sharetrader
Page 3 of 53 FirstFirst 123456713 ... LastLast
Results 41 to 60 of 1044
  1. #41
    Veteran novice
    Join Date
    Jun 2007
    Location
    , , .
    Posts
    7,248

    Default

    Quote Originally Posted by Beagle View Post
    I agree. I think the board need to urgently cease any future major construction projects and concentrate on building houses and look to flick off that division ASAP.
    Back to the days of major construction projects given to overseas firms - with a minor jv role for local companies?


  2. #42
    Legend minimoke's Avatar
    Join Date
    Mar 2005
    Location
    Christchurch, New Zealand.
    Posts
    6,375

    Default

    Quote Originally Posted by macduffy View Post
    Back to the days of major construction projects given to overseas firms - with a minor jv role for local companies?

    Or go further back. What was it called. Ministry of Works?

  3. #43
    Legend peat's Avatar
    Join Date
    Aug 2004
    Location
    Whanganui, New Zealand.
    Posts
    5,358

    Default

    yes quite clear that this was a distinct possibilty, but still shocked that it actually has occurred kinda like a cliche
    Isnt this the third time now that they've cleaned out the woodwork? but its just riddled with worm...
    Soon there will be a lot of people looking for a bargain with this one.
    Don't.
    For clarity, nothing I say is advice....

  4. #44
    Doggedly sniffing out more food Beagle's Avatar
    Join Date
    Jul 2010
    Location
    Auckland
    Posts
    16,565

    Default

    Quote Originally Posted by Dassets View Post
    54 people on over $500000 per annum. Time for staff to share the pain
    All I see is gross incompetence right across the board. What a joke with so many people on over $500,000 !
    It'll take years to dig themselves out of the doggy doo with all their fixed price contracts still to be completed.
    That division is like having wood rot in your home...the more you investigate, the deeper you dig, the more problems you find. Whoever thinks that all their problems will finally disclosed to the market in that division by Monday morning is kidding themselves. Nobody knows how deep the rot goes in that division. I suspect the left hand hasn't got the slightest clue what the right hand is doing inside that company.
    No butts, hold no mutts, (unless they're the furry variety).

  5. #45
    Senior Member
    Join Date
    Jan 2016
    Location
    LA/ChCh/AKL
    Posts
    1,147

    Default

    Quote Originally Posted by Beagle View Post
    All I see is gross incompetence right across the board. What a joke with so many people on over $500,000 !
    It'll take years to dig themselves out of the doggy doo with all their fixed price contracts still to be completed.
    That division is like having wood rot in your home...the more you investigate, the deeper you dig, the more problems you find. Whoever thinks that all their problems will finally disclosed to the market in that division by Monday morning is kidding themselves. Nobody knows how deep the rot goes in that division. I suspect the left hand hasn't got the slightest clue what the right hand is doing inside that company.
    quality of management is the key...it appears they are sadly lacking...

  6. #46
    Legend
    Join Date
    Jan 2002
    Location
    auckland, , New Zealand.
    Posts
    6,349

    Default

    Quote Originally Posted by Raz View Post
    quality of management is the key...it appears they are sadly lacking...
    exactly bring in jenny shipley to sort the mess out
    bull
    One step ahead of the herd

  7. #47
    Member
    Join Date
    Apr 2014
    Posts
    98

    Default

    Wtf ... just when you thought the worst was over ...

    FBU is the only stock i've ever regretted buying ... and I was stupid enough to re-buy twice because I thought there was no way a company like FBU could do poorly in the booming NZ economy ... grr

  8. #48
    Legend Balance's Avatar
    Join Date
    Feb 2003
    Posts
    12,546

    Default

    Quote Originally Posted by hogie View Post
    Wtf ... just when you thought the worst was over ...

    FBU is the only stock i've ever regretted buying ... and I was stupid enough to re-buy twice because I thought there was no way a company like FBU could do poorly in the booming NZ economy ... grr
    It's ok - you could have bought MPG or CBL?

  9. #49
    Legend
    Join Date
    Jan 2002
    Location
    auckland, , New Zealand.
    Posts
    6,349

    Default

    Quote Originally Posted by greater fool View Post
    Yup. She fixed Mainzeal, real good.
    hahhaa exactly couldnt be any worse a
    bull
    One step ahead of the herd

  10. #50
    Doggedly sniffing out more food Beagle's Avatar
    Join Date
    Jul 2010
    Location
    Auckland
    Posts
    16,565

    Default

    Quote Originally Posted by Raz View Post
    quality of management is the key...it appears they are sadly lacking...
    Exactly...and who is to blame for that, the board for not keeping proper checks and balances on the previous CEO.
    No butts, hold no mutts, (unless they're the furry variety).

  11. #51
    Legend peat's Avatar
    Join Date
    Aug 2004
    Location
    Whanganui, New Zealand.
    Posts
    5,358

    Default

    must be quite gut churning for a lot of retail shareholders and the situation of waiting till Monday to hear any news.

  12. #52
    One Fearsome Feline winner69's Avatar
    Join Date
    Jun 2001
    Location
    , , .
    Posts
    27,020

    Default

    Quote Originally Posted by peat View Post
    must be quite gut churning for a lot of retail shareholders and the situation of waiting till Monday to hear any news.
    And how many hundreds of millions in KiwiSaver and super funds seeing they have large chunk of the NZX market cap.
    “Just consider that maybe the probability of you being wrong is higher than you think.”

  13. #53
    Guru
    Join Date
    Jul 2002
    Location
    New Zealand.
    Posts
    3,289

    Default

    and I note that FBU is trading at a p e of 57+ when considering its history and its business sector it should be at 18-20 p e which should reflect in its s p of circa $2.25 - $2.75 !!

  14. #54
    One Fearsome Feline winner69's Avatar
    Join Date
    Jun 2001
    Location
    , , .
    Posts
    27,020
    “Just consider that maybe the probability of you being wrong is higher than you think.”

  15. #55
    Member
    Join Date
    Mar 2017
    Posts
    114

    Default

    No surprises. Not sure there's any management change that can fix a losing construction project (maybe a good lawyer). But sounds like when they identify a loss they cannot control the rate of loss which is pretty useless. Lost count of how many (allegedly) underperforming projects they have on the books.

    I'd be interested in how commercial bay is doing. Although KPMG reported it is performing in line with FBs expectations.......

  16. #56
    Trying to get outta here
    Join Date
    Nov 2013
    Posts
    7,327

    Default

    Quote Originally Posted by Dassets View Post
    54 people on over $500000 per annum. Time for staff to share the pain
    That's disgraceful and immoral, on the same level as the CEO of Tegal getting near 4 million, except on a larger scale.

  17. #57
    Member
    Join Date
    Mar 2017
    Posts
    114

    Default

    Quote Originally Posted by couta1 View Post
    That's disgraceful and immoral, on the same level as the CEO of Tegal getting near 4 million, except on a larger scale.
    Surely that's 54 in Fletcher Building rather than 54 in Fletcher building and interiors?Not too bad considering the size of the company and business units... Most of which are very successful.

  18. #58
    Doggedly sniffing out more food Beagle's Avatar
    Join Date
    Jul 2010
    Location
    Auckland
    Posts
    16,565

    Default

    Quote Originally Posted by whatsup View Post
    and I note that FBU is trading at a p e of 57+ when considering its history and its business sector it should be at 18-20 p e which should reflect in its s p of circa $2.25 - $2.75 !!
    That included some "one off" provisioning last year...which looks to be a recurring thing. I tried to value them on the basis of their assertion it was a one off and based on an across the cycle PE of 10 for a cyclical company, 7 at the peak of the construction cycle like we are now I arrived at $5 many months ago. Obviously now its clear that losses within the B & I division will be ongoing for quite some years so I would tend to see fair value at well under $5 now. I have no idea how the professional analysts have arrived at some of their fancy theoretical valuations some as high as over $9 but the fact is they've been proven wrong and my own assessment of value made me stay out which has proved correct. I think it takes 5+ years to clean up this mess and see FBU as a systemic underperformer going forward.
    Last edited by Beagle; 08-02-2018 at 06:18 PM.
    No butts, hold no mutts, (unless they're the furry variety).

  19. #59
    Trying to get outta here
    Join Date
    Nov 2013
    Posts
    7,327

    Default

    Quote Originally Posted by Kay View Post
    Surely that's 54 in Fletcher Building rather than 54 in Fletcher building and interiors?Not too bad considering the size of the company and business units... Most of which are very successful.
    I'd like to see the job descriptions of those 54, I bet many of them do no more and have no more responsibility than the village manager of a large 400 resident retirement facility, who are on around 100k.
    Last edited by couta1; 08-02-2018 at 06:48 PM.

  20. #60
    Legend Balance's Avatar
    Join Date
    Feb 2003
    Posts
    12,546

    Default

    Watched TV1 tonight and the glee with which Milford talked down FBU - the stock is an absolute BUY on MOnday should it drop $2.00 to say, $5.75.

    Means Milford is out and like with Diligent, is getting ready to buy back in imo.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •