....hope he doesn't end up like Midas (at least according to Aristotle)
Printable View
I'm a little underwhelmed with this result. Steady increases in NIM, ROE and NPAT and a great increase in dividends. But I was expecting a bit more I must admit. Thankfully my next biggest holding after HGH (3rd & 4th biggest) came out with a great result. Thanks PGW and HGH.
FY22 forward PE's for peer group
BEN 11.9
BOQ 13.2
ANZ 13.7
NAB 16.0
WBC 17.3
CBA 17.4
Average 14.9
All taken off market screener and is the average of all analysts forecasts.
My view is that HGH confers some key advantages not the least of which is the full imputation credits attached to dividends.
The strong growth in reverse mortgages is very pleasing and the total addressable market is huge. Low risk and very good margin lending that's growing very strongly holds a lot of promise for growth going forward.
Any investor looking for strong and growing fully imputed dividend income in the years ahead, would struggle to find a more ideal company.
There is no logical reason HGH should trade at a discount to its peers, something I have been saying for many years.
P.S. Good to see the high risk unsecured lending through Harmoney falling away. Long may that trend continue !
Thanks Beagle. HGH sits comfortably in the middle where I think it should be. I think we are fairly priced at the moment and have no intention to either buy or sell.
Suppose 8.8% increase in NPAT (normalised) v pcp and 7.7% increase in EPS (normalised) is pretty reasonable .... not double digit though
Book Value up 4.4% from a year ago and 1.6% from June 21
Too much paid out in divies