Ebos Limited EBO

[percy]

EBOS DELIVERS AGAIN says the headline

But profit wasn't that much than last year ...must have read it wrong

I only hope they don't do a Nuplex .....keep on buying the world and don't make any more money ....in Nuplex case many are still waiting

Off course EBO won't be like that

Their history of over 20 years is to make acquisitions work.Mark Waller has never not delivered on what he said he would do.
When he uses words like "game changer",opportunities for further growth,leveraging the strengths of Ebos and Symbion,shareholders can expect the share price to continue of its upward trajectory.
To think EBO could do an NPX shows a complete misunderstanding of EBO's business and people.

[percy]

Good to see a positive outlook from EBO in contrast to the mainly cautious comments from many companies at this time. Let's hope that they're justified.

They are justified.!!!
We are "well positioned." lol

[winner69]

Had a look at the segment analysis to see how my beloved Masterpet were doing. Made $12.5m on sales of $169m so a good contributor. What was a concern was the H2 performance where sales were up 24% on last year but NPAT was DOWN 13%. They sold $18m more stuff but made a $1m less - WTF is going on Percy?

I was then curious as to how Healthcare was tracking in NZ. Hard to say because they have added 1 month of Symbion into the numbers but the notes say this produced $4.687m of NPAT so working backwards it looks like Healtcare in NZ NPAT was $26.2m - DOWN 4% on last year. Like Animals H2 was pretty dismal with NPAT DOWN 10% after being ahead in H1

OK after leaving out the acquisition costs and the 1 month NPAT from Symbion they profit is up 5.7% for the year. That's $1.6m extra profit but after H1 they were $3.4m up so in H2 they were $1.8m down.

So from the all the numbers and leaving out those acquisition costs and Symbion for 1 month they made $1.6m more than last year. Healthcare was down $1.1m, Animals were up $4.1m and HO (Corporate) spent $1.6m more. The concern is that the Animal increase of $4.1m is solely because this was the first full year with EBOS and there were 5 or so extra months this year.

Wish I hadn't looked at the segment stuff but I do love Masterpet for boosting the EBO shareprice so much last year. But one would have to say this is a pretty poor result ..... just as well they have all these other stories to tell

They say that if the Symbion thing had been for the full year (ie they had taken over on July1 2012) this years NPAT would have been $90m. On a market cap of $1.4 billion that is a PE of 15 odd ....... umm

Be interesting to see how it all turns out

[winner69]

Sparky - I don't think they will achieve growth of 8% over the next 3 years ... let alone for 5 years

Health has achieved little growth the last few years - low top line growth and margins a struggle.

All I know about health is what percy has told me and what the numbers say .... but I know a heck a lot about Masterpet .... before and after the acquisition

My forecasts for EBOS are shown below ..... summary from a bit of number crunching right down to economic value added stuff.

So on these currently around 16 times forecast earnings with future growth of 5%-6% .... maybe a PR rating coming up

But what the heck do I know .... of course they will be better than this

Was a little bullish with my forecast back then ... said $30.3m and it was $29.5m

But what the heck do I know and it is all irrelevant as Ebos have a bigger fish to fry now

My advice to them is that they better buy something else soon to keep the story going

[percy]

Had a look at the segment analysis to see how my beloved Masterpet were doing. Made $12.5m on sales of $169m so a good contributor. What was a concern was the H2 performance where sales were up 24% on last year but NPAT was DOWN 13%. They sold $18m more stuff but made a $1m less - WTF is going on Percy?

I was then curious as to how Healthcare was tracking in NZ. Hard to say because they have added 1 month of Symbion into the numbers but the notes say this produced $4.687m of NPAT so working backwards it looks like Healtcare in NZ NPAT was $26.2m - DOWN 4% on last year. Like Animals H2 was pretty dismal with NPAT DOWN 10% after being ahead in H1

OK after leaving out the acquisition costs and the 1 month NPAT from Symbion they profit is up 5.7% for the year. That's $1.6m extra profit but after H1 they were $3.4m up so in H2 they were $1.8m down.

So from the all the numbers and leaving out those acquisition costs and Symbion for 1 month they made $1.6m more than last year. Healthcare was down $1.1m, Animals were up $4.1m and HO (Corporate) spent $1.6m more. The concern is that the Animal increase of $4.1m is solely because this was the first full year with EBOS and there were 5 or so extra months this year.

Wish I hadn't looked at the segment stuff but I do love Masterpet for boosting the EBO shareprice so much last year. But one would have to say this is a pretty poor result ..... just as well they have all these other stories to tell

They say that if the Symbion thing had been for the full year (ie they had taken over on July1 2012) this years NPAT would have been $90m. On a market cap of $1.4 billion that is a PE of 15 odd ....... umm

Be interesting to see how it all turns out

Just concentrate on what Mark Waller has said.
He will make it happen.
Twenty six years of being right.
Look out for more acquisitions here and Aussie for the Pet businesses.
Give them a year before passing judgement.
"Today someone is sitting in the shade,because years ago someone planted a tree."
Mark Waller is like you, a great tree planter.! lol.

[winner69]

Past headings for FY announcements


2005 EBOS GROWTH CONTINUES
2006 Milestone for EBOS
2007 EBOS Makes Quantum Leap
2008 EBOS DELIVERS ON GROWTH
2009 EBOS REPORTS ANOTHER RECORD RESULT
2010 OUTSTANDING FULL YEAR RESULT & POSITIVE OUTLOOK FOR EBOS
2011 EBOS GROUP CONTINUES EARNINGS GROWTH
2012 GROWTH MOMENTUM CONTINUES FOR EBOS

and then this year (they forgot the upper case)

2013 EBOS Delivers Again


Great story over many years

But 2013 not one of the best with profit increase only coming from a full year Masterpet. Just sraped in they did

But they used QUANTUM in 2007 .... with profits going from $30m to $100m in 2014 Mark already thinking up the heading .... maybe he will give us a clue in the half year what the word is

[percy]

Past headings for FY announcements


2005 EBOS GROWTH CONTINUES
2006 Milestone for EBOS
2007 EBOS Makes Quantum Leap
2008 EBOS DELIVERS ON GROWTH
2009 EBOS REPORTS ANOTHER RECORD RESULT
2010 OUTSTANDING FULL YEAR RESULT & POSITIVE OUTLOOK FOR EBOS
2011 EBOS GROUP CONTINUES EARNINGS GROWTH
2012 GROWTH MOMENTUM CONTINUES FOR EBOS

and then this year (they forgot the upper case)

2013 EBOS Delivers Again


Great story over many years

But 2013 not one of the best with profit increase only coming from a full year Masterpet. Just sraped in they did

But they used QUANTUM in 2007 .... with profits going from $30m to $100m in 2014 Mark already thinking up the heading .... maybe he will give us a clue in the half year what the word is

This latest deal is just as/or even more significant than the PNZ acquisition which gave the QUANTUM result.
I think we see hear clues at the AGM and half year,but real results will take a year or more.
I expect a lot of developments in animal area,as it is so more profitable than human health area.
I also expect to see further bolt on acqusitions.They certainly want to get closer to vets. [Bigger animals need bigger doses. Think cattle and horses,working dogs,rather than small cats and dogs]
Waller has certainly planted the seeds for exciting future growth.I think we will look back in 3 years time and see what a "game changer"the Symbion deal was.

[winner69]

Nice presentation pack they put together

Bit inconsistent .....like they do a 'normalised' view of the business but when they talk about Healthcare they (conveniently) forget about 'normalised' and put the full result in, ie boosted by a few weeks of Symbion

For heritage business H2 was not good ...profit less than than last year

Maybe with all the excitement of acquisitions they have taken the eye of the ball locally .....so better make Symbion work eh .....game changer yes ....one way or the other

[percy]

Waller and the team have kept their eye on the BIG BALL, which will drive the small balls to bigger balls.
At the end of the day we will end up with GREAT BALLS.!! lol.

[macduffy]

A headline in the AFR today states that EBO

" ......is closely examining two further acquisitions here as it accelerates plans for an ASX listing."

I'm not a subscriber so can't follow the article any further. Can anyone help?