Retirement village operators

[Beagle]

Good work Winner, many thanks. If we adjust returns for the premiums to NTA though....

ARV 9% / 1.2 = 7.5% per annum + 4% estimated dividend yield = adjusted gains as a percentage of the share price paid plus dividend yield = 11.5% per annum value accretion on capital invested
RYM 16% / 2.5 = 6.4% per annum + 2% estimated dividend yield = adjusted gains as a percentage of the share price paid plus dividend yield = 8.4% per annum value accretion on capital invested
SUM 26% / 2.2 = 11.8% per annum + 2% estimated dividend yield = adjusted gains as a percentage of the share price paid plus dividend yield = 13.8% per annum value accretion on capital invested
OCA 13% / 1.2 = 10.83% per annum + 4% estimated dividend yield = adjusted gains as a percentage of the share price paid plus dividend yield = 14.83% per annum value accretion on capital invested

If one is measuring total comprehensive income and using total NTA gains, realized (AKA underlying profit) and unrealized plus dividends paid as their yardstick of how much value accretion a company provides then the premium one pays relative to NTA is a vital factor in determining total value accretion as a percentage of the share price paid for each company

I would argue SUM's premium is therefore worth it, whereas RYM's premium to NTA means people are paying over the odds for this sector for the value accretion they receive.

I think OCA have done extremely well considering for most of that time they have been behind the curve with overhauling their business model.

Feels good to have some SUM back in my portfolio. Might add sum more.