MVN Methven

[winner69]

Going through the presentation there is a glimmer of hope for better results in the next year. Market in nz should be better ....there are signs that building and construction is going to be positive ....even outside Chch ...... Aust might just hang in there .....and we'll the rest of the world get any worse for mvn.

Maybe they sold a good story to the analysts ....and soe saving a dabble

[gv1]

With FBU share rise... What are the opinions on MVN?

[tim23]

Have to rise I reckon, Milford have recently increased holding, as a long shot FBU could gobble them up? I do hold shares.

[gv1]

Thanks tim23.

[percy]

Another negative headline for Winner69s wall of Methven shame.

https://www.nzx.com/files/attachments/173577.pdf

NPAT excluding one offs to be down 12% on last year.

Milford clearly don't get all their decisions right.

Been a lot of warning signals.
Methven have in the past have talked the talk,but never been able to walk the walk.!
[hope I got that right?]
A long time ago I pointed out Rick Fella failed to return my phone call.I said at the time that was bad business practice.
Sorry to see Milford get it wrong,but they are not the only ones,as I think there are other intos on MVN's registry.
Again thanks to winner69 for his great posts that have kept us away from this underperformer.

[BIRMANBOY]

Underperformer ? Depends what you are looking at I suppose..lOOK AT THE DIVIDEND YIELDS LAST 5 YEARS.

Five Year Summary

	2012 $000	2011 $000	2010 $000	2009 $000	2008 $000
Financial performance
Group operating revenue	106,202	122,087	129,822	137,321	114,759
EBITDA	13,8801	12,4211	16,6622	19,752	18,927
Net profit after tax	6,462	4,749	7,820	10,056	9,757
Financial position
Total equity	48,211	50,547	53,309	58,008	54,931
Total assets	90,244	99,999	100,958	119,564	11,9092
Intangible assets	35,708	38,315	38,306	45,932	46756
Net (debt) / cash	-11,746	-19,074	-17,446	-26,840	-32,596
Capital expenditure	3,651	3,659	2,209	2,611	4,313
Equity ratio	80.4%	72.6%	75.3%	68.4%	60.1%
Shareholder statistics
Number of shares	66,606,265	66,606,265	66,606,265	66,606,265	66,606,265
Dividend per share	10.00c	10.00c	11.00c	11.75c	11.70c
Share price at year end	$1.09	$1.56	$1.58	$1.20	$1.42
Earnings per share	9.70c	7.13c	11.70c	15.10c	18.30c
Net dividend yield	9.20%	6.40%	7.00%	9.80%	8.20%
Gross dividend yield	11.30%	8.30%	9.90%	14.30%	12.20%
Net tangible asset value per share	18.77c	18.36c	22.50c	18.10c	12.30c

Been a lot of warning signals.
Methven have in the past have talked the talk,but never been able to walk the walk.!
[hope I got that right?]
A long time ago I pointed out Rick Fella failed to return my phone call.I said at the time that was bad business practice.
Sorry to see Milford get it wrong,but they are not the only ones,as I think there are other intos on MVN's registry.
Again thanks to winner69 for his great posts that have kept us away from this underperformer.

[buns]

Even though the current yields are higher than they were when dividend payouts were 15% higher? Gotta look at the capital value bud. The TSR there is about 6% over 4 years, annual compound growth you could just about get from Jap bank deposits.. Yes, this is an under-performer.

Underperformer ? Depends what you are looking at I suppose..lOOK AT THE DIVIDEND YIELDS LAST 5 YEARS.

Five Year Summary

	2012 $000	2011 $000	2010 $000	2009 $000	2008 $000
Financial performance
Group operating revenue	106,202	122,087	129,822	137,321	114,759
EBITDA	13,8801	12,4211	16,6622	19,752	18,927
Net profit after tax	6,462	4,749	7,820	10,056	9,757
Financial position
Total equity	48,211	50,547	53,309	58,008	54,931
Total assets	90,244	99,999	100,958	119,564	11,9092
Intangible assets	35,708	38,315	38,306	45,932	46756
Net (debt) / cash	-11,746	-19,074	-17,446	-26,840	-32,596
Capital expenditure	3,651	3,659	2,209	2,611	4,313
Equity ratio	80.4%	72.6%	75.3%	68.4%	60.1%
Shareholder statistics
Number of shares	66,606,265	66,606,265	66,606,265	66,606,265	66,606,265
Dividend per share	10.00c	10.00c	11.00c	11.75c	11.70c
Share price at year end	$1.09	$1.56	$1.58	$1.20	$1.42
Earnings per share	9.70c	7.13c	11.70c	15.10c	18.30c
Net dividend yield	9.20%	6.40%	7.00%	9.80%	8.20%
Gross dividend yield	11.30%	8.30%	9.90%	14.30%	12.20%
Net tangible asset value per share	18.77c	18.36c	22.50c	18.10c	12.30c

[percy]

The business is and has been a poor performer for years.
Nothing special about it.
Tap manufacturers are two a penny.
The balance sheet is very "heavy" with intangible assets.I think they are worthless,so equity ratio is very poor,with debt rising all the time.The bank will most probably put a stop to dividend payments.
Be prepared for a cash issue sometime.

Get out while you can.

[BIRMANBOY]

Do not agree at all..I'm interested in what it pays into my bank a/c every year and that is well over most other shares on the nzx. If you are after growth in share price thats a different matter. This was referred to as an underperformer so please do it the courtesy of being accurate and specifying what it was and where it was underperforming. Clearly it is NOT underperforming when you look at it as a dividend producer.

Even though the current yields are higher than they were when dividend payouts were 15% higher? Gotta look at the capital value bud. The TSR there is about 6% over 4 years, annual compound growth you could just about get from Jap bank deposits.. Yes, this is an under-performer.

[BIRMANBOY]

By your definition maybe..by mine no. Successfull businesses dont have to be "special" .they just have to do the business. Intangibles dropping each year. The fact that you think they are worthless is probably not supported by accountants who prepare the reports. Debt is decreasing. Your view of what the bank may or not do is purely speculative. Companies should be looked at from all possible perspectives and not just from a viewpoint of some particular bias.

The business is and has been a poor performer for years.
Nothing special about it.
Tap manufacturers are two a penny.
The balance sheet is very "heavy" with intangible assets.I think they are worthless,so equity ratio is very poor,with debt rising all the time.The bank will most probably put a stop to dividend payments.
Be prepared for a cash issue sometime.

Get out while you can.