Dividend growth 5% (10.5cps) fully franked is Always welcome , paid from Eps of 20cps 50% pay off .
NTA from property Valuation alone is 136m or $ 1.70 per Share
Revenue growth of 6.3% Yoy to 321m and Ebitda up 4.7% to 55.9m
Debt is up by 9m to 28.5m with gearing at 19% which is very safe against the property valuation.
On OUTLOOK : After a period of property development and fleet upgrades, capital expenditure is expected to return to sustaining levels
Continue to review increasingly valuable property assets through the cycles to fund value accretive and higher yielding acquisitions
Well positioned to capture growth opportunities in a consolidating national freight market following strategic property and fleet investments.
Satisfied with the last year SP appreciation catching up with real NTA of Property. Div is fairly high and franked which if consistent puts a floor under SP and provides solid Income for a defensive investment.
I would not be surprised to see a sale of valued property to realise gains and reinvest in M&A Activities as indicated on the fragmented transportation market.
