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MeNoBatty
17-03-2004, 06:38 PM
Had a good run up late 2003 but seems to be dropping off a bit lately. Any one following this puppy?

clearasmud
23-04-2004, 07:34 PM
Does anybody else thing their next report could be a good one
disc:hold

Gryffyn
27-04-2004, 09:50 AM
It's a very low vol share. I wonder what the distrib of holders is.

A few analysts have picked this to be worth round what it is now (those picks were when the price was 170ish). Problem is that this share is heavily affected by political and dhb decisions.

It could be a winner but then again it could languish. Not easy to get out of in a hurry.

Disc: Watching.

clearasmud
27-04-2004, 10:01 AM
Thanks Gryffin.
for me this share is attractive because the dirctors own most of the shares,hospital spending is growing ;bs still under geared and nta is $2.30+.Also it is cheap.
For the above reasons this co is small risk with big growth potential.

Gryffyn
27-04-2004, 12:54 PM
Clearas,

Yes and no to your pick for small risk and big potential. I think the risk is high due to eggs in one basket and subject to political winds in a very political city. Current govt and MOH policy is not esp. favourable towards this kind of enterprise.

I like the fact that dirs hold lots of share - presuming they don't get a second bite with over generous dir packages though.

What divvy yield is it currently at?

clearasmud
27-04-2004, 01:29 PM
The fact that WFD is in Wgtn is surely irrelevant.I believe WFD's exposure to public $ is low and govt is in no position to fund the exponential health funding needed over the next many years.
Divvy is 1.75%
Good luck

Gryffyn
27-04-2004, 02:25 PM
Cheers.

clearasmud
19-05-2004, 09:36 AM
Good result from Wakefield.Adjusted NPAT for the 2nd half was $1.32m =14.3c per share =PE 8.5.
Also they made 3.9m from bulding revaluations.
They have undergeared BS to allow for plenty of future growth.
final dividend up to 6c
Here it is:
WFD
18/05/2004
FLLYR

REL: 1500 HRS Wakefield Hospital Limited

FLLYR: WFD: Increased Profit for Wakefield Group

Wakefield Hospital Limited today reported an audited net profit after tax of
$2.4 million for the year ended 31 March 2004, up 198 per cent from the
previous year. The result includes $206,000 of tax refunds relating to prior
periods.

Group revenues of $37.4 million represented an increase of 53 percent. The
increase is due to the inclusion of Bowen Hospital, acquired at the beginning
of the financial year, and growth in patient volumes at Wakefield Hospital.
The company will pay a fully imputed final dividend of 6 cents per share.

Chairman John Calder said: "The significant increase in profitability is
pleasing and in line with the expectations signalled in the Half-Year
Report." Mr Calder said underlying net profit, after adjusting for the tax
refunds, a $100,000 investment write-down and other unusual items, increased
by almost 186%, from $0.80 million to $2.27 million.

Wakefield Hospital financial performance (for the year ended)

Revenue $37.371m (2004) $24.492m (2003) 53% (% change)
EBITDA $5.840m (2004) $3.243m (2003) 80% (% change)
Net Profit After Tax $2.371m (2004)$0.795m (2003) 198%(% change)
Tax refunds $0.206m (2004) $Nil (2003)
Adjusted NPAT $2.165m (2004) $0.795m (2003) 172% (% change)
Earnings Per Share 25.9cps (2004)8.7cps (2003) 198% (% change)
Dividend (final)6.0cps (2004) 3.0cps (2003) 100% (% change)
Dividend (full year) 8.0cps (2004) 5.0cps (2003) 60% (% change)

The value of total assets employed increased by $12.4 million (45%) to $40.1
million after the inclusion of Bowen Hospital and the annual revaluation of
assets at both Bowen Hospital and Wakefield.

Shareholders funds increased by $6.3 million, up 31 percent to $26.4 million;
and following the acquisition of Bowen, term debt increased by $4.3 million
to $8.3 million.

Mr Calder said Directors had to accommodate a continuing need for investment
in medical equipment to keep both hospitals at the leading edge of
established technology.

"Our policy is to do this rather than use our strong cash flows to fund
bigger dividend payments. Nevertheless we are paying total dividends of 8
cents per share from this financial year compared with 5 cents per share last
year, because we believe dividends can be maintained at this level if patient
numbers are maintained. This has been the case in the first two months of
the current financial year."

"The recently announced resumption of contracted cardiac surgery with Capital
& Coast Health DHB, is a welcome development. It's not significant in revenue
terms but we are pleased to be able to help," he said.

Wakefield Hospital financial position (as at)

Assets $40.114m (2004) $27.738m (2003) 45% (% change)
Liabilities $13.764m (2004) $7.640m (2003) 80% (% change)
Shareholder's Equity $26.350m (2004) $20.098m (2003) 31% (% change)

The fully imputed final dividend of 6.0 cents per share (2003: 3.0 cents per
share) will be paid on 21 June 2004 to shareholders on the register at close
of business on 11 June 2004.

Ends
Issued by Wakefield Hospital Limited
Contact:

John Calder (Chairman): (07) 571 8899

Richard Barnes (Chief Executive): (04) 381 8100
End CA:00100283 For:WFD Type:FLLYR Time:2004-05-18:15:00:05

Snow Leopard
06-05-2005, 12:29 PM
quote:
WFD
06/05/2005
STAND

REL: 1246 HRS Wakefield Hospital Limited

STAND: WFD: Stand in the Market

ABN AMRO Craigs Limited has provided the following notice:

STAND IN THE MARKET

This letter is to advise the NZX that ABN AMRO Craigs Limited has received
instructions to acquire up to 10% of the issued ordinary shares in Wakefield
Hospital Limited through a stand in the market. Pursuant to NZX participant
rule 10.7.4 we provide the required details of the stand as follows:

i) Name of Issuer
Wakefield Hospital Limited (WFD)

ii) Class of Equity Security
Ordinary shares (WFD.NZ).

iii) Number of Equity Securities (or percentage of issued capital) to be
acquired
Up to 10.0%.

iv) Price of the Offer to which that stand in the market relates
The price of the Offer is NZ$4.23 per WFD Ordinary share.

v) Period for which the stand in the market will remain open
The stand will commence from at 1.45pm on Friday 06 May and will
remain open until close of trading Tuesday 10th May or the NZX is advised
that the stand is complete or withdrawn.

vi) Details of the acceptance process
A special order facility and code (SPEC1) will be established to facilitate
acceptances into the stand.
All shares sold into the stand on SPEC1 will be on a conditional basis until
such time as the Bidder receives minimum acceptances of 5.0% of the ordinary
shares in WFD, or if advised earlier by the Bidder that the sale of shares
into the stand is unconditional.

vii) Details of any price escalation or other condition of the Offer to
which that stand in the market relates. The following condition relates to
the Offer:

a. The stand in the market to acquire shares includes an
escalation clause. In the event the Bidder buys any shares in WFD at a price
higher than that paid to sellers in the stand in the market within 6 months
thereafter, (after adjusting for all normal factors such as dividends,
subdivisions, consolidations and share issues) the Bidder will ensure that
those sellers receive the higher price per share.
End CA:00114967 For:WFD Type:STAND Time:2005-05-06:12:46:57

cdt18
06-05-2005, 01:25 PM
Great so we've got a bit of corruption going on. A stand in the market a few hours after a improved result announcement.

rmbbrave
05-08-2006, 10:54 PM
Wakefield looks for further growth
05 August 2006
By SUE ALLEN

Listed hospital operator Wakefield Health plans to become a national player and is already looking to its next merger.


Speaking after yesterday's annual meeting in Wellington, chief executive Richard Barnes said Wakefield had more irons in the fire but it was unlikely anything would happen this financial year.

At the end of last year, Wakefield merged with Hawke's Bay's Royston Hospital, creating a $60 million business with three hospitals, Wakefield and Bowen in Wellington and Royston in Hastings. Royston shareholders took 40 per cent in the merged company.

Mr Barnes said the merger was going well, with savings of $200,000 predicted for the first year and more over time.

The company is also expanding its businesses. Bowen is in the planning stages of a redevelopment, $9 million has been spent expanding Royston, and a new endoscopy clinic is being set up on the Kapiti Coast.

In the year to March, Wakefield Health's tax-paid profit, after deducting goodwill for the merger, was up 30 per cent to $4 million.

Total admissions at Wakefield, excluding outpatients, were down slightly, with a 9 per cent increase in day surgery unable to offset a 5 per cent drop in in-patient surgery. Bowen admissions were up 14 per cent.

Chairman John Calder said the board remained confident that the merger would improve earnings per share by 18 per cent, to 42 cents in the 2007 financial year.

When Wakefield listed in 2001, shares were $2.50. Last night they closed at $7.80.

The merger also caused a board reshuffle. John Aburn and Michael Morris, independent directors for 11 years, have resigned to reduce the number of directors.

David Cushing, a representative of the major shareholder in Royston, replaces surgeon Richard Stubbs on the board.

Two shareholders expressed concern that there were now too few directors with medical qualifications.

AdvertisementAdvertisementThere was some "disquiet" about the company's direction and the focus on "growth for growth's sake", said one, Wellington surgeon John Groom.

rmbbrave
05-08-2006, 10:57 PM
In the last 3 years WFD has risen from $2.00 to $7.80.

http://portfolio.findata.co.nz/Quote.aspx?e=NZX&s=WFD

Bob Marley
14-05-2008, 02:33 PM
Hey mon, I see WFD announced a pretty strong FY08 result mon, $7.2m net profit (up nearly 90% on last year) and it would have been even better if Bob had had his hip replacement done there mon. The result also included over $1m in write-downs/losses mon in its non-core P3 Research business, which has now been sold. So NPAT from continuing operations of over $8m mon. That equates to a historical PE of around 13.2x mon at current sp of $7.65, which seems a bit on the cheap side to me considering the favourable demographics mon and talk of further hospital acquisitions possibly in the pipeline mon.

Disc: Hold WFD

COLIN
11-06-2008, 10:14 AM
So that is what the Stewart family have done with their $18million gains from the sale of their ABA holding - put it all into WFD, by buying some of the Cushing shares.
I doubt if at this stage they will attempt a takeover of WFD but, if they do start that process, I hope that small shareholders don't end up where ABA shareholders did - out in the cold.

tobo
23-01-2010, 06:02 AM
Trending down.
Is just adjusting back down from the heat that built up before and during the GFC?
It held (even GAINED) during the GFC. Was that a 'conservativeness bubble' and this is just readjusting to the reality of the PE?

COLIN
23-01-2010, 01:19 PM
Tobo: I don't think the GFC (favouring defensive stocks?) had too much bearing on the sp maintenance - I think it was more the possibility of the Stewart family taking a larger stake at some stage, which tended to under-pin the price. However, the half-yearly report and the accompanying statement on the medium term outlook weren't exactly encouraging, to put it mildly, and the market appears to have lost patience. I ditched my small holding in November - should have done earlier.

winner69
23-01-2010, 06:18 PM
Getting back to 2006 prices ... and 700 seems a pretty critical support point so hope it doesn't get down to that level

Interesting chart -- since it got to 700 in 2006 it seems to regularly come back to about that mark

Hasn't been a good long term hold over the last 5 years ... and judging by the market sentiment probably not for the next few years or so

lissica
23-01-2010, 06:27 PM
Hasn't been a good long term hold over the last 5 years ... and judging by the market sentiment probably not for the next few years or so

5yrs ago it was under $4. I wouldn't call that particularly bad as a long term hold given the GFC during that period.

I've never held- it's always been on the watchlist but always felt it somewhat expensive. In the process I watched it double before topping out at over $9. Looks like it's heading back down now though.

winner69
23-01-2010, 06:52 PM
5yrs ago it was under $4. I wouldn't call that particularly bad as a long term hold given the GFC during that period.

I've never held- it's always been on the watchlist but always felt it somewhat expensive. In the process I watched it double before topping out at over $9. Looks like it's heading back down now though.

Sorry . you are right -- WFD was about $4 in Jan 2006 but in Sept 2006 it was just under $7.00

So for exactly 5 years to today WFD has been a good buy and hold .... but the way it is going it will have gone nowhere for 5 years come September this year

On the way up WFD reached 750 in July 2006 -- now back to that price

Like you I have never held but if this carries on might be interested but stuff all liquidity

tobo
24-01-2010, 07:59 AM
thanks for comments.
I, too, never bought because when i was looking it always seemed a tad expensive.
I was attracted by the broad concept that the private hospital industry might burgeon over years and decades an WDF seemed good quality.
I think I confused the idea of defensive stocks and the idea of the 'next big thing' with this one.
(currently donkey deep in energy, some being very speculative "sure things" and keep saying I must get some defensive into my portfolio)

(I know, speculative "sure things" is an oxymoron)

winner69
10-08-2010, 11:28 AM
Still check in on WFD every now and again ... and the downtrend continues

Another example of TA telling punters when to get out, in spite of what the fundamentals say .... and the stay out

Maybe one day WFD will start going up

winner69
07-12-2010, 09:58 AM
Getting near Xmas and WFD shareprice likely to have a 5 in front of it any day soon

The long relentless downtrend continues as the shareprice goes back to 2006 levels

Just shows you that valuations of most companies back in 2008 were a bit nonsensical .... suppose that is what bubbles are all about

Pumice
19-05-2011, 10:20 AM
Yeah I'm trying to get on board this stock.
Have an order in at 5.06, but didnt get any when it struck (Which it did a few times last week)

Like RYM I'm trying to profit from old people.

buns
19-05-2011, 02:51 PM
Had an appointment at WFD the other day (knee)

It got me thinking about the place from an investing perspective.

Downward trends in industry’s like this get me going. WFD has obviously been in one for a while as revenues deter off, and then the big tax hit from the depreciation law change.

At $5 they are getting interesting, an EV/EBITDA of a smidgen over 5 and a normalised PE of about 12.5 is attractive. I think WFD under its current structure will have flattish EBITDA and Net earnings for sometime.

However FCF is dwindling fast (only $1.7m in hand) as they build the bowen hospital (spent $10m in FY11, on a $60m programme!). Then the announcement around all of the Wellington buildings facing EQ structure upgrades. On top of this they are reviewing the Norfolk acquisition! Giving them a 60% holding in Tauranga (ideal place for what WFD does!), but I just don’t know how they will fund this! Also there EBITDA has now fallen below there Net Debt levels - not many fundy's (or myself) will touch anything below 1.5 of debt.

So short term, I’m thinking WFD could become quite cash strapped with increased debt. I’m thinking without a capital raising, or slow down in bowen building, extreme cost out programme (all fixed costs) the dividend will be cancelled and the share price will fall some more.

However long term, with Bowen up in running, Wgtn re built, Norfolk + possible other possible acquisitions and the demographics coming into play WFD could become a cash cow and a great stock to hold.

Too much risk nearby though, so I’m watching on the fence.

shasta
19-05-2011, 03:05 PM
Had an appointment at WFD the other day (knee)

It got me thinking about the place from an investing perspective.

Downward trends in industry’s like this get me going. WFD has obviously been in one for a while as revenues deter off, and then the big tax hit from the depreciation law change.

At $5 they are getting interesting, an EV/EBITDA of a smidgen over 5 and a normalised PE of about 12.5 is attractive. I think WFD under its current structure will have flattish EBITDA and Net earnings for sometime.

However FCF is dwindling fast (only $1.7m in hand) as they build the bowen hospital (spent $10m in FY11, on a $60m programme!). Then the announcement around all of the Wellington buildings facing EQ structure upgrades. On top of this they are reviewing the Norfolk acquisition! Giving them a 60% holding in Tauranga (ideal place for what WFD does!), but I just don’t know how they will fund this!

So short term, I’m thinking WFD could become quite cash strapped. I’m thinking without a capital raising, or slow down in bowen building, extreme cost out programme (all fixed costs) the dividend will be cancelled and the share price will fall some more.

However long term, with Bowen up in running, Wgtn re built, Norfolk + possible other possible acquisitions and the demographics coming into play WFD could become a cash cow and a great stock to hold.

Too much risk nearby though, so I’m watching on the fence.

Ive been there for my back at TBI.

Remember Wakefield owns Royston Hospital in Hastings too, ive had a knee op there & Bowen Hospital before, & the wait times are quite long, so they still getting alot of ACC work.

Come to think of it, the surcharges are minimal & could be increased, if i need surgery for my back it will be via Wakefield mostly likely!

I wonder how Wakefield will benefit/suffer from todays budget re ACC spending cuts & reprioritized health spending?

buns
19-05-2011, 03:30 PM
Yes TBI is where I went just last week, and was told I could have an MRI in a couple of weeks. I thought this was a pretty quick turn around.

Looking like surgery as well so may see you in the waiting room Shasta!

Good call re budget impact on WFD - something to watch whilst WFD wrestles with its cash balance throughout FY12.

Let’s hope Wakefield can do a Ramsey Healthcare (asx) in the long term.

shasta
19-05-2011, 03:54 PM
Yes TBI is where I went just last week, and was told I could have an MRI in a couple of weeks. I thought this was a pretty quick turn around.

Looking like surgery as well so may see you in the waiting room Shasta!

Good call re budget impact on WFD - something to watch whilst WFD wrestles with its cash balance throughout FY12.

Let’s hope Wakefield can do a Ramsey Healthcare (asx) in the long term.

Ive had my MRI & X rays, & have had a CT scan & cortione injection into my lower back recently, but its a stop gap measure & may need surgery to fuse the vertabrae & will know more when i see the Orthopedic Surgeon Peter Welsh on the 31st May!

buns
19-05-2011, 07:12 PM
I think WFD under its current structure will have flattish EBITDA and Net earnings for sometime.

I'm going to go back on this comment.

1. As Shasta points out, todays budget spells bad news for WFD's revenues with over 30% coming from goverment owned outfits. Also with the general joe having less $$ in the pocket, people are now putting off expensive health care options, and can't afford private insurance policys.

2. Having a partner and many friends working in Wellington hospital, I've been told waiting lists for anything are way way down, and they have managed to keep these down for sometime, espically complex surgery! The big sting to WFD is the Wellington and NZ cardiac surgey wait list is now very low, with wait times under a week! Seems the overhaul on Wellington hospital has added some value hm.

Simply there is no demand for private health right now (in WFD's areas), and the 'sure thing' govt revenue is also being stripped away.

I think WFD really needs to target growing areas where public health needs to catch up, like Tauranga and parts of Auckland. Wellington is quite restricted, with the aged population living (Kapiti) half the way to Palmy North

So this coupled with my comments regarding, high fixed costs, and a BS getting weaker by the day is making WFD a poor investment.

Disc - Never held WFD, and done all of 1-2hrs research. These are simply my thoughts. However the 'inside' comments re public sector health are truthfull.

Toulouse - Luzern
25-07-2012, 11:04 AM
This up 30 cents today on news.

I understand Fisher Funds NZ Growth holds some...


https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=3124708

TAKEOVER: WFD: Notice of Receipt of Takeover Notice

Wakefield Health Limited advises, pursuant to Rule 42(1) of the Takeovers
Code, that it has today received a takeover notice in respect of a partial
takeover offer for 50.01% of Wakefield at an offer price of $6.00 cash per
share.

The offer is a company associated with Wakefield's two major shareholders
Royston Hospital Trust Board Inc. and Medusa Limited (each of which own
approximately 19.9% of Wakefield), entities which have representation on the
Wakefield board. Each of Royston and Medusa together with AMP Capital
Investors (New Zealand) Limited (which has a relevant interest in
approximately 15.7% of Wakefield) have agreed to accept the offer - Royston
and Medusa in respect of all of their shares and AMP in respect of such
number as is required to ensure that the minimum acceptance condition of
50.01% is achieved.

The offer is not presently capable of acceptance. The board will now proceed
to form a committee of independent directors and put itself in a position to
be able to fully report to shareholders in accordance with the requirements
of the Takeovers Code.

Shareholders who wish to take any action in response to the notice of offer
are strongly encouraged to contact their financial adviser.

Attached are copies of the takeover notice and accompanying documents.

Yours faithfully
Wakefield Health Limited

Bevan Miller
Company Secretary

flyingmariner
25-08-2012, 06:47 AM
All I can say about this offer is that once again small shareholders get screwed. Bought this on a recommendation from ASB Securities. Sure as heck not paying attention to any broker inspired "recommends" again.
The NZ exchange is dying and in a few years will have so little turnover it will have de-listings and be insignificant (pretty much that now)
Just looking at a couple of other shares, so called large CAP...........Telecom and FBU both have been disasters over the past couple of years as investments and this is why NZ investors won't put money in the markets. Even with the slump in property prices they are now back to highs (Auckland) and that's why people buy residential investment property instead of risking it in the NZX

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10829291

The offer is not presently capable of acceptance. The board will now proceed
to form a committee of independent directors and put itself in a position to
be able to fully report to shareholders in accordance with the requirements
of the Takeovers Code.