Interesting - where was this mentioned in the article?
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I am forecasting around 6 cps in dividends this year, (about 5.4% yield) and with rapid growth in the years ahead, (along with some tax to be paid which should see dividends in the medium term future being at least partially imputed) this is shaping up as a very good long term dividend yield hold. Strong demographic tailwinds, compelling metrics, excellent management. My #1 pick for 2019. Disc: Already my #1 investment position but I am watching closely for the right time to add more.
You could read into this article that some analysts think that Ryman is overpriced and actually - I might agree with that.
You could as well read into it that they think that Ryman offers a better solution for the Australian market than some Australian providers. May or may not be true - I guess this is something the Australian market needs to decide. They do compare as well Ryman with Summerset based on percentage of care beds ... and it appears that they think more care beds are good (may or may not be true - again, while I do see the point, the jury is still out).
However - I didn't read anywhere that they think the other retirement providers are overvalued. But I do realise that this is what you think, so maybe it was your confirmation bias helping you to spot the all important hint? Sorry that my glasses use my own bias, not yours :p;
Maybe we should clarify as well what you mean with overvalued? They didn't say that. Do you mean that the shareprice is currently higher than it is likely to be at the end of the bear if we assume this is one? This might well be true, but they didn't talk about the bear - and while the bottom price at the end of a bear market might well be a bargain, I would not define it as "true value".
Personally I think that all the big retirement villages in NZ are good long term investments, but I see Ryman much closer to real value (and can understand that some people see it as overvalued) than its competitors. But again, if you only see the SP at the end of the next bear cycle as real value, than you well might be right about all of them ... but the same would be true for all other stock.