- NZ's largest operator of retirement villages.
- Current market cap ~235 million.
- Primary assets are their retirement village units, valued by DCF of their expected generated revenue stream over a 40 year time horizon.
- Recently completed capital raising to strengthen balance sheet.
- Operating earnings have remained solid to end of 1H09 (31 Dec 08)
- Recent losses due to a revaluation of investment property reflected in their income statements.
- I believe divvies have been suspended until 2010.

This stock is currently trading at about 0.4x NTA* (approximately $2).

Could be worth a punt if you expect the housing market to turn around strongly. The ageing population should assure that demand keeps up for their units in the medium-long term. You may also simply believe that the undervaluation will be corrected with a change in market sentiment.

Not really much point getting into technicals as it's a very thinly traded stock. I might post a price chart later though.

* Source ASB Securities