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  1. #21
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    Quote Originally Posted by Sideshow Bob View Post
    I do laugh at the Winton ads on TV. Not about selling sections, all about their IPO......
    100% correct.

  2. #22
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    Quote Originally Posted by Sideshow Bob View Post
    I do laugh at the Winton ads on TV. Not about selling sections, all about their IPO......
    And I see that F/bar were part of the selling group...

  3. #23
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    From Business Desk:

    Winton v Kāinga Ora, housing minister dragged into spat

    Executives of private property developer Winton met with housing minister Megan Woods earlier this week after crown agency Kāinga Ora stonewalled its $10 billion Sunfield housing and community development in South Auckland.
    The meeting, held on Monday, follows complaints to Woods by Winton chief executive and founder Chris Meehan about Kāinga Ora spending taxpayer’s money “overbidding” against private developers.

    Read on »

  4. #24
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    Updated L&Q Notice - Winton Land Limited - NZX, New Zealand’s Exchange

    ISTING AND QUOTATION NOTICE: NZX MAIN BOARD WINTON LAND LIMITED (“WIN”) ORDINARY SHARES
    Company: Winton Land Limited
    Issuer Code: WIN
    ISIN: NZWINE0003S1
    Short Name: Winton
    Registered Office: Level 4
    10 Viaduct Harbour Avenue
    Auckland, 1010

    Website: https://www.winton.nz/
    Telephone Number: +64 9 377 7003
    Financial Year End: 30 June
    Nature of Business: Winton is a residential land developer that specialises in developing integrated and fully masterplanned communities. To date, Winton’s primary business has been developing and selling ‘lots’ of residential land. In some cases, Winton also provides land and building packages, where Winton contracts with specialist builders to provide a home on the land it is selling. Similarly, where the market or site dictates, Winton develops apartment buildings as part of its masterplanned developments.
    Directors: Chris Meehan (Chair and Chief Executive Officer)
    Julian Cook (Executive Director and Director of Retirement)
    Michaela Meehan (Executive Director)
    David Liptak (Non-Executive Director)
    Anna Molloy (Independent Non-Executive Director)
    Glen Tupuhi (Independent Non-Executive Director)

    Type of Listing: Initial Public Offering (IPO)
    Quoted Securities at Completion of Offer: Minimum Application Amount (Chairman’s List Offer): 296,613,736 shares
    The minimum Application amount is 258 Shares
    Reference Price: $3.8870 per Share
    Tick Size: $0.01
    Auditors: KPMG
    Solicitors: Chapman Tripp
    Registrar: Link Market Services New Zealand
    Settlement Status: NZCDC Settlement System
    Offer Opens: Thursday, 9 December 2021
    Offer Closes: Sunday, 12 December 2021
    Allotment Date: Friday, 17 December 2021
    Earliest Mailing of Holder Notices: Monday, 20 December 2021
    Expected Date of Commencement of Trading on the NZX Main Board: Friday, 17 December 2021
    Expected Time of Trading on the NZX Main Board: 2pm NZT

  5. #25
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    Quote Originally Posted by sb9 View Post
    The party has to end somewhere, right. Have noticed quite a few homes in the last few weeks going from auction to price by negotiation and few that have dropped their asking price by about $100k.
    Thanks for sharing this article. Nice comparison. I wonder what are the references for Winton's financials in the article?

  6. #26
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    Holding up so far, just 3 percent off issue price. I would love to be a shareholder and see where this goes. Totally new development proposition to what Auckland is familiar with which makes it exciting and adds to the risk. I wish them well.

  7. #27
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    Winton Announces First Half FY22 Results - NZX, New Zealand’s Exchange

    Residential land developer Winton Land Limited (“Winton”) is pleased to announce its interim results for the half-year ended 31 December 2021 (H1 FY22).

    Financial Highlights
    • Revenue $44.3 million
    • Gross profit $19.3 million
    • Gross profit margin 43.5%
    • Earnings before interest tax depreciation and amortisation (EBITDA) $2.8 million
    • Pro forma earnings before interest tax depreciation and amortisation (Pro forma EBITDA) $8.8 million
    • Profit after income tax $1.3 million
    • Pro forma profit after income tax $6.0 million
    • Total debt $130.0 million
    • Net cash $250.2 million
    Pro forma adjusts for one-off listing and offer costs.

    Business Highlights

    • Continued to grow pre-sale book, significantly outpacing realised sales.
    • $51 million in gross settlements, average revenue per unit $346K
    • $119 million in gross new sales in H1 FY22
    • $720 million of gross pre-sales as at 31 December 2021
    • Delivered 128 units, including residential lots, dwellings and townhouses
    • Launched multiple new projects throughout New Zealand
    • Launched proposal for Sunfield
    • Landbank yield of up to 7,314 units, including 917 retirement living units

  8. #28
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    Just $1.3m NPAT!

    Curious why people are valuing this puppy at $1 Billion (with $120m in net cash), when something like CDL is generating $30 million a year reliably and only has a market cap of $310 million (including ~$75 million in net cash)

    Also Winton only has $423 in Net assets, so NTA isn’t a reason for a $1 Billion valuation.

    Are Winton profits supposed to be spectacular in the 2nd half?

    I see their forecast for 2023 is just $8.8m in net profit.

    So currently trading at 100x its 2023 earnings!
    Last edited by LaserEyeKiwi; 24-02-2022 at 09:37 AM.

  9. #29
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    Quote Originally Posted by LaserEyeKiwi View Post
    Just $1.3m NPAT!

    Curious why people are valuing this puppy at $1 Billion (with $120m in net cash), when something like CDL is generating $30 million a year reliably and only has a market cap of $310 million (including ~$75 million in net cash)

    Also Winton only has $423 in Net assets, so NTA isn’t a reason for a $1 Billion valuation.

    Are Winton profits supposed to be spectacular in the 2nd half?

    I see their forecast for 2023 is just $8.8m in net profit.

    So currently trading at 100x its 2023 earnings!
    You'd think property has been on a huge downer.....

    Goes back to Brian Gaynor's excellent article in mid-December comparing the two. The tortoise and the hare.....I know which one I'd rather be a shareholder of.

  10. #30
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    Quote Originally Posted by LaserEyeKiwi View Post

    I see their forecast for 2023 is just $8.8m in net profit.

    So currently trading at 100x its 2023 earnings!
    https://www.nzx.com/announcements/387946

    With regards to Winton’s H1 Y22 results announced yesterday, the FY23 profit guidance in the announcement and Financial Statements should have read $98.8 million.
    That is quite the typo to have in your earnings result!!! Did no one bother to proof read it???

    But clearly explains their market valuation now sitting at ~10x 2023 earnings guidance.

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