Napier Port IPO

[RGR367]

Thanks must be only on the full site but I'm not going there because when I did last time I couldn't get back to mobile.

No need to go on the full site 'cuz even on the mobile site the formatting tools are displayed.

[Nor]

Not on my phone bro.

[RTM]

https://www.msn.com/en-nz/news/natio...ef15770f0ac1c5

"And in contrast to the delays and disruptions that afflict most projects the wharf has been built six months ahead of schedule and at the lower end of the $173-$179 million budget."
Good news.

Hope they need it.

[nztx]

https://www.msn.com/en-nz/news/natio...ef15770f0ac1c5

"And in contrast to the delays and disruptions that afflict most projects the wharf has been built six months ahead of schedule and at the lower end of the $173-$179 million budget."
Good news.

Hope they need it.

Good point that .. be a rather expensive white elephant if not

The entry fee for the the Once a Year "New Wharf Fishing Competition" might be a bit horrendous too

[ratkin]

Good point that .. be a rather expensive white elephant if not

The entry fee for the the Once a Year "New Wharf Fishing Competition" might be a bit horrendous too

what has happened to make you become so bitter about this company, you seem to have a real hatred towards Napier port.

[Ggcc]

what has happened to make you become so bitter about this company, you seem to have a real hatred towards Napier port.

Maybe he/she finds it overvalued and want to buy if share price goes lower. I would be keen to buy if it was roughly $1 lower, but that won’t happen so I won’t buy. Inflation is eating this share up alive with its low dividend and slow growth

[nztx]

https://www.nzx.com/announcements/402416

Another extraordinary performance FY 2022 out of Port of Napier:

T/o up marginally (less than 5%)
Tonnage Down
Net Profit Down

Interest & Depreciation Up

We now have debt on the balance sheet - $100 m Bonds ?

Hints of 'have the extra Capacity completed, but not fully productively utilised' ?

Parties on the new wharf whilst not otherwise utilised must have been a No Go
or so unpopular they didn't happen. Perhaps last year's dividend didn't extend
far enough to allow punters to consider partaking ?

Final Div unchanged 4.7 cps for a FY Div 7.5 cps fully imputed

but in Real terms with inflationary conditions over recent past years and Govt's Funny Money
creation schemes on a grandiose scale - apply those to depreciative effects on unchanged dividends
as well, so a 'Down' gets the tick on the NPH score card

FY 7.5c / 2.80 SP = Cash Div Yield of 2.678%

Fully Imputed FY 10.417c / 2.80 SP = Gross Div Yield of 3.72%

It shouldn't be difficult to find better yielding prospects elsewhere, with rising interest rates
unless one's taste is for a low yielding slow moving investment where obviously very
considerable further work is required to harness results & profit from the rejigged and
newly commissioned facilities, if that is at all possible with the incumbent HBRC quango
as majority (just north of 50%) holder in the outfit


It wont be any surprise as to why Port of Napier has been bouncing along a mere 20-30c above the
inflated $2.60 IPO pricing 3 years ago looking at the results coming out so far

Do the Board have plans for installing any further 'must have' white elephants on the waterfront
in case they get too many ships coming in at once - maybe financed by yet a new lot of bonds
at yet a higher inflated finance rate, obviously likely to impact Ebitda a bit more ?

[mwri]

NPH down big today while most of the market up. Any reason?

[nztx]

Well, the guts has certainly dropped out the NPH SP in a hurry, in fact 10 days ago $3.04
today's close $2.66

Effectively severed from it's incoming & outgoing land Freight routes - rail & road including Whakatu
and inland Container port.

And of course NPH is the proud owner of one very expensive finished project which may or may not
be a White Elephant for a while, when the visiting Navy contingent aren't busy trying it out

I guess this means months or longer until Rail along the Awatoto / Foreshore is restored and
Roads in a distressed / weakened state if usable at all north and south etc.

The sheer number of other stuffed large operations etc around Hawkes Bay could be
yet another thing too .. it looks like PanPac are out of action out of the weather event
and that same situation will likely apply to other larger outfits and industries too.

The operational ones will need to navigate around most effective outwards routes
to their markets, if that is heading south or indirectly north or across to the west.
That will be a lot of produce and primary headed out by other means and other ports.

Until roads & rail locally are fixed to a usable state could be a very large question, with so much broken and damaged infrastructure around.

Similarly imports if there was much incoming through NPH will need to bypass too

Probably not the best sort of scenario .. difficult to not see Dividend in June if not
longer being a non event from NPH - not that it was anything to write home about
on very low yields compared to current bank rates climbing,.

Another big question however is around NPH taking on borrowings to complete the large wharf expansion.
If not much trade is possible, will there be a Cap Raise needed to sure things up ?

Maybe HBRC might be forced to relinquish it's position as majority stake holder, should NPH
be put a position to sure the Balance Sheet up. Probably not a bad thing if it happened
getting rid of a sleepy Local Authority from the majority stakeholder roost though which
like a sponge, has really served to restrain NPH from developing for donkey's years.

HBRC have conveniently always had hand out for dividends but it seems never been too forthcoming putting
meaningful capital back into NPH - which ultimately saw float off of 49% of the rejigged outfit in 2018/19

Who knows - HBRC may or may not have a myriad of further issues arising out of the extreme
weather event on their plate ..

[nztx]

https://www.nzx.com/announcements/407020

Update on Impact of Cyclone Gabrielle