Market Chatter: Dexus to See Limited Balance Sheet Impact From Court Ruling on Melbourne Airport, Citigroup Says

MT Newswires Live06-01

Dexus (ASX:DXS) will see only a limited direct impact to its balance sheet from a New South Wales Supreme Court ruling that triggers a compulsory sale process for its stake in Melbourne Airport at market value, Citigroup said in a note, the Australian Financial Review reported Monday.

The court on Friday ruled that the company was in violation of confidentiality agreements and must dispose of the interest. Dexus holds a roughly 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania.

Citi analyst Penny Howard said the investment is housed within Dexus' funds management platform and is excluded from net tangible asset calculations, which mitigates the balance sheet impact, according to the report.

"While near-term sentiment is likely to remain negative, a final resolution of the APAC matter - whether through appeal or a negotiated outcome - would represent a meaningful step forward for investors seeking a recovery and sustainable earnings growth trajectory in the medium term," AFR quoted Howard as saying.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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