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30-05-2019, 08:59 AM
#571
I've just bought in. Seems undervalued to me. Market cap of $14m (@$0.08), revenue of $55m (perhaps, I just doubled the last 6 monthly revenue), low debt, some growth, EBITDA positive, positive cash flow, current price at a discount to the last rights offer. Looking forward to seeing what can be done about expenses, and advances in integration.
Last edited by haewai; 30-05-2019 at 10:17 AM.
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30-05-2019, 05:37 PM
#572
Member
FY result out, couple of things which poke me in the face.
3 million good will written off in Willard Marine value. That's an asset which they paid ~10 million for. Given the comments about difficulty with government contracts, and the fact that Willard has a big 5 year contract finishing in 2021, I wonder if they will be writing off more value in the coming years.
"The change to the net present value of future cash flows used in accounting forthe Willard acquisition resulted in a gain of $354k being recognised in the incomestatement" Which to me reads the EBITDA would read negative except the company is exposed to some Forex risk
Zero mention of Lancer. Where did that million dollars go?
Admin costs at 11 mill up from 5.5 - I assume this includes the research costs, which I would imagine are much higher than 450k (development). To me this is the big one.
Cash on hand 2.2 million, Cash outflow from operating activities 2.5 million, cash to Willard 31 March 2020 US1.5 million. More high interest loans on the forecast, or another share issue?
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31-05-2019, 08:39 AM
#573
Originally Posted by Aarrgghh
Zero mention of Lancer. Where did that million dollars go?
Not zero mention. It's part of Sealegs International.
Originally Posted by Aarrgghh
Admin costs at 11 mill up from 5.5 - I assume this includes the research costs, which I would imagine are much higher than 450k (development). To me this is the big one.
I thought admin costs should increase alongside other expenses due to the acquisitions. Revenue also doubled of course.
Originally Posted by Aarrgghh
Cash on hand 2.2 million, Cash outflow from operating activities 2.5 million, cash to Willard 31 March 2020 US1.5 million. More high interest loans on the forecast, or another share issue?
Yes, a worry, but the difference could easily be made up through a single sale representing 5% of annual revenue. Still, its a risk.
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14-06-2019, 04:27 PM
#574
Expansion into India sounds promising.
On the face of it they seem to be doing things right.
One day they might have a goldmine - of course if it isn’t producing gold it is still going to be hard sell.
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26-08-2019, 04:10 PM
#575
Trading halt. What can it be?
NBR suggests delisting, but the analysis is behind a paywall
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26-08-2019, 05:11 PM
#576
Originally Posted by haewai
Trading halt. What can it be?
NBR suggests delisting, but the analysis is behind a paywall
Interesting indeed. They have long looked like a candidate for a takeover to me.
I just hope it is not a declaration of bankruptcy!
There has been a buildup on the buy side recently for the first time in forever.
Exciting times.
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27-08-2019, 03:38 AM
#577
Member
Who would take them over? Sorry if the answer is behind the NBR paywall. Management take over?
Could it be a share placement instead? Does that ever require a trading halt before announcement?
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27-08-2019, 04:36 PM
#578
Cost saving proposal to move to unlisted. And loss of injunction against Orion.
Am ambivalent about this. Would be nice to see good news soon though
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27-08-2019, 06:56 PM
#579
Give me a boat and we call it quits?
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28-08-2019, 09:46 AM
#580
Can anyone tell me what delisting means for shareholders? Has any other NZX firm shifted from the NZX to Unlisted?
I'm going to need the obviously basic information needed before voting at the AGM on the 27th Sept. Hope the directors can explain fully before then.
Last edited by haewai; 28-08-2019 at 09:47 AM.
Reason: typo fixing
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