Nice picture mate
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Sales volumes dropped, not going to help Summerset sell units.
That Julian guy needs to take a leaf out of Luxon’s book and not mention bad things ....he never should have muttered things like a ‘flat property market’ and ‘increased settlement times’ .....big mistake
Just excuses and not owning up to the real issue which was slack performance by his people ....a good tradesman never blames his tools and all that
A couple of demerit points at Julians annual review time I hope.
I think there is a clear trend with slowing volume of sales. Summerset even lauded to longer settlement times.
"In Auckland, the number of properties sold in March fell by -18.2% year-on-year (from 2,451 to 2,006) – the lowest for the month of March since 2008." Need to keep our eye on Auckland as thats where it starts.
Thanks for the link.
So.. Underlying eps for 2018 was 43.7 cps
Average broker forecast for FY19 47.58 cps (growth 9%) - Forward PE 12
Average broker forecast for FY20 54.05 cps (growth 14%).
So.....after 7 years of vastly stronger (more than double) underlying earnings growth than RYM, forecast average growth is declining to RYM level's but SUM trades on ~ half the forward PE. SUM things continue to be nonsensical. Maybe after they have a full decade of growth SUM people will wake up and smell the coffee.
Obviously the "world is ending" in this so called cooling property market lol.