Unlike RYM and OCA, ARV underlying profit was stable - amazing result really
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Underlying earnings flat on on per share basis down 6% on pcp (more shares this year)
Book Value up 14% which is pretty good
Beagle says look at increase in NTA / Book Value rather than this fandangled thing called Underlying Profit
Trading at 1.2 times book value (fraction more than OCA)
As guru Mark from Caigs said yesterday the sector includes Ryman and Summerset ...and a couple of other players (like he was struggling to remember who they were). Maybe that's why most think both Arvida and Oceania as way undervalued - they just tell their story loud enough.
I notice metlifecare is still in the NZX50, haven't they been delisted
Good to see a DRP has finally been implemented - I've been calling for this for years.
Certainly a solid result for ARV given the various challenges - I'd say the result is better than that over at OCA and RYM, yet valued similar to OCA and far less than RYM.
Guess some funds may shift part of their RYM holding to ARV soon.
I thought it was a sound result in what was a difficult year for all retirement companies and ARV has a decent outlook. Happy to continue to hold a very modest stake as part of a well diversified portfolio.