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  1. #61
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    saw a snippet a little while back, can't remember where but it was re Sanford being a play on $kiwi exchange rate effect.(positive for profits)

  2. #62
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    Quote Originally Posted by BlackPeter View Post
    Any explanation for last months SP ramp up? I guess SAN looks like a solid and well managed company, but it looked already expensive before the SP went up. PE (no matter how you calculate it) is well above 20 ... why is the market pricing it like a growth company?
    I agree BP that SAN is expensive at current SP and on current earnings. I bought back into SAN in mid May, before it went XD.
    The reasons I bought back in is that what I am hearing about the changes in management structure the new CEO is quietly implementing, I like and believe it was long overdue.

    SAN has purchased a lot of assets over the last few years and these assets are still to contribute positively to the earnings, but they should.
    I think the focus will nor be on making sure these assets will start contributing in the near-medium term future and with the lower FX rate, SAN earnings may finally improve substantially and give a more acceptable return on assets, which has been unacceptably low for too long !

  3. #63
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    Fair value = 5.35 by my model.
    Sharp (25%) share price increase lately, seems more than could be accounted for by the falling NZD.
    Good news coming?

  4. #64
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    Default Worth researching ?

    https://www.nzx.com/files/attachments/236309.pdf

    Company seem to be moving in the right direction.

  5. #65
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    Quote Originally Posted by forest View Post
    https://www.nzx.com/files/attachments/236309.pdf

    Company seem to be moving in the right direction.
    Very light on content. FAO data is very OLD.

    Turnaround in mussels is the key, progress on mussel spat breeding facility will shore up spat supply quantity in a couple of years. Major potential for increase in mussel quality through selective breeding using this technology.

    Wild catch flat with focus on value improvement through quality & tailoring product to customer requirements.

    DISC not holding.

  6. #66
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    Default More detail, up to date released today.

    https://www.nzx.com/files/attachments/236290.pdf


    Include in the link is the info about mussel spat which I have copied below.


    [/urlSanford’s mussel farming operations
    with its geographical spread around
    New*Zealand, including trials in
    off-shore areas and the emerging spat
    volumes from Shellfish Production
    and Technology (SPATnz), are well
    placed to achieve increased raw
    material supply in line with market
    demands and our plans for this
    business.
    The SPATnz hatchery opened in
    Nelson in April last year and has been
    performing to expectations. The
    hatchery is fertilising two billion eggs
    every six weeks. These grow into spat
    that will produce around 10,000
    tonnes of Greenshell mussels at
    harvest annually. The hatchery team
    continue to make research discoveries
    that improve consistency of the spat
    production process and better
    understand particular traits of the
    different mussel families. Plans are
    underway to move the capacity of the
    hatchery to 30,000 tonnes by the
    end of this financial year. The
    advantages of hatchery spat over wild
    sourced spat are a consistent and
    reliable supply coupled with superior
    performance. We are very excited
    about this development, which we
    believe will be a significant factor in
    the ongoing development of the
    Greenshell mussel industry in
    New*Zealand.
    Last edited by forest; 26-05-2016 at 06:22 PM.

  7. #67
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    Was looking at their half yearly accounts recently & was suprised to see "finance Income" of $7.6m (negligible in previous periods ) No mention of this income was made in directors report, & I couldn't see any decent financial assets in balance sheet.
    Any thoughts on how they made this income out of thin air ? It's a trick I'd like to know !


    Disc: Went to shop downtown Sat morning & was served by guy on front page of half yearly report.

  8. #68
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    This is gains from FX hedging


    Quote Originally Posted by kura View Post
    Was looking at their half yearly accounts recently & was suprised to see "finance Income" of $7.6m (negligible in previous periods ) No mention of this income was made in directors report, & I couldn't see any decent financial assets in balance sheet.
    Any thoughts on how they made this income out of thin air ? It's a trick I'd like to know !


    Disc: Went to shop downtown Sat morning & was served by guy on front page of half yearly report.

  9. #69
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    Default Four insiders buying at the same time.

    SAN had unusual high turnover in shares so far this month on a rising share price.
    This together with four insiders buying 200,000 shares.
    The ones buying were CFO, CCO, CFO and the COO.
    Between them you would expect that they know how the company is doing.
    I cant help but think good results are in the pipe line.
    Last edited by forest; 19-08-2016 at 06:56 PM.

  10. #70
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    It was $5.62 when you posted on the "Are NZ stocks too expensive thread". Now $6.05 so thats a 7.6% rise pretty handy. Have you an intrinsic value Forest. Thanks for bringing it to our attention.

  11. #71
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    Quote Originally Posted by Joshuatree View Post
    It was $5.62 when you posted on the "Are NZ stocks too expensive thread". Now $6.05 so thats a 7.6% rise pretty handy. Have you an intrinsic value Forest. Thanks for bringing it to our attention.
    Hard to come up with an intrinsic value for SAN as there are many changing factors with this company and lot of them positive as I see it.
    Had a talk to the 2 Goodfellow directors at the last AGM and they seem to expect that return on equity is going to be double digits within a few years.The last 5 years were all below 5.
    A positive for SAN also is that new planes have more cargo space this helps with sending higher value fresh fish to markets were they are prepared to pay a premium.

    Worth keeping an eye on

  12. #72
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    Forest I am not sure this indicates any spectacular upcoming results. I do however believe this indicates that they are starting to believe they will be allowed and supported by the Board to implement the long term (5 odd years) plan of the new CEO and his management team. If successfully implemented, SAN will be a totally different and more interesting business in 5 years time. I bought back in 4 months ago and am likely to add more if and when I see how the change of direction progresses.
    SAN has made quite a few acquisitions in the last few years but many of them have not yet produced sufficient earnings. They have very valuable assets that have been under performing and that's where the focus and increased profit will be. Just my ten cents worth.

  13. #73
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    [QUOTE=iceman;633243]. I do however believe this indicates that they are starting to believe they will be allowed and supported by the Board to implement the long term (5 odd years) plan of the new CEO and his management team. If successfully implemented, SAN will be a totally different and more interesting business in 5 years time.

    From what I sensed at the last AGM management and board are very much aware of past sort comings in business model and are very clear on how to fix this. Good to hear that somebody with your understanding in this sector has an share holding in SAN.

  14. #74
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    Handy things those Dreamliners. 15 tonnes cargo space, (three times the cargo weight of the old 767's

  15. #75
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    Quote Originally Posted by Roger View Post
    Handy things those Dreamliners. 15 tonnes cargo space, (three times the cargo weight of the old 767's
    Its good for a company like SAN, it makes the difference between selling frozen fish at a low price or up selling the same fish as chilled fresh fish at a better price.

    What other NZ companies do you think would benefit from the increased air cargo space?

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