MET - Metlifecare - one for the fundies?
- NZ's largest operator of retirement villages.
- Current market cap ~235 million.
- Primary assets are their retirement village units, valued by DCF of their expected generated revenue stream over a 40 year time horizon.
- Recently completed capital raising to strengthen balance sheet.
- Operating earnings have remained solid to end of 1H09 (31 Dec 08)
- Recent losses due to a revaluation of investment property reflected in their income statements.
- I believe divvies have been suspended until 2010.
This stock is currently trading at about 0.4x NTA* (approximately $2).
Could be worth a punt if you expect the housing market to turn around strongly. The ageing population should assure that demand keeps up for their units in the medium-long term. You may also simply believe that the undervaluation will be corrected with a change in market sentiment.
Not really much point getting into technicals as it's a very thinly traded stock. I might post a price chart later though.
* Source ASB Securities
Much Modified Merger Moved after More Meddling
So it was approved after yet another round of twiddling. [ Announcement ]
best wishes
Paper Tiger
Goldilocks and the 3 Bears
So in addition to owning Ryman and Summerset I have now added Metlifecare to my portfolio.
Currently still trading just under NTA and trading well under NTA+Resident Loans, if they can get their act together and up the rate at which they build, and more importantly, sell new units then I dare say the market in general will decide to push the price up.
The accounts say to me that they could borrow a bit of money (that was recently paid back) to develop their build capability and kick start some decent growth.
So then they would not be 'too cold' anymore.
Best Wishes
Paper Tiger
PS: 'too hot' and 'just right' ? try working them out. :mellow:
Yes we have no Lamingtons
Whilst failing to achieve the gains of speculative shares such as Ryman and Summerset reasonable further share price appreciation was attained today.
Unfortunately we have run of sellers.
Best Wishes
Paper Tiger
Disc: hold MET, RYM & SUM.
Something to with buyers and sellers
Quote:
Originally Posted by
Jasemc
Any idea why met life sp is trending down? Are they turning their properties into kiwi fruit orchards LOL
Would be nicer if they went and bought some land for a new development or two.
I would prefer that it stays up but above $3.30 I have no concerns.
[ $3.24 - $3.30: 'keep an eye on it';
$3.17 - $3.24: 'hope it doesn't drop further';
$3.09 - $3.17: 'oh! This is a bit worrying';
less than $3.09: 'whose stupid idea was it to buy this? ]
Best Wishes
Paper Tiger
Some days I so miss New Zealand
Quote:
Originally Posted by
Jasemc
Maybe Taihape might be a good place to look for land.
Gumboot Capital of the World :t_up:
Best Wishes
Paper Tiger
Ask me again in a few months
Quote:
Originally Posted by
Jasemc
Still above $3.30 who thinks it has hit bottom?
I am not going to commit myself, it could do anything!
If you are into trend lines you might think $3.20(ish) and rising a little each day is important;
if you are me (you're not are you?) then see a few posts back.
If you are you then what do you think?
Best Wishes
Paper Tiger
If not soon then likely later.