Hi Robert,
Results out. Steady as she goes.
FY13:
Distribution est. 10.3c --> 9.5% yield on current SP
NTA $1.21 ---> current SP discount to NTA 10%
EPS 13.23cpu ---> FY12 PE 8.2
Gearing 38.6% with ICR 2.7
Increasing rental yields and long WALE and tied to CPI
Narrative:
Possible that distributions/ profit will increase in FY13 if debt can be negotiated on more favourable terms (as we suspected) and quite realistic.
What's not to like? High dividend stream and possibly a moderate share price appreciation in FY13.
If people are happy with an 8.0% yield then SP could rise to $1.28... not an unreasonable expectation...
Thus a possible total return for FY13 of 27% (10.3c dividend + 19c capital gain/ $1.09 current SP) with relatively low risk.
Cheers
John
Hi Robert,Results out. Steady as she goes.FY13:Distribution est....
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