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  1. #121
    Senior Member
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    Sep 2013
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    Just having a look at these. They sure look good value. Looking at online news beef and lamb prices overall are off their highs but still at historically strong levels. Wondering about the effect of lockdowns and social distancing on sales of higher margin (presumably) cuts supplied to restaurants. I'm also wondering how this type of co-operative structure is generally assessed in valuations. Any comments would be much appreciated.

  2. #122
    Member
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    May 2011
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    258

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    Quote Originally Posted by DarkHorse View Post
    Just having a look at these. They sure look good value. Looking at online news beef and lamb prices overall are off their highs but still at historically strong levels. Wondering about the effect of lockdowns and social distancing on sales of higher margin (presumably) cuts supplied to restaurants. I'm also wondering how this type of co-operative structure is generally assessed in valuations. Any comments would be much appreciated.
    Shareholders will always get the rough end of the pineapple with this company. They are only interested in looking after their livestock suppliers.

  3. #123
    Guru
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    Sep 2009
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    2,685

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    So where do the Chinese shareholders fit in?

  4. #124
    Dilettante
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    Mar 2010
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    Quote Originally Posted by kiora View Post
    So where do the Chinese shareholders fit in?
    Shanghai Maling own half of Silver Fern Farms and the listed Coop SFF the other half
    Last edited by iceman; 18-07-2020 at 09:17 AM.

  5. #125
    Dilettante
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    Media release out this afternoon following a board meeting of the operating company.
    It is pleasing to hear that they have performed strongly, managed to deliver to customers and maintained all staff, through COVID so far. It is a clear signal of confidence that they have decided to release the deferred dividend to their shareholders, allowing SFF to pay out a 5.4c dividend to ordinary SH.
    I have to say I am surprised how much cash buffer the Co-op has decided to retain but 8.3% fully imputed dividend is pretty good in today's environment and the PE is still well under 2.
    A pretty sound investment in my view.

    Discl: Have been buying up quite a bit in the last few months

    https://www.usx.co.nz/uploads/paperc...pdf?1595478544
    Last edited by iceman; 24-07-2020 at 07:52 AM.

  6. #126
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    Sep 2009
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    A great result & reward for both sets of shareholders

  7. #127
    percy
    Join Date
    Oct 2009
    Location
    christchurch
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    17,221

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    Quote Originally Posted by freddagg View Post
    Shareholders will always get the rough end of the pineapple with this company. They are only interested in looking after their livestock suppliers.
    Yesterday's announcement proves otherwise.
    Very positive for all shareholders.

  8. #128
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    Jul 2004
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    Bolivia.
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    4,854

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    Quote Originally Posted by percy View Post
    Yesterday's announcement proves otherwise.
    Very positive for all shareholders.
    The key point for me (aside from the divvy ) was in some of the communication yesterday that they said they had had a strong financial start to 2020 - which will be the busier part of the year and through Covid. Retained $45m of FY19 profit in the business.

    Disc: Holder

  9. #129
    percy
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    Oct 2009
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    christchurch
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    17,221

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    Quote Originally Posted by Sideshow Bob View Post
    The key point for me (aside from the divvy ) was in some of the communication yesterday that they said they had had a strong financial start to 2020 - which will be the busier part of the year and through Covid. Retained $45m of FY19 profit in the business.

    Disc: Holder
    Agreed.....................
    Nice divie ,and a very positive outlook.

    ps.Yes I am also a holder.

  10. #130
    Dilettante
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    Quote Originally Posted by Sideshow Bob View Post
    The key point for me (aside from the divvy ) was in some of the communication yesterday that they said they had had a strong financial start to 2020 - which will be the busier part of the year and through Covid. Retained $45m of FY19 profit in the business.

    Disc: Holder
    Exactly my view too. They have stated clearly that 2020 has started well, they repaid the wage subsidy in full, kept all staff, paid out a healthy dividend AND kept a lot of cash in both the operating company and more surprisingly, in the listed Co-op as well.
    Certainly gives me great confidence for good future dividends as well.
    With Percy onboard, we could even say we are well positioned.

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