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04-05-2021, 09:26 AM
#171
Amazing - one year ago Sanford share peaked at $7.38 and analysts thought that this must be one of the best shares in the universe (they offered still in April 2020 a BUY recommendation with 9.17 out of 10) - i.e. they thought that the at that stage already quite dear share will keep on rocketing upwards.
One year later ... Share price dropped to $4.58 (I guess this will teach us to follow analyst recommendations, won't it?) and analyst recommendation today is only "HOLD" (5/10).
Just wondering - given that analysts got it so wrong a year ago, what is their current pessimism telling us?
In my view is Sanford one of the companies which will gain from a drop in Covid numbers ... and many of Sanford's target markets make huge progress in immunizing their population. Upmarket restaurants in the US and in Europe and in Asia likely to open up again over the coming 3 to 6 months.
Maybe Sanford is at current prices really a buy? - only time will tell.
Discl: Bought some and thinking about accumulating more.
----
"Prediction is very difficult, especially about the future" (Niels Bohr)
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04-05-2021, 10:51 AM
#172
hey BP
I dont follow it too closely but do recall something about really old boats that were gonna need money or they'd become unreliable etc.... something for someone who is considering accumulating to investigate I suggest.
not much to love in that chart either but I agree with the thinking re demand. Perhaps King Salmon could be another beneficiary of that if you want to keep it fishy.
For clarity, nothing I say is advice....
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04-05-2021, 11:30 AM
#173
Originally Posted by peat
hey BP
I dont follow it too closely but do recall something about really old boats that were gonna need money or they'd become unreliable etc.... something for someone who is considering accumulating to investigate I suggest.
not much to love in that chart either but I agree with the thinking re demand. Perhaps King Salmon could be another beneficiary of that if you want to keep it fishy.
Well, yes - they made some mistakes. Don't think that their fleet is currently in too bad shape, though we still don't know what happens with the boat forfeited to the crown.
I guess the question is how the new CEO will run the ship ... hopefully a case of new brooms sweep clean ... but obviously - he might as well find some more skeletons in this process. Maybe a case to wait for the next update ...
Overall - while I was no fan of their prior CEO (and didn't hold during that time) ... I always thought that they have a lot of experience in their ranks. I do think the company does have value - question is whether they now have the right crew and captain to realize it?
----
"Prediction is very difficult, especially about the future" (Niels Bohr)
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04-05-2021, 11:59 AM
#174
Originally Posted by peat
hey BP
I dont follow it too closely but do recall something about really old boats that were gonna need money or they'd become unreliable etc.... something for someone who is considering accumulating to investigate I suggest.
not much to love in that chart either but I agree with the thinking re demand. Perhaps King Salmon could be another beneficiary of that if you want to keep it fishy.
The 35 year old (from memory) Granit that they bought from Norway about 3 years ago, an old heap of crap and has been an utter disaster for SAN, is currently undergoing a big refit that I believe is costing $ 12 million. Just to try to get it up to scratch. They could have built a new boat for what they've spent on this vessel, which is still an old and outdated vessel.
Another smaller one bought from Canada never passed safety regulations and was quietly scuppered, never catching a fish.
Agree with BP that hopefully the new CEO will make the necessary changes but until I see a proof of it, I will be staying out of this one.
Last edited by iceman; 04-05-2021 at 12:01 PM.
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04-05-2021, 01:18 PM
#175
Member
I was talking today with one of the operatives/sailors in the south Island Timaru based whom has been on leave for over 4 months due to the refit & he was very upbeat about the future ,telling me nothing goes to waste all the guts etc will now go in to a newly installed plant to make into pet food all the skins go to the Chinese for health food products /potions and looking forward to setting out in a couple of weeks .
I also think this once covid ravaged stock will rise again
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04-05-2021, 06:36 PM
#176
Originally Posted by ralph
I was talking today with one of the operatives/sailors in the south Island Timaru based whom has been on leave for over 4 months due to the refit & he was very upbeat about the future ,telling me nothing goes to waste all the guts etc will now go in to a newly installed plant to make into pet food all the skins go to the Chinese for health food products /potions and looking forward to setting out in a couple of weeks .
I also think this once covid ravaged stock will rise again
All pretty standard today. The fact remains that SAN now has a very old boat that now owes them over $60m (my estimate) and has a resale value a fraction of that. This whole episode has been disastrous for SAN both in huge costs and very poor performance.
Last edited by iceman; 04-05-2021 at 06:37 PM.
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04-05-2021, 10:42 PM
#177
Member
Appreciate your estimate Iceman noted ,I did not go into that much detail with the contact but as I was indicating he was very impressed with the refit and the future potential of the fishing there after .
It has been a disastrously sp covid situation for San agreed ,will be interesting to see what the new ceo brings in!!
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12-05-2021, 09:31 AM
#178
Thought I would have a closer look at Sanford as a post covid recovery stock but a contact (customer of Sanford and other seafood companies) said Sanford's freezers are full of unsold catch & harvest so the worse is not over yet.
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12-05-2021, 10:47 AM
#179
A great and much needed addition to the Board:
SAN
12/05/2021 08:30
ADMIN
NOT PRICE SENSITIVE
REL: 0830 HRS Sanford Limited (NS)
ADMIN: SAN: Appointment of Director
12 May 2021
NZX Continuous Disclosure
Mark Cairns Announced as Newest Board Member for Sanford Limited
New Zealand's largest seafood company Sanford Limited (NZX: SAN) is delighted
to announce the appointment of Mark Cairns as an additional member of its
board of directors, bringing the company's total number of directors to
seven.
He will join the Sanford's board effective 1 July 2021.
Sanford Chair Sir Rob McLeod says he is delighted Mr Cairns will be joining
the Sanford board and believes "Mark is a highly talented person with the
track record, experience and skills that will strongly complement the Sanford
board and add significant value to the company".
Mr Cairns is currently CEO at Ports of Tauranga, but is due to retire from
this position on 30 June 2021. He is also a director of Meridian Energy,
Northport Limited, CODA Group Limited and Quality Marshalling Limited and
recently joined the board of Freightways Ltd. Before joining Ports of
Tauranga, he was Chief Executive of C3 Limited (formerly Toll Owens Limited)
for five years.
Mr McLeod believes that "Marks' interest in becoming a Sanford director
reflects extremely well on Sanford as Mark is a widely respected CEO in New
Zealand due to the results and performance of Port of Tauranga under Mark's
leadership".
Mr Cairns said he was attracted to Sanford because of its strong industry
leadership in sustainable fishing.
"As a passionate fisherman and diver, I admire Sanford's focus on enabling
healthy oceans and protecting and enhancing the environment. It is a company
with a rich heritage and exciting future and I'm looking forward to the
opportunity to contribute."
Mark has a First Class Honours Degree in Civil Engineering from University of
Auckland, a degree in Business Studies and a Master of Management from Massey
University. He is a Fellow of Engineering New Zealand and a Chartered Member
of the Institute of Directors. In 2019, Mark received the prestigious
Caldwell Partners Leadership Award from the Institute of Finance
Professionals.
Mark is considered by the Board to be an Independent Director.
Sir Robert McLeod
Chairman
End CA:00372033 For:SAN Type:ADMIN Time:2021-05-12 08:30:27
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12-05-2021, 10:49 AM
#180
Originally Posted by Balance
Thought I would have a closer look at Sanford as a post covid recovery stock but a contact (customer of Sanford and other seafood companies) said Sanford's freezers are full of unsold catch & harvest so the worse is not over yet.
Expect may not be so much a sales issue.....more of a shipping/logistics problem. All exporters are suffering with delays, lack of capacity, lack of empty containers, price increases and the like.
Nothing is going on time, nothing arrives on time. And you are right, worst isn't over yet.
We got an email from a carrier earlier in the week, that for a certain route, there was a rate increase of $1,000 USD for general containers, $2,000 USD for reefers.
Why?? Because they can. And exporters have got almost no choice, with coldstores at capacity.
When I say problem, I should say complete mega-omni-clusterf***
Last edited by Sideshow Bob; 12-05-2021 at 10:51 AM.
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