Winton Property - IPO

[Raro]

I'm surprised these guys don't get more chat. A litigious bunch, no doubt. But they hung their hat on that being a key part of their strategy pre IPO so no surprises there..

Surely given a significant Government underwrite ensuring a decent chunk of their future earnings till 26/27plus a move into the lucrative wealthy boomer market and some pretty interesting stuff happening on the periphery (which they seem to keep pretty quiet) this would be one to take seriously?

[Sideshow Bob]

https://www.nzx.com/announcements/426446

Winton (NZX:WIN / ASX:WTN) is pleased to release its interim results for the six months ending 31 December 2023 (H1 FY24) with revenue of $85.6 million(1), earnings before interest, tax, depreciation and amortisation (EBITDA) of $14.2 million and $9.7 million profit after tax.

[LaserEyeKiwi]

What a stunning collapse.

Annualize this 6 month result and the stock is trading at 35x earnings.

[winner69]

What a stunning collapse.

Annualize this 6 month result and the stock is trading at 35x earnings.

At least npat +ve …unlike some property companies

[LaserEyeKiwi]

At least npat +ve …unlike some property companies

Like a lot of property companies, I figured the Winton result was dragged down by negative property re-valuations - but no it’s the opposite! They had a positive investment revaluation upwards!!

The underlying operational result is really depressed. margin collapsing (less revenue, but much higher cost of sales!).

IMG_0987.jpg

[Balance]

https://www.nzx.com/announcements/426446

Winton (NZX:WIN / ASX:WTN) is pleased to release its interim results for the six months ending 31 December 2023 (H1 FY24) with revenue of $85.6 million(1), earnings before interest, tax, depreciation and amortisation (EBITDA) of $14.2 million and $9.7 million profit after tax.

NTA of $1.73 vs sp of $2.47.

Earnings have indeed collapsed (EBITDA down 71%!) despite sales only dropping 7.7%.

Looks like they have overpaid for land and have suffered horrendous costs over-runs at a time when section prices have dropped substantially.

And company has gone from no debt to $63.3m in borrowings to fund land & property purchases - why not use the cash they have at hand?

[Muse]

I've had the good fortune to visit the new ayrburn hospitality precinct a few times. Was blown away - truly no expense spared. A few early teething issues on staff but assume that will get ironed out over time. Was a really cool experience and should get better as only partially open. But the maintenance and running costs must be sky high I can't imagine how it will break even on the hospitality side. A must do if ever in the region.

[beetills]

I wonder how much they spent on taking CDI to court?

[LaserEyeKiwi]

Just checked out yesterday’s post earnings trading in Winton.

16 shares.

Not 16 thousand.

16 shares.

$39 worth.

[Sideshow Bob]

Just checked out yesterday’s post earnings trading in Winton.

16 shares.

Not 16 thousand.

16 shares.

$39 worth.

Not sure what went through on the ASX yesterday, maybe around 4,000.

Average daily volume over the last 90 days has been 353.

Not 353 thousand.

353 shares