The mystery shoppers will get SUM back on track methinks
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Still the big dog on the porch by a country mile and to think SUM others reckon SUM should or will have the same share price. The Couta theorum says it will never happen and I believe him. Lol
One thing apparent from rym and other's reports it seems to be getting harder and harder to make a buck out of actrually looking after people .... as opposed to buidlding things
Wonder whether this has anything to do with huge pay rises in teh care sector? But than - if care homes can't afford anymore to pay their staff, than I am sure the gummit will chip in. Maybe Winston being the first to volunteer in a nursing home - he loves to be the first!
On the other hand - profits for the big retirement villages still look quite healthy. Rymans made nearly $20k pa underlying profit for each resident (i.e. excluding revaluation gains). I suppose we don't need to send the hat around - yet ;);
Yep since the pay equity settlement things have got much tougher and the likes of OCA need to sharpen their pencil in terms of wages to revenue ratios otherwise profits will be further eroded. PS-If homes cant afford to pay their staff they go under as many have over the last couple of years.
That $20k underlying profit for each resident ...have you done the same sum for SUM and the others?
PS — underlying profit $227m less realised gains $190m is $37m ...divided by 11,300 residents is $3,275 per resident in my books ...or is it a RYM produced metric
Why would you deduct the realised gains from the underlying profit to calculate the underlying profit (as stated by Ryman) per resident? The "realised gain" (cash in the pocket) is clearly different from the "revaluation gain" which is (at this stage) just paper profit.
$227m divided by 11500 residents equals $19.7 k p.a.; Cool;
And no - no point in comparing underlying profits for various companies ... I do this however from time to time with GAAP profit.
SUM made last year a cool $42k per resident and year, while RYM would have made $28k (now including the unrealised revaluation gains) per resident in the last FY.
Ah yes - and OCA (oldest numbers, though) made last financial year $22k NPAT per resident. Makes sense, given that their property growth engine is still in development.
Obviously - they all use different reporting periods, i.e. never completely comparable.
Sorry mate — I misunderstood your original post which said ‘underlying profit (exc revaluation gains)’
I thought that might be a proxy for how much they make for caring and looking after people....ie take off the property gains and you sort of left with a form of operating profit.
I must learn to read more carefully