Shocked (by today) but not Suprised!
IMO (& I believe the Market's opinion) INA had traded/was priced on a significant premium because of the development part of the business and upside, and furtherso because that part of the business was uniquely more capital light, because the purchaser funded the manufactured component (with INA still receiviing a kicker from the manufactured Home process). So more 'Land Rich' and relatively cashflow light.
So then with their development business being a leveraged play on the Residential Market, as the purchasers are generally downsizers or retiring downsizers,....when the Residential Market is booming INA get multiple kickers BUT when the market gets 'an equal & opposite reaction,' INA similiarly does.
And as history shows it takes a longer time to turn this around, so some in the market have decided to bring it back to (PCP) NTA, as the (unfranked) dividend doesn't justify it as a REIT income stock.
Ann: 1H23 Results Presentation, page-4
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add INA (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$4.85 |
Change
0.050(1.04%) |
Mkt cap ! $1.976B | |||
| Open | High | Low | Value | Volume |
| $4.86 | $4.87 | $4.77 | $4.988M | 1.029M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 38954 | $4.84 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.85 | 6809 | 3 |
View Market Depth
| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| INA (ASX) Chart |