Vulcan steel

[SailorRob]

Better buy the company then mate

Sorry sport, I don't understand your comment?

Are you suggesting I should buy shares in this company based on the observations I made?

Not hard to understand why you're having such a tough time of it!

[Sideshow Bob]

AGM Preso

http://nzx-prod-s7fsd7f98s.s3-websit...234/406655.pdf

EBITDA down 29% for the 1st 4 months of this year, on the corresponding period last year.

[winner69]

AGM Preso

http://nzx-prod-s7fsd7f98s.s3-websit...234/406655.pdf

EBITDA down 29% for the 1st 4 months of this year, on the corresponding period last year.

Jeez that’s pretty shocking update Bob

H123 ebitda was down 9% on pcp ….H223 was down 24% and current last year going to be about 30%

Things getting worse

No worries ….rest of year will be OK

[Balance]

Jeez that’s pretty shocking update Bob

H123 ebitda was down 9% on pcp ….H223 was down 24% and current last year going to be about 30%

Things getting worse

No worries ….rest of year will be OK

So how much of VSL's profits in 2021 and 2022 came from windfall profits from the rise and rise of steel prices on their stock and forward purchase order?

Guess we have a bit of an inkling now that it was substantial?

[Muse]

So how much of VSL's profits in 2021 and 2022 came from windfall profits from the rise and rise of steel prices on their stock and forward purchase order?

Guess we have a bit of an inkling now that it was substantial?

It shouldn't take the deflating of a commodity bubble to provide the evidence that earnings were unsustainable...should have been evident enough when earnings (& margins) shot up when steel prices inflated

From april 2022...

nearing (or passing) the peak of the cycle no doubt - hence the muted SP reaction

the impact of falling steel prices - whenever that may occur - will be far more pronounced than the slippage of volumes

Whether it be steel, freight, retail, etc...always interesting how the market is surprised when a bubble pops.

[Balance]

It shouldn't take the deflating of a commodity bubble to provide the evidence that earnings were unsustainable...should have been evident enough when earnings (& margins) shot up when steel prices inflated

From april 2022...


Whether it be steel, freight, retail, etc...always interesting how the market is surprised when a bubble pops.

Indeed, Muse.

Which is why I remain bemused with all the angst over the share prices of the RV stocks when the property market has well and truly popped!

[Muse]

I still believe Vulcan to be a very good business with a high class management team. I'm patiently watching the share though not committed to purchasing...the financial metrics at the current price don't do much for me.

[winner69]

Probably a little worse than expected.

NPAT down 52% on pcp

Last three 6 monthly NPAT has been 54m then 33m and last half 26m

But well positioned for growth

http://nzx-prod-s7fsd7f98s.s3-websit...062/412410.pdf

[winner69]

Rhys said at ASM that first 4 months EBITDA was down 29% on pcp

For the whole 6 months EBITDA down 36% …… Nov/Dec must have been tough

note ….a few different EBITDA measures so maybe not apples to apples

[X-men]

STU is doing better.....no bank debts....$26m cash in the account n $11m ebit