KMD - Kathmandu

[BRICKS]

What your been waiting for $1.65 to $1.90 AU,, prob will go the high end but with so much money in AUS super funds you wont get a look IN..


BY the way there is NO general public offer..,, sorry KIWI`s...

[Nevl]

What your been waiting for $1.65 to $1.90 AU,, prob will go the high end but with so much money in AUS super funds you wont get a look IN..


BY the way there is NO general public offer..,, sorry KIWI`s...

Too pricey for my taste. Will wait till they list and then take another look. Like the company and the growth prospects but $450mill on ebita of $57 is asking a bit much in this climate.

[winner69]

Nice prospectus with plenty of pictures - prob looks great on glossy paper

https://kathmanduholdings.com/Docume...ok2Kpn-VtOHqsQ


Pretty high margin business and the proforma accounts look pretty good .... not leaving much debt in $70m) but then again vendors not retaining much of an interest either

Growth based on new stores

But priced at 13-15 times NPAT is getting a bit on the high side .... wouldn't want a bad result in the first year or so and they will br crucified

[Dr_Who]

How are they funding the new shop store rollouts?

[winner69]

How are they funding the new shop store rollouts?

From cash flows Dr ... what else

Generate heaps of dosh

[minimoke]

Nice prospectus with plenty of pictures - prob looks great on glossy paper

Pretty high margin business and the proforma accounts look pretty good .... not leaving much debt in $70m) but then again vendors not retaining much of an interest either

I'm normally right into IPO's so this one has my interest.

The pictures certainly target their market - young white people with a sense of adventure but the reality being they won't get past a latte on the high street.

I'm not so sure of the technical build of their products - from expereince a goretex coat leaked where I had my phone - good bye phone! Neither am i sure on their selling strategy - as pointed out earlier why would you pay full retail when you just have to hang a round for a while and get 50% off. At full retail there are products around which are better technically and price.

But to the books. A 3% projected dividend yield doesn't do it for me. So will we be getting press notices from IRD reminding us of teh tax implications of flicking this on listing? I doubt it.

Haven't had a detailed look at the aco****s but I'm not sure sales are increasing at the rate of store opening so I'm wondering if the brand is reaching near saturation.

Which leads me to the brand. Intangibles account for 77% of the assets. MHI is at 0.19%

Best I have a closer look.

[macduffy]

Still ploughing my way through the prospectus.

Here's Stephen Bartholomeusz' thoughts on the subject. He usually has something worthwhile to say.

http://www.businessspectator.com.au/...cument&src=spb

[Footsie]

Looks OK to me.
if you could get it on a p.e of 13x thats pretty good for a retailer growing at this speed.

JB hi fi are on about 18x

there is probably a stag in it at the least. also because its a small float with a big profile demand is likely to outstrip supply. unlike Myer.

while i think its unlikely to deliver a briscoes or pumkin patch debut performance (first 12 months im talking), i think someone could get a 25% return from the IPO level.

[BRICKS]

Still ploughing my way through the prospectus.

Here's Stephen Bartholomeusz' thoughts on the subject. He usually has something worthwhile to say.

http://www.businessspectator.com.au/...cument&src=spb

AS BRICKS said you would not BUY so in or out that's of coarse you can twist your broker
to come ACROSS..

[kizame]

Can't believe you guys want to suck this one up.
No funds form this ipo going to the company,and still will have debt and have to fund it's expansion.
Private equity firm will sell you this retailer at an expensive price,even though there are cheaper,better performers already expanding on out market.

Wouldn't you be better going and buying some MHI or PPL.
The stores are only busy during sale time.
Their exorbitantly price product lines are just that,I have been in there probably about 4-5 times and bought stuff all,yet I would be their target customer.Rather shop elswhere,where you know your getting quality.

Wouldn't touch this with a barge pole.