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  1. #221
    percy
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    Quote Originally Posted by hardt View Post
    The point made was, despite declining same store sales... the group is tracking well as acquisitions more than make up for it.
    Does not work for me.

  2. #222
    Speedy Az winner69's Avatar
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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.
    Your last sentence

    Spent $19m on acquisitions and $9m on PPE in first half

    Only $9m in the bank at November (even though they raised $33m in the half)

    Maybe not enough cash for ‘huge’ amount of acquisitions in the future.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #223
    Veteran novice
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    Quote Originally Posted by BlackPeter View Post
    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.
    Where would you see the growth in economies of scale coming from BP? Biggest costs must be salaries/wages and rentals on the 100+ premises. Equipment and dental supplies offer some scope?

  4. #224
    Speedy Az winner69's Avatar
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    Centralised electronic booking system (prob an app)
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  5. #225
    Speedy Az winner69's Avatar
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    Reported EPS down 8%

    Share price up from a year ago ...market rerating continues ...sentiment is good
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #226
    Senior Member hardt's Avatar
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    Quote Originally Posted by winner69 View Post
    Reported EPS down 8%

    Share price up from a year ago ...market rerating continues ...sentiment is good
    They acquired 10 new practices this half... 50/50 between NZ and AUS with underlying earnings moving on up.

    Influx of cash from the August cap raise ( 20% dilution ) was barely touched in the 1H so we are expecting plenty more acquisitions this half.
    With the focus being on Maven in AUS... the benefit of the cap raising has not yet come to life.
    Last edited by hardt; 19-02-2018 at 02:48 PM.

  7. #227
    Speedy Az winner69's Avatar
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    Quote Originally Posted by hardt View Post
    They acquired 10 new practices this half... 50/50 between NZ and AUS with underlying earnings moving on up.

    Influx of cash from the August cap raise ( 20% dilution ) was barely touched in the 1H so we are expecting plenty more acquisitions this half.
    With the focus being on Maven in AUS... the benefit of the cap raising has not yet come to life.
    I think they’ve spent most of Cap raise money

    Started year off with $7m cash and operations generated $12m which gives $19m. Acquisitions/ capex etc used up $29m (sub total -$10m).
    They raised $34m and reduced debt by $11m this and paid out $4m in divies (total these $19m)
    After all this $9m left in the bank’s at November

    As said before expecting $17m from the sale of that thing they didn’t want which would give them about $26m ...,plus a bit generated this half .....not much more than they spent on acquiriribg practices and capex in first half

    (From Company Interim;Accounts)
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #228
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by macduffy View Post
    Where would you see the growth in economies of scale coming from BP? Biggest costs must be salaries/wages and rentals on the 100+ premises. Equipment and dental supplies offer some scope?
    equipment and dental supply - for sure
    centralized IT system,
    centralized training,
    less (per head) admin cost with centralized HR
    higher staff flexibility (they can hire their own locums)
    centralized marketing
    ...
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  9. #229
    Veteran novice
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    Quote Originally Posted by BlackPeter View Post
    equipment and dental supply - for sure
    centralized IT system,
    centralized training,
    less (per head) admin cost with centralized HR
    higher staff flexibility (they can hire their own locums)
    centralized marketing
    ...
    Agreed, BP, although I would think that most of these benefits are already being realised, to some degree. A matter of how much more there is to be gained.

  10. #230
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    Attachment 9539

    buy side is looking a bit skinny now..... reckon it might drop a bit further?

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