Duet Group: Result 2013

Duet has simplified its structure and internalised its management, and with a lower share price it's beginning to look interesting.

The headlines looked atrocious as Duet reported a 55% decline in reported net profit to $20m but, as ever, reported earnings tell us little in this sector. The distribution, which rose slightly to 8.25 cents per security (unfranked, ex date passed), takes the full-year distribution to 16.5 cents and was more telling. With a current yield of 8%, things are not nearly as dire as the headline numbers suggest.

Duet’s results are muddied for several reasons: accounting depreciation doesn’t match real asset depreciation; while hedge contracts, foreign exchange effects, performance fees and other oddities make for complex reading.

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