balance sheet

I spent some time going through charts and AAD rang some alarm bells.

Looking through the last balance sheet I find it difficult for the full year distribution to be maintained.

ROE looks mid single figures NTA $1.06 with earnings unlikely to rebound quickly. 40M distribution cost/annum seems unsustainable to me.
They may pull a rabbit out of the hat and sell more unused land to reduce debt in which case I have got it all wrong but future land sales are speculative.

I'm kicking myself for not going through the numbers carefully and breezing through the media release.

TA rang the bell but FA would have erred me on the cautious side. As a result I have used fund management discipline and put shares on sale expecting a small loss.

All the best holders, hope she turns around quickly for you.


P. Run your own race.