Upon conversion (and after Buyback), I estimate ~773m shares on issue (assuming all URFPA holders DRP @ 10day VWAP of 26.5)
Latest quarterly shows net assets at $497m AUD at 0.69c (now $511m at 0.67c).
Take out $10m for Buyback - approx $500m net assets remaining (AUD)
If you assume a 3 year period of selling down properties at an annual cost of $15m per annum (and other cash flows at BE) - that should result in ~$450m across 773m shares on issue, or 58.2c per share
On a price of 27c, the upside is ~115%. That's approximately 29% CAGR.
This does not incorporate:
1) Drop in asset values (the most obvious, given rates)
2) A change in FX rates
3) Any impacts from further buybacks
4) Any externalization of fund operations.
5) The possibility management change their approach and no longer want to return $$ (unlikely given the register)
Seems like minimal downside to me.
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Last
30.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $215.2M |
Open | High | Low | Value | Volume |
30.5¢ | 30.5¢ | 30.0¢ | $205.3K | 678.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 184242 | 30.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
30.5¢ | 222631 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 49402 | 0.300 |
1 | 50000 | 0.295 |
1 | 50000 | 0.290 |
2 | 235087 | 0.285 |
2 | 238460 | 0.280 |
Price($) | Vol. | No. |
---|---|---|
0.305 | 222631 | 1 |
0.310 | 445134 | 3 |
0.315 | 79694 | 2 |
0.320 | 303108 | 2 |
0.325 | 206152 | 3 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
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