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  1. #1
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    Default MFT - Mainfreight. Global Freight & Logistics

    Hey mon, there doesn't appear to be any talk of MFT lately mon so I'll kick it off here. To me, MFT appears to be have good fundamentals.
    1. They pay a regular dividend of 6.5cps or about 3.5% net.
    2. Excluding OWN's, MFT returned $12m npat. This equates to a PE of around 15 ($1.88 shareprice / 0.125 eps). MFT have now sold OWN's non-core loss making assets and OWN should now contribute to npat.
    3. Prior to aquiring OWN, MFT's share price in July 03 was about $1.30 and OWN's was about $0.95. Now MFT has 90% of OWN (without any need for an issue of additional shares) and MFT's share price is around $1.88. My basic maths tells me $1.30 + 90% x $0.95 = $2.15 > $1.88.

    Does anyone have any other views on MFT's fundamentals mon?

    Disc: Hold MFT mon

  2. #2
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    Default

    Hmmm, interesting way of looking at what the price should be.

    Could it not be that the share price of MFT should remain the same because before they have a cash assest and now they have 90% of OWN as an asset?

    Or something to that effect...

    Daniel B

  3. #3
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    Default

    Probably Daniel mon. I just thought that MFT were funding their acquisition by a combination of selling off some OWN assets plus their ongoing profits mon.

  4. #4
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    Default

    Judging by the journalistic coverage of the Owens Group annual meeting, there remains a lot of water to flow under the bridge before Mainfreight and Toll Holdings can look to begin the healing process. What options going forward exist for resolution I wonder?

    Fisher Funds Management Ltd obviously believe that MFT represent value.

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    Unlisted: KCE SUB

  5. #5
    Reincarnated Panthera Snow Leopard's Avatar
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    250,000 shares have changed hands at $2 each off market
    Anybody any ideas who is buying and selling?

    Disc: Own some
    om mani peme hum

  6. #6
    Reincarnated Panthera Snow Leopard's Avatar
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    2,418,000 shares have moved at $2 a pop this morning.

    This is the largest by far of a number of transaction in the last week or so.

    Someone likes them

    Quartly results also out, plenty of revenue and a little profit

    Disc: Holder
    om mani peme hum

  7. #7
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    Default

    MFT appears to be in another downtrend. I'm no chart expert but as far as I can tell the price has breached the recent support of around $1.95.
    Looking further back, the dips this year don't appear very significant, ie a 15c fall in Feb, 20 cent in May and 10c in July.
    Today's price of $1.88 shows a 20c drop from the high of $2.08 recorded in September.
    Thus, judging by the general trend this year, MFT would appear to be good buying right now.
    What do others think?
    Morpheus

  8. #8
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    MFT certainly appears to have breached recent support. It has been trading in a fairly restricted range (rectangular) bounded by about 1.95 and 2.06 for the last 3 months (single its first quarter report). The half year result is due around the 17th of November, so it may drift sideways a bit more before then. I'm aware of at least one broker being bullish about it, and I'm quite happy to hold.

  9. #9
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    Default

    Here is what I see when I look at MFT. I have marked nothing at all on the chart so as not to influence anyone. What do you think?

    [u]Short-term </u>:- In a downtrend, after a Double Top (Bearish) SELL.

    [u]Medium-term </u>:- Just ending an uptrend. SELL.

    [u]Long-term </u>:- At the upper margin of a large and ongoing Trading Range. SELL.

    What we have here is a superb medium-term trading stock. Fullstop!



  10. #10
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    Default

    Like I said, I'm no chart expert!!
    Thanks Phaedrus

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