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Thread: Parrotdog

  1. #1
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    Default Parrotdog

    Has anyone seen this new share issue for the craft brewery Parrotdog? The prospectus has just come out today and looks interesting.
    All been done through pledgeme at $1 a share with three different levels of benefits depending on your investment.
    http://parrotdog.co.nz/ParrotDog-Gui...Prospectus.pdf
    I think it might be worth laying down a few hundred $, especially if I can drink enough, the discounts are going to add up.

  2. #2
    One Fearsome Feline winner69's Avatar
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    I'm in

    Great beer amd my favourite.

    Good to support local guys ...and Lyall Bay a great place to go these days. Be nice to have my own shareholder handle.

    Is really a donation but for a good cause
    “What the wise man does in the beginning, the fool does in the end”

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    Interesting, could be a location for a Wellington sharetrader meeting...

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    Quote Originally Posted by shasta View Post
    Interesting, could be a location for a Wellington sharetrader meeting...
    You putting the 35 grand up to get a dedicated space for the night?
    “What the wise man does in the beginning, the fool does in the end”

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    Legend shasta's Avatar
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    No, not that interested, but maybe somewhere we they sell the product to try...

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    I think 35k is bit much for me too, but I will be in for a much smaller amount.
    Considering Lion bought Emersons for maybe $8mil and Panhead for I don't know what I think the big commercial boys are starting to take notice of quality beers and are maybe a little bit scared of loosing a few % of their market share.
    Anyway interesting times ahead and plenty of tasty interesting beers around.

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    Quote Originally Posted by Radler View Post
    I think 35k is bit much for me too, but I will be in for a much smaller amount.
    Considering Lion bought Emersons for maybe $8mil and Panhead for I don't know what I think the big commercial boys are starting to take notice of quality beers and are maybe a little bit scared of loosing a few % of their market share.
    Anyway interesting times ahead and plenty of tasty interesting beers around.
    It does seem a crowded market however they must be losing market share given the acquisitions.

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    Pledge me site over loaded

    Strong demand - every body wants a handle
    “What the wise man does in the beginning, the fool does in the end”

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    Quote Originally Posted by winner69 View Post
    Pledge me site over loadedhaStrong demand
    every body wants a handle
    Half a mill in less than an hour! I guess for some people the 10% discount will be a great dividend, if not pay back the entire investment.

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    And $1.3mil this morning

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    And now they have reached their $2mil target.
    There appears to be 812 investors (pledgers) so an average of close to $2500 per investor, looks like there will be plenty of discount and plenty of beer flowing.

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    Red face Well...

    Quote Originally Posted by Radler View Post
    And now they have reached their $2mil target.
    There appears to be 812 investors (pledgers) so an average of close to $2500 per investor, looks like there will be plenty of discount and plenty of beer flowing.
    I took a punt, anyone else?

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    Quote Originally Posted by Raz View Post
    I took a punt, anyone else?
    Will be my local when Lyall Bay up and running

    See you at shareholders meeting raz
    “What the wise man does in the beginning, the fool does in the end”

  14. #14
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    Got some help distributing the larger volumes from Moa
    “What the wise man does in the beginning, the fool does in the end”

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    Just ordered some beers though the website and used my discount - my shares are starting to pay for themselves already

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    Has anyone reviewed the latest financial results for FY19? Thoughts?
    Revenue doubled.
    positive EBITDA.

    export and growth prospects looking sound.

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    How Much Is ParrotDog Worth Now?

    Running some quick numbers, it looks like they are doing a pretty good job so far eh. Just to recap:

    - Back in 2016, they sold the company at an implied enterprise valuation of about $10m (using a 3.6x Revenue Multiple)
    - Then in 2017 they went back to shareholders for more capital, but this time they used a Revenue Multiple of 4.15, giving an implied valuation of about $16m
    - Fast forward to the last AGM, when the company announced it had achieved nearly $6.8m revenue and a positive EBITDA of $383k, shares were trading on the Computershare platform between 90c - $1.05

    I see they have about the same level of Gross Income as Moa, but they achieved this on their $6.8m revenue as opposed to Moa's $15 odd million. Gross margin is improving, and they are getting into higher margin products, such as 440ml cans etc. The bar seems to have been a success so far, with about $1m revenue and delivering profits to the group. Then you also have their growing presence in Australia and SEA.
    I think I have the numbers right and put the outstanding shares on issue at 12,721,984 (there was a bit of dilution when they appointed a longstanding employee as a Director).
    Therefore, the ‘market’ seems to be valuing the company at about $11.4 - $13.3 million. However, if you use the same Revenue Multiples as in the Pledgeme campaigns you get a value of $24.48 - $28.22 million. Or $1.92 - $2.21 per share.
    By way of comparison, Behemoth recently ran their own capital raise and used a Revenue Multiple of 5.5x which valued the company at about $23.7 million.

    Of course there are a LOT of assumptions built into these numbers, but it’s interesting huh

  18. #18
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    Quote Originally Posted by huxley View Post
    How Much Is ParrotDog Worth Now?

    Running some quick numbers, it looks like they are doing a pretty good job so far eh. Just to recap:

    - Back in 2016, they sold the company at an implied enterprise valuation of about $10m (using a 3.6x Revenue Multiple)
    - Then in 2017 they went back to shareholders for more capital, but this time they used a Revenue Multiple of 4.15, giving an implied valuation of about $16m
    - Fast forward to the last AGM, when the company announced it had achieved nearly $6.8m revenue and a positive EBITDA of $383k, shares were trading on the Computershare platform between 90c - $1.05

    I see they have about the same level of Gross Income as Moa, but they achieved this on their $6.8m revenue as opposed to Moa's $15 odd million. Gross margin is improving, and they are getting into higher margin products, such as 440ml cans etc. The bar seems to have been a success so far, with about $1m revenue and delivering profits to the group. Then you also have their growing presence in Australia and SEA.
    I think I have the numbers right and put the outstanding shares on issue at 12,721,984 (there was a bit of dilution when they appointed a longstanding employee as a Director).
    Therefore, the ‘market’ seems to be valuing the company at about $11.4 - $13.3 million. However, if you use the same Revenue Multiples as in the Pledgeme campaigns you get a value of $24.48 - $28.22 million. Or $1.92 - $2.21 per share.
    By way of comparison, Behemoth recently ran their own capital raise and used a Revenue Multiple of 5.5x which valued the company at about $23.7 million.

    Of course there are a LOT of assumptions built into these numbers, but it’s interesting huh

    Hi Huxley, its interesting reflecting back on your post almost a year later and seeing where things have progressed to now.

    The last trade reflected a share price of $0.79. I've been disappointed in share price performance over the last couple of years (I hold a small number of shares, all purchased in the first capital raise) and IMO the share price doesn't currently reflect fair value for the business. There is hardly any liquidity in the shares as three directors own the majority and this will continue to hamper the share price performance.

    I expect we'll soon receive an invite to the AGM and the financial update from their team - lets see where things land.

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    Hey Valiant, I see the AGM is in November this year. Will be fun to head along and try a few new beers.

    I’m really interested to hear how they have progressed since their last update and would like to think revenue was closer to $10M for FY20, but will have to see.

    Only the last few weeks of the previous financial year would have been affected by COVID and they have been lucky to have been able to trade through the lockdowns, but none the less I’m expecting their business growth to have been slowed down since March. Hopefully they’ll talk to this as I still think the overall ‘craft’ market will continue to grow.

    100% the value of the company is not really reflected by the share price and that’s okay. They are not a listed company and if you look at the list of holders in their Extensive Shareholder list I don’t think many transactions take place. The holdings just look like original balances from the Pledge Me campaigns.

    DB purchased Tuatara for $30.5M in 2017 and at the time the brewery was producing 2M litres pa. I think Parrotdog was about 900K last year, so still a ways to go yet
    Last edited by huxley; 27-09-2020 at 06:26 PM.

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