Thx for the reassurance Klogg - I have a habit though of worrying obsessively about the shares I own, whilst being overly optimistic about shares that I don't!
But here in a nutshell are some of the things that are concerning me about DDR:
(1) The 2014 Annual Report reported revenue of $421 for the first four months of the combined entity; the Q1 Update reported revenue of $263 for the July - Sep quarter; the Jul - Dec reported revenue is $498, hence $235 for the Oct-Dec quarter . So the monthly run rate is steadily declining from $105/m to $80/m. I don't know how much of this is seasonal or what the other factors are, but I don't like it.
(2) Chris Price left late last year to join the competition - did he take business with him? and if so, will he continue to do so?
(3) In the investor presentation of Jul 14, they forecast pre-tax profit of $30m and a dividend of 15cps for FY14-15. In the first half of that period, we have seen divs of 4.35c and an "underlying pre-tax profit" of $10m. Something magnificent has to happen in the next half for us to see divs of 11c and a profit of $20m.
(4) I still don't get the change in Financial Year reporting date, what was he trying to hide/obscure?
(5) I never - ever - like companies to report on 6:30pm on a Friday night. It smacks of trying to avoid attention to some ropy numbers.
I would like - love - someone (Klogg?) to put some context around some of my observations and provide some mitigating factors?
DDR Price at posting:
$1.80 Sentiment: Hold Disclosure: Held
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