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  1. #7421
    Speedy Az winner69's Avatar
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    Heartland into this disruptive stuff and the use of technology. That's good in these changing times

    Read this article about make of Boards in these changing times

    Main points were 'Board members know that there company will either embrace technological change or go out of business' and 'At the Board level, there is a need for "geeks", independent directors who can put technology to use'

    Heartland passes on the first point ....but who is the geek amongst this lot?
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    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #7422
    Speedy Az winner69's Avatar
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    Quote Originally Posted by winner69 View Post
    t_j have you solved percy's little puzzle yet
    t_j

    Another hint to solving percy's little puzzle - Never underestimate how much 'strategic value' is worth
    Last edited by winner69; 30-04-2016 at 09:13 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #7423
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    Quote Originally Posted by winner69 View Post
    t_j

    Another hint to solving percy's little puzzle - Never underestimate how much 'strategic value' is worth
    Not yet, I will try have a look at it soon... I should really know it 'off by heart' as I have held FXL shares for some time...

    Either way, what I can say now is that with UDC, Heartland would be "extremely well positioned"

  4. #7424
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    Quote Originally Posted by trader_jackson View Post
    Not yet, I will try have a look at it soon... I should really know it 'off by heart' as I have held FXL shares for some time...

    Either way, what I can say now is that with UDC, Heartland would be "extremely well positioned"
    FXL paid A$275 MILLION, NZ$294 MILLION for F&P Finance in Late October 2015
    The acquisition price of F&P Finance represents:
    - acquisition multiple of 8.8x pro-forma FY15 Cash NPAT (taking into account expected synergies under FXL ownership), 9.9x not taking into account expected synergies
    - 2.9x book value
    - 44% of receivables

    hopefully that helps..
    Last edited by trader_jackson; 30-04-2016 at 07:14 PM.

  5. #7425
    Speedy Az winner69's Avatar
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    Quote Originally Posted by trader_jackson View Post
    FXL paid A$275 MILLION, NZ$294 MILLION for F&P Finance in Late October 2015
    The acquisition price of F&P Finance represents:
    - acquisition multiple of 8.8x pro-forma FY15 Cash NPAT (taking into account expected synergies under FXL ownership), 9.9x not taking into account expected synergies
    - 2.9x book value
    - 44% of receivables

    hopefully that helps..
    Like that 2.9 times book value

    Hope FXL take Heartland at the same multiple - just shy of $3
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #7426
    percy
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    Quote Originally Posted by winner69 View Post
    Like that 2.9 times book value

    Hope FXL take Heartland at the same multiple - just shy of $3
    Well done Trader Jackson and Winner69.
    Go to the top of the class.!!!.

    ps.NB.Neither The Farmers Finance Company,or FPF held a banking licence,.
    I am saving asking you what you think that is worth for another day..lol.
    Last edited by percy; 30-04-2016 at 08:21 PM.

  7. #7427
    Speedy Az winner69's Avatar
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    Quote Originally Posted by percy View Post
    Well done Trader Jackson and Winner69.
    Go to the top of the class.!!!.

    ps.NB.Neither The Farmers Finance Company,or FPF held a banking licence,.
    I am saving asking you what you think that is worth for another day..lol.
    That day will be when somebody wants to buy Heartland eh percy

    The answer then - heaps

    Today - the market values the worth of Heartland having a banking licence much in line with ANZ etc

    Good marketing tool though
    Last edited by winner69; 01-05-2016 at 08:26 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #7428
    percy
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    Quote Originally Posted by winner69 View Post
    That day will be when somebody wants to buy Heartland eh percy

    The answer then - heaps

    Today - the market values the worth of Heartland having a banking licence much in line with ANZ etc

    Good marketing tool though
    As they say on The Shopping Chanel;
    "It really works."...lol.

  9. #7429
    Speedy Az winner69's Avatar
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    Though these days from a reputational point of view being a bank is often a liability

    Even in this part of the world
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #7430
    percy
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    Quote Originally Posted by trader_jackson View Post
    FXL paid A$275 MILLION, NZ$294 MILLION for F&P Finance in Late October 2015
    The acquisition price of F&P Finance represents:
    - acquisition multiple of 8.8x pro-forma FY15 Cash NPAT (taking into account expected synergies under FXL ownership), 9.9x not taking into account expected synergies
    - 2.9x book value
    - 44% of receivables

    hopefully that helps..
    Yes very helpful.
    I think it gives a clear picture of what a "trade buyer" who is experienced in the sector, will pay for a very good business,which FPF is.
    Now I wonder where we are with UDC,which is also a very good business.?
    The difference will be in the untangling of UDC's ANZ relationship.
    That will be interesting.

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