The big one for me is book value.
book value x0.90 = buy
book value x1.20 = fair value
book value x1.50 = sell
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The big one for me is book value.
book value x0.90 = buy
book value x1.20 = fair value
book value x1.50 = sell
What is the current book value? X 1.09?
HGH: Heartland's FY2023 result demonstrates resilience
NZX/ASX release
29 August 2023
Heartland's FY2023 result demonstrates resilience
Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) is pleased to
announce a net profit after tax (NPAT) of $95.9 million for the financial
year ended 30 June 2023 (FY2023). On an underlying basis, FY2023 NPAT was
$110.2 million. NPAT increased $0.7 million (0.8%), and on an underlying
basis, $14.1 million (14.6%), compared with the financial year ended 30 June
2022 (FY2022).
Highlights for FY2023
Financial highlights
- NPAT of $95.9 million, up 0.8% ($0.7 million) on FY2022 NPAT. Underlying
NPAT of $110.2 million, up 14.6% ($14.1 million) on FY2022 underlying NPAT.
- One-off or non-cash technical items had a $14.3 million net impact on NPAT.
- Gross finance receivables (Receivables) of $6.8 billion, up 10.1% ($625.5
million).
- Underlying return on equity (ROE) of 11.9%, down 68 basis points (bps).
- Net interest margin (NIM) of 3.97%, down 8 bps. Underlying NIM of 4.00%,
down 16 bps.
- Net interest income (NII) of $282.0 million, up 12.7%. Underlying NII of
$283.9 million, up 14.3%.
- Underlying cost to income (CTI) ratio of 42.0%, down 53 bps on FY2022.
- Underlying impairment expense ratio of 0.36%, up 7 bps.
- FY2023 final dividend of 6.0 cents per share (cps), resulting in a FY2023
total dividend of 11.5 cps, up 0.5 cps on the FY2022 total dividend.
- Earnings per share (EPS) of 14.0 cps, down 2.1 cps. Underlying EPS of 16.0
cps, down 0.3 cps.
Strategic highlights
- $199 million raised through 2022 equity raise to fund growth ambitions for
existing businesses and repay acquisition-related bridge debt of $174 million
(A$158 million).
- Completed the integration of StockCo Australia into Heartland.
- Signed a conditional share purchase agreement for the purchase of
Challenger Bank Limited (Challenger Bank) on 20 October 2022, subject to
obtaining the requisite regulatory approvals.
- Australian Reverse Mortgages business increased market share to 38.4%.
- Heartland Bank Limited (Heartland Bank) awarded Canstar New Zealand's Bank
of the Year - Savings award for the sixth consecutive year.
- Nearing completion of the upgrade of Heartland Bank's core banking system.
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those darn technical items lol
The 6 cents per share fully imputed divie is most welcome
Adjusted NPAT within guidance as expected and F24 guidance is for a little more
Seems Jeff is trying to bamboozle us with accounting jiggery pokery
The footnotes are about as long as the body of the report
Whatever we have to keep trusting Jeff eh
http://nzx-prod-s7fsd7f98s.s3-websit...247/401666.pdf
The number of abnormal / one offs / adjustments getting as bad as Fletchers efforts …though not on same scale
Bit of a shame really as for years accounts etc were always so clean
W69 I'd read that as the outside world influence rather than anything else. Result about as I expected, guidance for next FY steady as she goes.
Looking to 2025 and onward for my portfolio incl hgh.
Not alarm bells yet rawz
But my confidence / admiration / faith in Jeff is waning
But he did say they going to double profits in next 5 years
So 110m to 220m …. Suppose getting to say 120m in 2024 is a small step on the way …but will have to do a lot better than for the following 4 years
as i said last report nim's under pressure , but not surprising all bank type stocks under pressure on nim's
Rawz ….Book Value is $1.45 ……up a bit from $1.36 last year
New capital was $201m and Retained Earnings etc increased by $21m