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  • Snoopy's Avatar
    Yesterday, 08:57 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    One method that KordaMentha used to evaluate the worth of the seeds division was 'Capitalisation of Earnings'. This consisted of using an...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    Yesterday, 04:20 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Takeover deals are usually done on EBIT and EBITDA multiples, rather than PE ratios. If we look at where PGWRR sits today (my post 4516): EBITDA...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    Yesterday, 10:04 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    I should note that my reason for increasing my PGW stake was not that I approved of the seed division sale. It was because the destruction of...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    Yesterday, 09:14 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    So to sum up, your suggestion that PGW is very investable at 52c-53c is largely determined by the fact that interest rates in NZ have gone down so...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    24-06-2019, 07:24 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Using a capital repayment of $235m $235m / 754.048m = 31.2cps By simple subtraction from the 52c PGW market value, we can now calculate the...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    24-06-2019, 04:37 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Closing PGW share price was 52c today. If we take this as Mr Market's 'reference figure', then this 52c will be split into a capital payout amount...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    24-06-2019, 03:49 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    I am making a small adjustment to my EBITDA figures, adding back into EBITDA the incremental overhead that was an unallocated expense for the sold...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    23-06-2019, 10:34 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Even for long term shareholders, 'PGGW Rural Rump' is now a new investment prospect. Sometimes to put in context where we are going, it is useful...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    21-06-2019, 10:36 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    So Agria are going to use their share of the 3% 3 month term deposit income to pay off the 6%+ bill they are paying on their own borrowings with NZ...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    20-06-2019, 10:56 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    From the 9th May announcement: Proposed Capital Distribution to Shareholders “The Board has also determined that it intends to recommend a...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    20-06-2019, 10:47 AM
    Snoopy replied to a thread RBD - Restaurant Brands in NZX
    Following my March 2019 post, the remaining shares are trading at $9.45 already! I have to admit I am stunned as there has been no real strategic...
    2527 replies | 364198 view(s)
  • Snoopy's Avatar
    20-06-2019, 09:07 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Yes, quite correct. I don't see the situation quite as cynically as that. If a company, such as PGG Wrightson, operates a retail...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    19-06-2019, 09:17 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    From the May 9th 2019 announcement to the market "On settlement of the Seed and Grain business PGW repaid its bank facilities while the Board...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    19-06-2019, 10:01 AM
    In the short term you are probably quite right Jerry. The argument is that in the long term 'time' and 'rigorous analysis' will even out the daily...
    13 replies | 555 view(s)
  • Snoopy's Avatar
    19-06-2019, 09:06 AM
    Snoopy replied to a thread Meridian Float in NZX
    One weather event winter does not a cash cow make. If the wholesale price trend flips, then next years result could be very different. The...
    1850 replies | 379425 view(s)
  • Snoopy's Avatar
    18-06-2019, 10:07 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Scenario $157.5m debt repayment eps {A}2.19c PGW Rural Rump: Market Valuation {B}20.8c PE ratio {B}/{A}9.5
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    18-06-2019, 09:57 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Closing PGW share price was 52c today. If we take this as Mr Market's 'reference figure', then this 52c will be split into a capital payout amount...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    17-06-2019, 10:51 AM
    Snoopy replied to a thread Genesis Energy in NZX
    The 'thing in it' for Genesis is not having to come up with a whole lot of new capital to build a new wind farm (rather obviously)! The downside...
    2693 replies | 552779 view(s)
  • Snoopy's Avatar
    17-06-2019, 10:35 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    The seasonal variation in historical company debt continues, as the table below shows: HY2019FY2018HY2018FY2017 Short Term...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    15-06-2019, 09:33 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    You are quite correct Snow Leopard. I knew something was screwed up in my post 'Seeds of Destruction: Part 3.2 - NPAT of 'PGW Rural Rump' going...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    15-06-2019, 09:22 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    You replied before I had added this bit: ------ 'Seed & Grain' are wholesalers who sell their product at arms length to 'PGW Retail' as an 'in...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    15-06-2019, 08:02 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    From p10 of the KordaMentha Report: "The (Seed & Grain) business is the global leader in the $2 billion temperate forage seeds market, trading in...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    15-06-2019, 03:58 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    Previously I have speculated how large the capital return will be, that we PGW shareholders are due to receive. It has now been announced that it...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    14-06-2019, 09:10 PM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    One of the more interesting stock exchange announcements today was that although 'PGG Wrightson' will not change their name, 'post seed sale', the...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    14-06-2019, 08:22 PM
    Snoopy replied to a thread Genesis Energy in NZX
    There has to be something in it for Tilt to have done the deal. Tilt could have bought the development rights from Genesis and gone it alone. ...
    2693 replies | 552779 view(s)
  • Snoopy's Avatar
    14-06-2019, 03:05 PM
    Snoopy replied to a thread Genesis Energy in NZX
    Yes except that Genesis have outsourced their next consented windfarm at Waverly to Tilt. Genesis have agreed to buy all the power from the new...
    2693 replies | 552779 view(s)
  • Snoopy's Avatar
    13-06-2019, 10:40 AM
    Snoopy replied to a thread Skellerup (SKL) Fundamentals in NZX
    Oooh quite right, how embarrassing :-(. I am a year out of date with my evaluation! Fortunately I was not a year behind the times accumulating...
    780 replies | 129501 view(s)
  • Snoopy's Avatar
    13-06-2019, 10:32 AM
    Snoopy replied to a thread PGG-Wrightson ( PGW ) in NZX
    New CEO Stephen Guerin was interviewed on Natrad this morning on this very issue. IIRC he said that livestock exports were not in the PGGW...
    4522 replies | 818075 view(s)
  • Snoopy's Avatar
    12-06-2019, 10:43 AM
    Snoopy replied to a thread Skellerup (SKL) Fundamentals in NZX
    Thaaks for that McGinty. So the announcement was only made on June 8th and the re-emergence of Skellerup happens on Monday 18th June. ...
    780 replies | 129501 view(s)
  • Snoopy's Avatar
    11-06-2019, 10:00 AM
    Snoopy replied to a thread WHS in NZX
    The only problem is the last time I went to K-mart in Riccarton, there was only one staff member at the checkout complex. If they were already...
    3009 replies | 434432 view(s)
More Activity

3 Visitor Messages

  1. View Conversation
    Hi Snoopy. Hi Liz.

    Now that would be an interesting thread
  2. View Conversation
    Great idea. From my limited past experience, I think contrarian & value picks do quite well when the market turns. Perhaps we should attempt to create a theoretical "Phaedrus vs the index" thread to help balance the long-standing debate...
  3. View Conversation
    Hi Snoopy,
    Just dropped in to sign your visitor book. Thanks for all the interesting posts over the years. Hope your investments are holding their own in this stroppy market.
    Liz
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About Snoopy

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About Snoopy
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To be free or not to be free. That is the cash-flow question....

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