Pro forma underlying EBITDA $21.3m $23.0m $23.7m
Pre NZ IFRS 16 pro forma underlying EBITDA $8.2m $10.2m $11.0m
Implied EV (including lease liabilities) / pro forma
underlying EBITDA 16.5x 15.2x 14.7x
Implied EV / Pre NZ IFRS 16 pro forma underlying EBITDA 20.3x 16.3x 15.1x
AFFO per Share – cents 1.78 1.67 1.99
Dividend per Share – cents at 50% of AFFO for FY2021 0.83 1.00
*Implied dividend yield – cash dividend declared 1.04% 1.25%
*Implied dividend yield – gross dividend declared 1.44% 1.73%
First question is what is AFFO - I really don't have the time today to get into this but the metrics do not appear compelling at first glance.
What I have learned over many years of investing in this sector is there is very little money in providing care services...the money is in the property development and especially the property churn.
Last edited by Beagle; 10-12-2020 at 10:51 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
With the current NZX rules a two-stage listing makes sense in relation to costs: 1st a clean and tidy compliance listing (no need for a back-door listing with the extra costs and complications that brings - TIL/Bethunes as an example) and 2nd, some months after listing, a fundraising offer with the market having by then established a price range.
Not much chance of gauging price if no one is selling!
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