Japara aged care stock exchange listing looks to 10 times earnings value - $500M

Privately owned Melbourne based aged care operator Japara has been doing investor road shows to build up its listing value. It will be the largest listed pure play aged care provider. It is the fourth largest care operator behind Bupa, Domain Principal and Regis. Japara operates 3,000 beds with 3,700 staff across 25 care facilities and five retirement villages.
In FY12 it posted a profit of $12.38M on revenue of $226M (5.5%).
While originally targeting $400M value the strong response suggests a $500M value which translates into a 10 times earnings value. The net property assets are valued at $260M. The listing aims to raise $300-$400M.
Japara is restructuring before the float, managed by Macquarie Bank, which will bring together Japara Holdings which owns the care businesses and pays $20M a year rent to Japara Property Trust, which owns the property.
The dominant shareholders are Japara CEO Andrew Sudjholz (pictured) and director Julius Colman. Each has 31% of Japara Holdings.