met or metlife, the producer

MET or METLIFE (NZ).

Website: http://www.metlifecare.co.nz/

BigChart:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=nz%3A+met&time=&freq=

A rough job on the back of an envelope:

Shares: 86.6 mill. Price $2.25

Financial year has finished on 31 Dec.

31 Dec 2002: H1 $4.1 mill. (+36%) + H2 $6.3 mill. (+ 53%)= $10.4 mill (+43.5%)

31 Dec 2003: H1 $6.3 mill. (+ 53%) + H2 $ 9.6 mill? (+53%)= $15.9 mill. (+ 53%)

Remark: H2 of 2003 is a guided forecast as are:
E/S: 18.36. P/E is 12.3

There was no dividend last year. MET preferred to use the cashflow on expansion of villages at the top end of the market, where presumably returns are reasonable.

If there is one this time, even a modest one, it would help the share price.

In any case, even without a dividend, the guided P/E is not onerous and I would be looking for a somewhat higher one.

The Annual Announcement was on 10 March last year.

That is my opinion,


Gerry
Holds MET at $NZ 2.20.
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.