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23-02-2018, 08:02 AM
#6051
Happy with result overall. Disappointed that they are not increasing build rate - to do with less new sales compared to fy16?
Good that's margin has held up, expecting some pull back next year.
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23-02-2018, 08:06 AM
#6052
Originally Posted by Raz
Yeah, half decent..lets see what it does to the SP.
Hard man to please
Great result in my opinion. All looks good going forward, will top up when the dust settles.
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23-02-2018, 08:12 AM
#6053
Here are the highlights
FY17 net profit after tax (NZ IFRS) of $223.4m, up 54% on FY16
FY17 underlying profit of $81.7m, up 44% on FY16 – record full year profit
Tracked ahead of our $77.0m to $79.0m guidance with better than expected resale settlements, stronger than expected margins on both new and resale settlements, and positive year-end valuation impacts relating to retail bonds
382 new sales with delivery of 171 retirement units in 1H17 and 279 retirement units in 2H17 for a total of 450 new retirement units in FY17
Record development margin of 27.3%, up from 22.2% in FY16
300 resales, a full year record, up from 244 in FY16
Resale gain of 21.7%, up from 18.6% in FY16
Final dividend of 7.1 cents per share declared, amounting to $15.9m
Total dividends for the 2017 year (interim and final) of 11.0 cents per share, amounting to $24.6m
Operating cash flow of $207.7m, and gearing ratio down to 30.7%
Total assets now over $2.2b, up 30% on FY16
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23-02-2018, 08:22 AM
#6054
http://nzx-prod-s7fsd7f98s.s3-websit...609/275030.pdf
Very good result and nice beat on recent guidance. Highly credible that they raised the development margin so significantly in what is arguably an extremely tough construction market (look no further than FBU and their sub contractor problems for an example of how tough it is out there).
Interesting snippets from the investor presentation.
Embedded value per unit now $152K up from $114k last year, augers well for future profit growth.
Underlying profit has grown on average 47% per year for the six years since they listed, (struggling to think of any company that has anything like that record ?)
For those that like the headline IFRS metric Net profit after tax has grown on average at a whopping 93% per annum since they listed.
My thoughts are that this is an outstanding company for people to build wealth over time. Very happy long term holder.
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
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23-02-2018, 08:34 AM
#6055
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23-02-2018, 10:11 AM
#6056
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23-02-2018, 10:15 AM
#6057
Originally Posted by winner69
Good lot of extras for the staff
Only fair we expect them to work bloody hard for it ....after all if we work them too hard and they die the family won’t need to front up for the funeral.
Joshua says if I put those silly things in you’ll forgive me for being cynical / unsympathetic or whatever. So take post seriously.
LOL mate, sometimes less is more
Nice to see the SP at an all time high and finally starting to recognize the six year track record of very strong growth this company has proven they're capable of. I think this is one company on the NZX that could see its multiple expand after a pretty tough 18 months, (was $5.60 all the way back in Sep 2016 and there's been huge EPS growth since then)
Last edited by Beagle; 23-02-2018 at 10:18 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
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23-02-2018, 10:16 AM
#6058
Originally Posted by winner69
Good lot of extras for the staff
Only fair we expect them to work bloody hard for it ....after all if we work them too hard and they die the family won’t need to front up for the funeral.
Joshua says if I put those silly things in you’ll forgive me for being cynical / unsympathetic or whatever. So take post seriously.
$10000!. I burried 2 people for less than that
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23-02-2018, 10:26 AM
#6059
Member
Originally Posted by minimoke
$10000!. I burried 2 people for less than that
hopefully you used IVC(ASX)
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23-02-2018, 11:06 AM
#6060
My investment in this great company keeps me happy. But I heard through talk back there were some retirement villages that only let their patients shower twice a week and get a sponge down for the remainder even if they soil themselves? Any idea why people cant have a shower more than twice a week?
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