MARKET CAP : $659M (@ $1.09 SP)
NET TANGIBLE ASSETS (1H 18) :$0.81 PER SHARE
ADJUSTED NTA PER SHARE: $1.01 PER SHARE (includes CBRE Ellis Value of existing sites and Work in Progress)
EST. DIVIDEND YIELD : 4.5%
The main reasons we like the stock are as follows:
- Relatively good yield (4.5%) for a company in this sector due to higher proportion of care beds.
- Good “brownfields” development opportunities within its existing portfolio.
- Shareholders with significant holdings will be looking to exit in the short term. This will be putting a short term cap on the share price. These funds will be able to sell their holdings one day after the company’s FY result due in July.
