Maybe some correlation between currency and EBITDA margin. This seems to have broken down in the last couple of years. Brokers are forecasting a 14% margins for this year. I think management will have to be at the top of their game to fight against the currency tide.
Year |
NZDUSD |
EBITDA Margin |
Change in Currency |
Change in EBITDA Margin |
Notes |
2006 |
0.649732 |
15.49% |
|
|
|
2007 |
0.736172 |
17.74% |
13.30% |
14.53% |
|
2008 |
0.714949 |
14.32% |
-2.88% |
-19.28% |
|
2009 |
0.635232 |
11.95% |
-11.15% |
-16.55% |
Recession |
2010 |
0.721623 |
13.96% |
13.60% |
16.82% |
|
2011 |
0.792322 |
14.00% |
9.80% |
0.29% |
|
2012 |
0.810275 |
15.58% |
2.27% |
11.29% |
Included insurance payout |
2013 |
0.8203 |
14.79% |
1.24% |
-5.07% |
Management Blamed late start to winter |
2014 |
0.8306 |
13.06% |
1.26% |
-11.70% |
Management admitted poor product mix |
2015 |
0.740516 |
14.31% |
-10.85% |
9.59% |
Broker forecasts |
2016 |
0.68 |
|
-8.17% |
|
|