What do you think of the results...
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What do you think of the results...
Continuing the story
Nov 2012 Methven Maintains Profitability and Delivers Dividends .... interesting use of the word maintain ..... jeez we just avoided making a loss ..... just we said we would a few months ago .... but even though we can't really afford it we will still give you a divie .... and we remain committed (3 times they said that in half a page) to doing all the things to get a better result next time ..... but we won't be making any guesses this time around because we not very good at that
winner69.
thanks for another one of your "classic" posts.
Most enjoyable and right "on the money" as usual.
Thanks guys...much appreciated.
Going through the presentation there is a glimmer of hope for better results in the next year. Market in nz should be better ....there are signs that building and construction is going to be positive ....even outside Chch ...... Aust might just hang in there .....and we'll the rest of the world get any worse for mvn.
Maybe they sold a good story to the analysts ....and soe saving a dabble
With FBU share rise... What are the opinions on MVN?
Have to rise I reckon, Milford have recently increased holding, as a long shot FBU could gobble them up? I do hold shares.
Thanks tim23.
Been a lot of warning signals.
Methven have in the past have talked the talk,but never been able to walk the walk.!
[hope I got that right?]
A long time ago I pointed out Rick Fella failed to return my phone call.I said at the time that was bad business practice.
Sorry to see Milford get it wrong,but they are not the only ones,as I think there are other intos on MVN's registry.
Again thanks to winner69 for his great posts that have kept us away from this underperformer.
Underperformer ? Depends what you are looking at I suppose..lOOK AT THE DIVIDEND YIELDS LAST 5 YEARS.
Five Year Summary
2012
$0002011
$0002010
$0002009
$0002008
$000Financial performance Group operating revenue 106,202 122,087 129,822 137,321 114,759 EBITDA 13,8801 12,4211 16,6622 19,752 18,927 Net profit after tax 6,462 4,749 7,820 10,056 9,757 Financial position Total equity 48,211 50,547 53,309 58,008 54,931 Total assets 90,244 99,999 100,958 119,564 11,9092 Intangible assets 35,708 38,315 38,306 45,932 46756 Net (debt) / cash -11,746 -19,074 -17,446 -26,840 -32,596 Capital expenditure 3,651 3,659 2,209 2,611 4,313 Equity ratio 80.4% 72.6% 75.3% 68.4% 60.1% Shareholder statistics Number of shares 66,606,265 66,606,265 66,606,265 66,606,265 66,606,265 Dividend per share 10.00c 10.00c 11.00c 11.75c 11.70c Share price at year end $1.09 $1.56 $1.58 $1.20 $1.42 Earnings per share 9.70c 7.13c 11.70c 15.10c 18.30c Net dividend yield 9.20% 6.40% 7.00% 9.80% 8.20% Gross dividend yield 11.30% 8.30% 9.90% 14.30% 12.20% Net tangible asset value per share 18.77c 18.36c 22.50c 18.10c 12.30c
Even though the current yields are higher than they were when dividend payouts were 15% higher? Gotta look at the capital value bud. The TSR there is about 6% over 4 years, annual compound growth you could just about get from Jap bank deposits.. Yes, this is an under-performer.
The business is and has been a poor performer for years.
Nothing special about it.
Tap manufacturers are two a penny.
The balance sheet is very "heavy" with intangible assets.I think they are worthless,so equity ratio is very poor,with debt rising all the time.The bank will most probably put a stop to dividend payments.
Be prepared for a cash issue sometime.
Get out while you can.
Do not agree at all..I'm interested in what it pays into my bank a/c every year and that is well over most other shares on the nzx. If you are after growth in share price thats a different matter. This was referred to as an underperformer so please do it the courtesy of being accurate and specifying what it was and where it was underperforming. Clearly it is NOT underperforming when you look at it as a dividend producer.
By your definition maybe..by mine no. Successfull businesses dont have to be "special" .they just have to do the business. Intangibles dropping each year. The fact that you think they are worthless is probably not supported by accountants who prepare the reports. Debt is decreasing. Your view of what the bank may or not do is purely speculative. Companies should be looked at from all possible perspectives and not just from a viewpoint of some particular bias.