In the absence of any other replies I will weigh in again as I am definitely interested in the possibility of taking a stake this company.
I really wonder why they don't list it on the NZX ? Market cap is well over $500m so would potentially go into the NZX50. The $100m expansion of the Queenstown gondola is a classic case in point as to one of the benefits. They could do a bond issue to fund this at say 6%. An instant 2-3 expansion in PE would reward all shareholders and improve liquidity for any of the large stakeholders who might be considering diversifying some of their investment elsewhere. I don't think maintaining the low cost listing on unlisted is really in shareholders best overall interests.
I must do some further research on this when time allows as its getting closer to my buy price.
Company has released a five year summary which is useful. Shows that historically the company has traded on a trailing PE of just 10, long run over many years. I presume this figure is based on the earnings inclusive of property revaluations but I will need to do some more work on older annual reports to validate this.
Other than that what we have here is a clear downtrend as alluded to in my previous post. Perhaps shareholders are really worried about the huge expansion at the Queenstown gondola happening around the same time as a proposed new gondola that may come to fruition in the years ahead ? Have they found a new CEO yet ?
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