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20-09-2023, 02:57 PM
#141
I enjoyed Richard Milsom's presentation this morning.
http://nzx-prod-s7fsd7f98s.s3-websit...572/403383.pdf
Last edited by percy; 20-09-2023 at 02:59 PM.
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20-09-2023, 05:11 PM
#142
Originally Posted by Rawz
Yes good points Muse.
I still want a dividend yield over their rental yield lol. But NZL say no, the SP is undervalued and thus they must buy back shares and in their minds push the SP higher. And div yield lower (assuming it returns next year).
Some other thoughts I had was the AFFO cagr they like to highlight since listing has had the benefit of loading up the balance sheet with debt. It’s now near 40% leveraged so could be considered close to comfort levels. Therefore their acquisitions will slow and affo growth will slow to cpi rate.
Last thought, why are they doing a European tour for potential investors?? This has a $100m market cap in NZ$ it’s a tiny microcap on the international stage…. Would have thought it would be a waste of time pitching outside of our neck of the woods. Unless… unless they are setting the stage for numerous cap raises for acquisitions. Good for the manager I guess but current investors may need to be ready to front up with more cash to maintain their holdings
They buy back shares to boost the share price then do a capital raise. I am no financial genius but doesn't this sound a bit fishy?
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16-12-2023, 01:05 AM
#143
https://www.nzx.com/announcements/421717
Change of Auditor
With effect from today, New Zealand Rural Land Company Limited (NZX.NZL) has accepted the resignation of PwC as the Company’s statutory auditor and has appointed William Buck in its place.
The decision to change auditor was driven solely by a desire to reduce the cost of audit fees.
Aha, so toss Auditor overboard because NZL still want Royce Royce job done but at Cheaper Buck Lada Rates with smaller gorilla at wheel
sure there wasn't something else that make the Board buck a bit over ?
Perhaps PWC Beancounter started warning of focussing in on revaluation fancy footwerks and scratching around interest cover marks etched in the thick Taranaki muck
Last edited by nztx; 16-12-2023 at 01:18 AM.
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21-01-2024, 02:32 PM
#144
Member
I am presuming that with the news from NZL of the sale of 25%,the proceeds should allow the company to grow with more purchases.
If they do i hope they stay away from dairy farms and get into dry stock or even cropping properties.
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21-01-2024, 04:06 PM
#145
Their difficulty is finding properties that can pay 5% land leases through phases of agriculture boom and bust. This sale is a result of such difficulty.
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23-01-2024, 08:57 AM
#146
Craigs have increased their target price from $1.12 to $1.21. Rating "Overweight".
Found this interesting in their latest research;
We view this transaction positively since NZL is
effectively raising funds to finance further acquisitions at +40% premium to
the current share price.
Last edited by percy; 23-01-2024 at 08:59 AM.
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23-01-2024, 12:18 PM
#147
Member
Originally Posted by percy
Craigs have increased their target price from $1.12 to $1.21. Rating "Overweight".
Found this interesting in their latest research;
We view this transaction positively since NZL is
effectively raising funds to finance further acquisitions at +40% premium to
the current share price.
At $1.21 we will be 1 cent ahead of the initial issue price back in 2021.
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23-01-2024, 04:45 PM
#148
Originally Posted by kiwikeith
At $1.21 we will be 1 cent ahead of the initial issue price back in 2021.
Still a way to go to reach the Oct 22 $1.65 level that ALF's performance fees got converted into NZL shares at however
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27-05-2024, 08:39 AM
#149
https://www.nzx.com/announcements/431749
New Zealand Rural Land Company Limited (NZX:NZL) advises of its intention to make selective on-market purchases of ordinary NZL shares pursuant to NZX Listing Rule 4.14.1(a) on the terms outlined in NZL’s capital management policy.
The NZL Board considers that the current market price of NZL shares materially undervalues both the assets and the free cash flow profile of the business making shares purchased at this level attractive and accretive on an asset and free cash flow basis for shareholders.
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27-05-2024, 10:23 AM
#150
Member
Originally Posted by Sideshow Bob
https://www.nzx.com/announcements/431749
New Zealand Rural Land Company Limited (NZX:NZL) advises of its intention to make selective on-market purchases of ordinary NZL shares pursuant to NZX Listing Rule 4.14.1(a) on the terms outlined in NZL’s capital management policy.
The NZL Board considers that the current market price of NZL shares materially undervalues both the assets and the free cash flow profile of the business making shares purchased at this level attractive and accretive on an asset and free cash flow basis for shareholders.
Sounds great but history indicates they are only tinkering. Share buybacks to date total less the one half of one percent of total issued shares.
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