morning star view

Morning Star' view after yesterday' full year report.
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Morning star analyst Tony Sherlock said the result was slightly disappointing due to a fall in the average deferred management fee (DMF) per resident.
“There is a little bit of a leap of faith in management to say that your average fee in DMF went from $78,000 down to $75,000, and they say that’s going to go up to $100,000 over the next few years,” Mr Sherlock said.
“They better be sure that comes through, as that’s a huge part of their future earnings.”