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  1. #211
    Speedy Az winner69's Avatar
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    Looks pretty solid half year report

    http://nzx-prod-s7fsd7f98s.s3-websit...337/274610.pdf
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #212
    percy
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    Quote Originally Posted by winner69 View Post
    Looks pretty solid half year report

    http://nzx-prod-s7fsd7f98s.s3-websit...337/274610.pdf
    I thought it was poor.
    Only growth is through more practices.
    Looks as though little or no growth per practice.
    Last edited by percy; 19-02-2018 at 08:22 AM.

  3. #213
    Senior Member hardt's Avatar
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    Quote Originally Posted by percy View Post
    I thought it was poor.
    Only growth is through more practices.
    Looks as though little or no growth per practice.
    Growth through acquisitions has always been the strategy.

    They confirmed guidance was hit back in December so this report was as expected.

    Sitting on enough cash for a huge amount of acquisitions in the future as well so looking pretty good.

  4. #214
    percy
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    Quote Originally Posted by hardt View Post
    Growth through acquisitions has always been the strategy.

    They confirmed guidance was hit back in December so this report was as expected.

    Sitting on enough cash for a huge amount of acquisitions in the future as well so looking pretty good.
    Why buy more if existing practices are not growing.?

  5. #215
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    Quote Originally Posted by percy View Post
    Why buy more if existing practices are not growing.?
    Sometimes existing practices are not taking any more people.

  6. #216
    Senior Member hardt's Avatar
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    Quote Originally Posted by percy View Post
    Why buy more if existing practices are not growing.?
    NZ growth of 1.7% same store with Australia facing a decline of 1.6%

    That decline in same store sales is not a whole lot compared to last years -5% ( approx )
    Dentistry spend is actually going up, but the number of practices are growing and they have to maintain a large piece of the pie.
    Either way it seems to work.

  7. #217
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by percy View Post
    Why buy more if existing practices are not growing.?
    Gaining a stronger position in the market and growing economies of scale?

    Remember - they went through pretty "interesting times" due to some quite disruptive cornerstone shareholders. I hope the board has this coming year more time to focus on growth than on defending the company from predators ...

    I think their business model has merit.

    Discl: small holding.
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    "Prediction is very difficult, especially about the future" (Niels Bohr)

  8. #218
    percy
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    Quote Originally Posted by hardt View Post
    NZ growth of 1.7% same store with Australia facing a decline of 1.6%

    That decline in same store sales is not a whole lot compared to last years -5% ( approx )
    Dentistry spend is actually going up, but the number of practices are growing and they have to maintain a large piece of the pie.
    Either way it seems to work.
    I do n't think so.
    Two years of decline is far from working.
    All the time rents,wages and other overheads are not declining.
    Take care.

  9. #219
    Speedy Az winner69's Avatar
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    wonder what payback period they buy new practices for?
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #220
    Senior Member hardt's Avatar
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    Quote Originally Posted by percy View Post
    I do n't think so.
    Two years of decline is far from working.
    All the time rents,wages and other overheads are not declining.
    Take care.
    The point made was, despite declining same store sales... the group is tracking well as acquisitions more than make up for it.

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