LMW Landmark White

[mark100]

LMW is a property valuation company that should report a good interim based on the increased activity in the property market and their guidance of a 'significant improvement' for FY14.

Market Cap is $11m, they are debt free with $1m cash.

FY13 NPAT was $0.724m which was up 46%. EPS were 2.62c split 0.6c and 2c between halves.

DPS was 3.25c (higher than EPS) based on strong cash balance, availability of franking credits and expectations of future performance.

The business has been converting over to a franchise model which they say will increase profits and reduce volatility going forward.

I hold a few

[mark100]

Interim NPAT up 250% to $0.613m, EPS of 2.22c.

Guidance is for the second half to be similar so expect FY14 EPS around 4.5cps which would be a 70% increase on FY13.

Share price is cum a 1.25c dividend. Stripping that out puts the FY14 PE at around 9.2x and yield at around 9% FF

[soulman]

Interim NPAT up 250% to $0.613m, EPS of 2.22c.

Guidance is for the second half to be similar so expect FY14 EPS around 4.5cps which would be a 70% increase on FY13.

Share price is cum a 1.25c dividend. Stripping that out puts the FY14 PE at around 9.2x and yield at around 9% FF

Look like a solid stock Mark. Got in at 41 a few weeks ago.

Management said result will be more reliable and less volatile due to the franchise system. The big seller at 45 cents is deterring any significant share price performance but once that is taken out, onto the 50's we shall go.

[steve fleming]

Interesting stock, but with banks relying more and more on automated valuation reports, not sure what is going to drive meaningful top line growth. I guess an uplift in commercial property activity (where formal property vals are required) will be a driver.

[mark100]

Copy of what I posted in hc. Will hold for the time being..

I've been in these since last years FY result. Feels like it hasn't done much but I've actually had 17c of capital growth and 5c of grossed up dividends to give a 60% plus return so I suppose it has been worth the boredom.

Adjusting for it being cum a 3.6c grossed up div, the historical PE is 11.5x and FF yield of 7.7% Guidance is for modest growth in FY15. Still room for some share price performance but I don't see it giving me another 60% this year.

[percy]

Thanks for your comments Mark100.
I have been waiting for the result,with the view of buying.
However, taking on board your post, and not very positive outlook from the company,I will leave it .

[mark100]

Thanks for your comments Mark100.
I have been waiting for the result,with the view of buying.
However, taking on board your post, and not very positive outlook from the company,I will leave it .

I sold today Percy. Market doesn't look like it wants to push it much higher. If it drops back into the low 40s I'll probably grab a few back. It might push higher in the lead up to the dividend but after that there could be a shortage of buying liquidity

[percy]

I sold today Percy. Market doesn't look like it wants to push it much higher. If it drops back into the low 40s I'll probably grab a few back. It might push higher in the lead up to the dividend but after that there could be a shortage of buying liquidity

Thanks Mark100.
I sold a lot of my small Aussie holdings last November because as you put it "Market doesn't look like it wants to plus it much higher."
With the odd exception it appears to have been the right action to take.