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  1. #11
    Advanced Member
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    chch, , New Zealand.
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    Problem is that the campervan hirers are fat yanks , brits or europeans. They been hit by probable recession , poor exchange rates petrol price hikes etc
    Combine this with other companies offering rent a wreck type deals and you end up with half the fleet sitting idle but losing value.

    No doubt they will have a good year when the worlsd cup comes around but that still a long way off

  2. #12
    Speedy Az winner69's Avatar
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    Thanks ratkin and patsy ... for reminding me about the yard full of campervans not generating any income, why a high or is it a high dollar seems to stop tourists coming to the country, how high fuel prices stop people flying to this country, how the Olympics always seem to affect THL and and .... and .... and ....


    And thanks for reminding me that their business is capital intensive and it requires high usage rates to make decent money ... and that it is pretty labout intensive and only makes a margin on top of this

    And thanks for reminding me that THL is a perrenial non-performer and invariably disappoints the market and it appears as if nothing has changed

    And thanks for reminding me that it is stupid of me to put THL back on the old watchlist because one day it might come right

  3. #13
    Senior Member
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    May 2000
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    New Zealand.
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    Quote Originally Posted by patsy View Post
    Winner - the usage rate is a concept that THL has never understood and has been one of the reasons for its own demise: contrary to common sense, a high campervan usage rate is less profitable than an optimal (lower) usage rate. A high usage rate means disproportionally higher maintenance costs and more frequent replacement.

    THL has consistently insisted on full utilisation simply because they believe that the market focuses on sales levels, not profit levels. A utilisation rate of around 10% below the usual top summer rate, would act as leverage on bottom line. That is, slightly lower sales would help achieve significant cost reduction thus giving a higher bottom line.

    ... but who can explain this to those who come from NZ Lotteries and believe that this business should be managed the same, as an intangible product one, in which sales and costs follow a perfectly correlated and linear relationship?

    "Come back, Pickup - all is forgiven"
    I think that Patsy is hitting a nail on the head. Industry inexperience obviously counts for little, unless you are lucky enough to be receiving the paycheck...
    Death will be reality, Life is just an illusion.

  4. #14
    Tin-foil Hatter
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    Feb 2003
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    Toronto, Canada.
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    Today, the sp is at 87c.... a level not seen since November 1998. For shareholders, ten years of no capital growth, just some divvies.

    What a shame.
    God - Please give us just one more bubble....

  5. #15
    Speedy Az winner69's Avatar
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    Biggest disappointment ever this comapny eh Patsy

    I always have a laugh when they say they are 'well positioned' for when things improve ...... things may improve .... but generally not for long suffering THL shareholders

    What price did dhareholders reject last year? Bugger they say now

  6. #16
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    From the CEO's address THL sys it has a market dominant position and a well defined strategy. The address also says:

    "Although the yields are currently challenging, Explore More and our rebranded Backpacker product has gained market dominance and has curtailed the growth and product mix of competitors. More importantly, we have extended the useful rental life of our smaller vehicles in preference to selling them to low cost start-ups.
    Over the next 12 months we will continue to grow our discount product offerings particularly, as we are seeing signs of consumers chasing value in the tighter economic environment."

    To me, that implies that the biggest threat to yield in the Maui and Britz brands are the expanding Explore More and Backpacker brands.

  7. #17
    Junior Member
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    Feb 2002
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    queenstown, , New Zealand.
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    Default Thl

    please do tell, would you buy back in to THL in this recession?

  8. #18
    FEAR n GREED JBmurc's Avatar
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    Sep 2002
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    Central Otago
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    Cool

    certainly wouldn't be the worse stock to hold if the divies keep coming at 11c = 15% yield
    both NZ & AUS are great countries to travel by campers THL have core holdings in both
    whats others views at 60c-70c little downside in CAP with KEY taking on tourism role??

    On the watchlist for the mo
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  9. #19
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by belgarion View Post
    LOL ... Zero chance of that!
    Of a 11c ann divie? or the worse stock to hold ?
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  10. #20
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    Any dividend payment at all would be a good result in the current environment. Times are getting tough in the tourism industry.

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