The share price is very much higher than NAV because of the growing profits coming from development and (recently) asset management activities, which are asset light. If INA was still just an owner of property assets bringing in an income, then the share price should be close to the NAV.
So, IMO, there is nothing inflated about the share price. All income generating parts of INA are growing strongly, for what appears to be a long time to come. I suspect there might also be a slight takeover premium built into the share price, given their joint venture with Sun Communities. I suspect Sun Communities are just "kicking the tyres" of INA and will launch a takeover when they are satisfied with the operation.
Ann: Ingenia Communities Retail Entitlement Offer, page-4
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Last
$5.01 |
Change
0.040(0.80%) |
Mkt cap ! $2.041B | |||
| Open | High | Low | Value | Volume |
| $4.93 | $5.01 | $4.89 | $2.461M | 494.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 397 | $4.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.03 | 4446 | 2 |
View Market Depth
| Last trade - 16.10pm 07/10/2024 (20 minute delay) ? |
| INA (ASX) Chart |