Thanks for your prompt, I have a look at the 2024 Annual Report & my thoughts are:
Inflation has roughly in 10 years impacted Australian Housing eg. $ 1 Mil 2014 is now approx. $2.6 Mil. = Up 160% in 10 years.
Note: at start of this FY 2024-2025, EVT was trading similar to its market price 9 years earlier (were these 9 lost years?)
Now turning to EVT:
EVT have performed excluding returns:
definitely well short of housing in Australia - to match housing I'd expect EVT would be close to $24 today.
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Now the business EVT is in as per LY's Annual Report:
PRINCIPAL ACTIVITIES
The principal activities of the Group during the course of the year included the following:
– cinema exhibition operations in Australia and New Zealand, including technology equipment supply and servicing, and the State
Theatre;
– cinema exhibition operations in Germany;
– ownership, operation and management of hotels and resorts in Australia and overseas;
– operation of the Thredbo resort including property development activities; and
– property development and managing investment properties.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group during the year.
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Furthermore:
The Group’s property portfolio is independently valued at least every three years and updated independent valuations were obtained
in the prior year for the majority of the Group’s property portfolio. The overall independent value of the Group’s property portfolio is
approximately $2,292.3 million. The Group’s property strategy is to own hotel properties in key city locations that support the growth
of the Group’s hotel brands, to develop assets, and divest underperforming and non-core assets to recycle capital into growth projects.
The normalised EBITDA for the Group’s Property division was $ 7.1 million, up $. million (.%) on the prior year.
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HC today has an MC of:
June 30th 2024, EVT was trading at approx. $11.62 - today it is trading at $14.37 - a good jump for 8 months trading, yet over 10 years appears to be not keeping up with the Joneses ie. People who own homes?
From: Annual Report - extract from above in this post:
"The Group’s property portfolio is independently valued at least every three years and updated independent valuations were obtained in the prior year for the majority of the Group’s property portfolio."
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There appears a time lag that may not come close to reflecting in real-time ie. realisable value of EVT's properties?
Others might like to add more science to my research, my point is:
1. EVT is trading up more than 20% Ytd this FY
2. Are the properties EVT hold, not getting similar market support as has housing?
3. Is the market yet to assign fair value to EVT?
4. Do the (9 lost years) adequately reflect EVT's fair value?
I hope others DYOR and contribute further to the discussion - be pleased to get critical comment from you.
(20min delay)