Buy FKP

I recently conducted a broad sweep through the retirement sector which now, after a flurry of mergers and acquisitions, comprises Stockland, Lend Lease, Ingenia (formally ING Community Living) and FKP. FKP, in particular, piqued my interest. It is superficially cheap, trading at a 66%  discount to net tangible assets (NTA), so I dug a bit deeper and presented to our internal vetting process, the ‘Dragon’s Den’. It didn’t survive the flames but I’m still interested. The risk-reward equation is, in my view, skewed in the buyer’s favour. Indeed, I’ve invested a small amount in the stock myself. In this post...

I recently conducted a broad sweep through the retirement sector which now, after a flurry of mergers and acquisitions, comprises Stockland, Lend Lease, Ingenia (formally ING Community Living) and FKP.

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