Hi Hatch,
Got back recently and noticed your post.I have been reading the posts on HC re Valad over the last week..as I said before..one of my bad habits.. I just can't help myself.
I haven't gone through the full financials or report fully yet..I spent an hour going through the FKP results @ 8.30 this morning and that was one report too many...Athough I Did have a quick peek at the pertinent bits on the Valad report.
I read Stringticklers post and must say he has hit the nail on the head..thumbs up! A true "Amateur" (??)FA from a long termer...you know from my last post a week ago that I work on FA and look at situations from a long term perspective.
Quoting from my last weeks post:
"Do not expect the results to be brilliant.I am sure there will be devalautions. This should have been a foregone conclusion to investors who should have factored in the current state of the market"
So! as far as todays results go in my opinion it's been
1. A Good result
2. Dumped after announcement.. normal..Day traders out.
3. A Very large Volume day
4. given Large support @ 12.5c late afternoon with a small sell off @12c at 4.10pm given the volume.
Notes from report:
Minuses:
A:
Nil Distribution to be paid (underlying distribution 2.2c).This will answer another posters question.
B:
Debt for equity swap..subject to stakeholders approval.
Valad would be better off taking the unsecured loan option and not diluting IMO.
Positives:
C: NTA is 24c so plenty of scope for upward SP movement..sht term ..much better long term after debt reduction
D: Gearing: 43%..this will keep the Lenders at bay.
E:
Decrease in Valuations was 7-8% from Dec 08 to June 09.
Very good..although I wouldn't trust Valuers' results.
Any valuation less than a 15-25 % reduction,as I expected,is a pretty good result.
F:
WACR (Weighted average Capitilation rate) has improved from 8.6% to 8%..what this basically means is they will be getting 7% better prices for their assets when they sell them.
G: $9.2Billion under funds management..great cash cow here.
H:
Leases have a WALE (weighted average lease expiry) of 4.6 years ..good,safe figure.Occupancy rates of 95.9% and rental arrears of 1.8% of gross income.
I: European mess sorted
J: Back to basics business over the ensuing period.
I won't go to Z in the points..I'm getting RSI.
In a nutshell:
It should open higher in the morning and after the usual ups and downs should end higher than today. Long term it appears to be a safe enough bet for me to finally buy some stock.
Autralia will be (IMO) insulated from any double dip recession. We will be underwritten by the Energy /Resources sector which will rapidly filter through to the property market in the Commercial and Industrial sectors.
Once in a lifetime opportunity to be in Property.
Must get some of my old mates to jump in again with some larger buy positions.
Well done to the true believers..remember only a few weeks ago most posters were excited about $0.001 movements in this share.
The current price makes it a very attractive Takeover target.
Boy! That was a big nutshell.
Thanks Hatch..been busy today trying to snare a few office blocks on a 10% net yield basis..not much luck.
Stringtickler..I'm about to resume my glass of Plonk and I'll have a drink for you.
Disclaimer: Don't blame me for the above..the wine made me do it.
DYOR.
- Forums
- ASX - By Stock
- VPG
- attn hotrock1
attn hotrock1, page-3
-
- There are more pages in this discussion • 17 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add VPG (ASX) to my watchlist
(20min delay)
|
|||||
Last
$1.79 |
Change
0.000(0.00%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |