MMH - Marsden Maritime Holdings

[Yottie]

With reference to Aaron's query re: ballast ...

Yes. a competent mate ( deck officer ) would be able to shift 'water' wherever he/she wishes.

The bottom of a vessel is a maze of 'tubing' connected to various pumps in order that a vessel retains its stability, whether unloading or the reverse.

Disc: long time MMH holder

Yottie

[Aaron]

Thanks for the info Yottie.

Wayne Brown not polling well in the mayoral race bad news for MMH.

Leo Molloy on NZ Today, a great news source for the big issues. Leo is polling in second place I believe, should jump to first after that expose.

The blurb below not that encouraging as by 2060 a lot us will be dead as whatsup has been saying. Not sure how much Vaughan Cooper knows or who funds the Northland Economic Development Agency.

https://www.msn.com/en-nz/news/natio...8741d34392212c

I wonder if the Northland Regional Council would give up their dividend to speed up development?

[whatsup]

Thanks for the info Yottie.

Wayne Brown not polling well in the mayoral race bad news for MMH.

Leo Molloy on NZ Today, a great news source for the big issues. Leo is polling in second place I believe, should jump to first after that expose.

The blurb below not that encouraging as by 2060 a lot us will be dead as whatsup has been saying. Not sure how much Vaughan Cooper knows or who funds the Northland Economic Development Agency.

https://www.msn.com/en-nz/news/natio...8741d34392212c

I wonder if the Northland Regional Council would give up their dividend to speed up development?

Aaron, You dont seem to understand the PoA aka Auckland Harbour Board cannot be shifted from where they are, W B and L M are just stroking yours and you are sucking it up, read your history of the AHB's right to be there historically and into the next century, why would they ever move when there is absolutely no reason for them to move, that site belongs to the AHA now PoA.

[SailorRob]

Why speculate on unknowns?

To think one has an edge predicting the potential moving of the Port means that you have to have a better idea than what has already been priced by the market.

Looking at what you pay for MMH vs what it actually earns in cash (not just ridiculous property revaluations stated as earnings) the market has already priced in an extremely high chance.

[Aaron]

Aaron, You dont seem to understand the PoA aka Auckland Harbour Board cannot be shifted from where they are, W B and L M are just stroking yours and you are sucking it up, read your history of the AHB's right to be there historically and into the next century, why would they ever move when there is absolutely no reason for them to move, that site belongs to the AHA now PoA.

Who owns POA 100%.

[Aaron]

Why speculate on unknowns?

Can you see into the future????

They are not exactly unknowns. A rail spur is in the works, John Key and Helen Clark have both supported moving the POA, although Manukau seems to be the favoured location.

Moving the Port has involved I don't know how many reports and millions of dollars and procrastination from politicians. Money has been allocated for yet another report on the Manukau option.

A Port adds diversity to my portfolio and as far as market valuations go MMH is on par with POT, SPN and NPH so there is no premium for MMH, in fact it is probably the cheapest of the publicly listed ports. That said Ports are highly valued in a low interest rate environment. That might change and interest rates might keep on going up and asset prices continue to go down.

But I do agree with your post on another thread central banks are fighting deflation not inflation so it is difficult to know how badly bond proxies might do long term. A potential growth component gives MMH an edge in my view. It does have a plan for growth with or without POA moving.

[whatsup]

Who owns POA 100%.

Not the A C it has an independent board and no interference from them as we all well know.

[Aaron]

Not the A C it has an independent board and no interference from them as we all well know.

Sorry I did not know that, who votes/elects the independent board into office? Are they like the health boards or councillors, elected?

https://app.companiesoffice.govt.nz/.../shareholdings

Highly unusual situation where a 100% owner of a company holds no sway over the direction of the company.

[RTM]

Not the A C it has an independent board and no interference from them as we all well know.

And that’s worked out really well for Auckland Ratepayers…..right ?

[SailorRob]

Can you see into the future????

They are not exactly unknowns. A rail spur is in the works, John Key and Helen Clark have both supported moving the POA, although Manukau seems to be the favoured location.

Moving the Port has involved I don't know how many reports and millions of dollars and procrastination from politicians. Money has been allocated for yet another report on the Manukau option.

A Port adds diversity to my portfolio and as far as market valuations go MMH is on par with POT, SPN and NPH so there is no premium for MMH, in fact it is probably the cheapest of the publicly listed ports. That said Ports are highly valued in a low interest rate environment. That might change and interest rates might keep on going up and asset prices continue to go down.

But I do agree with your post on another thread central banks are fighting deflation not inflation so it is difficult to know how badly bond proxies might do long term. A potential growth component gives MMH an edge in my view. It does have a plan for growth with or without POA moving.

No I can't which is why I don't speculate.

As I mentioned you need to have a better guess than the market to beat what's priced in.

All the things you highlight are true and obvious, the market knows all that and should have priced it. You need to have a different take to the market.

One question, how much money does this enterprise make absent property revaluations? What does it make in actual cash and what is the multiple you pay to that?

Can property revaluations work in reverse?

Growth is the worst thing a company can possibly do if it is not providing a proper cash return on extra capital.