Originally Posted by
Bob50
The NTA of this company (at cost price - not true value) in the last annual report was 91.7 cents. This figure has increased constantly each year by 6-9 cents. The last five years NTA was 58.4 , 67.1 , 75.7 , 84.5 and now 91.7cents.
Share price exceeded NTA in 2018 by 30 cents( a higher premium then the following years, some years this premium is only 10cents or less in dips) this seemed to be an over step as little or no capital gain for the next 3 years.
If NTA at next years annual reports increases by a record amount - say 12 cents - it will be an NTA of 104cents. Add an typical premium of 20 cents and I think you have a fair value early next year of 124 share price with a 4cent dividend on the way.
Side note. I drove past their 5 unit commercial centre in Rolleston today - all empty apart from one lonely empty small dairy type thing.
Disclaimer I am disappointed I didn’t buy more last spring and haven’t bought any since.