MMH - Marsden Maritime Holdings

[Aaron]

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.

When I talk about growth I mean growth in earnings.

There has been a lot of talk on the property threads about discounts to asset values. Valuations are meaningless as they rise and fall with interest rates (capitalisation rates). If interest rates keep rising it is quite possible that the discount to NTA will disappear all else being equal. Operating cashflow might be more relevant as it does not include movements in asset values.

[SailorRob]

When I talk about growth I mean growth in earnings.

There has been a lot of talk on the property threads about discounts to asset values. Valuations are meaningless as they rise and fall with interest rates (capitalisation rates). If interest rates keep rising it is quite possible that the discount to NTA will disappear all else being equal. Operating cashflow might be more relevant as it does not include movements in asset values.

Yes but earnings growth is meaningless without the context of the capital required obtain the earnings.

I can increase the earnings by 100% on a term deposit by doubling the capital. Means nothing.

You mean the premium to NTA could disappear rather than discount?

Yes this what I'm getting at - operating earnings... they are extremely low when considered against the market cap and asset base. They don't make much money.

[kiora]

Never to be seen again at MMH
"The Lytton Refiner Margin (LRM)1 for the second quarter reached the unprecedented level of US$32.96 per barrel,
materially higher than the US$10.59 per barrel realised in the first quarter"
http://nzx-prod-s7fsd7f98s.s3-websit...543/374880.pdf

[RTM]

Both are engineers so they should get on well I guess. Holders just need to be patient ! While Mayor Brown may have difficulty in altering the path of projects undertaken by AT that are well underway, he may be able to accelerate the plans for downtown Auckland.
I recall a classic statement during the debates )from memory) Something like....you go down Queen Street and turn left and its a great area for the public to enjoy....go down Queen Street and turn right and you are back into the 60's. Once again...imagine that down town area with a great cruise ship terminal, a downtown stadium, apartment living, water access etc etc. It will be a planners dream once the Port has gone.


https://www.rnz.co.nz/news/national/...strict-forward

Infrastructure is Cocurullo's fourth key focus area and includes pensioner housing. That segues into the fifth: Northland's kia kaha campaign, focused on bringing Auckland's port to Whangārei, and with that, four-laning State Highway 1 and building a rail spur from Marsden Point to Whangārei, along with boosting the rail line south to Auckland.
The New Zealand Navy dry dock was also part of this campaign.
Cocurullo is in favour of Auckland's port coming north, and said shifting it to Whangārei would bring huge growth.
"I don't think people realise how much," Cocurullo said.
He already has a call into Auckland mayor Wayne Brown, who is widely known for wanting the port out of Auckland.
Cocurullo said having a mayor in Auckland with strong Northland connections would help build links between the top-of-New Zealand locations.
He said the port's shift north could not happen without government money. Community support was also required.

and

https://www.stuff.co.nz/national/pol...land-to-public

Auckland mayor-elect Wayne Brown has told the council-owned Ports of Auckland he wants vehicle imports shifted away from the city in the “short term” and a plan started on how to return the area to public use.
In Brown’s latest letter to the chairperson of a council-owned entity, released on Tuesday, he told Ports of Auckland chairperson Jan Dawson he also wants container traffic from the port moved entirely to rail “as quickly as possible”.

[whatsup]

Both are engineers so they should get on well I guess. Holders just need to be patient ! While Mayor Brown may have difficulty in altering the path of projects undertaken by AT that are well underway, he may be able to accelerate the plans for downtown Auckland.
I recall a classic statement during the debates )from memory) Something like....you go down Queen Street and turn left and its a great area for the public to enjoy....go down Queen Street and turn right and you are back into the 60's. Once again...imagine that down town area with a great cruise ship terminal, a downtown stadium, apartment living, water access etc etc. It will be a planners dream once the Port has gone.


https://www.rnz.co.nz/news/national/...strict-forward

Infrastructure is Cocurullo's fourth key focus area and includes pensioner housing. That segues into the fifth: Northland's kia kaha campaign, focused on bringing Auckland's port to Whangārei, and with that, four-laning State Highway 1 and building a rail spur from Marsden Point to Whangārei, along with boosting the rail line south to Auckland.
The New Zealand Navy dry dock was also part of this campaign.
Cocurullo is in favour of Auckland's port coming north, and said shifting it to Whangārei would bring huge growth.
"I don't think people realise how much," Cocurullo said.
He already has a call into Auckland mayor Wayne Brown, who is widely known for wanting the port out of Auckland.
Cocurullo said having a mayor in Auckland with strong Northland connections would help build links between the top-of-New Zealand locations.
He said the port's shift north could not happen without government money. Community support was also required.

and

https://www.stuff.co.nz/national/pol...land-to-public

Auckland mayor-elect Wayne Brown has told the council-owned Ports of Auckland he wants vehicle imports shifted away from the city in the “short term” and a plan started on how to return the area to public use.
In Brown’s latest letter to the chairperson of a council-owned entity, released on Tuesday, he told Ports of Auckland chairperson Jan Dawson he also wants container traffic from the port moved entirely to rail “as quickly as possible”.

PLEASE downtown Auckland is NO place for a stadium, leave it where it is , its a great place access from all directions, if it was built ( at $1,000,000,000 + plus overruns ) it would be a massive road block getting there, no road access at all and the train capacity would be a big joke , the down town platforms can cope with 9-10 carrages each carrying 90-100 passengers at a time so how do you get 40-50,000 people in and out of the area with no public transport to speak of and parking for 10,000 cars !!!!


IT WILL NEVER HAPPEN no matter how much W B talks/ wishes for it , then its the matter of cost and who will pay for it !!

[RTM]

PLEASE downtown Auckland is NO place for a stadium, leave it where it is , its a great place access from all directions, if it was built ( at $1,000,000,000 + plus overruns ) it would be a massive road block getting there, no road access at all and the train capacity would be a big joke , the down town platforms can cope with 9-10 carrages each carrying 90-100 passengers at a time so how do you get 40-50,000 people in and out of the area with no public transport to speak of and parking for 10,000 cars !!!!


IT WILL NEVER HAPPEN no matter how much W B talks/ wishes for it , then its the matter of cost and who will pay for it !!

I've been to Wellington...stayed in a hotel...walked to Te Papa...back to the hotel...walked to the stadium....and then into town afterwards.
It was great.

I've also walked from Eden Park to downtown A after a game.
No comparison.

Anyway.....right on Q Whatsup, u didn't disappoint me.

[Southern Lad]

the train capacity would be a big joke , the down town platforms can cope with 9-10 carrages each carrying 90-100 passengers at a time so how do you get 40-50,000 people in and out of the area with no public transport to speak of

Surely once the CRL is up and running the capacity to move people quickly will improve dramatically because there will be no need to reverse trains down to the current dead end that is Britomart. With the loop, you can have a number of trains waiting to clear a station like what currently happens at Kingsland.

[Getty]

If it ain't broke, don't fix it.

[RTM]

If it ain't broke, don't fix it.

And then we complain that they don't plan.

[Baa_Baa]

If it ain't broke, don't fix it.

If you’re talking about downtown Auckland, it’s broken. Fix it. Just like another said, go left off Queen St to Viaduct Basin, terrific, but go right, time warp, it’s broken.