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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28.0¢ |
Change
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Mkt cap ! $197.6M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 342138 | 28.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
28.5¢ | 293629 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 342138 | 0.280 |
4 | 369100 | 0.275 |
4 | 203121 | 0.270 |
2 | 194339 | 0.265 |
1 | 20000 | 0.260 |
Price($) | Vol. | No. |
---|---|---|
0.285 | 293629 | 6 |
0.290 | 169391 | 5 |
0.295 | 115000 | 2 |
0.300 | 130690 | 2 |
0.305 | 53333 | 2 |
Last trade - 16.12pm 11/07/2024 (20 minute delay) ? |
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