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[QUOTE=percy;381860]
Originally Posted by winner69
However buy on the dips ...
With a tap manufacturer is it ;buy on the drips,or a drip to buy on the dips.Either way you end up taking a bath,while the SP goes down the plug hole.!!! lol.
One of your better come backs .....sunny spring day in Chch is it and all full of the joy of life eh
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While on holiday in th UK , was dragged around the big homeware stores by the other half (B and Q, homebase etc)
Couldnt move for taps and bathroom fittings , massive competition in that space, hard to see how a company in
NZ would have any competitive advantage
Last edited by ratkin; 21-09-2012 at 01:46 PM.
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[QUOTE=winner69;381864]
Originally Posted by percy
One of your better come backs .....sunny spring day in Chch is it and all full of the joy of life eh
You have that right,a sunny spring day and could not help myself.
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Originally Posted by ratkin
While on holiday in th UK , was dragged around the big homeware stores by the other half (B and Q, homebase etc)
Couldnt move for taps and bathroom fittings , massive competition in that space, hard to see how a company in
NZ would have any competitive advantage
It won't be easy you are right, it will be hard, and it has been hard, but its a bigger market, and if you look at sales, almost the same as NZ, just on razor thin margins while they establish the business.
If we extrapolate the current data, just to get a ball park of potential, in NZ they have almost half the market, $35m in sales, so if we assume in the UK tapware is based on the same spend, maybe higher maybe lower, and population is 60m, then total market is circa $1.2b. Methven have $20m sales in the UK currently, so maybe 1.5% of the market.
If they can grow to 10% of the UK market, ambitious, then revenues will be $120m in the UK alone, that doubles their current total revenue, and on 10% margins currently an additional $12m in profit.
The recent run was driven by ACC buying more, see the SSH notices, would add more if its fall back to sub $1.20, but for now happy to have got in during February, and have been paid a 6 cent dividend already with credits.
~ * ~ De Peones a Reinas ~ * ~
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Originally Posted by winner69
Quite often the headlines on company announcements give you an idea of the general direction in which the comapny is heading .... and sometimes they tell a story about whether the company is living a dream or not.
Here's the last fews in the life of MVN (luckily they don't make many announcemets to the NZX) -
May 07: Methven to Buy UK Tap and Showerware Distributor
Global expension makes MVN a really big company - cost $59m - need money from share holders and a pile of debt
Nov 07: MVN Half Year Result Slightly Up On Expectation
good news - but after spending all that money you would hope a good story
May 08: Methven Profit Surges on back of UK Acquisition
great stuff .... but surging .... after all it only surged against what a little company was doing eh
July 08: Methven still targeting growth in 2008-09
thats good .... thought you would like to know even though we don't usually make announcements in July
Oct 08: Methven lifts HY result despite tough Market Conditions
well done
May 09: Full Year Results for the period ending 31 March 2009
could not have been exciting as didn't give us an exciting headline to salivate over
July 09: Methven Re-affirms Satinjet Technology as Leading Edge
no news for a while ... something good for the shareholders to keep them interested
July 09: Methven Forecasts Lower Full Year Profit .
whoops .... told you about the leading edge technology .... but now you need to know profit will be down
Nov 09: Methven Group Interim Results Outperform Guidance
but it wasn't has bad as we thought it was going to be .... good stuff eh ... forgive us
May 10: Methven 2009-10 Results Close to Target
still doing OK ..... or just OK
May 10: Methven Brings New Luxury to Hotel Guests
but there is good news .... this will give you the warm fuzzies .... just imagine how many taps and things if every hotel in Asia used ours
July 10: Methven Forecasts Reasonable Lift in Full Year Profit and No Increase in Debt
told you we would be OK .... all on track .... esp from the global acquisition a few years ago
Oct 10: New Ultra-Low flow shower wins 2010 Sustainability Award
must be some bad news coming up ... here's the good bits first
Oct 10: Methven Fined
oops ..... we told some porkies about how much water was saved from our whizz bang shower heads ... but never mind cause no consumers actually complained .... prob just the nasty competitors
Oct 10: Respected Industry Leader Takes Up Reins as Methven UK
need to get the UK up and firing
Oct 10: Interim Results Demonstrate Earnings Resilience in Recessionary Times
its the economy stupid .... but we still making money
Mar 11: Earnings Update
nothing good in the headline so must be a downgrade .... yep 10%-15%
May 11: Focus (DIY) Limited - Updated Guidance
bugger - one of biggest customers goes broke .... just bad luck
May 11: Innovative Designs and Operational Efficiencies Key to Turnaround
well a turnaround of sorts
July 11: Methven Predicts Major Profit Lift in Difficult Climate
great stuff .... everycome coming to fruition .... acquisition coming good and all that sort of stuff
Oct 11: Methven Profit Update
not a +ve heading is it .... update means down .... earnings down 25% plus .... oh why did we say what we did in July
Nov 11: Interim Profit Down but Cashflow Up
have to +ve about something so lets forget about profit and concentrate on cashflow
So thats the life of MVN in their own words .... methinks they paid too much for that UK business but hope remains it might pay its way ...... and too a large extent MVN are dreamers .... they do some good stuff around innovation etc but that good stuff just keeps them in the game
Needs a continuation
MAY 12; Positive Earnings Growth Delivers Dividend
With another tough year now behind us, confidence is high that we have the strategy, the team, the products and more importantly the resilience to thrive and prosper in tough economic conditions and deliver sustainable returns and growth to our shareholders.” Jeez that was a really tough year but we did bloody well didn't we but next year will be pretty good .... but we shouldn't really take a guess as to what the profit might be
July 12: Methven Focuses on Future Growth
AGm - repeats how tough it has been but “We have repositioned the business for the current economic climate and are now poised for growth. We confident that our products and point of difference can deliver continued positive earnings. However,it still remains imprudent to provide profit guidance on the level of growth we might achieve.” OK we still have our rose tinted glasses and hope is our strategy but we will do OK but better not guess how much
Sept 12: Half Year Profit Update
...., the first half NPAT is expected to be down on last yearbut things are getting by quarter so we will be OK come year end .... and by the way debt isn't coming down Whoops we cant say we can't guess ... we need to tell the bad news sorry guys
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What do you think of the results...
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Originally Posted by gv1
What do you think of the results...
No surprises there !!!!
Revenue down.
Profit down.
Debt up.!!!!!!
I suppose the market expected a worse result.
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Originally Posted by winner69
Needs a continuation
MAY 12; Positive Earnings Growth Delivers Dividend
With another tough year now behind us, confidence is high that we have the strategy, the team, the products and more importantly the resilience to thrive and prosper in tough economic conditions and deliver sustainable returns and growth to our shareholders.” Jeez that was a really tough year but we did bloody well didn't we but next year will be pretty good .... but we shouldn't really take a guess as to what the profit might be
July 12: Methven Focuses on Future Growth
AGm - repeats how tough it has been but “We have repositioned the business for the current economic climate and are now poised for growth. We confident that our products and point of difference can deliver continued positive earnings. However,it still remains imprudent to provide profit guidance on the level of growth we might achieve.” OK we still have our rose tinted glasses and hope is our strategy but we will do OK but better not guess how much
Sept 12: Half Year Profit Update
...., the first half NPAT is expected to be down on last year but things are getting by quarter so we will be OK come year end .... and by the way debt isn't coming down Whoops we cant say we can't guess ... we need to tell the bad news sorry guys
Continuing the story
Nov 2012 Methven Maintains Profitability and Delivers Dividends .... interesting use of the word maintain ..... jeez we just avoided making a loss ..... just we said we would a few months ago .... but even though we can't really afford it we will still give you a divie .... and we remain committed (3 times they said that in half a page) to doing all the things to get a better result next time ..... but we won't be making any guesses this time around because we not very good at that
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winner69.
thanks for another one of your "classic" posts.
Most enjoyable and right "on the money" as usual.
Last edited by percy; 29-11-2012 at 01:46 PM.
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Thanks guys...much appreciated.
Last edited by gv1; 29-11-2012 at 01:25 PM.
Reason: spelling
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