In the total absence of any other comments on this stock and the many recently announced developments, here are my thoughts, and others welcome:
So FST has accepted the merger, not surprisingly as it was a good deal for them and is now properly within the FET structure and adding a small increase to total yield, mainly by reduced management fees. I predict they may well sell off the medical centre and police centre involvement as it does not suit their profile as Australia's largest childcare provider and the release of cash will go into more child centres, possibly brown field sites too.
They have 14 brand new ones being built which will give long 20 year leases raising the average portfolio lease time and generate cash profit from the onset, in top city locations, so quite a possible growth storey over time.
They are receiving well above book price for the older, less desirable centres being sold on and with the new valuations and price metrics being applied across the portfolio, it is implied there may be a 13% increase portfolio wide on the funds current NTA value.
If the same 45 cents loading is applied as a percentage (NTA $1-50, ASX price $1-95) onto the new projected NTA , it puts FET's share price close to $2-20. I admit rounding off in the Trusts favour here, but with their strong acquisition policy and talk of increasing distributions through higher lease income, I think the market will support them.
In my opinion, FET is still a very good dividend paying stock to own, even at $2-20!
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