TRA - Turners Automotive Group [previously TNR - Turners Limited]

[percy]

Take note Spark: true AGILE

The technical picture for TRA needs to improve quickly. Positive price action required about now.
Attachment 9888

"Will do."...
Maybe it will come once;
the TRAHBs have been converted,
a trading update,
when the interim is announced in November.

[Snoopy]

Spend the big money.Get it leather bound.
The more you spend,the more you will appreciate it.
Should you wear it out,by over fondling it, you can go on line and print off another one.…..lol.

Prepare for some of the best bargain saving advice ever dished out on this thread.....

I was on the way down to the book binder with the leaves of my once stapled Turners annual report in hand, just as Percy suggested. I was contemplating the colour of the leather I wanted, the hand stitched finish on the border and the font for the hand engraving on the front when I called into Whitcoulls. There on the bottom shelf was a plastic folder with a slide on plastic spine marked down from $2.50 to just 50c! Bought it in see through blue plastic. Mounted the pages and all are now held tight. It looks so good finished in blue. The added bonus of the water resistance means I reckon I could now take it surfing. Perfect reading for between waiting for the right wave.

Saving on the normal Whitcoulls price : 80%!
Saving on the $300 quote from leather finished hand etched custom bound edition I was planning: 99.83%!

These kind of savings means even a pensioner could afford to do this. For a business person, the 99.83% saving would earn a big tick from their accountant. And if you were a retired accountant, the cost saving would send you delirious! Don't spend all your savings at once folks!

SNOOPY

[Beagle]

Prepare for some of the best bargain saving advice ever dished out on this thread.....

I was on the way down to the book binder with the leaves of my once stapled Turners annual report in hand, just as Percy suggested. I was contemplating the colour of the leather I wanted, the hand stitched finish on the border and the font for the hand engraving on the front when I called into Whitcoulls. There on the bottom shelf was a plastic folder with a slide on plastic spine marked down from $2.50 to just 50c! Bought it in see through blue plastic. Mounted the pages and all are now held tight. It looks so good finished in blue. The added bonus of the water resistance means I reckon I could now take it surfing. Perfect reading for between waiting for the right wave.

Saving on the normal Whitcoulls price : 80%!
Saving on the $300 quote from leather finished hand etched custom bound edition I was planning: 99.83%!

These kind of savings means even a pensioner could afford to do this. For a business person, the 99.83% saving would earn a big tick from their accountant. And if you were a retired accountant, the cost saving would send you delirious! Don't spend all your savings at once folks!

SNOOPY

...I can top that. You can just file it away with staple intact and let someone else do all the hard analysis saving even more money and time. Even a beagle sometimes thinks why bark when you've got a dog

[percy]

Prepare for some of the best bargain saving advice ever dished out on this thread.....

I was on the way down to the book binder with the leaves of my once stapled Turners annual report in hand, just as Percy suggested. I was contemplating the colour of the leather I wanted, the hand stitched finish on the border and the font for the hand engraving on the front when I called into Whitcoulls. There on the bottom shelf was a plastic folder with a slide on plastic spine marked down from $2.50 to just 50c! Bought it in see through blue plastic. Mounted the pages and all are now held tight. It looks so good finished in blue. The added bonus of the water resistance means I reckon I could now take it surfing. Perfect reading for between waiting for the right wave.

Saving on the normal Whitcoulls price : 80%!
Saving on the $300 quote from leather finished hand etched custom bound edition I was planning: 99.83%!

These kind of savings means even a pensioner could afford to do this. For a business person, the 99.83% saving would earn a big tick from their accountant. And if you were a retired accountant, the cost saving would send you delirious! Don't spend all your savings at once folks!

SNOOPY

Snoopy.
I am very proud of you.
50 cents must be the "bargain of the year."
Trust you spent $2.00 and brought four,so you are "well positioned" for the next three year's reports.!

[Beagle]

Just 50% of bondholders elect to convert to shares. Chairman Grant Baker tells us this shows the confidence that bondholders have in the future of Turners.
https://www.nzx.com/announcements/323173
Actually I think it tells a story of relative confidence as he very conveniently overlooks the fact that last time the bond conversion happened 2 years ago 75% of bondholders converted to shares. This lower level of confidence in my opinion is reflective of the lack of EPS growth.
There a LOT of work to do to improve shareholder confidence in my opinion. They needs to start stringing together year on year genuine EPS growth.

Given the very poor SP performance over the last year I think they should be pleased with 50%.

[minimoke]

Just 50% of bondholders elect to convert to shares. Chairman Grant Baker tells us this shows the confidence that bondholders have in the future of Turners.
https://www.nzx.com/announcements/323173.

Initial response from market sems positive with a 4 cent bounce. Just what i need for my month end accounts.

[percy]

Funny old world.
I guess if TRA share price was over $3.75..... 75% to 90% of bond holders would show "real confidence" and convert their bonds to shares.
As a shareholder I am "over the moon" just 50% of bond holders will convert.Fewer shares issued suits me,as it makes it easier for TRA to achieve higher ROE, EPS,and dividend growth..
Turners have a strong balance sheet and have enough [including new issue of bonds] avenues of funding to source cheap funds, while interest rates are set to remain low.

[Beagle]

You can't compare a company that's grown EPS 45% per annum on average for six years with Turners. You can compare Colonial Motors with Turners.
I think the issue is that Turners MUST stop issuing new shares to fund their growth. I calculated on the weekend just approx. 4.5% eps growth forecast for FY19 this year because the estimated weighted average number of shares on issue for FY19, (assuming half bondholders convert to shares) is considerably higher than FY18. Maybe in FY20 they can grow organically and generate some decent eps growth without even more shares on issue or maybe this government sends us down a rat hole into a deep recession, who knows, but I think that's why the shares are trading on a forward PE of just 9.75. Maybe a bit cheap but try telling Colonial Motors shareholders that.

Posted 21 August, (before the doctor prescribed me another course of Vitamin D tablets). Not too shabby with that estimate.

On the other matter we'll be alright for FY19 now...the glass is definitely half full now because Chris and Cindy are all friendly and cozy and just the appearance of the Govt listening to business will be enough to sweep the problem under the carpet for another year.

Yes Percy if the SP had of been $4.50 or so for some "strange reason" you might have seen nearly all bondholders convert to shares

[RTM]

Just 50% of bondholders elect to convert to shares. Chairman Grant Baker tells us this shows the confidence that bondholders have in the future of Turners.
https://www.nzx.com/announcements/323173
Actually I think it tells a story of relative confidence as he very conveniently overlooks the fact that last time the bond conversion happened 2 years ago 75% of bondholders converted to shares. This lower level of confidence in my opinion is reflective of the lack of EPS growth.
There a LOT of work to do to improve shareholder confidence in my opinion. They needs to start stringing together year on year genuine EPS growth.

Given the very poor SP performance over the last year I think they should be pleased with 50%.

I bought on market instead of converting. Still confident they will do well.

[Snoopy]

Here is my update of background information that feeds into my divisional analysis, which I intend to use again. The first column is taken from the Segmented Information as presented in the annual report.

Divisional Asset Allocation FY2017
	Assets		Elimination Assets Reallocated		Corporate Assets Reallocated
Automotive Retail	$134.16m	18.60%	$103.53m	29.49%	$164.16m
Finance	$320.73m	44.47%	$247.51m	70.51%	$392.47m
Corporate & Other	$266.40m	36.93%	$205.59m
Sub Total	$721.30m
Eliminations	-$164.67m
Total	$556.63m	100.00%	$556.63m	100.00%	$556.63m

Note that the 'finance' header in this instance also incorporates the insurance and debt collection divisions.

Here is my update of background information that feeds into my divisional analysis, which I intend to use again. The first column is taken from the Segmented Information as presented in the annual report.

Divisional Asset Allocation FY2018
	Assets		Elimination Assets Reallocated		Corporate Assets Reallocated
Automotive Retail	$152.01m	17.68%	$115.20m	27.09%	$176.57m
Finance	$409.09m	47.56%	$310.01m	72.91%	$475.16m
Corporate & Other	$298.91m	34.76%	$226.53m
Sub Total	$859.99m
Eliminations	-$208.21m
Total	$651.73m	100.00%	$651.73m	100.00%	$651.73m

Note that the 'finance' header in this instance also incorporates the insurance and debt collection divisions. This is a 'building block' post used to derive divisional shareholder equity.


SNOOPY