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26-02-2020, 05:04 PM
#431
Risk Manager for FTX
Total revenue of $236.9m (2018: $203.7m); an increase of 16%.
– $6.9m profit after tax (2018: $6.7m); up 3%.
– $34.5m EBITDA (2018: $33.3m); up 4% and ahead of the guidance range of between $32.5m to $33.5m.
– $368.2m of assets; up 22% from 2018.
– $116.8m net debt; an increase of $37.7m.
– $0.22 earnings per share; reflecting the full-year dilution of the late-2018 capital raise.
Opinions on the result? As expected?
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26-02-2020, 05:14 PM
#432
Originally Posted by Gerald
Total revenue of $236.9m (2018: $203.7m); an increase of 16%.
– $6.9m profit after tax (2018: $6.7m); up 3%.
– $34.5m EBITDA (2018: $33.3m); up 4% and ahead of the guidance range of between $32.5m to $33.5m.
– $368.2m of assets; up 22% from 2018.
– $116.8m net debt; an increase of $37.7m.
– $0.22 earnings per share; reflecting the full-year dilution of the late-2018 capital raise.
Opinions on the result? As expected?
as expected. I say on the thread a while ago i didnt expect the share to go higher because growth will be a few years away, i still maintain the view
one step ahead of the herd
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26-02-2020, 05:30 PM
#433
ONe cant complain when guidance is achieved though of course one can hope for more.
EPS down quite a lot really, but we knew it would be that way
I thought debt was decreasing???
Solid divi - I'm holding, but I must admit I was hoping for better.
For clarity, nothing I say is advice....
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26-02-2020, 06:26 PM
#434
Originally Posted by peat
ONe cant complain when guidance is achieved though of course one can hope for more.
EPS down quite a lot really, but we knew it would be that way
I thought debt was decreasing???
Solid divi - I'm holding, but I must admit I was hoping for better.
Agree.
Re debt - I think this is more a timing issue, should be already lower now (with one orchard sale settled in February).
Positive outlook, but obviously - it is a weather dependent industry ...
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"Prediction is very difficult, especially about the future" (Niels Bohr)
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27-02-2020, 01:35 PM
#435
Originally Posted by BlackPeter
Agree.
Re debt - I think this is more a timing issue, should be already lower now (with one orchard sale settled in February).
Positive outlook, but obviously - it is a weather dependent industry ...
Yeh good point about the debt.
Hopefully the orchards have irrigation.
One thing that is concerning me about this company though is that it may over reward growers vs shareholders. They are its stated focus whereas shareholders should be the focus and growers can be shareholders if they choose.
For clarity, nothing I say is advice....
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27-02-2020, 03:33 PM
#436
Originally Posted by peat
Yeh good point about the debt.
Hopefully the orchards have irrigation.
One thing that is concerning me about this company though is that it may over reward growers vs shareholders. They are its stated focus whereas shareholders should be the focus and growers can be shareholders if they choose.
Don't think you can operate a commercial orchard in NZ and certainly not in Australia without irrigation.
I take that in NZ as given and did recently some research re their Australian site ... and they look fine (i.e. they have irrigation and the water supply looks safe to the end of the harvesting period).
Not so sure re focus on shareholders vs growers. I guess - you could say that the growers are basically part of their customer base (they pay for consultation, for space in the cool storage and Seeka basically clips the ticket for every crate sold. No growers, no profit). Normally it is good if a company is looking after their customers. They say - look after your customers and the profits look after themselves.
Obviously - there needs to be long term a fair payback for the capital as well. Do you think this is not the case?
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"Prediction is very difficult, especially about the future" (Niels Bohr)
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27-02-2020, 09:21 PM
#437
I do like what they are doing. They have greatly increased their geological presence by buying up large in Northland and Australia. To do this they took on a lot of debt but they nare now selling a lot of the orchards to growers that will have contracts to supply to SEK for several years and use the proceeds (and rleased gains) to lower debt again. They have now said they will look at a similar program in Australia.
Peat has a valid point about grower focus vs shareholder focus but the reward scheme they ran for several years and finished a couple of years ago from memory, was paid out in shares so the rewarded growers became shareholders with increasing holding sizes. Would be interesting to know how many have held onto those shares.
But overall I think SEK is doing the right thing and setting themselves up well for the future. We may well be a couple of (or several) years away from seeing the real results from this strategy but I like it anjd will be buying more in the near future if prices stay at current level or slightly lower. Currently only have a miniscule holding bought recently
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03-03-2020, 10:03 AM
#438
Expecting 2020 Kiwifruit crop to be 10% larger than last year:
http://nzx-prod-s7fsd7f98s.s3-websit...310/318041.pdf
... this can't be bad news, can it?
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"Prediction is very difficult, especially about the future" (Niels Bohr)
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03-03-2020, 10:17 AM
#439
Originally Posted by BlackPeter
one would hope not for sure
but price taker huh ? so if glutted then could be less overall revenue
BUT with drought conditions it is less likely that a glut will occur?
I'm just surmising here...…..
For clarity, nothing I say is advice....
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03-03-2020, 10:28 AM
#440
Originally Posted by BlackPeter
be more informative if they provided a comparison before the northland aquisitions , looks like the lift is only due to this could actually be worse if nortland taken out
one step ahead of the herd
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