But isn't that one of the key short-term profit drivers? I.e reduction in the back office costs.
What I found interesting was the number of care beds as a percentage of total beds. They won't be a development company (like RYM and SUM). They won't rely (as much) on development and resale margin. Instead, it is the care fees. As such, execution risk should be much lower. They won't be as sensitive to NZ house prices (a good thing IMO).
I'd expect a proper dividend given they are not in a position to expand (no land bank).
Valuation will be key, but I'm not discounting Hercules yet.
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