Quote Originally Posted by Silverlight View Post
Interesting notes on cost, their profitability is there to see though, even in the horrible 08 -09 year they were still profitable.

They own a lot of their own property as well, so I don't see leasing as as issue, I also find it quite intriguing that they pay two dividends a year with no Tax Credit's!


It would be more beneficial for the shareholders if SCY did an on market buyback of shares and save up the tax credits, especially when such a discount to NTA exists, unless of course mgmt don't beleive their own figures on Smithcorp.
SCY have so many millions in tax credits its not funny .... they won't be paying incoome tax for years

Therefore your divies are 'inflated' by SCY not having to pay tax ... therefore no impuation credits attached

Expansion into Wellington could be interesting ... there is void of big furniture shops in the area as a result of a few casualties in recent years