Argosy Property

[BlackPeter]

Argosy Roadshows start later this week. Any shareholder and NZSA member can register - and tell management what you think about dividends (or any other relevant question you have on mind). Just remember to register to get a place ... 

https://www.facebook.com/nzshareholders/photos/argosy-property-is-coming-to-13-locations-nationwide-between-22-may-and-15-june-/1001823255860006/

Personally - I will go to the Christchurch event, but don't think that the lack of a dividend raise will be my most important thing. Last time i checked, the dividend yield was 6.2%, and this doesn't even contain the PIE tax advantages ...

[Arbroath]

A buyback here feels like a no brainer...holders can buy more with their dividends of course but I'd rather a smaller dividend was combined with a significant buyback

[Basil]

There's no need to have a smaller dividend.  They need to stop making non eps accretive acquisition's at so close to their cost of funds its ridiculous.  Just buy back your own shares instead which is guaranteed to be EPS accretive for remaining shareholders.

[BlackPeter]

There's no need to have a smaller dividend.  They need to stop making non eps accretive acquisition's at so close to their cost of funds its ridiculous.  Just buy back your own shares instead which is guaranteed to be EPS accretive for remaining shareholders.

Maybe. I guess there are pros and cons to buybacks, and this is certainly a larger discussion then just Argosy.

But yes, it might be worthwhile to ask about their investment strategy. Maybe they lost the plot - or maybe they expect their investments to grow in price?

I think the Auckland meeting is this Friday - are you going?

[Basil]

Its in my diary and I have reserved myself a spot.  I am mulling over this afternoon whether that's the right forum to raise my questions. 

[winner (n)]

Maybe the ARG share price will do another 'post GFC run'

2010 to 2019 looked good times

You cannot view this attachment.

[Basil]

Sobering stuff that the share price is the same as it was 20 years ago.  RBNZ inflation calculator says share price should be $1.75 to keep up with inflation over the last 20 years.  Good yield and huge discount to NTA but the long run performance relative to inflation is depressing.
FY27 will be the fifth year in a row dividends have not gone up. 

I suppose the board think they have done a good job maintaining consistent uninterrupted quarterly dividends considering the almost endless recession the economy has been in since Covid hit in early 2020 and in some respects you could argue they have done okay.

[Sideshow Bob]

Same as KPG.

90c 7th of January 2000

Traded between 91 and 92.5 today....

[Basil]

Great yield but no growth sums them both up.