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  1. #41
    Member Pumice's Avatar
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    Hit $3.51 (5 year high?) has been a solid little earner. Divvie of 8cps coming up as well.
    Seems to have performed much better than REG, EHE and JHC. Assume it has been less by recent government policy changes to the ACFI.

  2. #42
    IMO
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    Yes AOG is "MAINLY a retirement Home Reit for those that do not need any extra care"
    Have sold off over a few well spaced trades. Been a great turnaround story from FKP riddled with debt to this successful transition.

  3. #43
    IMO
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    The Australian: major Aveo shareholder Mulpha likely to buy out the ...
    Retirement operator Aveo a buy for Mulpha: Ascot Securities

    • The six largest for-profit companies were given over $2.17 billion in government subsidies in 2017, representing 72 per cent of their total revenue of more than $3 billion.
    • The six companies reported profits of $224 million.
    • Various methods were used to avoid paying tax, including stapled security trust structures and renting their aged care facilities from themselves (one security in the stapled structure rents to another). Loans from shareholders, related entities and loans between securities are also common.
    • The largest company, BUPA, recorded almost $7.5 billion in total income in Australia in 2015-16 – mostly from health insurance – and paid $105 million in tax on a taxable income of only $352 million. As reported here, BUPA uses partnership entities in its complex global web.
    • Its Australian aged care business, BUPA made over $663 million in 2017 and over 70 per cent ($468 million) of this was from government funding.
    • The second largest operator Opal, recorded total income of $527.2 million in 2015-16 but paid only $2.4 million, having reduced its taxable income to just $7.9 million. Bear in mind the majority of tax avoidance is likely to occur by ramping up costs/deductions and declaring a low taxable profit, rather than by paying a low tax rate.
    • Opal disclosed 76 per cent of its income ($441 million) was from government funding in 2016.
    • Allity had total income of $315.6 million in 2015-16 and paid no tax. Some 67 per cent ($224 million) of Allity’s revenue was from government funding in 2016-17.
    • Regis, Estia, and Japara are listed on the Australian Stock Exchange (ASX) but appear to be using methods to reduce the amount of tax they pay while receiving $1 billion in government subsidies.
    • Family-owned aged care companies Arcare, TriCare, and Signature receive between $42 million and $160 million each in annual government subsidies but provide very little public information about their operations and financial performance.

  4. #44
    IMO
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    Have taken a punt in this very undervalued stock. The co is reviewing what to do to improve s/p and a buyback has just started(s/p has not lifted!!).

    Gearing sub 20%
    NTA $3.92ish s/p re $2.26 atm 44% discount to NTA
    FY19 earnings yield est 8%
    Anecdotally im not sure if the class action (from 2017 event ) has much legs)
    Construction on track for re 420 units 2019
    Re 13,000 residents in 89 villages

    Mulpha are the overhang and worry here, very opaque and with a complicated structure with little transparency.Mulphas s/p (on malaysia bourse )is re 70% plus under nta ,they own some great assets besides their re 23% in AOG so caution warranted and why the s/p is where it is.

    Int to see PIE funds are now a holder of AOG




    FY18 Results Presentation


    An opinion from elsewhere
    "" When you stack AOG up against the eight competitors, on most metrics, they look way undervalued.

    First Place in EV/EBIT, PB Ratio, PE Ratio and P/NTA.
    At a Return on Assets (a pretty good indicator for this class) in FY18 of 8.1% AOG has made up good ground on the NZ stars in Ryman and Summerset...but then their premiums to NTA are stellar...3.6x and 2.25x and absolutely dwarf AOG at a lowly 0.56!!!""

    DYOR!!
    Last edited by Joshuatree; 10-09-2018 at 01:00 PM.

  5. #45
    Super Investor
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    Well that just seems like an absolute screaming bargain.

    AOG was all over the media recently and from my experience you don’t have to go far to find someone that has had a bad experience.

    But what a bargain aye.
    h2

  6. #46
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    I had it on my watch list for ages but never bought in because although I thought it looked attractive the market decided otherwise. Will keep an eye on it and do some more research. I'm currently looking to buy defensive stocks to hold long term so the aged care sector is always attractive despite already holding SUM, RYM & MET.

  7. #47
    Legend shasta's Avatar
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    Have now bought into AOG, with the NTA about 1.50 above the current SP, certainly interested to see how the strategic review plays out to narrow the discount.

  8. #48
    IMO
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    AOG hs taken a small hit even though it has few care facilities. Down 6% . Deep value with fishhooks.!

    https://www.fool.com.au/2018/09/17/i...sion-meltdown/

  9. #49

  10. #50
    Guru
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    Under $2 at one stage to day... wowee
    I have to say, this is looking tempting... is AOG really THAT bad?
    (to be trading at a PE of 3 and nearly half its NTA?)

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