Norah's shareholding LOL LOL, sorry couldn't resist. Indeed Forest, it was nothing but a convenient way for him to dodge a question about profit growth, or as it appears its turning out, lack thereof.
I've done some more sleuthing which is showing things in a much worse light than first impressions this morning.
Going off last year's annual report the company makes considerably more per unit on resales than on new units. $55K v $45K per unit.
If we see 75 new unit sales in Q4 and 25 resales, which is my best guess based on their very low resale stock the current half year will have a much stronger bias towards new sales than resales which doesn't auger well for the company even matching their first half financial performance of only $9.4m.
I'm now estimating 2014 underlying profit of $18.2m compared to $22.1m last year.
$18.2m / 217.57m shares = 8.365 cents EPS. Apply whatever 2014 PE multiple you think is appropriate, sorry I cannot stretch past 25 all things considered and that gives estimated fair value of $2.09 :ohmy:
And recently it was reported there are now three retirement sector companies looking to list on the NZX sucking further wind out of the incumbent players sails.
Run for the hills !!!!
Disingenuous Dog Alert. Expect SUM to very conveniently shift their focus from underlying EPS to IFRS EPS at year end and still come up with creative bar charts showing every increasing trends that make for pretty pictures in the forthcoming annual report as research shows that many people simply look at the pictures and graphs and that's about it.