Getting close to the $1.10! Perhaps a new all-time high today?
Dis: Since IPO launch
Printable View
Getting close to the $1.10! Perhaps a new all-time high today?
Dis: Since IPO launch
Absolutely beautiful morning in Wellington - sitting on the beach watching the sun come up. The sky was amazing before the sun rise.
All a good omen for OCA today ... today could be the day that it will dawn on the market that OCA is great company ....and the share price will rise like the sun and reach 150 by the end of summer
Exciting eh
Let's all hope so!
Good luck to all holders.. Although somehow I get the feeling not much luck is required at all with this one.. 😄
Pretty disappointing but not a complete disaster
Just as well the property market continues to boom
Need a boomer H2 to meet the the ‘we expect to achieve prospectus full year underlying orofit’ Which oresumeably is $54m — might be wrong here as what they mean by proforma seems to change.
So it’s all back to hoping ....but hope not a strategy is it
Good solid result with plenty in the pipeline going forward, care model continues to excel.
Let’s see what the market expects........
— Pro forma Underlying EBITDA is forecast to increase to $62.2 million in FY2018F (representing a CAGR of 15.0% from FY2016PF to FY2018F).
Operating cash flow of aged care business helps support a gross dividend yield in FY2018F of 5.0% to 6.0% based on the Indicative Price Range.
Just a couple of things I like from their product disclosure statement.....
Total assets increased by 160 mill to 1 billion, 360 units and care suites under construction, what's not to like here.
At least morphing into a development company ....that’s good for the share price over time
Making less money from looking after (caring for) people by the looks of it ....that’s not so good for the share price
No profit upgrade ....maybe still to come
Fingers crossed share price will surge ahead today and tomorrow
Last year financing costs were 20m vs 2-3m likely this year so growth seen in earnings is not reflective of underlying operations growth.
Good result, in line with expectations.
TTM PE = 27x
FY18 PE = 14-17?
Anyone have any numbers on how 2H is supposed to go this year?
Pro forma underlying EBITDA only increased 8.6% to $25.3m from $23.3m. Pro forma underlying NPAT only increased 10.55% to $19.9m from $18.0m. Were we not expecting 40% increases in 2018?
Oceania will need a massive second half of year to meet the forecast Pro forma underlying EBITDA OF $62.2m and Pro forma underlying NPAT of $51.4m.
I'm not impressed by the result and it would seem the market is not overly impressed either. Plenty of shares traded hands at $1.05 this morning. I can see this falling to under $1 once again.
Slide 21 of the presentation
http://nzx-prod-s7fsd7f98s.s3-websit...390/273470.pdf
Hello Bobby. Gee wizz, You are not impressed but I am very impressed. Lets see who is right in 12 months from now? New company paying a dividend!!!!! Has done exactly what it said it would do. A large % of income coming from my beloved aged care which is the hardest job on earth but hey, government paid, in cash, every 2 weeks!!..... and a tidal wave of it to keep coming. 4.2 cents per 79 cent share dividend p.a. --- geeeeez I cant get enough of this 80c, 1.11c, 1.05c, who cares!
...but proforma and ‘ordinary’ seem to have different meanings from presentation to presentation
Basically comes down to how you view this thing called called ‘capital structure’ and there’s a big difference in the deferred tax adjustment as well
They don’t make things easy
Suppose we have to believe their numbers
So maybe it was ‘buy the rumour sell the fact’ after all.
Where’s t_j — not as quick of the mark as usual. Only took him 10 minutes to comment on the last SUM announcement ha ha
I’ll forgive him for being quiet — probably still trying to make sense of the numbers but I look forward to see how he views this result.
Yeah, they don't make things easy and I don't like when they chop and change figures using one here and a different one there. Of course they just choose to give us the figures that make them appear to be performing the best.
In the product disclosure statement Pro forma underlying EBITDA and Pro forma underlying NPAT were highlighted in bold. Plus the Pro forma underlying NPAT forecast of $51.4m has been thrown around a lot. This would give an EPS of 8.42c. They have stated that they will pay dividends of 50% - 60% underlying NPAT. 55% of this figure gives 4.6c and that's what I believe the dividends will be for the full year. So I expect a dividend of 2.5c after the full year results. But I also think that to achieve this they need to have a much better second half to the year or pay out more than 55% underlying NPAT.
As you can tell I don't trust these guys yet and so I remain skeptical about whether or not they can perform as they say they will.
First impressions. Solid result investing for the future. Developments on track and on budget, (no easy feat in today's market)
Underlying profit on track for 8.42 cps as per IPO forecast. Most future developments already consented removes risk compared to other sector participants.
Seems obvious to me 2H realized profit from new developments will be a lot higher than 1H.
Looking forward into 2019 and beyond they have a credible development pipeline and are slowly building a credible track record of completing developments on time and on budget. Care standards second to none. NTA is up to $1.01 per share. Good embedded value of $145k per unit. Development margin in 2H looking to be mid 30% mark which is impressive.
This looks to be a shaping up as a good core portfolio stock going forward. $1.01 / 0.842 = forward PE of just under 12. Very cheap for a sector with strong tailwinds and their stellar care reputation will hold them in good stead in terms of market demand. (Note I have used the theoretical ex divvy price in PE analysis as they're going ex very shortly)
Hey Warren. It's not those of you that bought in at around 80c that need to worry at the moment. The dividend yield for you guys is fine and the share price will probably remain above 80c for the next 12 months so you probably won't lose capital either. Not a bad result for you lot. Those that got in on the open this morning for $1.09 I'm not so sure about.
I'll have to crunch the numbers later but my initial impression is that Oceania will have to build new units at a faster rate than what they're currently in order to keep up with Summerset who are basically just following Ryman's lead.
OCA Oceania Healthcare Limited $1.050 -$0.030 / -2.78% 967,850 $1,031,287.07
Now, a question for someone more knowledgeable than me re on-market turnover trends etc.
Why would OCA today, have this huge turnover of shares?. It is by far the biggest no. of shares sold so far today on the market.
Fairly normal for stocks to trade more heavily following an announcement. The fact that price has dropped would indicate that there were a lot of holders disappointed by the numbers.
Disc: Happy and holding.
I think we need to forget doing comparisons to last year and think just what maybe in the future.
As beagle says should sell more units in H2 and the way the property market is going they should easily exceed the $52m underlying profit ‘target.’
A lot has happened since they came up with that number (esp property prices) so maybe that word on the street $60m plus is still a give.
Earl Gasparich, Chief Executive Officer, commented:
We have delivered a strong result for the first half of the year and expect to achieve our forecasts for the year ending 31 May 2018 set out in our Product Disclosure Statement.
I really don’t know what people expected other than a miracle lol. I am still a happy holder and when more funds become available I will be investing at these prices. Great long term company
Pretty happy. Just doubled up. Third biggest holding now.
Yeah, I admit there are some good things to come out of the announcement (for those of you who think I'm just being a Negative Nancy) but OCA's trailing twelve month PE is just shy of 18. This is using earnings from the second half of FY17 and HY18. Using SUM as a comparison, SUM's trailing twelve month PE at the current share price is just shy of 16. This is using full year earnings of $78m that will be announced next month.
This morning I was considering buying into OCA with some of the funds I've allocated for the retirement sector, but after the announcement this morning I don't think I will. I think SUM, as a proven performer and on a lower PE is better value and am happy to stick with that for now. I will reconsider OCA after the full year results if they meet their forecasts. I expect OCA's share price to stay around $1.00 - $1.05 until then. Happy to be proven wrong and wish the holders luck.
Almost all of that profit increase was a reduction in debt load ex IPO leading to a 90% reduction in interest and finance costs.
Closer to 10-15% growth if we are looking on a like for like basis.
Still solid growth and will soon be trading on the lower end of the sectors valuations and paying a fair dividend.
Hi mate,
I hold both with a bias in terms of capital allocation to the proven performer. The market is always a forward looking animal so tailing PE's are of little relevance.
I'm happy to take them at their word that OCA is on track to meet IPO forecasts and believe a forward PE of 12 is very sound value for a stock in this sector with their stellar reputation for care.
Look at it this way. If you're moving into a retirement village in the mid 80's you're going to probably pick one with the stellar care reputation, kind of like if you want really good inflight service you'll fly Singapore Airlines or Emirates business class. A PE of this level is possible still appropriate until they prove themselves further but there is definitely potential for a rerating over time.
SUM's strengths are their independent living units which are very spacious on average for the sector. Too early to make the call on their underlying profit for 31/12/18 but my best guess at this stage is $90-95m, about 40 cps. Dec 18 forward PE is about 13.8 times.
Quite often when a decent divie is declared the share price goes up by about the size of the divie
So the 5 cent fall in the share price today is pretty dramatic in this context - not up 3cents but down 5cents
Even more of a bargain I hear some of you say .....but leave some for tj
Great summary. Yes, it looks like Mr Market expected extraordinary results. Personally I am quite content with them "just" delivering on their promises. The significant increase in units to sell for H2 is already a bonus :).
I tend to feed my models with IFRS NPAT (vs underlying) and even if they deliver in H2 not more than in H1 (highly unlikely - they have many more units to sell), they would already deliver a 13% EPS increase. I can live with that ... but if people are unhappy - just push the price further down and I might be unable to resist buying some more ;);
Discl: hold (L) and currently sort of overexposed to retirement stocks - otherwise I would have bought already some more at current discount rates;
True, the market is a forward looking animal but when a company has been listed less than twelve months it's incredibly difficult to forecast what their forward earnings are going to be. Anyone can forecast earnings of X amount but with companies like Ryman who have grown at the rate they've said they're going to grow at year after year you can calculate with a certain degree of accuracy what their forward earnings are going to be. You can do this to a lesser degree of accuracy with SUM and I don't believe you can do this with much accuracy at all with OCA. This makes OCA a speculative play at this point. I don't mind the odd speculative play but in my opinion there's no reason to play that card in the retirement sector when there's some other incredibly good performers that offer good growth and good value as well.
That's why right now I hold SUM because it has proven itself as a solid performer and it also offers good value. Why it would be on a comparable PE to OCA is beyond me. I think both will grow at about the same rate but I can trust SUM to do it, OCA I can't. It's also why I'm going to back the truck up on RYM like there's no tomorrow at the end of the next bear market. I can trust that they're going to perform very well for a long long time. I'm still a bit sad that I haven't taken the opportunity to invest in RYM again after selling out in mid 2014 when I felt it didn't represent good value any more, but I'm hoping the funds that came from that sale will continue do well being invested in SUM and hope that at some point in the not too distant future I'll be able to pour funds into RYM again.
In saying all this I think OCA is good value if they can do what they say they're going to do but until they've proven to me that they can do that I'm happy to have my funds elsewhere :)
Fair enough mate I hear what you're saying and don't disagree. Its a little like comparing an apple and an orange though because one has a predominant focus on care and the other a predominant focus on independent living which is potentially more vulnerable to swings in the property market.
Like you I have a bias towards proven performance but OCA reckon they're going to lift care earnings in FY19 https://www.nbr.co.nz/subscribe/211931I think they will both do well and RYM is still overpriced.
I remain "well positioned" holding OCA,RYM and SUM.
My apologies for not being able to respond sooner.
Long story short, it was a solid result, although not a stunner with no explicit noticeable upgrade, just reaffirmation of the prospectus forecasts. When I was reading through the presentation and interim report, and although most of the graphs and development margins and resale numbers were very nice to look at, the 1st half just didn't quite have the 'wow' factor Mr Market must(?) have been expecting, such as an upgrade to Pro forma Underlying EBITDA what ever that is to the famed 60m. However, although only 23 net units were delivered in the whole of the first half (am I reading that right? - sounds a bit weak), and 69 resales looked a bit weak, it sounds like 102 were 'delivered' in Dec and Jan and that resales are taking off so it looks like we could be in for a big and exciting 2nd half. bit like arvida, in fact OCA's presentation made Arvida's recent ish results look even better
Ironically, if they do no better (ie the same) in the 2nd half vs the first half, on underlying profit basis, OCA is currently cheaper than sum if not most others in the sector, yet still has the same attractive fundamentals + many hundreds of units/beds under construction, without anywhere near the debt exposure and the risks this brings in this rising interest rate environment.
A good, but not a great result... OCA is certainly well positioned with a long term solid development pipeline, good continuum of care, and great fundamentals.
Just not sure why the share price is treating it like a bad result.
Wonder if all the bigger trades was one seller (probably was)
Whoever they were pretty keen sellers, generally taking the market down a cent at a time
Must have pretty disappointed with how things are going and the guidance.....wonder if they or more instos going to sell heaps more.
Must admit a pretty major reaction today
Closed below NTA. $1.01 NTA already has the divvy accrued into it as a liability as at 30/11/17. Theoretical ex divvy price currently $1. Sound long term value and hold for anyone than can see past the end of their snout, in my opinion. Those that can't sniff value here in an otherwise stretched market...I feel sorry for them...
Ready to pounce if this goes under $1.
[QUOTEJust not sure why the share price is treating it like a bad result. ][/QUOTE]
Don't confuse sharetraders with investors, t j. I'm in the latter camp on this one.
:cool:
I've been watching from a distance at this one, while the result is less than glittering, the company isn't poorly run and management know what they are doing.
A lot of people were probably expecting this one to go to the moon today but there is enough here to like what I see. A lot of development in the pipeline, and looks like they are savvy enough to keep it on time. Be patient, this is not a flier but a potentially profitable long term hold.
Disc: Keen observer, potential holder.
Hello Value. Agreed. Indeed Aged Care is never gonna be a Hanover (wasn't that principally a Development Company--- Yes for sure) !! But Aged Care, paid by the NZ Government every 2 weeks ,and in tidal wave proportions guaranteed, is gonna deliver to a top operator 5.5% + unlimited growth every single year. Beautiful, simply beautiful. Beat that in the Bank!
A few cents here or there, to take a substantial position is nothing in the scheme of things. Or to get out on a large holding, albeit a few cents on the SP for a nice profit. Probably best for us minnows to not worry too much about what the big volume does, unless it moves the SP significantly, which it hasn't in this case.
The comments on this thread (almost from day one but more recently) seem to be echos from the Metro Glass thread
And Oceania presentations tend to read like the early Metro ones as well.
Hope history not repeating itself
Expect a recovery in the share price today after yesterday’s collapse.
The awesome cool cat won’t say a dead cat bounce because that implies the bounce will be short lived
The recovery will be the first step back towards 110 and onwards to 129 etc
A forward PE of 13 on IPO forecast is 13 x 8.42 cps = $1.0946. Taken in light of the strong tailwinds prevailing in the sector for the next 25 years, comparative sector PE's, their stellar reputation for care, land acquisitions since the IPO, and their excellent consented, (which removes considerable development risk) development pipeline and the average market PE of just over 20 I would be surprised if the market didn't at least price them at 13 times historical earnings by the time they report their annual result in 6 months time.
Depending upon the outlook commentary that goes with the FY18 result we could be looking at 14 times FY19's results later this year as the company slowly but steadily earns the trust of the market. If they're looking at 20-25% growth in underlying earnings for FY19 we could be looking at say 14 x (8.42 x 1.25) = $1.47 this time next year.
Plenty of (I would argue realistic) potential here for a 50% total shareholder return inclusive of divdends in the next 12 months.
Great to see Directors buying more on market yesterday. Liz Coutts now holding 425,000 and Alan Isaac buying at $1.09.
https://www.nzx.com/announcements/313448
It should be noted that they would have been unable to buy in the period immediately before the result.
No worries paying up to $1.09...what's good for the directors is good for shareholders...no worries.
http://www.sharechat.co.nz/article/4...e-strategyhtml Very good article that should help people understand the company a little better. Well worth the time reading it.
Will we see the sp bounce back to $1.09 today?
http://www.sharechat.co.nz/article/4b37da2c/oceania-health-targets-wider-margins-with-high-end-aged-care-strategy.html?utm_medium=email&
Mr Beagle Many thanks for the above , very good indeed. So far the CEO impresses--well done CEO, so far!!
With housing in Auckland about to absolutely tank this coming winter I love the smaller exposure OCA has to it.
Hallelujah Aged Care and a stable NZ government that pays it and an underway Tax Review (widening and fairer Tax paying base) to keep my OCA investment flying. Fly she will with the Aged Care tidal wave as the Directors know only too well.
Good article...top up a bit this morning....
One seller is keeping at this level. Maybe fundie release their shares
So Mr Gasparich said about the fall in the share price lyesterday ‘...was volume related with investors crystalising profits on the stock, which listed last May at 79 cents’
Obviously not astute Sharetraders who remain loyal to the cause
But a decent 25% odd return in less than a year for those who took their profits. Good on them
But Mr Gasparich I ask you why weren’t your releases and commentarys convincing enough for these investors to hang in there and make another 25% return. Must do better next time
Needs lessons from Jascinda about relentless positivity. Lets do this...she can lead an entire country while carrying baby...what's clobbering a few bits of 4 x 2 wood together to build a new village by comparison :)
Seems like $1.00/$1.05 is about its mark
Until the next announcement, whatever that may be, this is going to be a bit boring
But they say boring is very often good
Ok, so I'm going to put my hand up and say that my analysis of OCA after the results announcement may have been a little harsh.
I've looked into it further and by my rough calculations (which could be off the mark) I have gathered that OCA will have 137 +/- new units and care suites to sell in FY19 and 187 +/- new units and care suites to sell in FY20.
If we believe they are on target to sell 84 new units and 11 new care suites in FY18 then this would represent 44% growth in new sales in FY19 and a further 36% growth in FY20. Not bad.
Now looking back at the FY17 Annual Report it included a nice little graphic that outlined the number of new units and care suites that were sold and resold. I couldn't find anything like that in the half year report that just came out. Did I miss something? If they outlined how many units and suites they have sold so far this year we could calculate how many more they have left to sell out of the units that have been completed. I think this would go some way to help figuring out if they are on track to meet forecasts. Can somebody please help find these figures since OCA didn't make it easy to find in their report?
Visited my mother today who is in one, hence why I got shares in OCA. But today, the place is like an oven, there is no air conditioning units in there, have to open all doors and windows etc for air flow. All the occupants are dehydrating, they got mum on a drip. Im not very happy about it, I was sweating after 10 mins being there. Think they need do some upgrades on their older places if they are all like this.
This is definitely a problem, I was working in an Oceania facility on Saturday and it was sweltering, especially upstairs (Had a major extension about 10years ago but no air con added) For residents who are imobile and/or with more pressing health issues, it's even more of a concern. PS-Not a problem confined just to Oceania, I might add.
According to their "highlights" they completed in November and December 2017 a total of 35 units. Given that it takes time to sell them (At SUM they assume an average of 3 to 4 months between "completed" and "sold") would I imagine that they sold at least at record date hardly any of them - though meaningful numbers are probably going under the hammer right now ;).
I'd expect for H2 that they sell the 35 units as above plus half of the remaining units (67) they plan to complete in the second half of FY2018.
Make that a total of 69 units to sell (and hopefully sold) this year (obviously - just a stab in the dark, my guess is as good as yours ...). The years to come should look much better, indeed.
OK, so what I'm disappointed about now is that there's still a lot of guesswork going on with OCA. I think they could have taken some of the guesswork out of it by providing clear details about where things are at in terms of sales in the half year report. Hopefully they do this in the full year report and take some of the guesswork out of it.
Reading the 2017 Annual report I got the impression they had sold 20 out of 44 units at Lady Allum Village up until that point. They've now sold 30, so that's 10 in the bank for this year. That leaves another 14 of those to sell in the second half of this year plus they will hopefully sell a fair number of the 127 units and suites completed between November 2017 and January 2018.
I am now starting to see why you guys (and Earl Gasparich) think they're still on target to meet this year's forecasts.
Analysts not that bullish on OCA
With those targets (presumably for a year out) OCA is more than fairy priced at the moment.
http://www.sharechat.co.nz/article/0...im-result.html
So Taerget prices of 106, 109 and 100
Average of 105
Target remember - one year out with a 15% return(?)
Implies these gurus reckon shareprice should be about 91 cents now (if 10% return about 95 cents)
Trouble is if FNZC and Macquaries have those sort of expectations that sort of becomes embedded in the market psyche
Hard to see much movement (upwards of course) over the next few months
Just saying
Trading below net tangible asset backing which as at 30 November 2017 was $1.01. All that intellectual property and care reputation for free and a 2.1 cent dividend coming soon, record date 13 February 2018.
Maybe the gist of the discussion on the Are NZ equities too expensive thread points to a yes.
Analyst DCF valuations probably give a better idea of ‘value’ rather than some random ‘multiple’ of profit or something.....even with perceived dodgy assumptions.
Three different analysts come up with much the same answer as to what the present value of future cash flows is. Maybe they are about right and the market is a bit ahead of itself.
As winner stated above... more or less the same for FY18.
Looking at FY19 - Lower stock and fewer developments have it almost flat at 10-11x earnings again there.
As the sector is mostly trading at 9-12x FY19 earnings... OCA is no different in the range of 90-120.
That FY20 looks like the year to be really excited about OCA.
Page 27 I will leave this as something for people to judge for themselves. http://nzx-prod-s7fsd7f98s.s3-websit...390/273470.pdf
Was just pointing out the difference between NTA as reported and this net adjusted value thing.
Just thought that most on here know about and understand NTA (and you quoted the wrong number).
Doubt if most on here would understand what this net adjusted value means anyway. For those interested in learning the right hand chart on Slide 24 sort of explains where the extra $60m adjustmentscome from.
Question - Why do you think they exclude the present value of net development cashflows and earnings at both current and future developments (including The Sands and Meadowbank Stage 4 which are under construction) when calculate this net adjusted value — would make the $1.01 higher eh
Fair enough mate. To be honest there's whole books been written on accounting for development and construction contracts and valuation thereof so its far from a simple subject. To opine with any clarity on the subject I'd have to wrap my head around the whole process of what they're doing which is more than likely to make my head hurt so I'm not sure I want to go there to be perfectly honest about it. I think my preference is to simply accept that they have probably used generally accepted accounting methodologies to arrive at that value, their accountants probably exceed my pay grade and probably far more current with the latest accounting standards for construction contracts.
For what its worth, (which I freely admit isn't much as I haven't studied their methodology in any real detail) I think its clearly right that they exclude future developments as they're not currently in progress and the gain from that future development should be recognized in the period of its completion. One should not overlook the number of developments they have consented however as this is a key business risk that's been removed from future cash flows...(ask Julian about the business risk of getting consents at the next SUM annual meeting regarding the Boulcott site).
Its probably worth noting at this point that the cost of getting a consented development can run well into seven figures and I would imagine those costs have been capitalized and included as part of their land valuation.
Regarding current projects in process. From memory the generally accepted process is to use a "percentage of completion assessment process" to determine carrying value and one can't account for gains on the cost of construction until a practical completion certificate of the units has been obtained and an unconditional sale contract has been executed. They might however account for gains on completed units held but unsold at balance date based on independent valuation. Probably throw this into the embedded value formula somewhere or other.
Worth noting that the intangible asset carrying value in the balance sheet is very low and the company is starting to build a credible track record of completing developments on time and on budget, let me assure you this is no easy feat in the Auckland construction market in particular. There's also no value in the balance sheet recorded for their excellent reputation in the care sector, a reputation that nobody builds easily or quickly.
At $1.00 cum a 2.1 cent dividend, a theoretical ex divvy price of 97.9 cps and a forecast underlying profit of 8.42 cps, (directors confirmed guidance as you know) that's a current year PE of just 11.6.
Seems very reasonable indeed to me, all things considered. I think the analysts are being pretty tough on OCA...how good are they really when they were saying on average AIR was only worth $2.10 this time last year ? Analysts have been known to revise valuations dramatically and just try ever getting an apology from one for being wrong lol.
If the market gets a "little silly" to the downside in the days and weeks ahead I might open my shoulders a fair bit more with this one as people are always going to get old and need care aren't they !
Hello chaps
I'm 100% with Mr Beagle on this one (OCA being an amazing start up venture having exceeded every projection in their IPO)
Do I read it right --42 million profit far exceeding IPO projections?
Big % of income (Aged Care) streaming in from a stable NZ Government every 2 weeks (geeeeez I've waited 6 months for big public companies to pay).
Some really nice building projects coming along. I have visited 2 of them.
A wonderful reputation (goodwill).
And an approaching tidal wave of customers
Mr Winner69 just sell and I'll add to my considerable holding as I am very very confident here on this 1.
I don't think he's thinking of selling mate. Knowing Winner a little I think he likes to play devil's advocate and debate both sides of the argument.
Director continues to buy on market, a good sign of confidence.
Hey winner, OCA only worth 1/11 of Ryman SP by the looks not 1/10.
...as t_j says OCA is grossly undervalued .....but 10x or 1/10 is easier to work out
Rough day today eh ....watched QF161 from SYD do 2 aborted landings before heading to CHC, AIR SYD flight aborted one landing but was OK second time around and Virgin BNE flight landed beautifully first time in ....and in between a little Sounds Air plane had a decent of landing as well.
Its averaged a tick over 10% since lsiting
Interesting on the day it listed it was 9.2% of RYM and today it is about 9.2% ...spooky eh possums
When it was ramped up to 110 in Augst or thereabouts the % got to over 11% but reversion to the mean kicked in ...as it was overvalued at that time
Who me ?...ramp a stock, surely not !!!!...wash your mouth out with soap and water :D
Bit of a bummer of a week for OCA share price in that it closed at 102 being the same as last Friday
No recovery this week which doesn't bode well for the next few months
Their business model is sound going forward and as discussed the PE is very reasonable for this sector and compared to the market overall. Its a needs based business with very strong long term demographic tailwinds. Early days but this looks like a good long term growth stock to me. Short term doesn't concern me.
That just proves that both OCA and ARV are fairly/correctly valued at the moment with most of the next years performance priced in (punters are bullish)
On the other hand SUM was up more than 3% over the week ....with the marketing starting to price in F18 expectations .....with a fair bit to go, making SUM the best bet of the three by a long way.