-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。12ヶ月目標株価を100ドルから85ドルに引き下げます。これは、2027年度（1月）の1株当たり利益（EPS）6.49ドル（当初予想6.67ドルから引き下げ、DLTRのガイダンスレンジである6.50ドル～6.90ドルを下回る）の約13倍に相当します。2028年度のEPSも7.23ドルから7.09ドルに引き下げます。この株価倍率は、同社の長期平均予想PER18倍を大きく下回っています。当社は、同社が複数料金制を導入するリスクを考慮すると、この株価の割安感は妥当であると考えています。複数料金制の導入は競争を激化させ、DLTRがトラフィックの伸びを維持することを困難にする可能性があると見ています。また、2027年度の収益成長には、複数価格制導入に伴う値札貼り費用の削減や、売却したファミリーダラー事業からのTSA収入の増加など、一時的なメリットもいくつかあることを指摘しておきます。最後に、過去1年間、大きな追い風となっていた運送費は現在、逆行しています。会計年度が進むにつれて、運送費の上昇はより深刻な逆風となり、利益率とEPSの両方に下振れをもたらす可能性があると予想されます。
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Research Alert: Essex Property Trust, Inc. Post Ffo Beat And Revenue In Line
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ESS delivered solid Q1 2025 results, with FFO of $4.17 per share, $0.21 above consensus, and same-property revenue growth of 2.9%. Cash NOI grew 4.3% Y/Y due to rental revenue of $482M, with average monthly rent up 2.2% to $2,719. We believe the West Coast multifamily market is showing modest growth, with Northern California leading the recovery at 3.9% same-property revenue growth, followed by Seattle Metro at 2.3% and Southern California at 2.2%. Management reaffirmed 2026 guidance, with FFO expected at $15.69-$16.19 per share and same-property revenue growth of 1.7%-3.1%. ESS increased its annual dividend by 0.8% to $10.36 per share, marking the 32nd consecutive annual increase, while repurchasing $61.9M in shares YTD. We like the portfolio's performance trajectory amid the ongoing West Coast market recovery, though operating expenses continue outpacing revenue growth at +2.5% to +3.5%. This leads to cash NOI of only +0.8% to +3.4% with the midpoint at +2.1% Y/Y.
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Research Alert: Eix Q1: Rate Increase Offsets Cost Recovery Non-recurral; Growth Targets Weak
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