TSX:MRDReal Estate
Melcor Developments (TSX:MRD) Stock Trades Cheap As Margins Stay Strong
Melcor Developments stock closed at CA$18.50 heading into the Q2 print, after a flat 7 day move and a softer 30 day patch. The headline is simple. Earnings remain strong against the share price and that disconnect is getting harder to ignore.
Q2 basic earnings per share of CA$0.73 sit inside a trailing 12 month earnings profile of CA$3.00 per share, which feeds into a P/E of 6.1x. At the same time, the latest 12 month net profit margin sits near 25%. For a real estate developer, that margin...