3c final dividend is great.
For a conservative company their outlook statement is incredibly bullish.
On a micro level they have some great developments coming on stream. On a macro level, their affordable housing is far from bubble territory. Top end Sydney properties are not their market.
Expect min 10.5-11c earnings in current year, and dividend of 5c.
6x prospective earnings, 7.3% yield. That will do me. Target price a dollar.
Ann: 30 June 2015 Preliminary Final Report-Appendix 4E, page-3
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