CDL & CDI ... Another Great Result

**Southern Lad** · 13-11-2020, 06:37 PM

Originally Posted by Southern Lad

Looks like some of those shares purchased from Aberdeen last Friday at 75 cents are finding their way back onto the market in the 77 cents plus range. So maybe the overhang is still there!

Looks like the overhang has finally evaporated with a good run up in the share price over the last couple of weeks. Closed today at 87 on reasonable volume and with an intra-day high of 89.5. Share price hasn't hit these levels since pre the COVID-19 market melt down. The fundamentals for the share are stronger than the start of the year given the attractiveness of the dividend yield and the presumed increase in the value of the development land held with the strength of the residential property market.

Given the quality of cash earnings achieved by CDI, surely there is a reasonable prospect that the next dividend payable in late April / early May 2021 will be greater than the fully imputed 3.5 cps paid in the last few years. If you look back over the dividend history, CDI has sporadically increased the dividend paid over time, but haven't increased it for the last three years. I assume the level of dividend is dependent on the Directors view on cash required to replenish development land stocks, and maybe the the heat in the property market means that additional land will be more expensive and therefore require more cash. At 30 June 2020, cash on hand was $67.35 million (equivalent to 24 CPS) with no debt.

**DarkHorse** · 15-11-2020, 09:43 PM

Mcap was around 50% below market value late last year; prices are booming, and the government has no real answer beyond "it just cannot keep increasing at the rate that it is" (Jacinda at last week's press conference). The likes of Tony Alexander see continued growth. I thought about buying a unit last week then remembered CDI shares were far better value and far less hassle...got in boots and all

**podg** · 07-12-2020, 02:34 PM

anyone willing to have a guess at the numbers and the company commentary in the December 2020 annual result? you don't even have to be a CDLI shareholder, but, equally, if you are ..... take a shot and see how close you get. Will it be a bit more than the 2019 result? a bit less ?.... more than the market was expecting or not? will there be a special dividend, or a more conservative number accompanying a cautious outlook for 2021?? Any purchases of land in the last wee while, or is the focus more on preparing as much land for development as they can possibly prepare in the shortest amount of time? What about the newish venture in commercial building for rental returns ... what sort of impact will that have in the annual result? the results are usually out about 5-6 weeks into the new year.

**BlackPeter** · 16-12-2020, 01:34 PM

Interesting depth ... not many shares left below the new "resistance" of $1.58

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CDL depth.JPG

**WAIKEN** · 17-12-2020, 01:31 PM

Ho podg
I estimate the exuberance in the pursuit of new properties and thus recently subdivided land should give as a profit to 31.12.20 at least 10% higher than 2019.
I believe the underlying NTA may be over 1.60.
The yearly accs to 31.12.20 in note 8 show the balance sheet value is less than half of the independent valuation for development property. If I apply this to the 30.6.20 bal sheet and add on a 2H profit and an overall lift in their land by 10% I get 1.60

**macduffy** · 17-12-2020, 02:22 PM

The yearly accs to 31.12.20 in note 8 show the balance sheet value is less than half of the independent valuation for development property. If I apply this to the 30.6.20 bal sheet and add on a 2H profit and an overall lift in their land by 10% I get 1.60

Who else has the "yearly a/cs to 31.12.20 ?