I dialled in and for me it was very uninspiring - not enough humility shown after yet another debacle. Vague answers or wouldn't answer quite a few questions. Pretty much a trust us, its all contained (nod to Ben Bernanke!) - next year will be good etc.
Cavalier saying the same thing...taking a cavalier approach with investors capital...really impressive !
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Updated this chart showing FBU prfoits and share price over the years. Hardly inspiring since it peaked at the top of the last building boom which ended 2007/2008 is it
Todays price is a PE of 17 on this years expected shocker result .... which sort of says that the 'next year will be alright' is sort of priced in. Historically FBU has trade around 13 times earnings ....so even if F18 gets back to $400m (continuing a reasonable earnings trajectory that occurred from 2010 to 2016) a PE of 13 gives $7.45. Thats the price today - spooky eh
But then if punters dont trust FBU anymore than a PE of 13 might be too high = share price with a 6 in front of it
Still reckon sum of the parts higher than the price of the whole
Made heaps of FBU over the years as the 'big trends' seem rather predictable. Wills it on the sidelines for a bit and watch with morbid fascination.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
I'm suprised this has only dropped 5% after another massive downgrade. It's still above the SP of 18 months ago. Are people still positive about the future?
I'm suprised this has only dropped 5% after another massive downgrade. It's still above the SP of 18 months ago. Are people still positive about the future?
Maybe the market sees Adamsons departure as a sign Ralph Norris is starting to take action.?
Maybe the market sees Adamsons departure as a sign Ralph Norris is starting to take action.?
Yes, there's a lot of respect for Ralph Norris, despite this big stain on his copybook. Perhaps we expect too much after his successes with ASB, CBA, AIR etc.?
I'm always watching this share from the sidelines hoping to get in when the market prices it at a bargain to enter. However for me I'm generally just getting more and more shock and awe with how they poorly they operate. Been told that the culture within the organisation is very volatile as well with a lot of unpleasantness.
I don't think I'll be coming into this one anytime soon.
Last edited by value_investor; 20-07-2017 at 07:35 PM.
Yes, there's a lot of respect for Ralph Norris, despite this big stain on his copybook. Perhaps we expect too much after his successes with ASB, CBA, AIR etc.?
Brian Gaynor said on the wireless this morning that the board had taken a back seat to management. Maybe now, not so much.
Originally Posted by Arbroath
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