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

[Sideshow Bob]

DRP Launched....

https://www.nzx.com/announcements/415399

[Antipodean]

A nice DRP day for shareholders, 3.60/3.54 = 1.7% brokerage free return for clicking a few buttons is not too shabby.

TRA have shown in the past they are capable of applying capital for good value - so hopefully the uptake of 420,981 shares, not paying that ~$1.5m will grow the company well into the future.

[Muse]

A nice DRP day for shareholders, 3.60/3.54 = 1.7% brokerage free return for clicking a few buttons is not too shabby.

TRA have shown in the past they are capable of applying capital for good value - so hopefully the uptake of 420,981 shares, not paying that ~$1.5m will grow the company well into the future.

yes & hope they put the reinvested capital to good use as it is quite dilutive otherwise - if DRP participation rates continue (BOE ~25% elected the DRP), and all else equal, that equates to an annualised increase of shares of about 1.9% (0.48% for this quarterly dividend). 25% a strong take up of the DRP. I'm sure they will put it to good use but its something they should watch and flick off if they can't generate a return on it for whatever reason in the future, IMO.

[ronaldson]

Agree with Alekhine's post above. I believe index inclusion criteria takes account of "free float" only and that all shareholdings in Turners qualify as such.

The last Annual Report, for FY23, indicates a spread of over 4800 shareholders. The Chairman, Grant Baker, has 7.44% via Montezmolo Holdings Limited, Director Alaister Petrie 12.24% via Bartel Holdings Limited and Director Mathew Harrison 7.47% via Harrigens Trustees Limited and other family interests. These shareholdings may be both beneficial or as trustee. Even Todd Hunter, CEO, has almost 1% so there is plenty of skin in the game.

Wonder whether the holders itemised above took the DRIP or cash. Need to wait a day or so to see if any SPH notices filed by these parties.

[winner69]

Turners ROE has ben reasonably consistent over the years

From FY16 to F23 shown below (calculated on avverage equity over year)

FY16 12.4% 11.7% 12.1% 10.3% 9.3% 11.8% 12.9% 12.4% (FY23)

[Jaa]

Turners ROE has ben reasonably consistent over the years

From FY16 to F23 shown below (calculated on avverage equity over year)

FY16 12.4% 11.7% 12.1% 10.3% 9.3% 11.8% 12.9% 12.4% (FY23)

Yet the share price is the same as 6 years ago..

[blackcap]

Yet the share price is the same as 6 years ago..

They do pay out a huge amount in dividends.... that does impact the SP.

But noted, its not really climbing to where they would like it to be.

[winner69]

Yet the share price is the same as 6 years ago..

and directors want a 38% pay rise

[ronaldson]

My family trust finally commenced an initial small holding today with a fill at $3.57. It has been ex the quarterly dividend since 10 July, but the market today has treated it as if the actual payment needed to be reflected.

Time will tell if share price growth can be achieved, but meantime happy with the tax paid yield.

[Jaa]

My family trust finally commenced an initial small holding today with a fill at $3.57. It has been ex the quarterly dividend since 10 July, but the market today has treated it as if the actual payment needed to be reflected.

Time will tell if share price growth can be achieved, but meantime happy with the tax paid yield.

Bought my first parcel in Aug 2017 for $3.49. So you are getting 6 years of growth and inflation for free.

Yield has been good and there has been no dilution until now (a concerning change). After inflation the real return doesn't look as good.