EPS less than H1 last year (ok about the same but they did calculate it to 2 decimal places which ain’t too clever)
Time for Percy to sell I reckon
EPS less than H1 last year (ok about the same but they did calculate it to 2 decimal places which ain’t too clever)
Time for Percy to sell I reckon
Results seem pretty good to me. They continue to deliver solid performance.
Why is the dividend flat though?
Pretty sad really isn't it. Headlines proudly announce good profit growth but its all predicated on an insatiable appetite for more capital so all headlines are actually more than a little disingenuous as you actually have to read the financials to understand the real result which is of course as flat as a pancake.
I operate on the basis that the truth is always your friend even when you don't necessarily want to hear it and EPS of 13.36 cps compared to 13.40 cps is the sad reality of an increasingly competitive vehicle market.
The strong growth that one on here touted of 25% has actually come to absolutely nothing on an EPS basis and this in a year when they are integrating the Autosure business which was supposed to bring downstream benefits from a more vertically integrated product offer. One wonders how they are going to generate profit growth next year when they're not bringing brand new vertically integrated efficiencies to bear for the first time ?
Noted in the presentation a "refreshed" management team at Buy Right Cars...cut away the corporate speak this is code for the previous management were underperformers.
Maybe they should have used the old weighted average shares on issue trick to show their EPS in a slightly better light or have they done that already ?
done the weighted average trick already .....so the recent new ones haven't had much impact yet as it looks like they used a weighted average of only 75 million odd v 84 million actual shares .....ouch ....so full year eps could be interesting
decreasing eps / flat dividend / high PE ....hmmm
Ouch...oh dear oh dear. One wonders if the increasing pervasiveness of Trade Me and other online channels isn't undermining the traditional auction business of Turners ?
One might also wonder why they had to "refresh" the management team at "Buy Right Cars" ? I thought having the ability to cross sell insurance, mechanical warranties and finance through all these new channels was supposed to generate vertically integrated growth and efficiencies through a comprehensive product suite meeting all the consumers needs ? Yes you are right, their PE even after the steady SP decline over the last six months is still at quite a premium to Colonial Motors, a company with a 100 year proud history in N.Z. Hmmm...could we see this test the $3.00 level going forward ?
Has anyone noticed on page 3 of the presentation, the graph on the bottom right says "Net Profit After Tax", but it's actually showing "Net Profit Before Tax".
Pretty amateur to get the title of the graph wrong.
Enjoyed my favourite drive this morning, Greymouth to Westport along the Punakaiki Coast.Stunning day,stunning coast line.
Great seeing Turners are on track with their growth plans.Good growth in all divisions.
Just loved "Turners is WELL POSITIONED to keep delivering profit growth for shareholders into the future."