It appears EQT is looking at options for MET which includes a listing, per AFR.
Quotes:
" hired a trio of brokers to lead the initial public offering, Street Talk can reveal.
The buyout giant has tapped Macquarie Capital, Jarden and New Zealand's Forsyth Barr as joint lead managers. Barrenjoey Capital Partners may also nab a role "
" Of note, people briefed on the discussions who requested anonymity given the sensitive nature of the talks stressed that all options were still on the table for the Auckland-headquartered company, including a trade sale. However, should a float be the chosen exit route, as expected, the IPO would likely take place in the first half of this year.
Metlifecare, which EQT privatised in October 2020 for around $NZ1.3 billion ($1.1 billion), is expected to fetch an equity valuation of as much as $NZ2.5 billion. Murray Jordan, a long-time director and New Zealand businessman, is in line to be appointed chairman. "
---------------------------------------
Implied valuation would be a 75% increase in equity value since privatisation, in the same time listed peers have returned between -80% (RYM) and ~flat (SUM) after adjusting for the ~$260m of equity capital EQT has provided to the business.
Interest bearing liabilities have also risen from ~$300m to ~$1.5B between 2020 and 2025 :o
Is this an overinflated rubber duck or a pheonix rising from the ashes?
Tell em they're dreaming. Returns per the last set of accounts were circa 1% on assets.
SUM and especially RYM and OCA are trading at deep discounts to asset backing.
The outlook for the real estate market is muted "at best"
As they say in the movie "Dumb and Dumber" No back-sees. They bought it off shareholders including me and I for one, don't want it back unless its under 50 cents on the dollar to NTA.
Quote from: Basil on Feb 17, 2026, 02:45 PMTell em they're dreaming. Returns per the last set of accounts were circa 1% on assets.
SUM and especially RYM and OCA are trading at deep discounts to asset backing.
The outlook for the real estate market is muted "at best"
As they say in the movie "Dumb and Dumber" No back-sees. They bought it off shareholders including me and I for one, don't want it back unless its under 50 cents on the dollar to NTA.
Absolutely, tell um they're dreaming. Do they think the shareholders that they 'tucked' when they bought this company are now going to buy it back for twice the money.
All of the institutions are going to 'utu' them as are the mum and dads, so good luck EQT!
Gosh, yep agree good luck with that.
Business desk also reporting on it. 50 percent more villages since privatisation they say.
Yeap, first the deal was $7 per share and then it was $6 a share. Everyone remembers how they were shafted.
With the highest quality company in the sector by miles, SUM, now trading at a circa 30% discount to NTA, why would anyone in their right mind pay more than 50 cents on the dollar for this very average company ?
They will re list MET and then go buy something else in the sector.
Take your pick RYM or OCA
Thanks for pointing me to this thread, Basil. Agree this looks completely over-valued, but perhaps an opportunity to buy more SUM on the weakness if you are that way inclined.
I think its well worth noting that house prices in major cities like Auckland and Wellington are now materially lower than when MET was taken over in 2020. Not for me entrep. I believe the entire sector will generate very poor returns on capital going forward. As I've said before, I firmly believe the gold rush for this sector is well and truly over.
QuoteSweden's EQT Partners is considering a dual listing for its retirement village business Metlifecare on the Australian and New Zealand exchanges and has hired a trio of brokers to lead the initial public offering, Street Talk can reveal.
The buyout giant has tapped Macquarie Capital, Jarden and New Zealand's Forsyth Barr as joint lead managers. Barrenjoey Capital Partners may also nab a role through its strategic alliance with Forsyth Barr.
Metlifecare is a developer and operator of retirement villages and care homes. AFR
Of note, people briefed on the discussions who requested anonymity given the sensitive nature of the talks stressed that all options were still on the table for the Auckland-headquartered company, including a trade sale. However, should a float be the chosen exit route, as expected, the IPO would likely take place in the first half of this year.
Metlifecare, which EQT privatised in October 2020 for around $NZ1.3 billion ($1.1 billion), is expected to fetch an equity valuation of as much as $NZ2.5 billion. Murray Jordan, a long-time director and New Zealand businessman, is in line to be appointed chairman.
Earl Gasparich-run Metlifecare is the No. 3 retirement village operator by market share in New Zealand. It has been in growth mode under EQT and is expected to have 39 villages, 25 co-located care homes within villages, 7400 residents and 2400 staff by the middle of this year.
The sell-side will also likely talk up its proven model with recurring income and embedded value, "significantly expanded" development land bank and strong cash flow visibility, sources said. It may also point to the successful listing of land lease communities operator, GemLife Communities Group, last year. Its shares are trading 21 per cent above the issue price.
Metlifecare's moves come as fellow private equity player Bain Capital hires banks to list its own aged care business, Estia Health. UBS, Barrenjoey Capital Partners and Morgan Stanley are expected to launch an initial public offering valued at around $700 million in the first quarter for a market capitalisation above $2 billion.
Other comparable deals include Brookfield-owned retirement-living operator Aveo trading to Scape in a $3.85 billion transaction in June.
Street talk article today
If they get this done, it will no doubt be a profitable deal for them at some higher multiple to book than other listed RV's currently are. That would lift the whole sector. Similar to the ARV buyout/sale at .83 of NTA when its SP was trading a lot lower, everything else boosted for a while.
I doubt that. What we saw with RYM's capital raises was it sucked the wind out of the sails of the rest of the sector.
At the end of the day there's only so much capital institutions are prepared to invest in this sector and many have been badly burned by the RYM fiascos.
Underwriters also got a beating as well as sub- underwriters.
Greed does funny things though. Previous underwriting losses may be convieniently overlooked if investment banking teams think they can get away with putting vast amounts of lipstick on this pig and flogging it off for a profit.
MET will report half year next week
F25 result pretty good -
Financial Results for the Year Ended 30 June 2025
29/08/2025, 08:30 NZST, FLLYR
29 August 2025
FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025
Metlifecare Limited's (NZX: MET) (Metlifecare or the Company) performance summary for the year ending 30 June 2025 (FY25):
• Total occupation right agreement sales of $546.4 million, up 17.6% on the prior year ended 30 June 2024 (FY24)
• Operating revenue of $243.0 million, up 9.5% on FY24
• Net profit after tax (NPAT) of $66.4 million, up 25.0% on FY24
• Net tangible assets of $2.44 billion1, up from $2.22 billion in FY24
• Net gearing ratio reduced to 38.5%
• Refinancing of $1.15 billion in Sustainability-Linked Loans
• Record delivery of 332 new independent living units and care suites
https://api.nzx.com/public/announcement/457742/attachment/450837/457742-450837.pdf
Previous year F24
Metlifecare Limited's (NZX: MET) (Metlifecare or the Company) performance summary for the 12-month period ending 30 June 2024 (FY24):
• Total occupation right agreement sales of $464.6m, up 17.0% on the prior comparable period ended 30 June 2023 (FY23)
• Operating revenue of $222.0m, up 9.5% on FY23
• Net profit after tax of $53.1m, up 21.5% on FY23
• Total comprehensive income of $95.1m, up 51.1% on FY23
• Total assets $6.371bn, up from $5.637bn at 30 June 2023
• Total equity $2.232bn, up from $2.137bn at 30 June 2023
• Net gearing of 39.6%
• A record 305 new independent living units and care suites delivered, with increased consenting activity and new amenity buildings opened at Gulf Rise, Fairway Gardens and Orion Point
• Two new care homes completed, with care homes now co-located at 67% of Metlifecare's villages
• Acquisition of Springlands Lifestyle Village, a premium retirement village and co-located care home in Blenheim
https://api.nzx.com/public/announcement/436974/attachment/425828/436974-425828.pdf
Net profit after revaluations of $66m on gross assets of $6.9 Billuon. My goodness that's "incredible", less than 1%. Notice how the gearing ratio is right at the very top end for this sector ?
Buzz, you can already see on the market how this proposed float is sucking the lifeblood out of the sector. RYM and SUM plumbing lows they haven't seen for quite a while and OCA under pressure.
No doubt if it's floated by private equity Earl Gasparich will wax lyrical about their growth prospects and pick up a huge listing bonus.
Can someone please stop this movie, we've seen it before and know how it's turned out for OCA shareholders, still under the IPO price 9 years later.
Quote from: Basil on Feb 17, 2026, 07:21 PMI doubt that. What we saw with RYM's capital raises was it sucked the wind out of the sails of the rest of the sector.
At the end of the day there's only so much capital institutions are prepared to invest in this sector and many have been badly burned by the RYM fiascos.
Underwriters also got a beating as well as sub- underwriters.
Greed does funny things though. Previous underwriting losses may be convieniently overlooked if investment banking teams think they can get away with putting vast amounts of lipstick on this pig and flogging it off for a profit.
Probably correct, but an underwritten sale with no increase in shares and guaranteeing all sale stock is accounted for, is a lot different to a massively dilutive cap raise by RYM. Sure, the owners of MET reckon they can rake another couple of bill out of the market though they'd never try this unless they could make a whopping profit on their recent acquisition/exit.
A sale would be significant, if only because big money are forced to value the RV sector. The ARV sale showed a very large mismatch between SP and discount to NTA sale price. The brokers then have to reconcile all their other RV holdings, up or down.
Just saying, big sector moves are worthwhile watching closely, to see if there is a piggy back opportunity. I don't care a hoot what they do, I'm only interested in what I do, or whether I do.