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Thread: KMD - Kathmandu

  1. #21
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    Rif Raf they were reasonably sucessfull But when a private equity firm goes and makes an offer for something that was not for sale & the owner says thank you very much. they have paid far to much. So how much is the private equity firm prepared to lose I would not value it at much more than 30% of what they payed for it. In the current economic climate.
    Possum The Cat

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    For the same reasons as many have previously posted I would'nt go near anything floated by private equity.Another thing to consider is that since the private equity outfit brought the business how much money have they invested into it while owning it.I bet there's been hardly a dollar put in to developing new technologies,products etc.They would have stripped out the costs to make it look good and will leave it loaded up with debt.Now they want there money out.

    Watch the brokers who are involved in the float promoting it to the mum and dad investors.Then you know it's a dog.

  3. #23
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    dear rif....you have missed the point completley....the company itself is virtually irrelevant ...its a bit like mcdonalds..the food stuff ...is totally irrelevant....ITS THE MARKETING.....mcdonalds could sell bags of fresh air.......

  4. #24
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    yeah, just like Coca Cola could sell bags of water.
    Oh...they do already.
    Last edited by tobo; 22-08-2009 at 08:19 AM. Reason: typo

  5. #25
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    Personally, I think they'd be better off waiting to float for another 5-ish years.

    Not exactly a "seller's market" investment climate.

    At the coal-face/anecdotal level, everyone I know who spends considerable time camping/tramping/mountaineering.....Kathmandu has a pretty lousy reputation for quality.

    Macpac, Fairydown, Swazi, Ridgeline are all well respected.....Kathmandu is really a fashion retailer disguised with an outdoorsy vaneer.

    I think Kathmandu's value proposition to the customer is in some cases far inferior to it's New Zealand competition.

    Just my 0.02c

  6. #26
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    Arrow Opinions only..

    ALL this crap talk about a float that has not happened YET..

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    Quote Originally Posted by troyvdh View Post
    dear rif....you have missed the point completley....the company itself is virtually irrelevant ...its a bit like mcdonalds..the food stuff ...is totally irrelevant....ITS THE MARKETING.....mcdonalds could sell bags of fresh air.......
    I undertand and agree with what you guys are saying about being careful of anything private equity floats in terms of saddling with debt etc.
    The point I'm trying to make is regardless of what financial trickery the vendors do, the underlying business has carved out a very successful value proposition and brand which is more than can be said about most other kiwi retailers that have tried to take their brand global.

  8. #28
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    I am having some difficulty reconciling the $60 mil EBITDA with the $8 mil profit. There is $20.9 mil debt servicing on a debt of $187 mil, but where is the other $32 mil of EBITDA?

  9. #29
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    J R Ewing I always thought the T in EBITA stood for Tax so this needs to used in your calculations
    Possum The Cat

  10. #30
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    Quote Originally Posted by POSSUM THE CAT View Post
    J R Ewing I always thought the T in EBITA stood for Tax so this needs to used in your calculations
    Plus the Depreciation and Amortisation components represented by "DA".

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