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Thread: Kathmandu IPO

  1. #1186
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    “Reasonable for Rod” lol

  2. #1187
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    This acquisition probably isn't a splash in the water kind of move that investors like, but its a well calculated move to grow without putting too much pressure on the pace of store openings to bring all the growth.

    For those that think Rod isn't entirely with this plan I'd say you're wrong. This is totally a Rod type move. By acquiring Oboz and as they have mentioned in the statement, they want to head into the wholesale market. Taking the wholesale market approach to expand into North America is totally the Rod approach, its very conservative and calculated. Its a way for KMD to sell more product without opening any stores, which lowers the downside by a lot if they don't do well there. I think they have learnt their lesson from the UK where opening stores wasn't a immediate hit. Its a bit different for Rod at Briscoes since he couldn't take the same approach cause it doesn't manufacture its own branded products, but Kmd do and this is a very similar strategy that Rod wanted to do when he wanted to acquire Kmd a couple years ago.

    Its too easy to think KMD can do it all, considering their success in NZ and AUS its a easy mistake to think the same model works elsewhere. At the end of the day KMD is a manufacturer of their own goods who just happens to sell their own goods in their own stores too. The Oboz acquisition opens up channels and networks that will help them sell their product in overseas in the wholesale approach. If you looked at Adidas and Nike they used the wholesale approach for a very long time in a lot of countries and when their products grew too influential and sales amounted to the point where it seemed ridiculous not to open their own stores thats when they did. I think its a good approach.

    The value of the deal is average on present financials, they are paying over $100 million NZ for about $5 million net profit for Oboz for the upcoming financial year, but the net profits are growing over 80% and revenues 36%, which probably if consistent then perhaps they will deliver 9 million net profit next financial year and from then on the profits will justify the price tag and bring a lot of future benefits for Kmd. On financial terms its average value, but for future profits and connections it brings then its not too bad. Long term holders its a pretty good thing, short term holders I don't think theres much for you.
    Last edited by silverblizzard888; 21-03-2018 at 11:11 PM.

  3. #1188
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    Silverblizzard - good post but I reckon Rod’s/Briscoes main motive in ‘supporting’ the deal was not to dilute their current holding.

    Good they going to participate in the SPP as well ...... all $15,000 worth. Cool!
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  4. #1189
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    What is their point of difference in the USA the home of retail? Not keen on their push unless its real low key.

    At the moment I cant see what niche they will fill.

  5. #1190
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    Quote Originally Posted by Schrodinger View Post
    What is their point of difference in the USA the home of retail? Not keen on their push unless its real low key.

    At the moment I cant see what niche they will fill.
    Think Appalachian Trail
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  6. #1191
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    http://nzx-prod-s7fsd7f98s.s3-websit...661/277569.pdf

    Michael Hill closing down its US operations.

    Pumpkin Patch had its US backside kicked all the way to receivership.

    And we have KMD thinking it can make the States work?

  7. #1192
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    Different approach to the market - both PP and Michael Hill rolled out stores.

  8. #1193
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    Quote Originally Posted by Balance View Post
    http://nzx-prod-s7fsd7f98s.s3-websit...661/277569.pdf

    Michael Hill closing down its US operations.

    Pumpkin Patch had its US backside kicked all the way to receivership.

    And we have KMD thinking it can make the States work?

    As the Grumbler wrote, different approach. KMD already sell via TradeMe and Amazon.Au here and in OZ. I expect them to take a similar approach, using Oboz distribution channels to stock in third party stores and to sell on Amazon. The other side to that though is I doubt KMD make many sales from such online channels and US already has plenty of outdoor clothing brands. Can they leverage Oboz brand to gain a foot in the door? Hmmmm...

  9. #1194
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    This is pretty good news

    http://nzx-prod-s7fsd7f98s.s3-websit...870/281641.pdf

    Had my doubts about Xavier early on but recent performance probably more than just luck eh.

    Momentum still building ....expect more good news over the years I reckon.
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  10. #1195
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    Yes pretty happy with trading update today.
    A bit of upside when Oboz in the US starts contributing to sales.

    Glad to have held these through the bad times of 2014/2015. Kicking myself for not buying down at the lows of $1.30 during Brexit in 2016!!!

  11. #1196
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    And good news for shareholder Briscoes too!

    Disc: I hold BGR.

  12. #1197
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    Full year FY2018 earnings (after $2.0m Obōz acquisition transaction costs) are currently expected to be in the following range:
    • EBIT $72 to $77 million (last year $57m)
    • NPAT $48 to $52 million (last year $38m)
    Taking midpoint NPAT forecast of $50 million, that'll be a new record, beating FY2013 NPAT of $44.2 million.
    Should be back over $3 soon!

    I'm thinking FY18 dividend will be bumped up to 10c.

  13. #1198
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    Looks like a good result.....sales, profit up.

    http://nzx-prod-s7fsd7f98s.s3-websit...010/286923.pdf

  14. #1199
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    Wow what a result!!

    Makes Mr. Dukes investment in KMD look like an absolute steal.

  15. #1200
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    OK, I'll say it......good on ya Aussie, reversing the share price slide, for the moment at least. http://www.thebull.com.au/articles/a...ong-sales.html

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