I had another quick look through the investor presentation and annual report this morning and am feeling more comfortable with their medium term prospects.
Not really any major new insights to share other than embedded value is up very strongly (19%) which is a potender of solid growth in future profits to come, the new Waterford Village in Hobsonville is a fantastic site and nearby SUM's Hobsonville site (which I happen to know has been a huge money spinner for them) and that acquisition was noted by Brent as being eps accretive and I also think the Pukekohe site is in a good location. The Waterford acquisition tilts the property mix a little less towards care which is not a bad thing.
The other thing is maybe I have underestimated the extra costs and other impacts of Covid on OCA. If we can get Covid behind us with a really comprehensive vaccination program then then that's definitely going to help going forward.
Waimarie St in St Heliers will be a goldmine for them. I think an investment in OCA is a sound way to build wealth over time and then there's the feel good factor of knowing that residents are being well looked after.
I intend to accumulate on any untoward weakness and with the shares very close to NAV I started that process this morning.
Looking forward to a big party at Rudi's when this hits $2 in due course :)