feeny
I reckon the best way for GPT to create value for us shareholders would be to walk away from the JV should asset values drop 10%
by walking away from the JV GPT will lose $2bn of equity
the balance sheet for GPT would look like this
assets $12 bn
debt $5 bn
equity $7bn
a 10% asset writedown would look like this
assets $10.8 bn
debt $5 bn
equity $5.8 bn
NTA $2.63
Gearing would be 46.2%
If assets fall another 10% or $1.08 bn then do a capital raising
Assets $9.7 bn
Debt $5 bn
Equity $4.7 bn
NTA $2.14
Gearing 51.5%
the banks might allow GPT to go over 1.5% the 50% covenant.
If they don't then do a capital raising
which would look like this
assets $9.7bn
Debt $2.8 bn
Equity $6.9 bn
the number of shares = 4.4bn
NTA $1.57
gearing 29%
If you bought at $2 you'd be in at $1.50 after the 1 for 1 rights issue of a $1
what you'd end up with then is a great REIT with a strong balance sheet and portfolio of fantastic assets such as australia square etc
the rents would amount to $500 m
which would be about .11 a share or 7%
but it would be a 7% you could be sure you'd get.
all the assets would have fallen by 20% by this stage
you may then find a buyer for the whole company who would be prepared to pay a 20 percent premium or $1.88 per share
anyway that is my dream!
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Last
$5.08 |
Change
0.070(1.40%) |
Mkt cap ! $9.731B |
Open | High | Low | Value | Volume |
$5.05 | $5.10 | $5.01 | $26.29M | 5.178M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 38506 | $5.06 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$5.10 | 12301 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 38506 | 5.060 |
2 | 55816 | 5.050 |
1 | 31710 | 5.040 |
1 | 4000 | 5.020 |
1 | 4000 | 4.980 |
Price($) | Vol. | No. |
---|---|---|
5.100 | 12301 | 2 |
5.120 | 3000 | 1 |
5.150 | 20000 | 1 |
5.180 | 700 | 1 |
5.190 | 378 | 1 |
Last trade - 16.10pm 10/07/2025 (20 minute delay) ? |
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GPT (ASX) Chart |