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MDT - Macquarie DDR Trust

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Phoenix

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9 August 2005
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What do people think of this stock looks like a triangle formation. I may be wrong.
 

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Hi Phoenix

I like it now!

Not going to set the world on fire. Still MD remains 7 : 1 overnight and since launch few have lost any money. Able to lever into it too.
 

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Does anyone know much about MDT?

We bought this as an investment a while ago and the price has slumped big time! We're holding because of the yield, but I was wondering if anyone knows of the reason of the huge price drop? Or is it just another victim of this current climate?
 
hopefully by now you'd have realised that the company is over its head in indebteness.

It may not last very long.
 
If this or any of Macquarie's other satellites fail it will be interesting to see how it impacts the parent.

I had units in this but realising my folly I sold them in March along with units in Macquarie Office.
 
MDT recent gains

Does anyone know why MDT has risen so much in the last two days? It has looked vastly undervalued to me for a while...
 
19/03/2009 10:27 Trading Halt

MacquarieDDR Trust (MDT) in a trading halt – it will release details of its strategic review.

Last price $0.0380

52-wk High 0.6200
52-wk Low 0.0260
 
What is going on today?!? They are having a run that is for sure!

I like the look purely from a speccy point of view but don't know anything about the fundamentals. Understand they are a little heavy in US property? Anyone have any thoughts on today's trading and/or future value?

Thanks

Gusto
 
Doesn't seem to be caused by any announcements......... what a run

I bought for a long term outlook in January and then doubled my holding last month, currently up over 100%

cheers
 
Well I couldn't resist the run and got on yesterday. Looking like a reasonable day today. I note they got a speeding ticket to which they gave the stock standard response! Am wondering whether the run was in anyway related to CER?

Anyways i am in for the ride

Thanks

Gusto
 
Bit of a nasty fall again, results not great on the Debt covenant front.

They really need to pay off that $50M debt they have breached - there's cash in the bank for that. After that it's only the ~$161M amount and that should be able to be paid back in around 12 months.

Hold some MDT.
 
I bought into this company the other day for 10.5c,

Yes there is still some risk attached to the stock in the form of upcoming debt refinancing requirements.

However I feel at current prices there is alot of value in this stock.

It's current free cashflow (cash profit) is over 7c per share, which based on a share price of about 10c = a 70%pa return.

The company is currently not paying dividends as it is using 100% of it's cashflow ($68Mpa) to clear debt.

I am not banking on a quick recovery but I think as this stock repays and refinances it's debt over the medium term Value will be building very quickly inside this company and within 2 years it could easily be paying dividends of over 7c which would = a 70% dividend yield on current prices and would trigger a spurt of capital growth to boot.
 
Positive news I guess, issuing 15% more at 6.7c. And looking for another 200M, at im guessing 6.7c to 7c. Looks like another 300% more shares, something like 3.91 billion shares total for mdt.

interesting to see how much macq sells there stake to epn for

7c a share gives a market cap of 273mill.

If no assets are sold, look likes
assets $1.7bill
cash $210 mill
debt 1.3 bill

so pb is 0.45
with 68% gearing

interest cover ratio was 1.7, so with new capital the interest cover will be about 2.

If they sort out the short term debt problem looks like the stock could do well.
 
Interest cover is 1.5x if they include all the assets and liabilities on their balance sheet (ex-mervyn properties which are 6% leased).

EPN must be reasonably confident that other unitholder's will cough up in a capital raising and done their homework to that end (invesitgated existing unitholder's capacity and willingness to participate). If not they have most likely blown their doh. I imagine MDT's unitholders would mostly be speculators.

I also note that MDT is taking a hammering on rental rates with lease renewals down ~10% on prior rents.

On the latest accounts MDT's NTA after the raising would be $515m or $0.13 per unit based on ~3.9bn units. GPT's NTA/unit is currently $0.69 vs a current unit price of $0.59 or a discount of ~15%. Even after the capital raising I would expect MDT to trade at a much larger discount to NTA than GPT as their assets are lower quality and gearing would still be high.

If they pull it off a unit consolidation would also be on the cards (perhaps 1 for 10) in an attempt to give the unit price a look of respectability.
 
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