGD | 1.14 SGD | −10% |
| Cousins Properties Incorporated CUZ | $29.25 | $17.46 | −40% |
| EMBASSYRR EMBASSYRR | ₹449.01 | ₹134.34 | −70% |
| Embassy Office Parks REIT owns, EMBASSY | ₹435.90 | ₹141.82 | −67% |
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