MET

[troyvdh]

Not much happening at the mo,a few good trades a few weeks back...a few selling....i would have thought that waiting to see what the supposed (oz) intentions were would be prudent before selling.... the ozzys see nz property as being good value at present...any thoughts,Phaedrus...I suspect you hold MET...you usually have an opinion.

LT Met holder

[Lizard]

MET looks good to me. Seems to me people look at MET on the wrong basis, referring to profits or operating cashflows, when increase in shareholders equity is the most relevant measure for this stock. Capital gains transferred to reserves in the last two years have been big. These will transfer into profit on resale (average time 7-8 years). Capital gain on resales will be the major contributor to profit for sometime to come, and my calculations of the average capital gain/resale based on occupancy profile suggests 2005 profits could more likely be in the region of $26m. Operating cashflow is somewhat meaningless, as it is highly affected by the timing of new developments - purchase of land = investing cash out, sale of unit = operating cash in.

Compared to other property investors, downside is covered too, given that occupiers pay the loss if values were to fall and also have to keep footing the rental bills until a new tenant is found.

But don't trust my figures - I'm not an accountant and it took me days to figure this one out.

[Oracle]

Lizard

All that is now irrelevant, with the takeover presumably iminent.

[Lizard]

quote:Originally posted by Oracle

Lizard

All that is now irrelevant, with the takeover presumably iminent.


Thank you oh friendly and welcoming Oracle.

I guess if you're just in this for the takeover, it's irrelevant.

Personally, I like to figure out what my shares are worth before I decide whether to sell them to someone else. Just a personal thing. :)

[Paper Tiger]

Lizard
Nice to have you here on ShareTrader.

What my co-poster was trying to say in his own way whilst flying through this thread that there is a strong possibility that you will have your shares compulsorily(?) purchased when the takeover happens as the buy may well acquire the magic 90%

[Oracle]

Lizard

My apologies! Welcome! You made a good investment choice in MET.

I have MET, but not as many as 3 years ago. Grew impatient, took too long for others to recognise its value & security.

RYM has been up & down lately, in response to Aussie interest, IMHO.

I cannot see Todd letting MET go, (tax loss reasons), so perhaps the Aussies will transfer focus to RYM!

[Lizard]

Thanks Oracle.

I've been thinking of transferring my affections to Ryman too, if I have to give up MET. Just thought MET in a better position for short-term increase in profit via capital gain. Great formula. Cheers.