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  1. #201
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    Last trade at 72c, and 92c is the next on offer....

    Have the market woken up that have no LT debt, trading above budget for the FY which is 80% gone, still have most of last years profit in their coffers, got cash from the Fairton sale, and trading at a PE of about 2. What can you buy with anything approaching a PE of 2??

    I smell something cooking on the BBQ, and could be a juicy divvy......

  2. #202
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    Quote Originally Posted by Sideshow Bob View Post
    Last trade at 72c, and 92c is the next on offer....

    Have the market woken up that have no LT debt, trading above budget for the FY which is 80% gone, still have most of last years profit in their coffers, got cash from the Fairton sale, and trading at a PE of about 2. What can you buy with anything approaching a PE of 2??

    I smell something cooking on the BBQ, and could be a juicy divvy......
    It sure looks like somebody has woken up to this bargain this week. We had a downward pressure on SP for the last couple of weeks but this week has been a complete turnaround and all offers at 72c or less, close to an ATH, have been scooped up. This is a hugely undervalued share, even at 75c. As you point out, next year's divie of at least the same as this year (about 8% on current price) is a pretty sure thing now.

  3. #203
    percy
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    I wonder whether the following has caused the increased interest in SFF CoOp share price.This appeared in the 30th October update, Iceman has previously referred to.Post #199 this thread.

    "We’ve also improved the Shares tile
    and tab, which allows you to view your
    Patronage Reward Stock Units by Year
    to Date or by Last 12 Months, and added
    the ability to view the share price and
    history."
    Last edited by percy; 05-11-2020 at 11:57 AM.

  4. #204
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    Quote Originally Posted by percy View Post
    I wonder whether the following has caused the increased interest in SFF CoOp share price.This appeared in the 30th October update, Iceman has previously referred to.Post #199 this thread.

    "We’ve also improved the Shares tile
    and tab, which allows you to view your
    Patronage Reward Stock Units by Year
    to Date or by Last 12 Months, and added
    the ability to view the share price and
    history."
    Undeniably they are wanting more suppliers as shareholders, and have stated that. Believe this will happen with a history of performance - one (large) swallow doesn't make a summer but seem to be heading in the right direction. Having a decent balance sheet/little debt is a godsend for this business.

  5. #205
    percy
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  6. #206
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    A new all time high of 75c today. Market starting to see the high dividend yield ?

  7. #207
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    PAZ needs some love too. Worries me a bit you guys ramping this consistently and not talking about PAZ. Makes me wonder who the big seller of PAZ has been lately ?
    No butts, hold no mutts, (unless they're the furry variety).

  8. #208
    percy
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    I think I posted awhile ago I thought the big PAZ seller may have been a large holder whose wife recently died,so it may be for estate purposes.If it is the person I think it is, he paid 7 cents for his original holding, then added at 14 cents.Three holdings totalling 6 million shares.We do know it has not been a director,as they have stated any director's buys/sells would be announced to the market.
    PAZ remains my largest holding while SFF is my second largest holding.I thought SFF share price may have drifted a little over summer,and I had grand ideas of picking up a few more in February, before their result anouncement,so I was well positioned for the juicy divie in April.

    Breaking News,
    Would you believe it,a seller has been off loading shares at 66 cents.!!!
    Last edited by percy; 11-11-2020 at 04:17 PM.

  9. #209
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    Quote Originally Posted by Beagle View Post
    PAZ needs some love too. Worries me a bit you guys ramping this consistently and not talking about PAZ. Makes me wonder who the big seller of PAZ has been lately ?
    No ramping on here mate. If you want ramping, read the HLG thread :-)

  10. #210
    percy
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    Breaking News,
    Would you believe it,a seller has been off loading shares at 66 cents.!!![/QUOTE]

    Managed to get some at 66 cents before they all went.

  11. #211
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    Quote Originally Posted by percy View Post
    Breaking News,
    Would you believe it,a seller has been off loading shares at 66 cents.!!!


    Yes I noticed that yesterday. Seemed a bit odd immediately after they reached 75c. Someone must have been overdue a new deck or a tax bill and needed cash in a hurry !! Well done on picking a few of them up.
    Last edited by iceman; 12-11-2020 at 11:27 AM.

  12. #212
    percy
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    I tried to buy the 17,571 for sale at 66 cents too late yesterday afternoon.
    They went through at 9.27 this morning while I was out.
    Then another 17,571 were traded at 66 cents at 9.56 am and 3,046 at 66 cents also at 9.56 am.
    So total traded at 66 cents was 88,288.

  13. #213
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    Quote Originally Posted by percy View Post
    I tried to buy the 17,571 for sale at 66 cents too late yesterday afternoon.
    They went through at 9.27 this morning while I was out.
    Then another 17,571 were traded at 66 cents at 9.56 am and 3,046 at 66 cents also at 9.56 am.
    So total traded at 66 cents was 88,288.
    Looks like they've been cleaned out (for perhaps just for the time being). Only offer is 75c.

  14. #214
    percy
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    RCEP delivers additional tariff elimination on a number of New Zealand food products into Indonesia, including sheepmeat, beef, fish and fish products, liquid milk, grated or powdered cheese, honey, avocados, tomatoes and persimmons.
    2018 population was 267.7 million.
    Last edited by percy; 17-11-2020 at 07:59 AM.

  15. #215
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    Quote Originally Posted by percy View Post
    RCEP delivers additional tariff elimination on a number of New Zealand food products into Indonesia, including sheepmeat, beef, fish and fish products, liquid milk, grated or powdered cheese, honey, avocados, tomatoes and persimmons.
    2018 population was 267.7 million.
    Indonesia has been a difficult market in recent times. Would be good to get back into it in a meaningful way. Looks of cheap buffalo meat and also trying to be self-sufficient.

    https://www.stuff.co.nz/business/far...into-indonesia
    https://farmersweekly.co.nz/section/...-meat-deadline

  16. #216
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    The 75c offer starting to be nibbled at......

  17. #217
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    Out of interest, Alliance have come out with their result.....hidden down in the detail. On the face of it, reasonable - $27.4m, up from $20.7m. But pretty sure this is EBITDA.

    https://www.odt.co.nz/business/decis...fects-alliance

    But with the wage subsidy - they got $34m and repaid about 50% in September. Not recognized in the result.

    The article/result does highlight a very pertinent issue, one that also affects SFF - the "donning & doffing" issue - where staff have to get in & out of their protective gear for breaks etc and has been on their own time. Meat companies commonly only paid for the time basically standing on the line ready to work and not the time getting ready with their whites etc.

    It has been right through the courts, and affects most/all companies, who have to pay it back (and find a mechanism to pay it retrospectively over some years). This has been a known for some time, and not new. It will affect SFF, and if it costs Alliance $20m, then it will probably cost SFF $30m - or quite possibly more. Some companies have paid much more relative to their size.

    Probably something also in the board's mind last year when retaining profits in the business - knowing this was coming.
    Last edited by Sideshow Bob; 20-11-2020 at 08:59 AM.

  18. #218
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    bear-ish me says:
    - Meat prices are down/soft from historic highs. Further reliance on China. SFF have recently lived the dream being in a rising price market.
    - Less hospitality-based premium meat demanded in europe over their lockdowns.
    - Brexit/EU tariffs resolution remain uncertain
    - don & dof contingent liability. No idea how Alliance came to $20m. Maybe best to work that out the $20m as a percentage of Alliance's labour bill over last six years to work back to get an SFF amount? not entirely accurate given mix of employment contract types. I would've thought this would be recorded as a contingent liability given Jan19 made the ruling then.
    - huge capex costs expected - I think mostly maintenance capex related. signaled in dec19 report. I guess capex spend will be delayed by covid so we wont see it all in 12m to Dec20. Alliance is on a growth capex program - moving away from venison.
    - RCEP trade gains not yet quantifiable - im just assuming nil.
    - covid subsidy: sff fully repaid it while alliance retained 50%. I am abhorred at those who have profited from going against the spirit of the wage subsidy scheme.

    bull me:
    - Expanding in to US
    - I am also too inexperienced to have seen the years where meat companies were over-competitive and they lose their discipline when buying and also in maintaining their forward-selling book. I would like to think that it happened because the other meat companies smelt blood when SFF was about to fall over so the competitors just tried to price-war them out. Furthermore you'd like to think internal processes have improved in maintaining buying discipline since then.
    - long term strategy makes sense.

    discl:holding.

  19. #219
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    Hi Out to Lunch. I'm a bit confused about this post. Could you please clarify which parts relate to Alliance and which parts to SFF. I really don't know anything about Alliance but have put some work into SFF, so don't know how to read this post of yours.

  20. #220
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    Quote Originally Posted by iceman View Post
    Hi Out to Lunch. I'm a bit confused about this post. Could you please clarify which parts relate to Alliance and which parts to SFF. I really don't know anything about Alliance but have put some work into SFF, so don't know how to read this post of yours.
    i said a lot of industry stuff, but specific to SFF: they havent paid any don/dof legal cost yet, they fully repaid their wage subsidy, and theyve got high capex spend from their annual report:
    "We havesome ambitious goals to reduce our energyand carbon footprints further, these requirelarge capital expenditure through a plannedprogramme to 2030" "We have commencedwork on a combination of process changes andcapital expenditure to drive emissions reductions" "This level of profitability of the business hasenabled us to maintain our capital investmentprogramme. We have invested in our infrastructure,operations and systems to become safer, to lowerour environmental footprint, and to become a moreefficient and effective market led producer.Our capital reinvestment programme gained pacein 2019. The company invested over $32m in capitalexpenditure for the period. Over the past three yearsthe company has invested over $90m in capitalprojects. In our key markets we also stepped up ourlocal presence in sales and marketing capability andprogrammes. These are essential areas for us tomaintain and build on our premium market positionfor Silver Fern Farms red meat"

    Ive also seen that the industry has an issue (or more of an issue than usual) around getting workers in this season with covid - same story as kiwifruit i think.

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