Winton Property - IPO

[hyinvest]

So based on WIN's FY22 profit guidance, their expected ROE will be around half CDI's ROE.

[Recaster]

My take:

https://recastinvestor.substack.com/...on-land-winnzx

[Recaster]

A look at the latest (annual) accounts:

https://recastinvestor.substack.com/...-winnzx-wtnasx

[mfd]

Winton are making friends again.

https://www.stuff.co.nz/business/130...-neighbourhood

Given their share price performance and the recent large falls in property prices, you'd think they would have enough on their plates already.

[LaserEyeKiwi]

They seem to enjoy filing baseless legal challenges as a form of PR

[Habits]

Winton are making friends again.

https://www.stuff.co.nz/business/130...-neighbourhood

Given their share price performance and the recent large falls in property prices, you'd think they would have enough on their plates already.

A car-less neighbourhood in papakura ... where do they get such amazing ideas other than the developers guide to minimising costs

[audiav]

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.

Wow, when will this stop?

[Sideshow Bob]

https://www.nzx.com/announcements/406266

Winton advises an update to previously provided FY23 guidance for the 12 months ending 30 June 2023. The change to guidance is driven by delivery delay of pre-sold projects attributable to heavy January rainfall in the North Island. As a result, we have already lost 83% of this summer’s earthwork season, incurred water damage to pre-ordered supplies and expect supply chain implications to the industry.

For FY23, we now expect net profit after tax[1] of between $72.4 million and $82.4 million. This compares to the FY23 forecast provided at the time of IPO of $98.9m. The revised guidance remains above the FY22 declared net profit after tax of $31.7m. Any net profit after tax not realised in FY23 is expected to be realised in FY24, as these profits are largely pre-sold and there are no sunset dates in relation to the delayed units that would put this at risk. The revised FY23 guidance remains subject to no further material adverse changes or unforeseen events.

Winton CEO Chris Meehan said, “Before the impact of the severe weather, the business was on-track to achieve the FY23 IPO forecasts. Our high degree of committed pre-sales has served us well in this weaker housing market. FY23 is expected to be a record year for Winton as we deliver more land lots and homes than we ever have before. Going into the remainder of the year and into the next, we are in a strong financial and market position to continue to deliver our pre-sold product, create ongoing revenue opportunities and use softer market conditions to our advantage for further land acquisition and construction delivery.”

Winton’s balance sheet remains debt free, with cash and cash equivalents of $89.0 million as at 31 December 2022. Our full interim results and commentary will be provided to the market on 22 February 2023 before the NZ stock exchange opens. There is a conference call for investors and analysts scheduled for 11:00 am (NZT) on the day of results; details are available at Winton interim results conference call details.

[1] Excluding any unconfirmed fair value revaluation of investment properties for FY23.

[Sideshow Bob]

https://www.nzx.com/announcements/407099

Winton (NZX: WIN / ASX: WTN) is pleased to release its interim results for the six months ending 31 December 2022 (H1 FY23) with revenue of $85.1 million, a gross profit margin of 46.3%, earnings before interest, tax, depreciation and amortisation (EBITDA) of $49.7 million and $34.5 million profit after tax.

Chris Meehan, Chair and CEO of Winton said: “This is a fantastic result for the half year. We settled 219 units(1) delivering $85.1 million revenue which was 91.9% higher than H1 FY22 and delivered $34.5 million profit after tax.”

“We deliver these results at a time of a softer housing market, high inflation and increasing interest rates where our pre-sales from prior years have done their role to provide security of income into the future. As at 31 December 2022, pre-sales were $565.8 million(2).”

[Habits]

Rich-list businessman and Winton Land CEO Chris Meehan takes on Prime Minister Chris Hipkins in advertising campaign - Media Insider interview
https://www.nzherald.co.nz/business/...DY2RIS2WDVEGQ/

CEO is on the offensive