"..full year dividends of at least 23 cents" indicates they might even be thinking about 24 cents if the positive results continue.
"..full year dividends of at least 23 cents" indicates they might even be thinking about 24 cents if the positive results continue.
Agree. EPS growing. Dividends growing. Definitely not overpriced sitting at a P/E of ~11. Cant ask for much more in these times.
The brand is strong. Big runway of growth ahead to open new dealerships and expand Oxford & insurance business into outside dealerships.
This is a solid company executing on what they said they would do. A long term hold for me and sitting at my no. 2 holding. Continued proven eps and dps growth could see p/e expansion in the coming years (if interest rates/ inflation settle down)
Here's a Herald article about that https://www.nzherald.co.nz/business/...CT6Z2PI7BFGVQ/
Agree that 24 cps fully imputed is on the cards for FY23 = 33.3 cps / $4.00 = 8.3% gross yield !
Current year earnings at mid point of forecast of $42.5m NPBT = ~ $30.6m after tax and on 86.07m shares = eps of 35.55 cps. Current year PE of 400/35.55 = 11.25 !
Screams "cheep" louder than a Budgie !
I am struggling to see why it is so cheap, I do an intrinsic value calculation on all my stock (which I find tends to revert to the growth of the market each stock is in rather than the company). In TRA's case if you assume an intrinsic value of $4.00, the growth rate needs to be about 1.5%, but we consistently see Turners growth well above that, the latest forecast growth is 13%.
Ie, Turners is valued as though it were just operating, not as a growth business, ignoring the potential growth of more sites such as the upcoming Nelson site, as well as growth from continuing operations due to the software the company is utilising.
I was just reading the latest experts report that Covid could have a long tail. Transport in the safety of one's own car has never looked more attractive and that's not going to change anytime soon ! Hands up all those happy to get onboard public transport or a plane at present :eek2:
This is my #1 NZX position and I remain confident that Todd, Tina and the team are going to deliver the goods in the years ahead. Todd's clearly a man who is firing on all cylinders and their marketing with Tina is absolutely brilliant.
On a Price to Book basis about $4.30 would be a reasonable price, but at 1.5 could be seen by some as pretty stretched
Tra multiples will remain constrained because of the high dividend payout ratio.
$4.30 looks more reasonable.
I believe the properties TRA hold book value is much much less than market value
Last March property valuations (conservative of course) were $14m higher than book value (cost). Since bought 2 more properties.
That’s About 16 cents a share extra