Do you guys believe that Met is worth over $4 (Hit $4.55) while Sum sits at around $3.20. ?
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Some numbers lifted off the ASB site
------ NTA Yield P/E
RYM 157.26 1.38% 27.25
MET 346.24 0.77% 5.93
SUM 119.02 0.79% 31.48
An offshore investor would certainly prefer the dividend yield of Ryman. They would probably see MET as the next cab of the rank in the sector in terms of risk.
SUM has good management and is in a real growth phase and that is why I have invested in them.
I've recently been looking at the retirement industry, looking into the fundamentals of the companys trying to getting a picture of where various companys are heading.
So far i've just been through the annual reports i can get of the websites. Looking at MET over the last 7 years earnings per share are all over the show as well as dividends. I tried going back further but decided it wasn't work the hassle as the annual reports made it hard to find Net Profit/earnings per share/dps etc and what i did find seemed to correlate with the last seven years.
What is interesting is that Ryman has really nice annual reports that are investor friendly, Summerset pretty good, not as good as rymans, metlifecare horrible. Seem's to be inline with how each company peforms.
MET 2007 2008 2009 2010 2011 2012 2013 EPS 116.3 60.7 120.3 55.1 17 104.1 65.8 DPS 22 19 0 0 0 0 3 RATIO 19% 32% 5%
Their earnings per share/ dps are all over show. Trying to put a value on it is pretty hard. While the retirement market is increasing so you would think MET earnings would increase as well i am not so sure as Summerset and Ryman have better retirement homes and may very well steal their market share and earnings could very well possibly decrease.
Free cash flow may be a more valid method for finding a value for MET?
Does anyone have a valuation on MET and is willing to share how they arrive at it?
If we could have just better quality on the board. Hang on......
DIRECTOR APPOINTMENTS & CONFIRMATIONS
Following the recent change in shareholding, retirement village and aged care
provider Metlifecare Limited (NZX: MET; ASX: MEQ) is pleased to announce the
appointment of Kevin Baker, William Smales and Carolyn Steele as directors.
Kevin is the Chief Financial Officer for Infratil Ltd and its manager, H.R.L
Morrison & Co Limited. He is the Chairman of NZ Bus and a director of
Infratil Energy Australia and Lumo Energy.
William is a Senior Executive and Investment Director at H.R.L. Morrison & Co
Limited. He has extensive investment experience across a number of industry
sectors and previously spent seven years with The Carlyle Group.
Carolyn is currently the Portfolio Manager, Direct Investments for the New
Zealand Superannuation Fund. She has substantial experience in capital
markets, mergers & acquisitions and investment management. Carolyn is an
alternate director at Datacom Group Limited.
Rest home chains face legal battle over pay
Mentions Metlifecare
Best Wishes
Paper Tiger
I realise there's a lot of cynicism where brokers' research and recommendations are concerned - but here's Macquaries' recent take on MET, with some comparative comment on the big opposition, RYM and SUM.
http://www.macquarie.com.au/dafiles/...MTA2Mjk5NTk5S0
Comments/alternative views sought - I hold them all!