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  1. #1861
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    I particularly like the earnings guidence for next year of NPAT $34 - 37m. This = earnings of 8.7 - 9.5cps. Say @ a PE of 12 a share price of $1.04 - $1.14 would be expected. Pick your own PE
    SCOTTY

  2. #1862
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    Quote Originally Posted by SCOTTY View Post
    Pick your own PE
    The 4 Pillars in Australia are all trading in the range of PE 14.49-16.9.

    Not saying HNZ should be the same.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  3. #1863
    percy
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    The result confirms all is on course:
    "The on-going growth of core assets,coupled with a continuing reduction in cost of funds,has positioned Heartland to deliver sustainable profitability in future years."
    I think that statement sums it up correctly.

  4. #1864
    percy
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    Quote Originally Posted by CJ View Post
    The 4 Pillars in Australia are all trading in the range of PE 14.49-16.9.

    Not saying HNZ should be the same.
    Projected profit is an increase of 37% to 49%.Add to that dividends and comparing Heartland to The 4 Pillars in Australia may be under selling/valueing HNZ?!
    Say earnings are at the top end 9.5cents and PE of 18 = SP of $1.71.
    "We are well positioned," !!!!!

  5. #1865
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    Quote Originally Posted by CJ View Post
    The 4 Pillars in Australia are all trading in the range of PE 14.49-16.9.

    Not saying HNZ should be the same.
    Quote Originally Posted by percy View Post
    Projected profit is an increase of 37% to 49%.Add to that dividends and comparing Heartland to The 4 Pillars in Australia may be under selling/valueing HNZ?!
    Exactly - as I said, not saying they should be the same

    Just keep your price forecasts quiet as I am thinking of topping up.
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  6. #1866
    percy
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    Quote Originally Posted by CJ View Post
    Exactly - as I said, not saying they should be the same

    Just keep your price forecasts quiet as I am thinking of topping up.
    Sorry about that.!!!
    Trying to remember how to work out the PEG.Then the better ratio is the PEG including divie.PEG + divie
    Sure you can work them out for me,once you have done your buying..
    Just hold off until I have picked up 10,000 at 87cents.Thank you.
    Is it 18[pe] divided by growth 37 [or49] + 5 [divie]\
    ie 18 divided by 42 = .42.
    or 18 divided by 54 =.33.???
    Last edited by percy; 26-08-2013 at 11:40 AM.

  7. #1867
    percy
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    You can go ahead now CJ.Thanks for holding back.Brought 10,000 @87cents.Also been onto Link market services and elected full dividend reinvestment for my total holding. Did it on line.Wife likes the cash,so she will not go for it.

  8. #1868
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    Default EBIT to Interest Expense FY2013

    Quote Originally Posted by Snoopy View Post
    Updating for the full year result FY2012

    EBIT (high estimate) = $205.148m-$65.547m= $139.601m

    Interest expense is listed as $121.502m.

    So (EBIT)/(Interest Expense)= ($139.602)/($121.502)= 1.15 < 1.20

    Result: FAIL TEST but an improvement from the HY2012 position.
    Results are out so time to have another look at those Heartland banking covenants.

    Updating for the full year result FY2013. The EBIT figure is not in the financial statements. So I will use 'interest income' as an indicator for EBIT, once I have taken out the selling and administration costs

    EBIT (high estimate) = $206.349m-$70.347m= $136.002m

    Interest expense is listed as $110.895m.

    So (EBIT)/(Interest Expense)= ($136.002)/($110.895)= 1.22 > 1.20

    Result: PASS TEST, a significant improvement from the FY2012 position.

    SNOOPY
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  9. #1869
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    Quote Originally Posted by SparkyTheClown View Post
    I stand by my intrinsic value of $1.48 from the other day . I think this is grossly undervalued at the moment. People are playing safe harbour with HNZ based on NTA, which is understandable due to the property lemons in the non-core book. But I think this is suitably accounted for.
    Totally agree. It is the future earnings that should be driving the share price. The company has given nice forecasts for FY14. I believe a re-rating has yet to occur on this stock based on those future earnings. HNZ is one of the few NZX stocks that show some VALUE and GROWTH. (others I like are SKL, CMO, TUR)

    DYOR

  10. #1870
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    Default Underlying Gearing Ratio FY2013

    Quote Originally Posted by Snoopy View Post
    The underlying debt of the company according to the full year statement of financial position is: $33,802,000m.

    To calculate the total underlying company assets we have to (at least) subtract the finance receivables from the total company assets. I would argue that you should also subtract the problem 'Investment Properties' and the unspecified 'Investments' from that total:

    $2,348.69m - ($2,078.28m +$55.50m + $24.22) = $190.09m

    We are then asked to remove the intangible assets from the equation as well:

    $190.09m - $23.00m = $167.09m

    Now we have the information needed to calculate the underlying company debt net of all their lending activities:

    $33.8m/$167.09m= 20.2% < 90%

    Result: PASS TEST

    I note that the relative debt has increased since the half year reporting date. However it is still well within acceptable levels. I would the debt position to worsen during the year because of all the deferred branch transformation expenditure that was shunted into the FY2013 year. It will pay to keep an eye on this figure.
    The underlying debt of the company according to the full year statement of financial position is: $33.673m+ $2.859m = $36.532m

    To calculate the total underlying company assets we have to (at least) subtract the finance receivables from the total company assets. I would argue that you should also subtract the problem 'Investment Properties' and the unspecified 'Investments' from that total:

    $2,504.627m - ($2,010.376m +$58.287m + $165.223m) = $270.741m

    We are then asked to remove the intangible assets from the equation as well:

    $270.741m - $22.963m = $247.778m

    Now we have the information needed to calculate the underlying company debt net of all their lending activities:

    $36.532m/$247.778m= 14.7% < 90%

    Result: PASS TEST

    The position has improved significantly over the last year. Looks like the debt position has not worsened during the year because of all the deferred branch transformation expenditure that was shunted into the FY2013 year as I feared.
    Last edited by Snoopy; 28-07-2018 at 12:45 PM. Reason: Correct last calculation
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