Thanks Beagle, nice post. So do you still consider a fair value the current range of share prices?.
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Thats a phenomenal development margin. Another great result
And yet their reward is the share price heading south. The market proves itself to be irrational yet again ...
I suspect the market is misinterpreting the future development margin guidance. All I think Julian is doing is saying the 33% is a bit unusual and he is giving analysts a heads-up not to model that or some higher figure into their DCF valuations. Anything in the late 20's % per annum and the increased build rate for FY19, 20 and beyond is going to give excellent growth going forward. I remain of the view that it is illogical that one of the very fastest growing companies on the NZX with a well proven track record should trade at a material discount to the market average PE. In the medium term I expect this illogical situation will not prevail and long term holders will continue to do very well.
Interesting article
https://www.nzherald.co.nz/business/...ectid=12106724
Great result for me and a great longterm hold
Interesting about the lack of staffing in the retirement sector in general due to previous government allowing fewer overseas people into the sector.... Are kiwis just no good in this sector? Lack of, or lower amount of empathy? I have found that kiwis in general could improve a lot on their work ethics, but I have no idea in the retirement sector.