Well done Southern Cross!
We’ve all been waiting a while for a long term care flotation, but as stock markets started to falter worldwide, the chances seemed to be receding â€“ and then Southern Cross went and did it! The fact that they felt confident enough to do it now, after many flotations in other markets had been pulled, sends an even more positive note for the sector than if they had done it when markets were strong. Basically it’s saying â€œWe’re going to ignore the rest of the world â€“ we feel so good about our company, our market and our prospects going forward that we’re going for it regardlessâ€. That has to be good news for the sector as a whole. Over the last couple of years financial values/multiples and ratios have begun to rise to what many consider stratospheric levels, and we must all have begun to worry that it was all going to end in tears. Yet here is a company that is saying â€œit’s been good recently but it’s going to get even better in the futureâ€, and it will have to perform because going publ