I am happy with where it is. In my opinion it is slightly overpriced even allowing for a 15% sustained rate of growth. I have it as a hold, but I shall sell a few if it goes much higher.
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It will depend on expected announcement on projected div about Feb probably. Yield driven but instos much more aware than the were.
Still reasonable price given the environment we are in methinks.
A fairly resilient stock through recent times .. one of the few which continued paying div's
unaffected through C-19 turbulent times
discl: hold a small parcel & pleased I do .. after reading postings of earlier contributors on here
I am having another look at how Skellerup has treated the 'make good' provisioning relating to the relocating of plant and equipment for its Dairy Rubber Development and Manufacturing activity to the new site at Wigram and costs to complete exit from the former operating at Woolston. Why does this matter? Because when looking at 'normalised profits', some of these adjustments are significant.
Specific numbers may be found under the 'Provisions' section of the Annual Report (which in FY2018, the last year this figure was referred to, was listed under 'Note 12').
FY2014 FY2015 FY2016 FY2017 FY2018 Make Good Provisions $3.191m $3.082m $3.082m $1.528m $0.0m Change in Make Good Provisions over Year +$3.191m -$0.109m $0m -$1.554m -$1.528m
As you can see, this provision first appeared on the accounts at EOFY2014. Annoyingly, AR2014 seems to have been removed from the Skellerup website, But it is still to be found on Stocknessmonster, even though I can't figure out how to save it from there. If I could save it as a 'pdf' then I could search it electronically. But right now I am restricted to dissecting the report manually.
The official opening of the Wigram site was in November 2016. The fully operational Agri manufacturing operation transfer was completed in the first two months of CY2017. The smaller Industrial manufacturing transfer was scheduled for completion by year end (End of June 2017).
This $3.191m provision has come from the 'FY2014 Income Statement' under 'Costs Incurred' under 'Income and Expenditure related to Canterbury Earthquakes' of $5.119m. This is confirmed under Note 6 as being made up of "Business interruption, material damage, increased costs of working and make-good costs'. .
Looking back at what I did for FY2014, I see that I based my 'eps' calculation on the "Profit for the year before tax and earthquake insurance income and expenditure." That figure did not take into account the $5.119m of one off costs that i referred to above. So I think my normalised income calculations are safe after all. What I am concerned about is if those annual change in provisions have somehow found their way into subsequent income statements. I think the answer is no. But if anyone with greater accounting knowledge that me can confirm this, that would be great.
TIA
SNOOPY
we think we have the 2014 PDF. we havnt tried loading it thought a PDF dot net csharp class reader though.
DISC: sold it went it went back into profit , bit premature. But like so many stocks it took off later then we thought it should. The market seems to have reacted to low interest rate about 3 months later then we though it should have. Very annoying how slow NZ has been to pile into some stocks.
Try this link:
http://www.skellerupholdings.com/Rep...ent_to_NZX.pdf
NZX should have reports that far back.
Attachment 12181
Click on download - circled in Red.
Depending on what you have set defines happens next but it *should* be straight-forward.
I can do Tech Support via PM - guaranteed same year response :sleep: