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  1. #7111
    Guru
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    Quote Originally Posted by nextbigthing View Post
    Hi Michael,

    I think it's simply to do with the global investment community being cautious in general, and the market factoring in a little bit of dairy induced weakness for the upcoming years. If you feel it's being incorrectly undervalued, then buy up large, then sit back, relax and enjoy your growth and divvys.
    Yes I suppose its in the same boat that many Australian companies were (or are?) in... talks of recession, big slow down etc etc when last week, Australian earnings had an astonishing 10:1 Beat:Miss ratio.... maybe if people get really stupid and the price dips below the $1.10 mark (like mid way last year) I will be extremely tempted, right now HBL is just in the "very tempting" basket

  2. #7112
    Senior Member
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    Quote Originally Posted by nextbigthing View Post
    Hi Michael,

    I think it's simply to do with the global investment community being cautious in general, and the market factoring in a little bit of dairy induced weakness for the upcoming years. If you feel it's being incorrectly undervalued, then buy up large, then sit back, relax and enjoy your growth and divvys.
    The market knows best, already priced in, if you were a trader you could have made some coin today off the reactionaries. To add to nextbigthing comments the investment community is currently looking at Dairy on a 7 multiplier effect to the NZ economy, 7x18 billion over 230 nominal GDP for NZ pa.
    Last edited by Raz; 23-02-2016 at 06:10 PM.

  3. #7113
    The Wolf of Sharetrader
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    NZ banks 'well positioned' for record profits apparently. I won't complain.

    http://www.stuff.co.nz/business/7716...d-profits-kpmg

  4. #7114
    IMO
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    Craigs note
    Slightly ahead of expectations
    NPAT $25.6 m $26.1 adjusted

    Loan book grew 7.6% Impairment expense up 10%
    Loan growth in all 3 sectors
    T/P unchanged $1.30
    Last edited by Joshuatree; 24-02-2016 at 09:20 AM.

  5. #7115
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    I'd love to know who that bot is selling for, been at it for 4 days now I think.
    Any ideas???

  6. #7116
    cheeky
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    Apr 2015
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    Paid article on NBR today: "Heartland may buy a business instead of returning $100m to shareholders"

    Jeff sees greater opportunity for acquisitions due to falling stockprices in the financial sector though there is nothing to "articulate in detail" at this stage

    http://www.nbr.co.nz/article/heartla...rs-jr-p-185238

  7. #7117
    Pirate K1W1G0LD's Avatar
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    Quote Originally Posted by goldfish View Post
    I'd love to know who that bot is selling for, been at it for 4 days now I think.
    Any ideas???
    Goldfish, he's been at it for weeks , that's why the shareprice is'nt getting any upwards traction, soon as it goes up he sells it down.

  8. #7118
    On the doghouse
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    Default Underlying Gearing Ratio HY2015 (Period Ending 31/12/2014)

    Quote Originally Posted by Snoopy View Post
    An update from the previous reporting period, FY2013.

    The underlying debt of the company according to the HY2014 statement of financial position is: $32.612m

    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:

    $2,492.090m - ($1,905.850m +$61.481m + $255.427m) = $269.332m

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

    $269.332m - $22.891m = $246.441m

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

    $32.612m/$246.441m= 13.2% < 90%

    Result: PASS TEST

    This means the position has improved usefully over the latest half year.
    An update from the previous reporting period, FY2014.

    The underlying debt of the company according to the HY2015 statement of financial position is:

    $38.666m + $4.109m = $42.775m

    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:

    $3,162.169m - ($2,722.443m +$25.831m + $209.544m) = $204.351m

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

    $204.351m - $49.933m = $154.418m

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

    $42.775m/$154.418m= 27.7% < 90%

    This compares unfavourably with the comparatuve half year period figure of 13.2%, but favourably with the 40.5% figure from FY2014 date (30th June 2014)

    Result: PASS TEST

    SNOOPY
    Last edited by Snoopy; 28-07-2018 at 12:52 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  9. #7119
    On the doghouse
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    Default EBIT to Interest Expense ratio HY2015 (Period ended 31/12/2014)

    Quote Originally Posted by Snoopy View Post
    Results are out for HY2014 so time to update.

    Updating for the half year result HY2014. 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) = $100.500m-$32.417m= $68.083m

    Interest expense is listed as $48.114m.

    So (EBIT)/(Interest Expense)= ($68.083)/($48.114)= 1.42 > 1.20

    Result: PASS TEST, a significant improvement from the FY2013 position. Perhaps that drop in interest being paid to debenture holders as a result of becoming a bank is starting to come through?
    Updating for the half year result HY2015. 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) = $128.252m-$33.523m= $94.729m

    Interest expense is listed as $62.577m.

    So (EBIT)/(Interest Expense)= ($94.729m)/($62.577m)= 1.51 > 1.20

    Result: PASS TEST, an improvement from the HY2014 (1.42) position. And also an improvement on the position 6 months ago FY2014 (1.44)

    SNOOPY
    Last edited by Snoopy; 25-02-2016 at 01:19 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  10. #7120
    On the doghouse
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    Default Equity Ratio HY2015 (period Ended 31/12/2014)

    Quote Originally Posted by Snoopy View Post
    Updating this number for the half year HY2014

    Equity Ratio = (Total Equity)/(Total Assets)

    Using numbers from the Heartland HYR2014

    = $382.510m/$2492.090m = 15.3%

    This is an improvement on the FY2013 position. It does not include any effect from the just announced reverse mortgage acquisitions. Nevertheless the underlying loan book continues to shrink away, albeit by a miniscule 0.5%.
    Updating this number for the half year HY2015

    Equity Ratio = (Total Equity)/(Total Assets)

    Using numbers from the Heartland HYR2015

    = $462.310m/$3162.169m = 14.6%

    This is a decrease on the HY2014 position (15.3%). It is also a decrease on the FY2014 position of 6 months ago (15.0%)

    SNOOPY
    Last edited by Snoopy; 25-02-2016 at 01:21 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

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