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Thread: Blue Sky Meats

  1. #31
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    Furthermore....in terms of future (share) prospects....

    Not sure on the potential for any future takeover. Binxi probably had their chance and didn't take it. In recent times they've had their own issues with their plant in Oamaru (exports to China suspended - now reinstated. Closed for a few months). Probably have some sort of relationship/influence over Chinese sales, so may not need takeover. Any further increase in Binxi SH would trigger a full takeover.

    They largely failed in their foray into beef, with the purchase of the Gore plant, and then shut it down. Think the plant would have significant issues, and would need to spend some money on it. Also, at the same time Alliance is trying to expand their beef production. When it works, beef can be very profitable - but there is potentially room for a niche, well-run efficient operation to take on the bigger boys.

    Otherwise the company has been around since about 1987 (I think). Shown no growth/expansion etc. Operating in a geographic area dominated by Alliance/SFF and potentially opportunities to take on the bigger boys - again as niche, operating efficient processor. It has been this for many years, having a better utilisation of their plant compared to others in the area. But seems like they have lost their way. One plus in the current environment, is if unemployment increases, may be better placed for labour - ensuring fully staffed and lower staff turnover.....

    Their 2nd largest shareholder is Lowe Corp - Hawkes Bay-based renderers/skin company - so logically could be some connection/relationship there.

    In terms of investing, I would be looking for them to be consistently profitable, livestock numbers on better levels (lower cost per unit), better returns out of rendering/petfoods, increasing chilled (more margin) and better operational stats (ie yield). Would also want to see the end of the capital expenditure programme and a return to dividends (given lack of growth). Shares are very illiquid, so would have to maybe wait for an entry point and be a long-term hold.

  2. #32
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    No FY result as yet - last year was the 4th of July.

    Would just be interesting to see how they perform in comparison to other companies.

  3. #33
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    Quote Originally Posted by Sideshow Bob View Post
    No FY result as yet - last year was the 4th of July.

    Would just be interesting to see how they perform in comparison to other companies.
    They've changed to end of June FY, so no result yet.....

  4. #34
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    Still waiting. Must be very soon, maybe before the end of the month??

  5. #35
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    Midday business news on RNZ yesterday. Starts around 03:25 https://www.rnz.co.nz/audio/player?audio_id=2018765915

  6. #36
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    Quote Originally Posted by iceman View Post
    Midday business news on RNZ yesterday. Starts around 03:25 https://www.rnz.co.nz/audio/player?audio_id=2018765915
    Thanks Iceman - well spotted.

    Doesn't engender alot of confidence....

  7. #37
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    https://usx.co.nz/uploads/paperclip/...pdf?1602216037

    Must have come out late Friday. Haven't had a chance to have much of a look as yet.

    Can see why sneaked it out. While NPAT is marginally down on last year - 15 months rather than a 12 month period. The extra months of April-June would normally be some of their higher throughput/more profitable months I'd imagine. So hard to tell if procuring/processing more or just the addition of those months.

    They champion their EBITA strategic plan gains - which is great but what would have happened without these gains?

    One of the positive aspects is the capital expenditure of $8.5m, funded out of operating cashflow (and no long term debt). Hopefully are projects that generate income, rather than just cost of doing business.

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  9. #39
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    Keen to push points of difference, premium returns | Otago Daily Times Online News (odt.co.nz)

    Interestingly it came out in the ODT before it was announced on the USX.

  10. #40
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    Quote Originally Posted by Sideshow Bob View Post
    Keen to push points of difference, premium returns | Otago Daily Times Online News (odt.co.nz)

    Interestingly it came out in the ODT before it was announced on the USX.
    Going to be a busy boy.
    He is currently a director of Lean Meats Ltd and Atkins Ranch Holdings Ltd, and chief executive of Atkins Ranch — a US retail-focused lamb marketer. He is also chief executive of Progressive Meats, a specialist toll processor of lamb, mutton, goat and beef in the Hawke’s Bay.

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