Ann: Full Year Results 2017 Presentation, page-17

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WR888

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01/09/17

18:31

Post #: 26941197
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Originally posted by Smugtown ↑

The underlying business is going from strength to strength.

Forgetting for a moment about profit (that follows on from underlying metrics, just reported differently with the change in strategy to more built form i.e. longer revenue recognition.

Contract signings in F16 were 1,832 (1,596 settlements) and in F17 1,843 (1,509 settlements)
so even though profit dropped from $58.8m to $51m, contract signings were up.

WIP has increased from 1,681 lots to 2,161 (again with strategy to built form, lots will spend longer in WIP and longer to be revenue recognised).
Guidance for F18 is 1900-2100 contract signings + the lagging settlements from the previous two years... i would be astounded in profit wasn't over $60m (and if it's not then, it will only be due the revenue recognition being delayed into F19.

Not only that, the average value of a contract signings has increased from $246k to $292k - that's almost a 19% increase. That's adding value.

So while the dividend (as exceptional as it is) has remained steady, you would expect as the next 12-18 months unwind, we could expect 5cFF for the year to push toward 6-6.5c given they pay out a certain % of profit.

Still hoping for the dollar target to be reached in 12 months, and i expect NTA to push toward $1.20 over the next 12-18 months.

Still value here for shareholders

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Frankly,... I have not really decided NOT TO BUY yet,... I guessed this stage is called the DD stage,... it's just that if we have to 'wait for the good news to come', then I become edgy,...especially if I need to wait for another 12 to 18 mths for the good financial statements to appear,...

What is they don't meet-up to expectations ? Then the investments becomes,....... compromised ??

AVJ Price at posting: 76.5¢ Sentiment: None Disclosure: Not Held
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Ann: Full Year Results 2017 Presentation, page-17

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

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Zenith's sale of Develin Creek delivers $975K cash, with shares up 13%

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Ann: Full Year Results 2017 Presentation, page-17

Top Stories

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Hastings progressing Yangibana to production with lower costs

Zenith's sale of Develin Creek delivers $975K cash, with shares up 13%

The iron ore comeback: Can it last?

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