No RV company who are always short of cash as development costs are huge and for long , will raise dividend substantially if not doing well .
I think results are great and soon we will hear from Mav saying so ....:t_up:
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No RV company who are always short of cash as development costs are huge and for long , will raise dividend substantially if not doing well .
I think results are great and soon we will hear from Mav saying so ....:t_up:
Yep, at first glance its a beauty - confirmation its just where it should be. This will take a few days to properly unpack but let me sum up the result in the most basic way.
Underlying earnings ( the ultimate measure of the business in my opinion.)
HY1 underlying earnings....20.9m...23.7...23.65...27.5m
You can all judge for your self whether this is worth its current PE of 16%
So many different 'profit' numbers and different periods ....and even resorting to 'proforma' numbers (allowing for repaying wage subsidy or something)
One does get the feeling they changed balance date to make the numbers even murkier
Like t_j says when it looks complicated it's usually not good news
What's this Adjusted Underlying NPAT they talk about?
Adjusted Underlying NPAT 22,701 v 19,130 in pcp ...up 18%
Total Comprehensive income up 10.5% to $62.7m = 8.9 cps for the half year = annualised 17.8 cps = PE of just 7.2
NAV $1.34 up from $1.28 and the $1.34 will be after CBRE deducting a theoretical discount on unsold units so the real NAV will be a bit higher.
I think its a satisfactory result and the share price is well underwritten by being less than the real net asset value.
Nice to see the dividend back to where it should be. OCA is a good hold as (part of a broadly and internationally diversified portfolio) the cheapest stock in this sector by a very long way.
Results on track. March results will be the telling one. Happy with my relatively overweight investment. Expecting the SP to reach $1.40 reasonably quickly.