Carlton Investment Limited (ASX: CIN) unveiled the value of Net Tangible Asset for the last month of the calendar year 2018. The Investment group told its NTA after providing for estimated capital gains tax stood at $29.28 per share as at 31 December 2018. This news sent the Carlton shares up by 0.976% to trade at $29.990 on 4 January 2019 (2:38 PM AEST).
Before providing for estimated capital gains tax in respect of unrealized investment portfolio gains, the company reported NTA figure to $35.07 per share for the month ended 31 December. It reflects the decline in the company’s net tangible assets compared to the November 18’s reported NTA before tax of $35.19 per share.
As at 31 December 2018, Carlton held the total equity investment of $908 million and term deposits and cash investment of $20.10 million. In the list of 20 largest equity investments at the quarter ending 31 December 2018, Event Hospitality and Entertainment sits on the top. Carlton has invested 45.1% of its total investment, i.e., $418 million in this group. Event Hospitality & Entertainment owns and operates the business of cinema exhibition, hotels, resorts, and investment properties.
Moreover, the company reaffirmed that it has long-term investment goal and has no intention to dispose of the investment other than through mergers, acquisition or other exceptional circumstances.
For the year ended 30 June 2018, Carlton reported profit of $41,665,000 compared to $39,666,000 for the 2017 financial year, an increase of $1,999,000 or 5.0%. As a result, the basic earnings per share of the company reached $1.574, slightly up from FY2017’s earnings of $1.498 per share.
The group earned the interest income of $397,000, same as a previous corresponding period. However, the weighted average interest rate on term deposits reduced from 2.73% in FY17 to 2.53% in the fiscal year ended 30 June 2018. Carlton’s Board declared a total dividend for Fiscal 2018 was $1.21 per share, an increase of 5 cents from the previous corresponding period.
On the lines of company’s investment portfolio at the year-end, the market value of Carlton’s equity investment portfolio was $960,316,000 as at 30 June 2018, up from $951,124,000 at the prior year-end. However, the cost of equity investments it acquired during Fiscal 2018 totaled $7,711,000.
The company has the strategy to invest in those equities that will yield high levels of income through fully franked dividends and have the potential to return long-term capital gains. Carlton is currently trading at a PE of 18.870 x with a market capitalization of $786.3 million. In the past-12 months, the stock has gone down by 10.81% with a plunge of 5.08% witnessed over the past month.
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