Originally posted by Just_a_guy
well this time last year the share price was $14. So we’re already down almost 40%.
very average result in my view and they don’t seem to have re valued the propriety portfolio significantly.
@Transversal can you estimate how the equity reveal compared to overall market?
Having said all that I’m hoping this gets sold off heavily and I can double down.
@Just_a_guy
The equity investment experience is in line with the broader market; -117m$ on 1,800m$ corresponds to -6.5% (non-annualised), vis-a-vis -6.1% for a basket of 50%*ASX200 + 50%*SP500 (currency-unhedged) over the six-month period.
But, as you rightly pointed out, what is slightly concerning is that the overall investment experience does
not appear to include a meaningful property devaluation. So, it would seem likely that there is more to come, even though the property portfolio appears to be marked in a reasonably conservative way.
Also, adjusting for the impact of the cash distributions and FM fees, normalised earnings are still marginally lower than implied by previous guidance, which means that the underlying annuity business is not growing as expected.
As you say, a very average result.
