THL - Tourism Holdings

[simla]

Definitely worth noting too in the presentation: http://nzx-prod-s7fsd7f98s.s3-websit...075/289586.pdf

• Carbon Footprint down 3.4% across Australian and NZ operations
• 10 electric campervans expected on fleet in December
• Waste-to-landfill down 11% in Australian and NZ businesses

How many other companies actually walk the walk? Wow.

[sammiesmiles]

Definitely worth noting too in the presentation: http://nzx-prod-s7fsd7f98s.s3-websit...075/289586.pdf

• Carbon Footprint down 3.4% across Australian and NZ operations
• 10 electric campervans expected on fleet in December
• Waste-to-landfill down 11% in Australian and NZ businesses

How many other companies actually walk the walk? Wow.

sigh... normally when companies are not performing as expected, they would like to tell people they are doing good jobs in social responsibility.....

[Leftfield]

I've been a fan of THL but took more gains off the table yesterday and am now holding only a token amount. I suspect THL is going to track sideways or drift further south until we see revenue gains from the digital initiatives or progress with acquisitions. Watching T/A carefully.
JMHO. DYOR.

[Arbroath]

I'm quite happy with THL's progress on npat. If you look at the FY2019 forecast of NZ$32-34m and add back the expensing of the TH2 investment then the adjusted forecast is more like NZ$43-44m up from NZ$37.5m in FY18 and on track to the previous goal of NZ$50m in FY2020.

Adjusted PE is around 14x at $5.00 with EPS growth of 15-20% so PEG is under 1.00.

Obviously the TH2 investment complicates things but if we look at how well the Chair & CEO have executed the past 5 years, the partner they've got in the JV and the logical potential of the TH2 JV and the controlled investment profile of the JV then I think THL deserves the benefit of the doubt.

[tuaman]

sigh... Normally when companies are not performing as expected, they would like to tell people they are doing good jobs in social responsibility.....

oh my god you are on point.

[pg0220]

sigh... normally when companies are not performing as expected, they would like to tell people they are doing good jobs in social responsibility.....

Haha can't deny! From a perspective of maximising shareholders' wealth, don't think company being socially responsible is the least exciting to hear from them! But is Synlait not performing as expected either? (Carbon emission goal)

[winner69]

Yes Rob Campbell was the catalyst.
White male.
"The Power of One."

But Campbell only got 84% votes for being re-elected as Director (the other person nearly got 100%)

Maybe some instos agree with Beagle ...Campbell got too much on his plate and needs to cut back (think he mentioned age as well) and this is their way of saying so.

[forest]

But Campbell only got 84% votes for being re-elected as Director (the other person nearly got 100%)

Maybe some instos agree with Beagle ...Campbell got too much on his plate and needs to cut back (think he mentioned age as well) and this is their way of saying so.

I was at the AGM yesterday, I thought Rob Campbell gave a superb presentation. He seem to understand THL in detail and explained clearly the advantages of the change in direction. Yes there might be a (perceived) risk in the TH2 investment however there is also a risk of keeping the business model the same and not moving with the times.
I admire THL for constantly looking to improve the business.

About the 84% vote for Rob Cambells reelection, I think it is not higher for the reason that he had lots of undirected proxies (a sign that he has great share holders support) however the undirected proxies he was not allowed to vote in support of his own reelection. So they would have be counted as abstain. Ironic

[Justin]

But the sharesholder want superb earning guide

[forest]

But the sharesholder want superb earning guide

Yes Justin, thats right. It is hard to give earning guidance with a new business model attached to the established business.
But remember that the TH2 partners know this business segment very well. THL has a very healthy double digit ROFE ratio and the expectation is that TH2 will only improve this ratio.
The downside is that we get 1 or maybe 2 years of reduced profits because a lot of software development is able to be expensed rather than depreciated over a longer period. In the meantime THL will still be making good profits and pay dividends.