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  1. #331
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    I'll be interested to see if they bring their div back. Would have thought it would have been a really good season last winter for flu jabs given COVID. Would have also thought their retail division would have benefitted from the rush to buy hand sanitiser, masks and general stocking up from COVID panic etc - but they actually have blamed COVID-19 despite the fact pharmacies were essential and kept open.
    The half year update in November of revenue of $277m doesn't support that - it looks fairly steady relative to pre covid (not really a winner or loser of Covid) when I look at the full year results in 2020.

    The amount they also put on intangibles to goodwill kind of makes me uneasy too - wasn't ABA similar on that? I can't see how it means too much when Chemist Warehouse is sucking up all them off the best kind of loyalty gainer - low prices for similar or even better result.

    Disc: unhappy holder - I bought them as a newbie investor when they were on the way up at $2.20 back in 2015 when I did not properly DMOR and was pretty much investing on 'health company with strong tailwinds from aging population' - I know better now and might offload if they do make it back to $2
    Last edited by Vesper; 19-01-2021 at 08:03 AM.

  2. #332
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by winner69 View Post
    I noticed GXH’s NTA is negative 3 cents ....some investors don’t like that

    Not always good ......esp if the $132m intangibles need to be written down.

    Mmh - not sure about the negative 3 cents, but hey, you are the accountant, aren't you? I am just an engineer :

    You are however correct that their NTA is minimal. FY20 balance sheet shows $134.7m net assets and $133.5m intangible assets. Should still be a positive NTA, but not by much.

    They just don't own a lot of property (which could make them arguably as well more nimble). Sure - write offs are always a risk, but as long as they earn their keep (at the moment they do) would I think the risk is bearable.

    How do they say - "pobody is nerfect" ...
    Last edited by BlackPeter; 19-01-2021 at 08:12 AM.
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  3. #333
    Speedy Az winner69's Avatar
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    BP - NTA is Net Tangible Assets

    You need to allow for liabilities as well

    Hence the negative NTA GXH has (I got the -3 cents from NZX)
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #334
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    You and me, both, Vesper.

  5. #335
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by winner69 View Post
    BP - NTA is Net Tangible Assets

    You need to allow for liabilities as well

    Hence the negative NTA GXH has (I got the -3 cents from NZX)
    OK - though your reasoning is not quite right (the liabilities are obviously already deducted from the Net assets which I used as a starting point, no need to deduct them again), but I found what I missed in Note 8 to the balance sheet:

    GXHNTA.JPG

    Obviously - I need to deduct not just the intangibles (which I did), but as well the deferred tax from the net assets to reach the NTA.

    Black Magic ...
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    "Prediction is very difficult, especially about the future" (Niels Bohr)

  6. #336
    Speedy Az winner69's Avatar
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    Quote Originally Posted by BlackPeter View Post
    OK - though your reasoning is not quite right (the liabilities are obviously already deducted from the Net assets which I used as a starting point, no need to deduct them again), but I found what I missed in Note 8 to the balance sheet:

    GXHNTA.JPG

    Obviously - I need to deduct not just the intangibles (which I did), but as well the deferred tax from the net assets to reach the NTA.

    Black Magic ...
    Sorry - I apologise for missing the word 'some' out of my post (ie some liabilities)

    Anyway we got there
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #337
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    Quote Originally Posted by Vesper View Post
    I'll be interested to see if they bring their div back. Would have thought it would have been a really good season last winter for flu jabs given COVID. Would have also thought their retail division would have benefitted from the rush to buy hand sanitiser, masks and general stocking up from COVID panic etc - but they actually have blamed COVID-19 despite the fact pharmacies were essential and kept open.
    The half year update in November of revenue of $277m doesn't support that - it looks fairly steady relative to pre covid (not really a winner or loser of Covid) when I look at the full year results in 2020.

    The amount they also put on intangibles to goodwill kind of makes me uneasy too - wasn't ABA similar on that? I can't see how it means too much when Chemist Warehouse is sucking up all them off the best kind of loyalty gainer - low prices for similar or even better result.

    Disc: unhappy holder - I bought them as a newbie investor when they were on the way up at $2.20 back in 2015 when I did not properly DMOR and was pretty much investing on 'health company with strong tailwinds from aging population' - I know better now and might offload if they do make it back to $2
    Im in the same boat as you bought in at $2.12 for same reasons, doubled down at $1.02 a while back but doesn’t seem to want to advance past $1.14 hope maybe get back to my average for grandchildren one day.

  8. #338
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    No matter how much you buy at this price, the disgusting selling order at $1.14 will block the SP heading towards north, just like it did at $1.04/1.05 before. Someone tries to control the SP. Another year, another year, have to wait.

  9. #339
    Speedy Az winner69's Avatar
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    GXH was heading towards a buck and I thought I better fix that by rubbishing GXH again to give it a boost

    No need ...GXH one of the stars of the NZX today
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #340
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    Yes a star is born on its way back to my original purchase price $2.12 It may even break $1.14 one day. Today is the best it’s done for months here’s hoping.

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