Does the business enjoy a competitive advantage? Total cash generated from operations (£k)Ībout 95% of operating profit has been converted into cash. Does the business convert profits into cash? Debt as a proportion of gross assets is 17% - relatively low for the sector - and has not topped 20% since 2003. Investment property valued at £1,682m, cash is £53m and borrowings are £300m. Does the business possess an asset-strong balance sheet? Has the business mostly self-funded its growth?īalance sheet shows net assets represented by issued share capital of £5m and retained earnings at an eye-popping £1,202m. Has the business grown mostly without acquisition?īalance sheet shows no goodwill and results from at least 2000 show no business purchases. ![]() However… November’s interim results signalled a profit and margin upturn (see below). Total operating costs as proportion of rental income since that time have increased from 65% to 71% - a very high percentage compared to wider sector. Something to consider: Operating profit at £33m for 2014 at same level reported for 2006. Track record not blighted by major or ongoing exceptional items. ![]() Now 55 years since flotation, net asset value (NAV) is up 259-fold to £75 a share - or about 11% per annum.Ĭompound average growth rates during more recent times:Ī NAV setback has occurred only once since 1992 (2009 - down 16%) and dividend not cut since at least 1989. Read these excerpts from past annual reports: DJAN Annual Report 2004 DJAN Annual Report 2009 ![]() Market capitalisation: £945m Does the business boast a respectable track record? I’m looking for as many Yes answers as possible.Īctivity: Commercial and residential property landlord I’m continuing My Watch List today with a look at Daejan (DJAN).Īs before, I’m using a question-and-answer template to help me quickly pinpoint worthwhile shares that match How I Invest.
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