Your client would be a lot more profitable if he also clipped the ticket with finance and insurance,which are ongoing profit drivers.
TRA recent capital raise has not been sitting idle in a Kiwi Bank cheque account.
New car/equipment dealers sites being developed,core finance and insurance bulked up.
All the time the added bolt ons has strengthened the very strong business model,which has been made easier by Turners' great brand. .
These core improvements will lead to eps growth,which will be returned to shareholders with increasing fully imputed dividends.Making an investment decision on one year's eps,without looking fully at the business's core improvements, is a very poor short term mistake.A bit like saying SUM or RYM did not build as many units in one year as you expected,so therefore you sell out.The same sort of mistake was made by a number of people who thought HBL brought a dead duck when they brought Senior's REL.
Be prepared to be surprised,as TRA directors/management have laid the solid foundations for a really great company,by making the right decisions on where to allocate capital..