ALE Property: Interim result 2014

Another solid result has showcased the merits of this pub landlord, but the stock is not quite cheap enough to buy.

ALE Property Group has reported another solid interim result, with property revenue rising 1.9% to $26.9m, thanks to inflation-linked rent increases. After adjusting for net interest of $7.2m, Queensland land tax of $1.1m and management expenses of $2.2m, distributable profit amounted to $16.5m, or 8.4 cents per share for the six months to December, a 4% increase on the prior year.

A half-year distribution of 8.2 cents per share was announced (94% tax deferred), in line with guidance. Management reaffirmed guidance for a full-year distribution of at least 16.35 cents per share (at least 75% tax deferred).

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