Centuria Industrial REIT (CIP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Centuria Industrial REIT A$2.58, price A$2.84, upside -9.2%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range A$2.10 – A$3.43 · fair‑value band A$1.29 – A$3.94 · the A$2.84 price screens above the A$2.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Centuria Industrial REIT is Australia's largest domestic pure play industrial REIT and is included in the S&P/ASX 200 Index. CIP's portfolio of high-quality industrial assets is situated in key metropolitan locations throughout Au stralia and is underpinned by a quality and diverse tenant base.
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Centuria Industrial REIT is Australia's largest domestic pure play industrial REIT and is included in the S&P/ASX 200 Index. CIP's portfolio of high-quality industrial assets is situated in key metropolitan locations throughout Au stralia and is underpinned by a quality and diverse tenant base. CIP is overseen by a hand on, active manager and provides investors with income and an opportunity for capital growth from a pure play portfolio of high-quality Australian industrial assets. Centuria Property Funds No. 2 Limited (CPF2L) is the Responsible Entity for the ASX-listed Centuria Industrial REIT (CIP) (ARSN 099 680 252). CPF2L is a wholly owned subsidiary of Centuria Capital Group (CNI). CNI is an ASX-listed specialist investment manager with 21.8 billion US dollars in total assets under management (as at 31 December 2025) and strong offerings across listed real estate investment trusts, unlisted real estate funds and investment bonds. Centuria Industrial REIT was incroporated in Australia.
Stock analysis
Centuria Industrial REIT (CIP) currently trades at A$2.84, while our model-based Fair Value estimate is A$2.58, implying the stock looks roughly 10.1% fairly valued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of A$2.97 per share, and 5 of the 16 models we run sit above the A$2.84 price.
Bear case: the Growth DCF group reads lowest at A$1.76, and 11 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: A$1.29 (bear) to A$3.94 (bull), the price of A$2.84 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Centuria Industrial REIT reported revenue of A$233M in FY2025 versus A$160M in FY2021, a compound +9.8%/yr. Reported net income was A$133M in FY2025, compounding −31.7%/yr from FY2021.
Key figures
Market cap A$1.8B (≈ $1.3B) · P/E ratio 12.9 · P/S ratio 7.36 · EPS (TTM) A$0.2200 · Dividend yield 5.8% · Net margin 57.0% · Return on equity 5.7% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at −9%, CIP screens cheaper than that median.
Fair Value models
Bear A$1.29Fair Value A$2.58Bull A$3.94
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (A$0.0540 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
Start year 2020 (pandemic). Over 10 years: +16.6% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.3%
Dividend (yield on the price)5.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6% vs −5%, steady
Profit margin 2009 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 63%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.1%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about +18.5% a year for the price and −4.7% for the forecasts.
Compare Centuria Industrial REIT with another stock
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Peer Groupⓘ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.REIT - Industrial · 55 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−9% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Below median
Net margin (TTM)57% · Above median
Operating margin (TTM)66% · Above median
Growth and dividend
Revenue growth6% · Above median
Dividend yield (TTM)5.8% · Below median
Balance sheet
Debt / equity0.43× · Below median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Is Centuria Industrial REIT (CIP) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$2.58 versus a price of A$2.84, about −9% upside (fairly valued).
What is the fair value of CIP?
Our model-based fair value for Centuria Industrial REIT is A$2.58 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$2.84.
What is the quality score of CIP?
Centuria Industrial REIT has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Centuria Industrial REIT (CIP)?
Our model-based price target is the fair value of A$2.58 (as of Sep 23, 2026) from 16 valuation models. Cautious scenario A$1.29, optimistic scenario A$3.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Centuria Industrial REIT stock forecast for 2026?
Our models put fair value at A$2.58, about −9% upside versus a price of A$2.84 (fairly valued). Cautious scenario A$1.29, optimistic scenario A$3.94. The calculation is refreshed regularly with new filings.
What is the revenue of Centuria Industrial REIT (CIP)?
Centuria Industrial REIT reported trailing-twelve-month revenue of about A$246M (latest available figure, as of Sep 23, 2026).
Does Centuria Industrial REIT pay a dividend?
Centuria Industrial REIT currently shows a dividend yield of about 5.85% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Centuria Industrial REIT (CIP)?
For today's price to be fair in a discounted-cash-flow model, Centuria Industrial REIT would have to grow free cash flow by +22.0 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CIP use?
Our models discount Centuria Industrial REIT at 10.9 %: a base by market capitalisation (small), damped by beta 0.96, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Centuria Industrial REIT that is +22.0 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Centuria Industrial REIT (CIP) delivered so far?
Over the past 5 years revenue at Centuria Industrial REIT grew +14.6 % a year. The price currently implies +22.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Centuria Industrial REIT (CIP) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Centuria Industrial REIT (+22.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Centuria Industrial REIT (CIP)?
The free-cash-flow yield on the price is 5.32 %: that much free cash flow Centuria Industrial REIT produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Centuria Industrial REIT (CIP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Centuria Industrial REIT it is A$2.58 per share (as of Sep 23, 2026), against a price of A$2.84. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Centuria Industrial REIT stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CIP trades above its calculated fair value: price A$2.84, fair value A$2.58, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CIP?
No. The price is what the market pays today (A$2.84); the fair value is what the company's own numbers justify (A$2.58). For Centuria Industrial REIT the two are A$0.2600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Centuria Industrial REIT worth?
The market values Centuria Industrial REIT at about A$1.8B (market capitalisation, as of Sep 23, 2026). Per share that is A$2.84; our models calculate a fair value of A$2.58 per share.
What do the bullish and bearish scenarios say about CIP?
Our models span a range for Centuria Industrial REIT: cautious scenario A$1.29, base A$2.58, optimistic A$3.94 per share (as of Sep 23, 2026, price A$2.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CIP?
Centuria Industrial REIT trades at a price-to-earnings ratio of 12.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$2.58 is built from several models across several years. Other multiples: PEG 103.6, P/B 0.5, P/S 5.2, EV/EBITDA 12.1.
What is the PEG ratio of CIP?
The PEG ratio of Centuria Industrial REIT is 103.60 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Centuria Industrial REIT (CIP)?
Balance-sheet figures for Centuria Industrial REIT (as of Sep 23, 2026): return on equity 5.7%, debt of 0.43 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is CIP from its 52-week high?
Centuria Industrial REIT trades at A$2.84, about 17% below its 52-week high of A$3.43 and 1% above the low of A$2.82 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of A$2.58 is for.
Which stocks are comparable to Centuria Industrial REIT?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Centuria Industrial REIT stock attractive at the current price?
The data as of Sep 23, 2026: price A$2.84, calculated fair value A$2.58 (−9%), Quality Score 65/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CIP calculated?
We run Centuria Industrial REIT through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$2.58, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Centuria Industrial REIT itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Centuria Industrial REIT (CIP)?
The closing price on Sep 23, 2026 was A$2.84. Our model-based fair value is A$2.58, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Centuria Industrial REIT right now?
The model range is unusually wide (A$1.29 to A$3.94). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Centuria Industrial REIT
How large is the market capitalisation of Centuria Industrial REIT (CIP)?
The market capitalisation of Centuria Industrial REIT is A$1.8B (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Centuria Industrial REIT (CIP)?
The price-to-sales ratio of Centuria Industrial REIT is 7.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Centuria Industrial REIT (CIP)?
Earnings per share at Centuria Industrial REIT are A$0.2200 (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Centuria Industrial REIT (CIP)?
The dividend yield of Centuria Industrial REIT is 5.8% (payout 75.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Centuria Industrial REIT (CIP)?
The net margin of Centuria Industrial REIT is 57.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Centuria Industrial REIT (CIP)?
The return on equity (ROE) of Centuria Industrial REIT is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Centuria Industrial REIT (CIP)?
On an EBIT basis the return on assets of Centuria Industrial REIT is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Centuria Industrial REIT (CIP)?
The operating margin of Centuria Industrial REIT is 66.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Centuria Industrial REIT (CIP)?
Revenue at Centuria Industrial REIT is growing +6.2% versus a year earlier (3y avg +4.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Centuria Industrial REIT (CIP)?
Earnings per share at Centuria Industrial REIT are growing +11.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Centuria Industrial REIT (CIP) carry?
The net debt of Centuria Industrial REIT is A$1.3B (fiscal year 2025, ≈ 14.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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