I am completing the third leg of the NZ finance trifecta, by looking at the historic performance of Geneva as an investment over a two year period.
I have just done an exercise checking out returns over the '30th September to 30th September' year. Why those dates? Because it gives time for the March 31st end of year result to be declared and digested by the market.
Share Price
Sept 30th 2015
Sept 30th 2016
Sept 30th 2017
Geneva Finance Limited
$0.31
$0.41
$0.58
Income Received
Sale of Rights
CY Q2 Dividend (earned previous year)
CY Q3 Dividend (earned previous year)
CY Q4 Interim Dividend
2015
2016
1.5cps
2017
2.0cps
1.0cps
2018
? cps
Notes:
1/ Financial Year Ends 31st March.
2/ Income received in italics not earned in period following 30th September under consideration.
Overall Share Growth 30/09/2015 to 30/09/2016
$0.31 (1+g) = ($0.41 + 0.72x$0.015) => g = 36%
Overall Share Growth 30/09/2016 to 30/09/2017
$0.41 (1+g) = ($0.58 + 0.72x$0.02) => g = 45%
Those are pretty impressive growth figures. No wonder you shareholders are smiling!
SNOOPY
Last edited by Snoopy; 25-05-2018 at 09:37 PM.
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
You'd think that sooner or later the Income would unaccrue itself, resulting some tax being paid
so Dividends could start accumulating some fragments of Imputation Credits, or is it too early ?
You'd think that sooner or later the Income would unaccrue itself, resulting some tax being paid
so Dividends could start accumulating some fragments of Imputation Credits, or is it too early ?
The deferred taxation asset has been reduced to $3.0m at 31 March 2021. That's going to require slightly over $10m of pre-tax profits to fully utilise. With a Pretax profit of $8.2m in the year to March 2022 so its likely to be more than a year to go of no imputation credits. It could be longer if there are still some additional off-balance sheet tax losses.
However, with your skills I'm pretty sure you already knew that as there were taxation assets on the balance sheet.
I haven't seen the latest AR but the 2021 AR had tax losses carried forward of $9.9m and zero imputation credits (per note 22 on page 37). I doubt they used all the tax losses in the latest financial year so we might see some taxes being paid and partial imputation credits on dividends in the year ended March 2023 at the earliest and possibly full IC's on dividends in the year ended March 2024.
Edit: Sorry for the duplicated answer - I saw Scrunch's reply after I posted.
Last edited by Ferg; 08-06-2022 at 09:39 PM.
Reason: more
The deferred taxation asset has been reduced to $3.0m at 31 March 2021. That's going to require slightly over $10m of pre-tax profits to fully utilise. With a Pretax profit of $8.2m in the year to March 2022 so its likely to be more than a year to go of no imputation credits. It could be longer if there are still some additional off-balance sheet tax losses.
However, with your skills I'm pretty sure you already knew that as there were taxation assets on the balance sheet.
Thanks Scrunch .. these things may be worth a look in if economic factors in the goldfish bowl
dont turn things really sour ahead..
The old release bad news at 5pm and hope nobody notices trick
A mysterious revelation from GFL .. most finance companies *would* absolutely more than recover increases in cost
of funds from their captive targets at earliest .. Perhaps impairments are instead an issue ?
Reply With Quote
Originally Posted by nztx
Bookmarks