Medibank

[oldmate]

Just read that apparently Medibank Private is due to float soon

[DarkHorse]

Hi all, I see from a broker's email the retail prospectus is finally available for this privatisation. Any thoughts?

[Okebw]

Had a very quick read when the prospectus was emailed to me. I know very little about the company but I'll have a crack at deciphering it.

It's available here:
https://www.medibankprivateshareoffer.com.au/residency/

[airedale]

I got an email from a broker asking if I wanted to buy in to the Medibank IPO. My first thought was that if it is any good then the Aussie market would be snapping it up, and he would not have to be peddling it in NZ. I havn't done the sums but will wait and see at this stage.

[NZSilver]

Very good company but looks expensive...maybe buy after IPO...

If its at the lower end of the price range prob a good buy, however always hard to know with IPO's, it is however big - approx 30% market share and margins are likely to increase once it goes private. Also a higher proportion of its capitak (cf with other insurance companies) is in equities therefroe greater chance of varible profits.

some more from motley

"On that price range, the company will be trading on a prospective P/E ratio of between 16.5x and 21.3x earnings. Medibank is also proposing to pay a fully franked dividend in the 2015 financial year of 4.9 cents per share, equating to an annualised yield of between 4.2% and 5.4%."

"And when you consider that Medibank is constrained by the government on how much it can raise premiums, thus limiting its potential earnings per share growth, simply buying Woolworths on any pull back looks the better option.
Of course that’s not comparing apples with apples, so let’s take a look at similar ratios for NIB Holdings Limited (ASX: NHF). Based on consensus forecasts, NIB is trading on a prospective P/E ratio of 17.2x, and expected to pay a dividend yield of around 3.7%. But NIB boasts better margins than Medibank, earning around 5%, while Medibank makes 3.6 cents for every dollar of premium."

[macduffy]

And some more grist for the mill.

http://www.theage.com.au/business/markets/medibank-an-attractive-longterm-proposition-perpetuals-matt-williams-20141022-119ptt.html

Note that it's a big float. Not surprising then that brokers are casting their nets as wide as NZ to get a good uptake.

[Joshuatree]

One comment i have read is that unlike other Govt companies like Queensland rail which had a lot of fat to trim and efficiencies to improve and hence attractive to punters medibank has been run like private company and there are no big gains to be made out of it. if so it looks expensive.

[Westboy]

This is money lying on the ground waiting to be picked up IMHO. Think that broker is drinking metho joshtree. Very large cost outs here. Some think rev gains are good too but they are not in my maths. Even at $2 it would be good buying IMHO

[Joshuatree]

Another view from Share Cafe and its Int that re 40% of its income comes from its investment portfolio which can be lumpy.

When the Australian Government floated the first tranche (portion) of CBA in September 1991, the shares cost $5.40 (subsequent tranches sold for $9.50 and $10.00). Investors who backed the initial CBA float and held the shares now have shares that trade for about $77, more than 14 times the purchase price. But the initial investors have also received a total of $42.48, for a total return of $119.48, or more than 22 times the purchase price.
The CBA dividends alone have paid off the original $5.40 purchase price more than seven times.
Another Australian government privatisation, CSL (the former Commonwealth Serum Laboratories) has rewarded shareholders even more handsomely.
CSL was floated at $2.30 in June 1994: a three-for-one share split in 2007 means that was effectively 77 cents. CSL now trades at $74.29 - meaning original shareholders have made 96.5 times their money, just on the share price. But original CSL shareholders have also received $8.275 in dividends: that makes a total return of 107 times your money!!
The original Telstra retail shareholders, who paid $3.30 in two instalments starting with $1.95 in November 1997, are showing a capital gain of 65% on the shares at $5.45, bit they’ve also received $4.385 in dividends. That makes their total gain just short of tripling their original investment.
Telstra 2 retail subscribers paid a total price of $7.40, paid in two instalments, October 1999 and October 2000. They’re still underwater on the share price, to the tune of 26%, but the $4.075 they’re received in dividends more than covers that loss, and puts them ahead by 29%.
Shareholders who entered the stock through the Telstra 3 issue, in November 2006, paid $3.60 in two instalments. At $5.45, they’re ahead by 51% on capital gain alone, but add $2.255 worth of dividends to this and they’re up by 114% in total.
OK, so we’ve established that government privatisations can do OK on the stock market.
Now let’s look at Medibank Private.
First of all, some progressive types might mourn the fact that the insurer is leaving “public” ownership for the more aggressive “private sector,” and will be run from now on for profit. I was asked by a TV news reporter whether this would be the case. I said, “I should hope so.”
Few people remember – and it is certainly not being shouted from the rooftops at the moment – that when the current chief executive officer, George Savvides, took over at Medibank, in 2002, it had lost $175 million and was on the edge of breaching its prudential capital requirement – meaning that the prudential regulator could have shut the business down or at least taken over. It would have been very embarrassing for the federal government for that to happen to its own health fund, so Savvides and his management team got the licence to do a complete rebuild.
Which they have, and then some. Medibank has paid dividends of about $450 million to the government over the past two years alone – including a 'special dividend' of $300 million paid in August 2013.
So, let’s look at the company and its float.
Medibank Private is the largest health insurer in Australia, offering insurance under the Medibank and AHM brands. Out of about 40 private health funds, national market share is about 30%, with its nearest competitor being BUPA Australia with about 27% of the market.
Medibank Private is not a not-for-profit company: it was fully corporatised – meaning it operates like a commercial business – by the Rudd government In October 2009. For this reason, Medibank Private’s premiums rise with the market.
Medibank Private expects to lift its revenue by 4.2% to $6.64 billion for the 2014/15 financial year. From that, it expects to earn operating profit of $282.1 million – up 10.5% from $255.3 million in 2013/14. But net profit is projected to be static, at $258.2 million.
The insurer plans to pay out between 70 and 80 per cent of its earnings as dividends in the future. For the seven months to June 30, 2015, Medibank Private expects to pay a fully-franked dividend of 4.9 cents a share.
At the indicative price range of $1.55–$2 a share, that equates to a dividend yield of between 4.2%–5.2%, and puts the potential share price at between 16.5 times–21.5 times expected earnings.
At the indicative price range, Medibank Private will come to the stock market worth somewhere between $4.3 billion–$5.5 billion.
All well and good, but how do we make sense of those numbers?
There is one direct comparison with Medibank Private that is already listed on the stockmarket – NIB Holdings (NHF), which is about the fourth-largest health insurer, with a 7.6% market share.
Workers at BHP Steelworks, Mayfield, established the Newcastle Industrial Benefits (NIB) Hospital Fund in 1952. Newcastle-based NIB was the first (and so far only) Australian health fund to demutualise and list on the ASX, which it did in November 2007.
NIB has been an outstanding performer on the stock market. Its five-year total return (capital gain plus dividends) figure is 28.3% a year. Over three years, it has returned 35.2% a year, while over the last 12 months it has delivered 43.5%.
About 280,000 of NIB’s 330,000 policyholders became shareholders. Institutions got the shares at 88.5 cents following a book-build: the shares opened at $1.14. The stock now trades at $3.02.
For the financial year 2013-14, NIB lifted earnings per share (EPS) by 4% to 15.9 cents, and its dividend by 10%, to 11 cents (plus a 9-cent special dividend). Revenue rose by 15% to $1.53 billion, while claims were up 12% to $1.2 billion.
NIB’s final return on assets (ROA) figure for the financial year was 12.4%, while return on equity came in at 27.8%.
The analysts’ consensus expectation for NIB’s earnings and dividend in the current financial year complied by (Thomson Reuters) place it on a forecast price-earnings (PE) ratio of 17.9 times earnings, and a fully franked dividend yield of 3.8%.
So Medibank Private is priced on a more attractive yield, and in the same ballpark in terms of PE, depending of course, on the final price.
That tells you that the government is prepared to be a little but more generous than it has to be on yield, while pitching the price in a neutral area, neither screamingly cheap nor overly expensive.
ROE is harder to figure out, because Medibank's most recent published accounts were for the year ended 30 June 2013, in which the return on equity was a touch over 15% – a long way short of what NIB can generate now.
Then there is the fact that as an insurer, Medibank Private generates almost 40% of pre-tax earnings from its investment portfolio: this can be a volatile source of profit – as recently as 2008-09, at the height of the GFC, its investment portfolio lost money for the year. This volatility complicates earnings projections.
There will certainly be demand from the stock market for the float. How much unsatisfied demand there will be depends on how much of the stock institutions get. Investors looking for a nice IPO premium on the day will need to see institutions scaled back in their demand for the stock – and hope that the US market does not fall 2%–3% on the night before Medibank Private’s debut.
Longer-term, it should do well on the stock market, without shooting the lights out, and reward the patient investor – remember that Medibank Private operates in a highly competitive market. Above all, don’t expect it to be another CSL – back then, the government had no idea what it owned, and what CSL could do with Brian McNamee at the helm.

[Westboy]

Total rubbish that 40% of income is from investments. It is about 22% and 70% invested in fixed interest so volatility won't be great. This is not a big issue imho

[Joshuatree]

All yours ;I'm out.

[mark100]

I'm in. CBA closed bids at 2pm today after only opening on Monday. Was expected to be open until next Tuesday. I made it by only a few hours! I expect big scaleback though so I might have to go through the retail channels to try and scrape a few more together.

Ask yourself this, would the federal government want the embarrassment next August of Medibank missing prospectus forecasts, just one year out from an election?

Other points:
Several years of fat trimming to come
Ungeared balance sheet with high ROE
Historically they haven't pushed through premium increases as high as they were allowed (nice government keeping people happy)
Who cares about lumpy investment income. Over the long term shares outperform fixed interest and cash. Of course I want them to invest some funds in equities!
A big chunk of stock will go to retail. As it will be Top 50 it will be very under owned by institutions on listing

In summary, the high PE that everyone is complaining about won't look so high when they beat forecasts and by the time it lists much of the market will be looking forward to FY16 forecasts anyway

[Westboy]

Exactly me view mark well done

[Joshuatree]

Any which way ; good luck for a stag if there is a scale back.

[percy]

Mark 100,
thanks.

[NZSilver]

Hey listened to the 3 latest Your money your call episodes last night, the odd chat about medibank (nb I always take their yarns with a pinch of salt), however overall very positive about medibank saying that longterm it should be a very good buy and the speakers believe fat trimming will help margins over medium term + long term industry has good headwinds - healthcare, costs, aging population ect. They didnt seem to worried about P/E and were saying it will be very popular especially considering it will be one of the larger companies on the exchange and will be attractive to foreign investment. Also bullish on ramsay health....

Basically with all these things there seems to be media related stuff for the positives and negatives - however on the whole its a good buisness + small yield + industry has good headwinds - long term should do well, short term - id say stag will be minimal and possibly there may be in the medium term the ability to pick them up post IPO for an attractive price (around IPO price)

[bohemian]

How can Kiwis buy into this IPO?

[percy]

How can Kiwis buy into this IPO?

Bohemian.
I think you said your broker was Craigs,ChCh..Ring them.

[bohemian]

Thanks Percy. Ironically I was in Oz last week and missed their mails. I will phone Tuesday morning but wonder if I could get some on my own.

[macduffy]

Now, I know it's the done thing to rubbish Morningstar's opinions but for the record, they're drawing comparisons with Commonwealth Bank's float all those years ago - and we know how well that story's played out! I still haven't got over walking past Comm Bank branches in Melbourne displaying and offering copies of the prospectus - and walking past! So I've done my own research on Medibank and have put in for a few.

[Joshuatree]

Well who's right the share cafe article i posted above saying the opposite or Morning star. Heres another articleMedibank investors must read the fine printhttp://2.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/media-scalecrop-128x128/public/robert_gottliebsen_0.jpg?itok=0uCUT9aF


ROBERT GOTTLIEBSEN (http://www.businessspectator.com.au/contributor/robert-gottliebsen)
24 OCT, 8:03 AM
2 COMMENTS (http://www.businessspectator.com.au/article/2014/10/24/insurance/medibank-investors-must-read-fine-print#comments)



DATAROOM (http://www.businessspectator.com.au/dataroom)
INDUSTRIES (http://www.businessspectator.com.au/industries)
INSURANCE (http://www.businessspectator.com.au/industries/insurance)









With overseas markets strong last night, Medibank Private is floating at a wonderful time for the government. And there is likely to be a short-term profit to retail subscribers. But long-term investors need to study the small print in the prospectus because there are a few traps.
Chief executive George Savvides is a good operator who will improve what is already a sound business. Finance minister Mathias Cormann is one of the better performing cabinet ministers. I am therefore disappointed that they set the traps for the unwary, although the prospectus has the necessary information for those who study it.
The first trap is in the dividend rate. Almost every article about Medibank promises a minimum 4.2 per cent yield for shareholders in Medibank (plus franking credits). That promise is on the basis of a $2 share price and the fact next September the company says it will pay a dividend at the annual rate of 8.4c a share (4.9c for seven months).
Nothing misleading about that. Then go to the small print. Medibank has as a target a payout ratio of roughly 75 per cent of profits but in 2014-15, its payout ratio will be around 89 per cent of the 9.4c a share expected earnings.
If you read it carefully, the prospectus says that if the company paid a 2014-15 dividend at the expected payout ratio of 75 per cent, the yield at $2 a share would be only 3.5 per cent (a 7c a share annual rate).



So for 2015-16, for Medibank to maintain the 4.2 per cent yield, the company has to continue to pay out a higher rate of dividend than the prospectus says is prudent or increase earnings by 19 per cent to 11.2c. In other words a yield of 4.2 per cent for the long term is under jeopardy from day one.
In my view, George and Mathias should have made the 2014-15-dividend payout at an annual rate that reflected long-term policy, but had they done that, the price to the government would have been much less.
Secondly, did you notice that Medibank’s actual expected net profit does not rise in 2014-15 despite an improvement in operating earnings? The reason is that directors expect a fall in investment earnings reflecting lower interest rates and the fact that big dividends were paid to the Commonwealth before the float. Medibank, which now has about 18 per cent of its $2billion portfolio of investments in risk (equity) assets, plans to lift that percentage to 25 per cent by December.
Medibank promotes itself as a ‘health’ company and that’s why, at $2 a share, its price earnings ratio is over 21. Why has a ‘health’ company got such a large investment portfolio? More accurately, Medibank Private is an insurance company that operates in the heath sector. Insurance companies have big investment portfolios and lower price earnings multiples than 'health’ companies.
And as an insurance company, Medibank Private carries some of the risks of many insurance companies (claims can rise unexpectedly). More importantly, its insurance premiums are regulated. Previously, the government was taking money out of its own pocket when it regulated fee levels at a low level because it owned the largest player.
Private health insurance fees to customers reflect the costs of hospitals and the medical system. They normally rise by around 5 to 6 per cent. If that rate of increase keeps up, I suspect many more Australians may be forced to take the risk and not insure, particularly if some future federal or state government improves the ‘free’ health service. On the other hand, Medibank can reduce its costs once it is privatised.
The institutions are likely to be starved of stock so I think there will be a profit on Medibank Private. Longer term you are buying a good business, but we don't yet know what the price is. Stating the obvious, at the minimum level of $1.55 a share Medibank is better value than at $2.

[noodles]

Another interesting article...

http://www.businessspectator.com.au/article/2014/10/28/health-and-pharmaceuticals/truth-behind-medibank-hype?utm_source=exact&utm_medium=email&utm_content=974822&utm_campaign=kgb&modapt=

The grey market at IG currently has Medibank trading at around $2.10. A 5% premium to the most retail investors will pay

[mark100]

Ok a lot of speculation here but also not beyond the realms of possibilities

Peter Esho
Managing Partner, 100 Doors, Sydney Area, Australia.

Can Medibank Shares Double in 5 Years? We undertook some of our own estimates and tried to see where Medibank could be within five years. It is always difficult to predict into the future and so we used average annual returns over our forecast period. For example, we assumed Medibank grows revenue by around 6% annually over the next five years, grows its claims expense by 5% annually over the same period and sees a 1% annual fall in its management expense ratio. We assume investment income is steady at $100m and a 30% corporate tax rate is applied when determining earnings in 2020 – 5 years from now. The assumptions see our earnings base rise from around $258m to $740m and when applying a 15x price to earnings ratio, in line with most industrial businesses, the valuation we come up with is close to $4 per share

[noodles]

And another article

http://www.icontact-archive.com/3u8Ux1ZFUb2LdH_E4gAIoRzl-S5kTdzY?w=4#

2 analysts have valued it $2+

[Joshuatree]

If investment instos are left short on this is it may be a reasonable quick stag

[Westboy]

Another interesting article...

http://www.businessspectator.com.au/article/2014/10/28/health-and-pharmaceuticals/truth-behind-medibank-hype?utm_source=exact&utm_medium=email&utm_content=974822&utm_campaign=kgb&modapt=

The grey market at IG currently has Medibank trading at around $2.10. A 5% premium to the most retail investors will pay


I have been told of some of the larger funds having valuations of $2.30.

Admittedly, they are using a very low discount rate to justify this valuation but the fact remains that this stock will be in the 200 index in March and fund managers will be left underweight this stock as retail investors will get a decent crack at the float. I may be cynical but the cheapest election funding possible for the current government is for retail investors to make 15% plus on the float. Whether they hold longer term or not!.

[Pumice]

I have a hard copy prospectus if anyone wants it. All 200 glorious pages.
Happy to post to NZ.

21-24 x earnings seems a bit rich for a mature company to me.

[mark100]

I have a hard copy prospectus if anyone wants it. All 200 glorious pages.
Happy to post to NZ.

21-24 x earnings seems a bit rich for a mature company to me.

$1.55 - $2 pricing range gives 16.5 - 21.3x.

[macduffy]

Broker firm bids received for $12b of stock - about $1.5b is available!

http://www.smh.com.au/business/brokers-bid-for-12b-worth-of-medibank-shares-20141030-11e3zc.html

[Westboy]

Broker firm bids received for $12b of stock - about $1.5b is available!

http://www.smh.com.au/business/brokers-bid-for-12b-worth-of-medibank-shares-20141030-11e3zc.html


Yep.........Massive Massive Massive scale backs on the Broker firm offering

This will list at a 20% premium for sure,

Not sure what it will be in 12 months but 20%on listing is certain IMHO

[RRR]

I have been offered $5000 by Craigs!

[mark100]

I got 6.9% :( but the bid was large so at least it's still better than beer money

[Joshuatree]

Got $17,500 combined for me and our family estate. A friend applied for $100,000 and got $15,000. Could list well esp if the mkts calm down a little in Nov.

[percy]

The wife and I received A$5,000 each from Craigs.Thank you Craigs.I think we lucky.

[macduffy]

I did nicely from my broker, too, but would expect decent treatment from paying brokerage for over 20 years! OK, I know it doesn't always follow!

Looking at the numbers likely to emerge when the IPO price is struck, it got me thinking that NIB Holdings might be worth a closer look. Prospective PE and yield look to be similar to Medibank's.

Any comments?

[Joshuatree]

Medibank's future cloudy (http://www.theage.com.au/business/motley-fool/motley-fool-medibank8217s-future-not-assured-20141117-11o6tl.html)

Well if this report is accurate NIB and Medibank besides upping the comp with each other(i saw my first NIB advert recently), Health insurers in The USA are being bypassed by health care providers offering their own health insurance and it may well spread down under.

[dingoNZ]

Very informative thread guys, Joshuatree you have posted some great articles thank you!

I will not be participating in the IPO, however I will look at picking up stock early next month. Long term prospects look good to me and I'm happy to add to my LT portfolio!

[macduffy]

Indicative price range increased to $2.00 to $2.30.

[percy]

Indicative price range increased to $2.00 to $2.30.

Thanks Macduffy.
I am turning into a more grumpy old tosser with every SSP and "blind" IPO I commit myself to.
Am I alone? or do others find being taken for a tosser a pleasure????
Medibank Private was $2 max?? Yeah right!!!

[mark100]

Thanks Macduffy.
I am turning into a more grumpy old tosser with every SSP and "blind" IPO I commit myself to.
Am I alone? or do others find being taken for a tosser a pleasure????
Medibank Private was $2 max?? Yeah right!!!

It's still $2 for retail. The price range has just been increased for institutions

[percy]

It's still $2 for retail. The price range has just been increased for institutions

Thanks Mark100.
I am now back in "happy old tosser mode."!!!!!!!!!!!!!! lol.

[soulman]

It's still $2 for retail. The price range has just been increased for institutions

Did you apply for the IPO Mark? I apply on the second last day before close. I am a pre-registered applicant.

This could be scaled back due to demand ?

[mark100]

Did you apply for the IPO Mark? I apply on the second last day before close. I am a pre-registered applicant.

This could be scaled back due to demand ?

Yes in the broker firm, public and policyholder offers. I used several different entities to maximise my potential allocation.

[macduffy]

From another source:

Medibank Private’s institutional bookbuild is “well covered with high quality demand at $2.15”, according to an email sent to clients on Thursday by the federal government.

(Headline from the AFR - article behind a paywall.)

Later: ex Google

http://www.afr.com/p/business/companies/medibank_ipo_covered_at_tUNJHGLo4XJp0M1rm7G0mK

[macduffy]

Price to be announced on Sunday.

http://www.theaustralian.com.au/business/news/medibank-price-allocation-details-set-for-sunday/story-e6frg906-1227130809601

[macduffy]

Institutional investors' price $2.15.

http://www.4-traders.com/news/Department-of-Finance-Australian-Government--Medibank-Private-Share-Offer-raises-5679-billion--19438146/

[Joshuatree]

Starts trading tomorrow.

[Joshuatree]

"Retail investors have been allocated 60% of the shares on issue"
"More than half of General public Offer will receive at least 80% of their application.More than three quarters will receive more than half their application"

[macduffy]

"Retail investors have been allocated 60% of the shares on issue"
"More than half of General public Offer will receive at least 80% of their application.More than three quarters will receive more than half their application"

Bodes well for the after-market price as institutions look to achieve index weightings!

[macduffy]

The anticipation builds!

http://news.theage.com.au/breaking-news-business/medibank-private-shares-expected-to-soar-20141125-3l267.html

[Joshuatree]

$2.20 atm re 150 mill shares thru hi of $2.23. Good 10% gain for retailers atp

[Joshuatree]

Re 428 million shares thru today!!! Over 17% turnover. Some big vols suggestions of Instos driving the price down to buy back.

[Westboy]

Re 428 million shares thru today!!! Over 17% turnover. Some big vols suggestions of Instos driving the price down to buy back.

This is in n way instos keeping a lid on price. It was staggers taking money off the table right from the gun. Now that it has broken the insto price of $2,15 we may get some very nervous retail and broker firm clients who were intending to sell in a months or so selling now!. Whenever I think the price in the short term will go down it generally goes up but this ones does not look good IMHO!

[winner69]

And many staggers can't sell until next week

http://www.smh.com.au/business/markets/anger-and-frustration-as-retail-investors-struggle-to-trade-medibank-20141125-11tm4d.html

[Joshuatree]

Gone cold on holding this long term so taken my 21c a share profit. Priced for perfection imo and if the USA trend of healthcare providers offering their own insurance migrates here well.....

[mayday]

https://www.tradingfloor.com/posts/medibank-ipo-a-good-long-term-bet-on-private-health-insurance-2435804

For long term investing shareholders, risk always exists - DYOR

[soulman]

Gone cold on holding this long term so taken my 21c a share profit. Priced for perfection imo and if the USA trend of healthcare providers offering their own insurance migrates here well.....

How did you get your shares already JT?

[Joshuatree]

Through my broker Craigs. Have my own trading account now as well, with ASB currently. An advantage to have both imo; this being a good example.

[bohemian]

I got a small allocation from Craigs. I also have a leveraged account with ASB Securities but was unable to get an allocation of Medibank from them. Did you get Medibank from ASB Securities?

[Joshuatree]

Hi bohemian ;no same as you just from craigs. Estia next cab off the rank but little to no int in NZ. I got my full allocation of Estia.

[percy]

Share price is $2.42 today,so it has turned out a very successful float for those of us who were allocated shares at $2.

[macduffy]

Headline in today's AFR says that a Bank of America Merrill Lynch analyst is picking that Medibank SP could hit $3 this year. Significant, in that this is the first securities firm not involved in the IPO to take a bullish view on the stock.

[percy]

Macquarries ;Target price north of $2.60

[Joshuatree]

Looking very weak now @ re$2.16. Very negative write up about MPL's future by someone named Hoey.

[Joshuatree]

Medibank surprised the mkt with a good result and a5c div. Down only re 2% today to $2.24 after lifting from $2.01 to re $2.28 on results. I sold a while back re in $2.20s or so.. Our estate still holds.

[percy]

Yes an excellent result.Prospects look excellent.
I have held since IPO.

[macduffy]

Good news for MPL holders. I've been there since the IPO.

http://www.smh.com.au/business/medibank-private-shares-climb-on-profit-lift-20160121-gmblpj.html

[Joshuatree]

Great run $2.79 atm ex div(5c) tomorow. Approval received to increase premiums re 5.6%

Download Document (http://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTkQD5g a5pm2WrJlJ2%2Fk%3D)