One fund's dump is another fund's scoop.
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Just prior to announcing the Rip Curl acquisition I June 2019 KMDs market cap was about $680m. FY19 sales were $546m and NPAT was $58m
Since then (4 years) sales have doubled to $1.1 billion but NPAT is going to be about $45m
And today KMDs market cap is still about $680m ….even though they’ve raised the best part of $400m
Something not quite right eh
But some might say it just shows the huge potential and possible big share price gains once KMD sort their **** out and maybe get lucky
Respected value investment manager Alan Gray still thinks Kathmandu pretty good
Another 1% of company at A$0.91
Doesn’t pick losers
Should be some rip curl wet suit sales coming up..
Harbour / Jarden losing the faith …..selling down
Summary for Allan Gray Group
For this disclosure,—
(a) total number held in class: 73,653,753
(b) total in class: 711,347,722
(c) total percentage held in class: 10.354%
For last disclosure,—
(a) total number held in class: 66,084,548
(b) total in class: 711,347,722
(c) total percentage held in class: 9.290%
Allan Gray also bought **** load of SKC at higher price off course.
SkC is now trading below thier purchase price. their holding is underwater big time
I guess Allan Gray is astute investor n see things that we don't see
What level do folk here think demand will kick back in on the Buy side. Probably not long before sharsies and Jarden reinforce its previous 'opportunity for entry and top up' level again now touching into the 0.89 range. Will likely see a push pretty quickly again back north in the $1 plus as soon as momentum resumes. Pretty low SP currently, will be pleanty of traders who are sitting waiting to see the transition and jump on the bounce I'm sure. Just how much more has it got left in it to decline though, must be getting pretty close.
Recast operating cash flow is a problem in FY22 and HY23. Financing cash flow holds lease liability payments in presented accounts consistent with accounting rules but this distorts the real operating cash flow. Dividends high.
Al still buying
http://nzx-prod-s7fsd7f98s.s3-websit...487/400519.pdf
Just some data points: 10 year backward PE is 6.4 (admittedly with a negative earnings CAGR - they used to have some rough patches over this time). Analyst "Consensus" for KMD brands is $1.18, Shareclarity DCF value is $1.77 ... and I need to buy after my holidays a new pair of hiking boots.
For what its worth ... I put the KMD share in my books at a fair value of roughly $1.60. Who knows - maybe Al has came to a similar result. Anyway, he seems to think as well that they are at current SP good buying.
Obviously - all future looking data points are dependant on assumptions - and we all know that nobody is able to predict the future :) - but yes, I do need the hiking boots, that's a fact ; I even left my old pair overseas - not really worth anymore to clean them for biosecurity inspection ... and I won't consider the general economic situation before buying a new pair;
You will wait for a sale right? They have them often enough. I went in last week at The Base and there wasn't a lot of choice to be had in the boots.