EPS stripping out property revaluations was $1.49 which at $24 puts them on a PE of 16.1. Annual report contains strongly worded warning regarding potential for disruption during the lengthy construction phase of the expanded facility at Queenstown and warns profit for the next five years may not be the same as for the last five years, Ouch !
THL currently trading on a historical PE of 18.5 at $4.45 but due to report shortly.
I think once THL report they'll be back on a similar PE and taking into account the profit warning and intense capex for Skyline including the need for a new multi story car park (not costed but I assume this is additional to the $100M estimated capex which might have gone up even more again ?)
The whole slow disclosure and sort of old boys network thing at Skyline and lack of being listed on the NZX which is frankly quite absurd for a company with a market cap of ~ $800m leaves me pretty cold now having pontificated over it for a while now. No idea how good the new CEO is, not much about him in the annual report...I suppose if you were one of the elite insiders you would have got a more thorough run-down on his credentials. Too much about how this company is run is opaque. No longer interested and PE isn't cheap considering the profit warning.
http://www.unlisted.co.nz/uPublic/do...ort%202017.pdf
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