# Charter Hall Retail REIT (CQR.AU)

Canonical: https://gigainvestors.com/s/CQR.AU

Analysis as of: 2026-10-16T07:42:34.902Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 3.51 per share; close as of 2026-10-15.

Estimated value: low AUD 3.87 per share, central AUD 4.39 per share, high AUD 5.10 per share. Buy at or below the central value AUD 4.39 per share. Valuation as of 2026-10-16T07:42:34.902Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.87×

- FY2018: 0.70×

- FY2019: 0.42×

- FY2020: 0.59×

- FY2021: 0.58×

- FY2022: 0.57×

- FY2023: 0.36×

- FY2024: 0.58×

- FY2025: 0.57×

- FY2026: 0.66×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.5%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 61.0%

- Recent gross margin (lower of latest and 3-year median): 60.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.6%

- FY2018: 6.2%

- FY2019: 2.6%

- FY2020: 2.7%

- FY2021: 2.3%

- FY2022: 1.9%

- FY2023: 1.3%

- FY2024: 2.7%

- FY2025: 2.1%

- FY2026: 2.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 939M

- Net income, five-year total: AUD 1.3B

- Return on incremental invested capital: -0.5%

- Working capital / revenue, annual change: -5.9 pp

- Working capital / revenue, change between three-year averages: -46.5 pp

- Working capital / revenue, final three-year average: 96.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.84×

- FY2023: -1.23×

- FY2024: 1.02×

- FY2025: 0.90×

- FY2026: 0.56×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.6% vs 2.4%

- Per-share earnings: 0.31 to 0.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: AUD -87M

- Cumulative retained earnings: AUD 646M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 2.1%

- Per-share value change: AUD 0.06

- Per-share value, starting three-year median: AUD 0.31

- Per-share value, ending three-year median: AUD 0.37

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD 2.1B

- ROIC, first three-year median: 5.6%

- ROIC, last three-year median: 2.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.43

- FY2018: AUD 0.25

- FY2019: AUD 0.08

- FY2020: AUD 0.08

- FY2021: AUD 0.50

- FY2022: AUD 1.14

- FY2023: AUD 0.07

- FY2024: AUD 0.03

- FY2025: AUD 0.37

- FY2026: AUD 0.67

### accounting: pass

- Sloan accruals: 3.0%

- Receivables to sales index (DSRI): 0.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 4.7%

- FY2018: 1.0%

- FY2019: -2.4%

- FY2020: -2.9%

- FY2021: 4.1%

- FY2022: 12.5%

- FY2023: -3.0%

- FY2024: -3.5%

- FY2025: 1.7%

- FY2026: 3.0%

## Holders

## Price story

Down 21% since Apr 2022 · sales +6%

Story as of 2026-10-16T10:00:12.394Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales +6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 215M 

- FY2018: AUD 227M 

- FY2019: AUD 202M 

- FY2020: AUD 206M 

- FY2021: AUD 192M 

- FY2022: AUD 201M 

- FY2023: AUD 213M 

- FY2024: AUD 216M 

- FY2025: AUD 197M 

- FY2026: AUD 208M 

### Gross margin · FY2026

gross margin 65.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 62.4% 

- FY2018: 63.3% 

- FY2019: 63.9% 

- FY2020: 61.9% 

- FY2021: 58.7% 

- FY2022: 58.7% 

- FY2023: 59.9% 

- FY2024: 60.1% 

- FY2025: 58.7% 

- FY2026: 65.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are AUD 208.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2026: revenue 208400000; grossProfit 136000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CQR.AU: Charter Hall Retail REIT is the leading owner of property for convenience retailers. Charter Hall Retail REIT is managed by Charter Hall Group. Charter Hall is one of Australia's leading fully integrated property investment and funds management groups. We use our expertise to access, deploy, manage and invest equity to create value and generate superior returns for our investor customers. We've curated a diverse portfolio of high-quality properties across our core sectors " Office, Industrial & Logistics, Retail and Social Infrastructure. With partnerships and financial discipline at the heart of our approach, we create and invest in places that support our customers, people and communities to grow. Charter Hall Retail REIT was established on July 21, 1995 and incorporated in Australia.

### Why customers stay

Margins ranged from 58.7% to 65.3% during 2024–26; it earns 2.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2024: grossProfit / revenue = 60.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2025: grossProfit / revenue = 58.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2026: grossProfit / revenue = 65.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); 10-year return on capital observations [[2017,0.055799537168984246],[2018,0.06167160455325121],[2019,0.02569202971929668],[2020,0.027308091286307054],[2021,0.02290812141099262],[2022,0.019162024141132775],[2023,0.012682442242543111],[2024,0.02715299164100308],[2025,0.021461114901081765],[2026,0.02440420534615815]]; median 0.025048117532727412. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 59% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); Gross margin observations: [[2021,0.5866388308977035],[2022,0.5866533864541833],[2023,0.5986842105263158]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2017: growth capex 0; upkeep 0; owner earnings 125400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2018: growth capex 0; upkeep 0; owner earnings 117800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2020: growth capex 45700000; upkeep -45700000; owner earnings 44200000. Growth capex / owner earnings = 1.0339366515837105.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2021: growth capex 0; upkeep 0; owner earnings 154500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2022: growth capex 108048787.21286906; upkeep 104751212.78713094; owner earnings 559148787.212869. Growth capex / owner earnings = 0.1932379890358855.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2024: growth capex 0; upkeep 0; owner earnings 17500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2025: growth capex 0; upkeep 0; owner earnings 192300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); FY2026: growth capex 0; upkeep 35900000; owner earnings 216300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); Dividend observations: [[2017,105300000],[2018,113300000],[2019,106100000],[2020,108600000],[2021,106300000],[2022,113800000],[2023,150000000],[2024,145600000],[2025,143300000],[2026,182500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CQR.AU SharesStats.PercentInsiders = 2.577 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.902Z); Ten-year compound average after fade. Initial solved rate -0.0401650259517663. Price 3.51; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.20465632016810706 → FY2026 0.3721420932450791. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 4.15 per share

- 2016-11: AUD 4.25 per share

- 2016-12: AUD 4.23 per share

- 2017-01: AUD 4.23 per share

- 2017-02: AUD 4.29 per share

- 2017-03: AUD 4.34 per share

- 2017-04: AUD 4.47 per share

- 2017-05: AUD 4.35 per share

- 2017-06: AUD 4.07 per share

- 2017-07: AUD 4.10 per share

- 2017-08: AUD 3.93 per share

- 2017-09: AUD 3.95 per share

- 2017-10: AUD 4.06 per share

- 2017-11: AUD 4.36 per share

- 2017-12: AUD 4.16 per share

- 2018-01: AUD 3.83 per share

- 2018-02: AUD 3.73 per share

- 2018-03: AUD 3.85 per share

- 2018-04: AUD 3.95 per share

- 2018-05: AUD 4.22 per share

- 2018-06: AUD 4.19 per share

- 2018-07: AUD 4.13 per share

- 2018-08: AUD 4.25 per share

- 2018-09: AUD 4.24 per share

- 2018-10: AUD 4.25 per share

- 2018-11: AUD 4.52 per share

- 2018-12: AUD 4.48 per share

- 2019-01: AUD 4.55 per share

- 2019-02: AUD 4.55 per share

- 2019-03: AUD 4.65 per share

- 2019-04: AUD 4.65 per share

- 2019-05: AUD 4.42 per share

- 2019-06: AUD 4.37 per share

- 2019-07: AUD 4.52 per share

- 2019-08: AUD 4.36 per share

- 2019-09: AUD 4.25 per share

- 2019-10: AUD 4.41 per share

- 2019-11: AUD 4.60 per share

- 2019-12: AUD 4.27 per share

- 2020-01: AUD 4.71 per share

- 2020-02: AUD 4.72 per share

- 2020-03: AUD 3.11 per share

- 2020-04: AUD 3.17 per share

- 2020-05: AUD 3.27 per share

- 2020-06: AUD 3.35 per share

- 2020-07: AUD 3.18 per share

- 2020-08: AUD 3.43 per share

- 2020-09: AUD 3.36 per share

- 2020-10: AUD 3.44 per share

- 2020-11: AUD 3.81 per share

- 2020-12: AUD 3.67 per share

- 2021-01: AUD 3.56 per share

- 2021-02: AUD 3.71 per share

- 2021-03: AUD 3.84 per share

- 2021-04: AUD 3.72 per share

- 2021-05: AUD 3.77 per share

- 2021-06: AUD 3.80 per share

- 2021-07: AUD 3.71 per share

- 2021-08: AUD 3.81 per share

- 2021-09: AUD 4.00 per share

- 2021-10: AUD 4.10 per share

- 2021-11: AUD 4.16 per share

- 2021-12: AUD 4.26 per share

- 2022-01: AUD 4.01 per share

- 2022-02: AUD 4.19 per share

- 2022-03: AUD 4.21 per share

- 2022-04: AUD 4.47 per share

- 2022-05: AUD 4.29 per share

- 2022-06: AUD 3.77 per share

- 2022-07: AUD 4.18 per share

- 2022-08: AUD 4.11 per share

- 2022-09: AUD 3.68 per share

- 2022-10: AUD 4.01 per share

- 2022-11: AUD 4.05 per share

- 2022-12: AUD 3.83 per share

- 2023-01: AUD 3.99 per share

- 2023-02: AUD 3.99 per share

- 2023-03: AUD 3.76 per share

- 2023-04: AUD 3.86 per share

- 2023-05: AUD 3.72 per share

- 2023-06: AUD 3.61 per share

- 2023-07: AUD 3.75 per share

- 2023-08: AUD 3.49 per share

- 2023-09: AUD 3.14 per share

- 2023-10: AUD 3.05 per share

- 2023-11: AUD 3.20 per share

- 2023-12: AUD 3.61 per share

- 2024-01: AUD 3.72 per share

- 2024-02: AUD 3.53 per share

- 2024-03: AUD 3.71 per share

- 2024-04: AUD 3.34 per share

- 2024-05: AUD 3.27 per share

- 2024-06: AUD 3.25 per share

- 2024-07: AUD 3.49 per share

- 2024-08: AUD 3.64 per share

- 2024-09: AUD 3.61 per share

- 2024-10: AUD 3.39 per share

- 2024-11: AUD 3.43 per share

- 2024-12: AUD 3.15 per share

- 2025-01: AUD 3.27 per share

- 2025-02: AUD 3.35 per share

- 2025-03: AUD 3.58 per share

- 2025-04: AUD 3.74 per share

- 2025-05: AUD 3.94 per share

- 2025-06: AUD 3.84 per share

- 2025-07: AUD 3.88 per share

- 2025-08: AUD 4.20 per share

- 2025-09: AUD 4.13 per share

- 2025-10: AUD 4.12 per share

- 2025-11: AUD 4.06 per share

- 2025-12: AUD 4.07 per share

- 2026-01: AUD 3.93 per share

- 2026-02: AUD 4.05 per share

- 2026-03: AUD 3.81 per share

- 2026-04: AUD 3.91 per share

- 2026-05: AUD 3.77 per share

- 2026-06: AUD 3.92 per share

- 2026-07: AUD 4.03 per share

- 2026-08: AUD 3.92 per share

- 2026-09: AUD 3.56 per share

- 2026-10: AUD 3.47 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 3.39 per share, central AUD 4.41 per share, high AUD 5.15 per share

- FY2018: low AUD 2.49 per share, central AUD 2.82 per share, high AUD 3.26 per share

- FY2019: low AUD 2.13 per share, central AUD 2.43 per share, high AUD 2.82 per share

- FY2020: low AUD 2.15 per share, central AUD 2.42 per share, high AUD 2.79 per share

- FY2021: low AUD 1.90 per share, central AUD 2.16 per share, high AUD 2.50 per share

- FY2022: low AUD 1.99 per share, central AUD 2.26 per share, high AUD 2.62 per share

- FY2023: low AUD 0.89 per share, central AUD 1.01 per share, high AUD 1.17 per share

- FY2024: low AUD 0.89 per share, central AUD 1.01 per share, high AUD 1.17 per share

- FY2025: low AUD 3.04 per share, central AUD 3.45 per share, high AUD 4.00 per share

- FY2026: low AUD 3.87 per share, central AUD 4.39 per share, high AUD 5.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:27.549Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations