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  1. #261
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    Quote Originally Posted by Sideshow Bob View Post
    Good solid result. Strung 2 years together, and through Covid.

    6.5% net dividend (at todays price).
    Coop still sitting on circa 20-22c cash per share.
    Coop share means a net profit of about 30c per share.
    Coop shareholder equity of about $3 per share.
    PE still under 3......
    SFF only paying out less than half their profit.

    No mention of donning or doffing, or inventories - but maybe not much of an issue??

  2. #262
    percy
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    Yes a very pleasing result.

  3. #263
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    Quote Originally Posted by percy View Post
    Yes a very pleasing result.
    Now for the quinella......

  4. #264
    percy
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    Quote Originally Posted by Sideshow Bob View Post
    Now for the quinella......
    Yes.??
    SFF.Increasing the capital spend is positive.
    A year ago I started buying. With help from Iceman and yourself, I have grown more comfortable with the business.and better understand it.Fortnightly reports from SFF Ltd's ceo Simon Limmer are also helpful.
    I have steadily increased my holding and also brought a good amount for the wife.
    Always a lot of reasons not to have a large holding,however I see the business is very well managed,has a strong balance sheet,is in the right sector supplying grass feed meat to New Zealanders and the world.
    Marketing has seen NZ meat companies widen their chanels to customers.Online meat sales in the US are huge and growing,and as restaurants around the world reopen I see SFF being "well positioned."
    The company's shareholder communications are excellent too.
    https://farmersweekly.us19.list-mana...a&e=4c7f670243
    Last edited by percy; 31-03-2021 at 06:29 PM.

  5. #265
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  6. #266
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    I think this is a very good result given the global disruption we are facing, nearly identical result to last year which was a record result. I am pleased to see how they have reacted to the disruption and in particular how online sales are growing fast and SFF certainly seems well focused on this.
    Having more online sales channels operating when we come out of the COVID situation may support future sales nicely.

    While I was expecting a higher dividend I think the Board has taken a conservative approach and keep a lot of cash on the balance sheet, despite being debt free. I think this is prudent given the World circumstances but should in my view see even better dividends in the future, as long as they can maintain and/or grow profits.

    It is great to see them have good results 4 years in a row and gives confidence that the new strategy is now well and truly working.
    Yes Percy it sure has been a good investment in the last 18 months with SP growth of around 25-30% and another 20-22% gross dividend from the 2 dividends announced since then.
    Not bad for a boring meat company :-)

    A happy holder.

  7. #267
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    Now we need to see if the 4th good year in a row delivering a good profit and a healthy gross dividend of around 8.3% on today's share price and a P/E of 2.8, will raise more awareness and interest in this stock. They don't come much cheaper.

  8. #268
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    To me, the key aspect is another consistent years profitability, and the signal that sends. In the past, profitability has been highly variable and mainly dependent on a number of factors largely outside of their control. Especially in light of the disruption of Covid, not only lockdown, but also shipping and effects on markets. Making profits regardless of market conditions will drive share price.

    Not under the pressure of the old days with substantial debt and cashflow challenges, and freeing up management focus for elsewhere.

    I would have (naturally) preferred to see a higher dividend, but March/April is likely their peak cashflow needs with the seasonality aspect of the business. Add in to that, that their inventory is almost certainly higher than last year - given pressures on coldstorage and container/shipping availability. At the same time, they are investing substantially in the business, and no doubt the Chinese shareholders are happy with a dividend - but will be taking a much longer term perspective. Bright Food have much more to worry about with their other major NZ investment.........!! (ie their pink-font loving milk company between Rolleston & Rakaia...).

    Would think Alliance (and ANZCO) would have concerns given their relative lack of performance and strong amount of cash SFF now have in their business.

    Whoever bought the 17-odd thousand shares yesterday at 84c got a good buy, as see onwards and upwards from here. Being Unlisted and off the radar means shares remain illiquid.....no reaction today and only offer is at $1.00........
    Last edited by Sideshow Bob; 01-04-2021 at 10:53 AM.

  9. #269
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    No sales since the profit announcement (excusing a small parcel of 960 leftover from prior sale).

    No more has come on the offer side. 36,219 on offer at $1.00, which I think have been sitting there forever.

    Best bid is $0.86, with someone else trying to pinch 95,000 at 0.85.

    Even at $0.86, it is still 6.4% net divvy yield, payable at the end of the month.

    Some are very well positioned......

  10. #270
    percy
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    Still a handsome divie of 5.5% at $1.00.....
    Last edited by percy; 06-04-2021 at 06:03 PM.

  11. #271
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    Quote Originally Posted by percy View Post
    Still a handsome divie of 5.5% at $1.00.....
    The maths becomes pretty easy!! Roll on a buck!

    Or 8.2% gross at $1!!

  12. #272
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    [QUOTE=Sideshow Bob;879279]To me, the key aspect is another consistent years profitability, and the signal that sends. In the past, profitability has been highly variable and mainly dependent on a number of factors largely outside of their control. Especially in light of the disruption of Covid, not only lockdown, but also shipping and effects on markets. Making profits regardless of market conditions will drive share price.

    You hit the nail on the head SB. Incredibly cheap for an increasingly consistent performer in sector with tailwinds.

  13. #273
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    Quote Originally Posted by percy View Post
    Still a handsome divie of 5.5% at $1.00.....
    Not to mention my early forecast (yet again) of 7c next year
    One day I will be proven right, I hope.

  14. #274
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    Traded at $0.90 this morning. Nothing new showing on the buy side.

  15. #275
    percy
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    - - 20,000 0.900......The buyers.
    - - 15,000 0.860
    - - 30,000 0.850
    - - 46,646 0.850
    - - 540 0.840
    - - 17,033 0.840
    - - 15,760 0.810
    - - 18,920 0.760
    - - 10,000 0.750
    - - 10,000 0.670
    - - 9,383 0.660
    - - 7,000 0.620
    - - ..............................................The only seller is at $1.00 with 36,219 shares.
    Last edited by percy; 07-04-2021 at 12:56 PM.

  16. #276
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    Sorry my bad, should have said nothing new on the SELL side.

  17. #277
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    Update - all those 36,219 at $1.00 have been cleaned out, and none on the offer/sell side.

    Dividend yield easy to calculate.

    PE has probably skyrocketed to be over 3 now......

    Last edited by Sideshow Bob; 07-04-2021 at 03:09 PM.

  18. #278
    percy
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    Quote Originally Posted by Sideshow Bob View Post
    Update - all those 36,219 at $1.00 have been cleaned out, and none on the offer/sell side.

    Dividend yield easy to calculate.

    PE has probably skyrocketed to be over 3 now......

    Yes being $1 makes it easy to work out the dividend yield.,,.lol.
    And yes the PE has skyrocketed to 3.1.
    We have known for some time the share price should be $1 [or well over],but it is still a very nice surprise when it happens.
    Up 16cents or 19.05% for the day.
    Last edited by percy; 07-04-2021 at 04:50 PM.

  19. #279
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    Yes Percy and now up 75% in the last 12 months and 2 fully imputed dividends combined around 25% gross on the purchase price back then. Who'd have though a meat company would return 100% in 12 months !!
    Still undervalued in my view !!

    Would you agree we are "well positioned" ?

  20. #280
    percy
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    Quote Originally Posted by iceman View Post
    Yes Percy and now up 75% in the last 12 months and 2 fully imputed dividends combined around 25% gross on the purchase price back then. Who'd have though a meat company would return 100% in 12 months !!
    Still undervalued in my view !!

    Would you agree we are "well positioned" ?
    Certainly would.....lol.

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