-
Went through the last Annual Report and no mention of valuations being 'touched up'
'Touched up' must be a technical term or something
-
LOL yeah, highly technical.
Property for industry is the most directly comparable stock. PFI trades at $1.46 on a forecast dividend pay-out of 7.25 cps paying out 95-100% of earnings after tax, so working on this being say 97.5% of earnings this implies EPS of 7.43 cps.
GMT trades at $1.10 on a forecast pay-out of 6.45 cps paying out 80% of after tax earnings for EPS of 8.06 cps, i.e. greater EPS. Even accounting for the fact that Goodman are taking their management fee is extra units for the next 4.75 years and there's just over 3% additional units due to be issued as final consideration for the highbrook acquisition EPS of these two companies are ostensibly the same.
Must be a pretty fancy management structure at PFI to justify such a significant premium to NTA and such a low yield ? Shame it isn't giving a more meaningful EPS for a stock trading at $1.46.
Motto. Look past the nonsense and politically incorrect / non flavour of the month management structure to determine the real yield and EPS. Non flavour of the month is often where you get the best deal
Last edited by Beagle; 18-11-2014 at 12:30 PM.
-
Goodman sells Enterprise park for $53.2 million, book value $50m. I know they have been trying to sell this older property for some time so its a good result at more than 6% above the most recent 2014 valuation.
No reason why they can't significantly lift their dividend payout ratio next year
http://www.sharechat.co.nz/article/8...-2-millionhtml
Last edited by Beagle; 16-12-2014 at 11:43 AM.
-
[QUOTE=Roger;522654]G
No reason why they can't significantly lift their dividend payout ratio next year.
Yes and no
I like what they are doing... ditching the old and building new, and they don't have a DRP, which is good. A lift in NTA and Shr holders Equity through valuation's.
Arg are the one's that need to lift their divvy as they are drifting at the moment. Their DRP is holding them back through dilution. Which is not good
BB
-
I noted recently ARG reaffirming dividend guidance for 2015 at 6 cps and therein they noted that they were paying out 102% of distributable earnings at that level, i.e. digging into distribution reserve to maintain the 6 cps.
On the other hand GMT paying 6.45 cps and only paying out 80% of distributable earnings. Clearly with all the recent sales by GMT there's quite considerable scope to raise their dividend significantly for FY 2016 whereas with ARG none at all.
-
Yep Rodger you'r onto it.
GMT... buy paying a low div they can effectively lift the portfolio.Which in the long run is good for shareholders.
Arg on the other hand is giving shareholders the finger. But the managers are still collecting their bonuses.
BB
-
I dunno about giving them the finger BB. ARG have had a very good run and are now trading at quite a substantial premium to NTA.
I think its a reasonable investment but like many in the LPT sector is fully priced.
-
Originally Posted by Roger
I dunno about giving them the finger BB. ARG have had a very good run and are now trading at quite a substantial premium to NTA.
They've certainly been a better investment than Goodman, which have been a standout among LPTs - as useless.
-
-
Originally Posted by Billy Boy
.
Dont get me wrong here as I have a sizable holding in ARG.(well into 6 fig's)
I now see Arg as fully priced and no where to go . As such I've stopped my buying on them.
A good thing in Arg's favour is their dropping of the retail sector. (IMO).
I see GMT as a better buying strategy for further down the track because of their model,
as you explaned above.
Fungus... welllll you have always had a snitcher GMT, and away's back I was agreeing with your
reasoning. But not now.
Time to dust off the suit and go for Arg's board ???
.
cheers BB
Was I anti GMT a while back? Maybe. I don't remember, but obviously not too much cos I bought a few, but only 100,000 which is low in my collection of LPt shares. No doubt cos I saw them more as would be developers rather than investors. Still they haven't moved much in value, nor has dividend been anything spectacular. Is that going to turn round? I doubt it.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks