We maintain a buy recommendation on Redefine Properties (RDF) and leave our intrinsic value unchanged, with an upside of 21%. The recent increased likelihood of a US recession, tariff announcements, along with concerns around the GNU have caused the share price to trade lower. However, the investment case remains unchanged given the lack of new information with regards to RDF since the last report. 

We anticipate RDF’s distributable income per share to benefit from decreasing interest rates. This is supported by distributable income per share management guidance for FY25 of between 50 to 53 cents per share when compared to FY24’s 50 cents per share. We anticipate similar levels to management’s guidance on distributable income per share growth. The company is expected to report interim results in mid-May, and we anticipate additional clarity on the outlook and assumptions regarding how expectations of either a slowdown or continuation in rate cuts could impact DIPS guidance.

Our research supports a buy recommendation.