How committed Heartland are to this gas emmissioon stuff will show we hear that they reduced lending to 'dirty' industry sectors
Printable View
One wonders what might be irking investors ?
The red team dropping the sledgehammer on the real estate market affecting the economy ? Maybe ?
The RBNZ continuing with dividend restrictions at 50% until July 2022 ? Possible ?
I recently posted a comparison of the metrics of HGH v its peer group (see post #14476), and note that HGH's share price has declined a bit since then and therefore their comparative metrics are even more compelling. https://www.marketscreener.com/quote...44/financials/
Looking forward to FY22 (hard to believe we're in the final quarter of FY21 already) analysts are seeing eps of 15 cps so on $1.74 the forward FY22 PE is just 11.6 Its clear they can work around RBNZ dividend restrictions (recently paying a 4 cent interim dividend with full restrictions out of Australian profits) so now we're at 50% on locally sourced profits I foresee an interim dividend of about 5 cps this time next year and a final of about 6 cps for FY22 by which time RBNZ dividend restrictions should be lifted.
11 cps fully imputed = 11/0.72 = 15.28 cps gross and on $1.74 that's a gross forecast yield of 8.8%
I think we're in as least as good a position as the Australian economy with the chances of a recovery as the vaccination program is rolled out and business confidence is restored so i see the significant discount to its peer group as excessive. The metrics highlighted above are right at the most attractive end of the scale of what this company has traded at in many, many years.
The chart is a bit of a worry but this offers such a broad spectrum approach to investing in the economic recovery and has reasonable earnings growth prospects going forward together with trading on what ostensibly is a no growth forward metric that its a very easy stock to like even if holding at the moment feels like an exercise in how stoic one can remain.
Provided Cindy and the red team don't morph into absolute communists we should be all good.
From a Beagle post - Average PE of peer group 15.4 / HGH FY21 PE 12.5 -- conclusion HGH undervalued
Same peer group on a Price/Book Value basis - P/B of peer group 1.29 ? HGH P/B 1.37 - Conclusion HGH more than fairly valued.
Some will say earnings are key determinate of price (ie why PE is main driver) but if you throw ROE and retained %ages into the equations one might see why HGH tends to trade at a lower PE than its peers.
And then big is seen as better (less risky?) than small is often used a reason for multiple relativities - if only all things were equal
You continue to use NTA which really isn't the best measure in my opinion when HGH makes around double the net interest margin on its loans than its peer group. Capital ratio's are the only other variable. I will always believe its the earnings that really matter...it's my life's work. PE multiples are as you know also a function of expected growth rates going forward and HGH looks good on that score as well, relative to its peer group. Goes without saying HGH is the only bank that will give you full imputation credits with dividends too so has the highest gross yield by quite some margin.
All its peer group's performance's are inextricably tied to the economy and I reckon we're in at least as good shape as Australia provided your mate Cindy doesn't get any more radical for her comrades. I suspect that risk is what's been repriced into HGH shares in the last week and a half. Ouch. Grant and Cindy strike again.
Those relative PE ratios with OZ peers
Nothing seems to have changed over the last 5 years or so ...much to Jeff’s frustration
Must be something that causes it ...obviously not that high NIM margin
From Heartland 2014 ASM preso
I'm curious if there is a link between HGH SP and the property market. Do investors see a weaker property market giving rise to relatively lower security levels on reverse equity mortgages for HGH? (as in lower headroom) Would that explain a relatively weaker SP in light of the recent Government announcements?
Nah! It's something to do with shares I buy... kiss of death...
Rereading half yearly report " interest from leading agrigators regarding Australian reverse mortgage book " ....and also " growing aussie reverse mortgage organically and inorganiclly " does this mean someone buying the debt and giving heartland money up front and the inorganic growth mean buying other banks reverse mortgage portfolio...several banks that used to offer reverse mortgages but don't now ...with policies still on books and returns getting less and costs per customer climbing..( westpak) spring's to mind....announcement 2nd half of financial year..
The weakness is a bit of everything but I think the potentially slower economy is the most relevant. Just a headwind that the market hadn't thought about a month ago.
Sometimes I like to reread the source material others quote to get some context. If the reference is incorrect this becomes difficult. In fact the above quote is not from the half yearly report, because at the time of writing no such separately titled Half Year Report has been issued. I did find the above quote but it was in the 'Half Year Result Press Release' on page 8, which is a different document.
Likewise the above quote is from yet another document, the Half Yearly Presentation (not the Half Yearly Report) on Slide 27.
I would interpret 'Organic Growth' as the growth as a result of normal business operations. In the case of Reverse Mortgages it is not clear what this means. Because even if no new Reverse Mortgages are issued the compounding interest on the existing reverse mortgages will ensure that at least in the medium term the Reverse Mortgage business will continue to organically grow. Yet somehow I suspect organic growth would include the writing of new Reverse Mortgages through established distribution channels.
By 'Buying debt and giving Heartland money up front', I think you are referring the process of loan securitisation. I think that is different to 'Organic Growth'. Loan securitisation refers to the rejigging of the financing that supports a particularly 'grouped subset of the Heartland loan book', by selling that portion of the loan book on to a third party. However, although this can free up Heartland capital to pursue more 'organic growth' as a side effect, the process of securitising existing loans is not a growth strategy in itself.
I would say 'interest from leading aggregators' does refer to the loan securitisation process.
As for the inorganic growth mentioned, you might be onto something with that residual reverse mortgage loan portfolio at Westpac. Westpac seem to be taking every opportunity they can to simplify their business. Getting rid of a Reverse Mortgage Rump would certainly do that. I think it would be a very substantial acquisition for the thinly capitalised Heartland Australia though, even after several years of Westpac being inactive in the reverse mortgage market. There are smaller moribund reverse mortgages facilitators operating the the Australian market nevertheless. So you might be right, even if it isn't the Westpac reverse mortgage portfolio that is up for sale. Bear in mind though that the quote you referenced began 'Explore opportunities', which would suggest there is no imminent 'done deal'.
SNOOPY
Two weeks ago global dairy (WMP) prices fell after a good run up ....and in last 2 weeks after a good run up Heartland share price has fallen quite a bit (6%)
Last nights dairy auction saw prices ‘stabilise’
That’s good news
Haha, most entertaining thanks winner. I was not expecting a link between dairy farmers buying and selling HGH shares based on their milk price fortunes, but I have seen you mention this before. There is a website dedicated to spurious correlations: https://www.tylervigen.com/spurious-correlations. There is a 94.7% positive correlation between the number of people who die by getting tangled in their bedsheets with US per capita cheese consumption....!
Joking aside, you have me sufficiently curious that I am tempted to run some numbers on dairy prices versus HGH share price. Have you run the numbers on this to test the strength of the correlation?
For Ferg
Diary prices and GDP linked and Heartlands fortunes reliant on the prevailing economy conditions says Jeff
I haven’t updated Heartland share price / WMP correlation for a while as I don’t have access to GDT data and don’t fancy paying to do so.
Was a reasonable strong correlation ...maybe not the quantum but the direction (up/down) with lags of both was interesting.
Good news: Heartland now stands alone with the cheapest home loan rate in the market at 1.99% with its online offering (HSBC raised its rates from 1.99% to 2.25%)
now a significant quarter of a percent gap between heartland and everyone else now at 2.25-2.29%
https://www.interest.co.nz/personal-...fter-two-month
isnt it a bit like OCA not raising their prices enough?
discl
have some
Kiwibank is driving me nuts so I thought I'd take a look at moving the mortgage to Heartland. A quick phone call to discuss with them at a high level our circumstances. The person I spoke to was very helpful and suggested I do the quick application process online and see where we go from there.
So I did the application and to my mind we have plenty of equity, good incomes, easy serviceability, great credit rating, what's not to like I thought... Got to the end, did the quick little survey that asks your opinion on what the application process was like, where I put in that it was a positive, quick and relatively painless experience. Clicked ok only for it to come back with a message to say we don't meet the criteria, or something like that. Click here to understand why, which I did and that just took me back to the home page. Excellent.
Rang them up again, spoke to someone different and explained what had happened. Got the response, something along the lines of "we don't really have a mortgage team you can speak to, but you can email us through the website..." Back on the website, composed a message, hit Send, to which a pop up says "An error occurred. Please try again later."
Not a great experience. And as a shareholder, I'm really disappointed.
Seems you're not wrong.
Today they lost some credibility in my eyes. There may well be valid reason why they didn't like my application, but if they're going to have this online application process, they need to get it sorted out as presently it's rubbish.
Ring Chris Flood at Heartland.
09 927 9139 or 0272266508
The heartland digital things I’ve experienced leave a lot to be desired
Fintech they aren’t
Maybe you are far too rich for a Heartland loan cyclical?
Was it for a stand alone dwelling - I know somebody who was rejected because their house wasn’t.
I did that process and was approved. I was impressed as it only took about 5 minutes
Ok, thanks, I'll take a look. Easy to just abandon it as a potential customer, but as a shareholder, I'm keen to understand what the underlying issues are and to find out if they're interested in fixing/improving the experience, or if that's just how they roll.
Good to know it does actually work for some.
Cyclical, as a customer I would be frustrated with your experience but as a shareholder I wouldn't worry.
HGH are great at reverse mortgages, vehicle, construction, forestry, agri and transport finance.
Banks (the real banks) are great at home loans and credit cards. Let them both do what they do best I say.
And let them allocate precious capital to those areas they excel in.
This offer is all about them testing the market and their online systems to see if they can write loans with as little employee involvement as possible. That is why the customer service rep told you there isn't a mortgage team to talk to, because there literally isn't by design. If you cant tick all the boxes and get the computer to say yes then they don't want to know ya. If you can then great, you get the good rate and HGH spend only a few FTE hours on closing out the deal.
The banks have personal bankers spending hours with customers sitting in expensive branches. HGH trying to avoid this model.
HGH Fintech soonish maybe
Yep, good post and good points, Rawz. I found an email in my junk off the back of the failed application, so have replied to that and will see where it goes. I'm probably stuck with Kiwibank for another year anyway due to the cash contribution effectively tying is in for 3 years, but regardless, will be interesting to go down the rabbit hole and see what the process looks like for potential Heartland customers.
I suppose from my perspective, if they're going to make a play at the mortgage market (pretty high profile one at that due to the sharp rate), then they should either do it right from the get go, or just not bother, as a failed foray can be quite damaging. That said, the issue with my app may well have been something as simple as checking the wrong box. If revisited the criteria and fail to see any that we'd fail on, so may have been a mistake, or the system doesn't like our address.
I imagine you know how it works, w69, but if not, Snoopy explained it well a few months back. He'll be along shortly to put me straight, but something like 15% of Heartland's / depositor's money at whatever cost that may be, then the other 85% from the RBNZ printing machine at the OCR. All adds up to a ~4% NIM. The caveat here is that I may have all that wrong!
Thanks for sharing Percy great to see everything on track with reverse mortgages.
Overall profit expectations still within guidance so no need to disclose anything.
Good sign though ...where would you draw the line as to what stuff you tell the market?
Anyway the increase was probably expected / forecasted to make up for poor H1 - NZ Reverse Mortgages: Net operating income decreased -13.8% compared with 1H2020 to $11.2m.
That relatively small website is part of the same empire as this forum.
You are expected as a poster here to read it avidly (thus getting the inside line on the great companies on the NZX) and click at least 33% of the adverts to help pay for hosting your posts.
Disc: :)
The on-line mortgage application doesn't seem to ask for the purpose of a loan like most banks do these days.... So, can I shift my floating loan on my standalone property to HGH and use the funds to buy more HGH shares? ...or would they regard that as a risky/poor investment?
NZ becomes first in world for climate reporting
Heartland, being such a responsible & caring bank, probably well ahead of the curve on this.
:mellow:
Just hit $1.82. Looks like through both 30/100 MA - strong signal:)
Revolving Credit Account @ 2.75%. Taking on the big boys. https://www.scoop.co.nz/stories/BU21...ing-275-pa.htm
Just need them to offer lending on investment properties and I'd be there in a heartbeat...
Very few people put their whole mortgage on revolving credit. Most have the majority fixed and leave a portion on revolving credit of between 20 and 50k.
The 100k maximum is a non event as I'm not sure to many customers would want more than that. Only those with exceptionally large incomes maybe.
Not sure many banks would be willing to go to 500k. I had 200k with anz no questions asked but kiwibank would only give me 20% of total lending.
Having the flexi made it very convenient to move money around without having to tell/ask the bank. Very useful through the planning and consent phase of my subdivision.
Heartland are not providing the annual interest earned statements this year.
I rang them up to ask when they were being provided and the service agent’s response was that they were neither providing an annual certificate through online banking nor mailing a hard copy. The reason was that the information is provided through My IRD.
However Heartland Term and cash PIE earnings have not been provided through MyIRD and Heartland are not providing an annual PIE income statement. Taxpayers need to declare it as income if their PIR rate was too low for the year. My Big Australian Bank has provided both pie and income tax certificates. So, that is not good enough Heartland!
I found what was on My IRD did not line up with the individual statements I have from Heartland over the course of the year. Some other companies are not providing a year end statement either.
It's a pain, as the system still isn't working properly in the odd case and it would be great if I only had to upload one statement to IRD, rather than several to show them the correct figures.
This has happened for several years now. But it is getting better. In my case only a few need correcting, rather than quite a few last year and heaps the year before.
I did my tax return last Saturday and the funds were in my account on Tuesday night, the exact amount that I had claimed. The only information I had to enter in to My IRD was my Aust. dividends, my 3 banks returns tallied to the same as the IRD figures (gross) that I recorded monthly on a spreadsheet. As for my dividends there was a difference of 10cents in the gross figure ($20400). I didn't bother to try and reconcile it. Very happy with the IRD, and now so easy and straight forward now as compared to previous years.
Heartland mentioned as a lender to this outfit that’s gone bust
Probably only peanuts and it’s secured so no worries
https://businessdesk.co.nz/article/l...y-receivership
2019 full year profit $73.6m
2020 full year profit $72m..covid
2121 estimated full year profit $83 to $85m n yet SP still under $2
This business has been in trouble for ages and it is common knowledge. One would expect an appropriate write down is already in the bad loans part of the balance sheet.
If full year profit is more than $85m....that would be exciting!
Westpac NZ profits doubled in H1
Wrote back a chunk of previous bad debt provisions ....and NIM increased
All bodes well for Heartland
Whose going to guess npat close to $100m this year ...rather than their own guess of $85m
happy with the target 85m...
Agree. Westpac's result and general economic commentary should mean the Covid overlay taken last year is released. Will probably get commentary about the lower underlying result so as to set up 2022 as an increase on this 2021 underlying result, not a possible decrease on circa $100m npat.
https://www.nzherald.co.nz/business/...5DSCHLITQ3CL4/
I reconk profit upgrade is coming soon
Global Dairy Trade overnight ...prices basically flat
Just like Heartland share price at the moment
ANZ just reported interim result - big gain from reduction in credit impairment balance:
http://nzx-prod-s7fsd7f98s.s3-websit...670/345379.pdf
Interim dividend of 70c to be paid - almost back to normal (pre pandemic it was 80c per half year)
4.5% forward dividend yield is pretty good in current internet rate environment - but of course HGH will be quite a bit better (fingers crossed)
That's massive really ....
.....because it does not include any release of Heartland’s economic overlay,
So Jeff really saying $90m plus
Heartland Group Guidance Update
10/5/2021, 9:35 am MKTUPDTENZX/ASX release
10 May 2021
This update on Heartland Group Holdings Limited’s (Heartland) (NZX/ASX: HGH) financial performance falls outside of Heartland’s usual reporting practice. However, Heartland considers a guidance update appropriate given the uncertainty which remains as to New Zealand’s resilience to the economic impact of the COVID-19 pandemic and the timing of the economic recovery.
All financial results in this announcement are based on the unaudited financial statements of Heartland and its subsidiaries for the nine months to 31 March 2021 (YTD). Relative growth rates are annualised, and include the impact of changes in foreign exchange rates.
Financial update
Heartland has achieved a net profit after tax (NPAT) of $21.0 million for the three months ended 31 March 2021 (3Q2021), bringing YTD NPAT to $65.1 million (or $64.3 million on an underlying basis, excluding the impacts of one-offs as detailed in Heartland’s announcement of its results for the six months to 31 December 2020 (1H2021)).
Underlying return on equity (ROE) was 11.9% (annualised YTD NPAT as a percentage of average equity), flat on 1H2021 underlying ROE.
Momentum in lending increased in 3Q2021, with gross finance receivables (including reverse mortgages) growing $158.6 million (13.7%), a significant uplift from $59.3 million (2.5%) in 1H2021, resulting in a YTD growth of $218.0 million (6.2%).
Growth was experienced in Motor, both New Zealand and Australian Reverse Mortgages and Business Intermediated. Current Home Loans pipeline momentum remains strong, with $580 million approved online and $30.3 million drawn down YTD. Heartland recently expanded its Home Loans offering with the provision of a Revolving Credit facility at New Zealand’s lowest rate.
Heartland maintained net interest margin (NIM) of 4.30% in the nine months to 31 March 2021, up 2 basis points on 1H2021.
The underlying cost to income (CTI) ratio for 3Q2021 was 44.1%, bringing the underlying YTD CTI ratio to 45.3% (1H2021: 45.9%). The reduction in the underlying CTI ratio during 3Q2021 demonstrates Heartland’s continuous focus on creating end-to-end processing efficiencies through ongoing digitalisation.
Impairments continue to perform strongly with a YTD impairment expense ratio (annualised impairment expense as a percentage of average receivables) of 0.27% (1H2021: 0.19%). The increase is due to higher than usual repayments in 1H2021, combined with significantly stronger growth in receivables in 3Q2021 compared with 1H2021.
General update
Heartland’s digital strategy is evolving further, becoming embedded in operations. What this means is the removal of friction and the prioritisation of speed in delivering service which enhances customer experience and results in processing efficiencies. The online platform for Home Loans is an example of this, where Heartland is currently able to offer the most competitive mortgage rates and will soon offer even lower rates, passing on the benefits of digital banking directly to New Zealand home owners. Ultimately, it will also be demonstrated in reductions in the CTI.
On 31 March 2021, the Reserve Bank of New Zealand (RBNZ) announced that it was easing dividend restrictions which were put in place in April 2020 (and extended in November 2020), to allow banks to pay up to 50% of their NPAT to shareholders. The 50% dividend restriction will remain in place until 1 July 2022, at which point the RBNZ intends to remove the restrictions entirely (subject to no significant worsening of economic conditions).
Harmoney’s transition of its funding model from a peer-to-peer off-balance sheet model to wholesale securitised on-balance sheet funding via warehouse structures is well advanced, and the transition of Heartland’s facilities with Harmoney is progressing well.
Despite continued elevated levels of uncertainty regarding the economic impact of COVID-19, Heartland’s economic overlay of $9.6 million taken in respect of the financial year ended 30 June 2020 remains unutilised. Heartland’s Board continues to consider the need for this overlay as part of Heartland’s upcoming year-end financial results process for 30 June 2021 (FY2021).
Looking forward
Provided current trends continue as expected and economic conditions remain stable, Heartland now expects NPAT for FY2021 to be in the range of $85 million to $86 million. This updated NPAT forecast range does not include any release of Heartland’s economic overlay, which remains under continuous review by Heartland’s Board, and on which no decision has been made.
– ENDS –
That's massive really ....
.....because it does not include any release of Heartland’s economic overlay,
So Jeff really saying $90m plus
lol - just a 1% stock price pop on the news. What is wrong with this market?
First profit upgrade in 5 years (was one downgrade once and that was to allow for restructuring and ASX listing costs)
The master of managing earnings and putting things in the bottom drawer is losing his touch
Things must be going very very well at Heartland if Jeff has had to come clean ...and there's still another quarter to go
Pleasing to see everything thing still well on track Happy long term holder.
Pretty sure it will hit $2 soon
Decent trading update today that was in line with my thinking. I am looking for net profit in the early $90's million range for FY22 which gives them an eps of approx 15.8 cps and am hopeful the economy will be in a strong recovery and am looking for a recovery PE of approx 14.5 times earnings (which is the average of where the peer group I follow on the ASX is currently trading).
I am hopeful of a target price one year hence of ~ $2.30. The most obvious risk to that is another / more Covid lockdown(s) so the current price probably quite fairly reflects the potential risks and rewards.
Welcome back Beagle!
Jenny Ruth has a nice warm fuzzy piece on Heartland in BusinessDesk
Starts off -
It's always a dangerous thing to bet against a company with an established track record of doing what it says it will do.
Last December, Forsyth Barr analysts clearly didn't believe the message Heartland Group gave the annual shareholders' meeting that the company was tracking ahead of expectations.
Heartland has just proven them wrong in the best possible way; it raised its full-year earnings guidance after reporting it had 75% or more of the higher annual forecast under its belt from the first nine months.
And latest update this morning. I do note that they have revised their target price upwards still Underperform.3Q21 Update — Expensive at Current Levels
UNDERPERFORM
Heartland Group Holdings (HGH) has reported an unscheduled trading update for the nine months to 31 March 2021,
citing supportive economic conditions and modest receivable loan growth in the Motor, Reverse Mortgage and Business
Intermediated divisions. Guidance for FY21 was lifted by +2% at the mid point to NZ$85m–$86m (vs. our prior
expectations of NZ$82.2m) from prior guidance of NZ$83m–$85m. HGH's cost to income ratio was reported at 44.1%
(-3.2% on 1H21), its impairment ratio was 0.27% (+0.17% on 1H21) and receivable loan growth was up +3.4% on 1H21.
Going forward, we remain unconvinced that HGH can generate a long term return on equity in excess of its cost of capital
given its sub scale, higher risk profile, lower quality loan book and lack of competitive advantage, and are yet to see the
benefits of its digital strategy materialise. Given a recent rally in the stock price, we retain our UNDERPERFORM rating.
What's changed?
Modest 3Q21 receivables loan growth
Receivable growth of +3.4% in 3Q21 was driven by increases in its Motor, Business Intermediated and Reverse Mortgage books,
highlighting favourable category exposures. Repayments in 3Q21 were lower than 2H21, having normalised post COVID-19
disruptions. We expect the motor division in particular to continue to perform strongly in 4Q21, given healthy domestic demand.
Residential mortgages — a change in approach?
HGH is looking to build upon its small residential mortgage book and compete with large International banking peers. At this stage we
remain cautious regarding the opportunity for HGH given 1) the slim margins generated with a product yield starting from 1.99%, 2)
the highly competitive nature of residential mortgages in the New Zealand market, and 3) the brand power behind competing
Australian banks. However, if execution is successful, we note a greater return on equity can be generated given the lower capital
requirements needed for a residential mortgage product vs its current product mix. The company currently has ~NZ$30m of
residential loan receivables (0.6% of its total loan book).
Valuation
HGH and Australian banking peers have re-rated strongly with initial fears of a severe downside economic scenario now subsiding.
With the stock trading on a P/BV of 1.15 and generating a ROE/COE of 1.04 for FY21, using a variant of the Gordon Growth Model we
derive a target price of NZ$1.79, retaining an UNDERPERFORM rating
Forsyth Barr have been consistent with their negativity I will give them that but they have also been consistently very wrong. Their forecasts earlier in the year were wildly different to HGH's own forecast, (and drew quite widespread derision on here by many experienced investors) and have been proven to be dramatically wrong.
HGH is looking to build upon its small residential mortgage book and compete with large International banking peers. At this stage we
remain cautious regarding the opportunity for HGH given 1) the slim margins generated with a product yield starting from 1.99%, 2)
the highly competitive nature of residential mortgages in the New Zealand market, and 3) the brand power behind competing
Australian banks. However, if execution is successful, we note a greater return on equity can be generated given the lower capital
requirements needed for a residential mortgage product vs its current product mix. The company currently has ~NZ$30m of
residential loan receivables (0.6% of its total loan book).
Valuation
From what Jeff Greenslade said some time ago was it was a very easy product for them to do,so why not do it.?
Very small add on to HGH.
No big deal.Bit like a supermarket having lollies at the check outs.
Crux of Forbar's valuation is based on these two statements -
Going forward, we remain unconvinced that HGH can generate a long term return on equity in excess of its cost of capital given its sub scale, higher risk profile, lower quality loan book and lack of competitive advantage,
and
With the stock trading on a P/BV of 1.15 and generating a ROE/COE of 1.04 for FY21, using a variant of the Gordon Growth Model we derive a target price of NZ$1.79,
Generating returns in excessive of ones cost of capital is the foundation of corporate finance and in the long term a company's value is generally determined by that metric - rather than the cheats way of using PE ratios etc
Forbar's 12 month price target issued in October 2020 was $1.35 based on eps of just 10.5 cps.
My price target issued in October 2020 was $1.81 based on eps of 14.4 cps. I can post quotes if anyone wants me too.
Forbar's track record speaks for itself. I backed the truck up at $1.35 in November to celebrate my birthday and figured HGH was the gift you give yourself. Best present I ever bought myself.
I remain comfortable with my $2.30 price target 1 year hence from here with the caveat of the risks mentioned yesterday.
Gordon Growth Model?
This something out of one of the Wall Street movies? :)
Wow Forsyth Barr have been so completely humiliated with their previous targets, that even when they raise it dramatically they are still negative on the stock. I feel sorry for any investors following their recommendation today (I dont why anyone would considering how off they were previously.)
I also think the Home loan business is dramatically underestimated.
So incredibly silly seeing the stock price LOWER than it was before yesterdays profit upgrade.
HGH priced about right. Bit of a boring but solid hold at the moment. Most had a good ride from $1.10's - $1.20's to $1.80's (some would have even got in lower). I personally got off the train a few months back at $1.84. Better trains to ride
Is it just me or have others noticed a push in advertising for their home loan product? Like just now, prime time, one news.
It's getting around, I've noticed it and the only mainstream media I would see during the day will be the 30 min news at 12. Other than that they must be pushing online advertising alot too, think I've seen a fair amount on FB and may have had some on YT.
New Home lone rates. Going after the big boys. https://www.nzx.com/announcements/372087