MET - Metlifecare - one for the fundies?

[hardt]

Pretty weak set of results to be honest.

I don't want to sound the Beagle horn... but SUM others leave more to be desired ( also trading on lower multiples )

[Ggcc]

Ouch report for me.... but then hey I’m not invested. Not a bad company but not the same league as Summerset results

[percy]

Ouch report for me.... but then hey I’m not invested. Not a bad company but not the same league as Summerset results

Yet it has been FNZC and Craig's pick of the bunch.?

disc.hold OCA,RYM and SUM.

[Beagle]

Ouch report for me.... but then hey I’m not invested. Not a bad company but not the same league as Summerset results

That SUM's it up perfectly for me.
http://nzx-prod-s7fsd7f98s.s3-websit...697/275122.pdf
My thoughts. Underlying profit down from $38.6m to $36.2m, ouch !
Looks more like a 2H story to me with new unit delivery skewed very much towards the second half but this bit in the Outlook commentary for FY18 in light of the strong expected 2H is the real disappointment
" Underlying profit is expected to be in line with FY17 for the full year".
Don't know about you folks but I do not invest in low yield companies unless they deliver meaningful growth.
Disc: Own SUM, OCA (RYM PE is too rich for my liking but a great company nonetheless) Don't cover or own ARV.

[JoeGrogan]

Pretty average result to be fair only bright spot really is nta increasing. Glad I hold more SUM than MET.

Was thinking of selling some oca to get some more MET but that won’t be happening I don’t think.

[macduffy]

Market concurs. MET down 22c, SUM up 14c.

[silu]

Yeah I've sold all of mine bar 200 shares. Money needed elsewhere.

[Oliver Mander]

That SUM's it up perfectly for me.
http://nzx-prod-s7fsd7f98s.s3-websit...697/275122.pdf
My thoughts. Underlying profit down from $38.6m to $36.2m, ouch !
Looks more like a 2H story to me with new unit delivery skewed very much towards the second half but this bit in the Outlook commentary for FY18 in light of the strong expected 2H is the real disappointment
" Underlying profit is expected to be in line with FY17 for the full year".
Don't know about you folks but I do not invest in low yield companies unless they deliver meaningful growth.
Disc: Own SUM, OCA (RYM PE is too rich for my liking but a great company nonetheless) Don't cover or own ARV.

Defo not a great result.

I am invested in ARV, Mr Beagle, but no meaningful update from them until May...although there is normally a 3Q dividend that gets paid during March, which might come with a trading update.
ARV gets more upside from actual care than property, which was one of the 'hooks' for me. Struck me at the time that MET was a little too reliant on its legacy assets (run down) to generate property income, seems to have been borne out by this result.

[Ggcc]

Yet it has been FNZC and Craig's pick of the bunch.?

disc.hold OCA,RYM and SUM.

They will always do well in the long run. Summerset went though this some time back. Right now I think Craig’s and FNZC is wrong

[Beagle]

Defo not a great result.

I am invested in ARV, Mr Beagle, but no meaningful update from them until May...although there is normally a 3Q dividend that gets paid during March, which might come with a trading update.
ARV gets more upside from actual care than property, which was one of the 'hooks' for me. Struck me at the time that MET was a little too reliant on its legacy assets (run down) to generate property income, seems to have been borne out by this result.

Market agrees with our prognosis mate. Met down 30 cents, SUM up 34 cents as of two minutes ago.

Thanks for the heads-up on ARV. I guess the question is how much money is there in the future in caring for the elderly with the new pay equity settlement adding substantially to costs ? The fact that OCA are moving significantly towards an occupation right agreement model for late stage care suggests to get a commercial return in this segment of the market, companies might need to adapt their business model.

Leaky buildings hurt them - http://www.sharechat.co.nz/article/d...-last-yearhtml