I note they have dropped the long touted 450 new units target.
It has gone from a target of 450 sales to 450 ‘will be delivered’ and now not mentioned ....hmmmm
A lot can be said in a few words ... or from lack of words
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I note they have dropped the long touted 450 new units target.
It has gone from a target of 450 sales to 450 ‘will be delivered’ and now not mentioned ....hmmmm
A lot can be said in a few words ... or from lack of words
good numbers , ive always wondered if resales are up does that mean people are changing units or leaving or dying quicker?
I'm optimistically waiting for further news on Australia.
With new unit builds not really increasing, sales flat and in my opinion NZ house price growth to follow Auckland's and go sideways, Australia has a lot more potential to boost future growth.
I was going going to say something like 15-18% next year but thought it might upset sum on here.
I think it’s likely to be be sub 20% this full year ......and what Julian is signalling only 10%-15% next year F19
Yep ..never catch Ryman share price ....better odds on it being 50% of Ryman eh
Profit forecast speaks for itself and yes we are on track to reach $100m underlying this year. I have been modelling about 25% uptick in underlying earnings this year and see no reason to change that forecast.
As explained for those that took the time to attend the annual meeting, its more difficult to sell units in multi level apartment complex's when you're part way through development of that block as not many people want to live in a construction zone.
I think the tone of the release reads well for the balance of the current year and I think my previous modelling is bang on the money. Current year PE is 17 at $7.50 and this for a company growing at about 25% so the PEG is just 0.68.
Company keeps doing what it says it will do and growth this year was clearly stated at the annual meeting to be somewhat lower than last year. Its still growing underlying earnings at close to double the rate RYM is. Development margins are clearly tracking strongly which underpins the strength of their business model going forward.
I think this is a highly credible and robust result. There will be SUM that can't understand that at present their model has changed slightly to be building more multi level apartments with the sales implications that temporarily has and others who understand the business better and can see the compelling valuation metrics for this well proven company operating with compelling demographic tailwinds. Disc: Very satisfied long term holder.
Good post Beagle that I agree with. Yes the sales growth is slowing somewhat which has been well signaled on here but the obvious increase in development margin is starting to really make a difference to the underlying profit.
But as winner and couta point out and Julian hints at in his comments, the property market may be slowing which may well affect us in the near future. But a company growing at 20-25% per annum is not to be sneezed at.
A happy holder.
Bang on the money Beagle. The bottom line is, there will be a deficit of units available in the coming future for the elderly as demand will outstrip supply. We want and need our elderly looked after, so thank goodness all these retirement villages are doing their best to grow as fast as possible.