Interesting that if we presume the vacant floors get leased and the 3c distribution for the year becomes sustainable this current share price brings us back to an 8% yield with the possibility of one further year of franking credits thrown in as a bit of a bonus. This is against a current (post capital raise) gearing rate of 31.1%.
The issue is the still tight cap rate of 5.3%.
Older buildings seem to be changing hands around 6% now and the the stand off between buyers and sellers has eased which is giving a bit more valuation clarity.
We potentially should factor in the high quality of these buildings and work on the basis of a 5.75% cap rate and the gearing blowing back out to the mid to high 30s?
I'd say we see the NTA drop a further 11 percent to 65 cents.
This would give us a current NTA discount of 43% or 38% if we see the NTA drop all the way down to 60c.
This is really an old fashioned "cigar butt" at this point worth more dead than alive.
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Last
37.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $81.55M |
Open | High | Low | Value | Volume |
38.0¢ | 38.0¢ | 37.0¢ | $8.784K | 23.73K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 121187 | 37.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
38.0¢ | 4999 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 121187 | 0.370 |
3 | 70740 | 0.365 |
4 | 162202 | 0.360 |
3 | 115499 | 0.355 |
2 | 2867 | 0.350 |
Price($) | Vol. | No. |
---|---|---|
0.380 | 4999 | 1 |
0.385 | 24408 | 2 |
0.390 | 52615 | 2 |
0.395 | 43000 | 2 |
0.400 | 412744 | 4 |
Last trade - 15.20pm 15/08/2024 (20 minute delay) ? |
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