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Thread: STU

  1. #41
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    I don't see a controlling shareholder buyout of Arrium is on the cards in the foreseeable future.
    Hi Snoopy

    I assume you meant "by Arrium" and I'd agree with that. Arrium have plenty on their plate without taking on more of STU - and after all the name change was designed to alter perceptions that OST was a purely steel manufacturer. In the period from 2007 -2012, the company's"steel" assets dropped from 92% to 47% of total value, the balance being largely Mining anf Mining Consumables. I don't see them wanting to reverse that trend.

  2. #42
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    I brought back in today at $2.877.
    It appears the Fortress Fasteners acquisition is better than I thought.

  3. #43
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    You will likely get some volatility in this cyclic industry which will be different to slow and steady of POT.

    Its been a while since I looked into STU. It is normally very cut throat industry with tight margins and dependent on large construction projects as well as a good eye on inventory levels / cashflow.

    Given recent dairy construction boom which required heaps of stainless steel and that we are half way through Christchurch rebuild, do you think there will be enough non residential construction to provide growth and profitability beyond the next few years?

  4. #44
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    Quote Originally Posted by percy View Post
    I brought back in today at $2.877.
    It appears the Fortress Fasteners acquisition is better than I thought.
    That fortress business has high EBIT margins eh Percy
    “What the wise man does in the beginning, the fool does in the end”

  5. #45
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    Projections.............. 2015............. 2016......................2017
    Craigs eps................0.25.................0.29...... .................0.35
    4-Traders eps...........0.25................0.289........... ...........0.329
    Craigs PE..................11.5..................9.7..... .................8.1
    4-Traders PE..............11.4.................9.9.......... ............8.7
    Craigs dps..................0.20...............0.23...... ...............0.28
    4-Traers.dps...............0.195..............0.217. ................0.24
    Craigs div yield............6.8%...............8%............ ..........9.6%
    Craigs eps growth.......23.2%.............17.8%.............. ..20%.

    The eps growth took me by surprise,as did the yield..
    Yes W69,it must have been a fantastic acquisition.
    Nasi Goreng.Agree with you,that is why I sold some time ago,but looking at the above projections you can see why I brought back in..
    Last edited by percy; 05-08-2015 at 03:37 PM.

  6. #46
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    Quote Originally Posted by percy View Post
    Projections.............. 2015............. 2016......................2017
    Craigs eps................0.25.................0.29...... .................0.35
    4-Traders eps...........0.25................0.289........... ...........0.329
    Craigs PE..................11.5..................9.7..... .................8.1
    4-Traders PE..............11.4.................9.9.......... ............8.7
    Craigs dps..................0.20...............0.23...... ...............0.28
    4-Traers.dps...............0.195..............0.217. ................0.24
    Craigs div yield............6.8%...............8%............ ..........9.6%
    Craigs eps growth.......23.2%.............17.8%.............. ..20%.

    The eps growth took me by surprise,as did the yield..
    Yes W69,it must have been a fantastic acquisition.
    Nasi Goreng.Agree with you,that is why I sold some time ago,but looking at the above projections you can see why I brought back in..
    I note from Snoopy's post #106 on the STU Steel and Tube thread that eps was 30.6 back in 2009, at which time dps was 20.0. Deja vu.

  7. #47
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    Great result from STU this year

    Black mark for using 'well positioned' in the announcement

    Only needs the market to get rid of its current negative sentiment to building related stocks to get share price to $3 plus.
    “What the wise man does in the beginning, the fool does in the end”

  8. #48
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    Quote Originally Posted by winner69 View Post
    Great result from STU this year

    Black mark for using 'well positioned' in the announcement

    Only needs the market to get rid of its current negative sentiment to building related stocks to get share price to $3 plus.
    Looks good on the initial quick glance. Div up to 10c from 9c and profit going to be supported by new acquisition. Though Chch may be slowing? Might have to find some time to have a decent read.

  9. #49
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    I like the announcement too....but haven't had a full read. Overall, I have held this share since March 2010 as it has always seemed solid with a good yield. Let us see what the numbers actually say and how the low dollar impacts the overall picture.

  10. #50
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    There's not a lot to read. Only the one page as far as I can see and all good news!


  11. #51
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    If I am not wrong (back of envelope), their price to sales ratio is still low....if price is 2.82, share on issue are 90 million and sales are 500 million that puts the ratio of around 0.5? This is a key ratio for me as it shows, for this type of company, what is actually passing through the system! For sTU where I am not sure of the growth and it is cyclical this will keep me in the investment....

  12. #52
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    Yes a good year,but was not as good as I hoped for,so I sold.

  13. #53
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    While the rest of the family has been watching the rugby, I have been reviewing STU in my normal manner. I will buy more as all is looking solid. However, I shall take a gamble on the price easing a little more. Agree that there is nothing startling about the report, just solid low margin industrial.

  14. #54
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    Thumbs up Earnings surprise in 2016?

    Quote Originally Posted by percy View Post
    Projections.............. 2015............. 2016......................2017
    Craigs eps................0.25.................0.29...... .................0.35
    4-Traders eps...........0.25................0.289........... ...........0.329
    Craigs PE..................11.5..................9.7..... .................8.1
    4-Traders PE..............11.4.................9.9.......... ............8.7
    Craigs dps..................0.20...............0.23...... ...............0.28
    4-Traers.dps...............0.195..............0.217. ................0.24
    Craigs div yield............6.8%...............8%............ ..........9.6%
    Craigs eps growth.......23.2%.............17.8%.............. ..20%.

    The eps growth took me by surprise,as did the yield..
    2015 AT-EPS came in at 24.5c, net dividend 19c, fully imputed.

    1) Aquaduct acquisition announced today
    .
    - Relocatable factory making large bore very long pipes (fewer seams). Looks good.
    - Bought off the receivers for asset value $8m; forecast EBIT 0.5-1.5m with NO project income. Staff and branding / goodwill retained.
    - Prospect of up to $20m project income income from major irrigation projects (giving, by my estimate, $4m NPAT).
    - Net effect on eps 0-5cps (my estimate).

    2) Fortress acquisition adds 4.5 cps

    3) Inherent growth estimated at 11% (20% in 2015)
    4) debt/debt+ equity 30% in 2015, rising to 32% with aquaduct buy, and back to 30% in 2016.
    The 2015 dividend payout ratio of 78% seems sustainable.

    Jun-15 post-aquaduct 06/16 e
    Bank debt 72 80 73
    equity 167 167 174
    d/(d+e) 30% 32% 30%

    Looking at 2016:
    15 16
    npat ul 21.4 30.8
    net eps ul 0.245 0.340
    net payout % 78% 78%
    gross dps 0.264 0.366
    gross yield % 10.1% 14.0%

    eps for 2016 = 24.5c+11% growth + 4.5c (Fortress) + 2c (Aquaduct)

    Looks like a high yielding stock with strong recent EPS growth, two good recent acquisitions and a good story - irrigation income.
    It's in a slow downtrend.

  15. #55
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    Sure will bean earnings surprise in 2016 by the looks of it ....and maybe 2017 as well

    Market don't like announcement

    https://www.nzx.com/files/attachments/224651.pdf
    “What the wise man does in the beginning, the fool does in the end”

  16. #56
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    This result shows it is very difficult swimming against the tide.
    Last edited by percy; 18-02-2016 at 07:58 AM.

  17. #57
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    Tough times for S&T, I really like their report though - very clear and straight up on their situation.

  18. #58
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    Quote Originally Posted by LAC View Post
    Tough times for S&T, I really like their report though - very clear and straight up on their situation.
    Don't share your view.

    When a company reports without showing previous year's numbers in the commentary, you know it is down down down.

  19. #59
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    S/p hitting $2.31 up re 10% since announcement on good vol, shooting through 60DMA. Interim Div 9c (last 6 month 10c) re 8.23% nett yield (according to ASB)

  20. #60
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    Misleading representations re products not a good look even if though they say just an oversight. **** does happen sometime.

    Ironic seeing STU moan about shonky imports and how unfair the world is to them.

    Whatever a reflection of company culture - obviously not good
    “What the wise man does in the beginning, the fool does in the end”

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