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Thread: Seeka

  1. #346
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    The more profitable SunGold production will for the first time exceed green kiwi tray production, got to be a booster.

  2. #347
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    Correct Peat that half the forecasted increase in the profit update is from property sales but that also means the other half is from underlying earnings. That is quite a substantial upgrade from the earlier guidance. Sun Gold production fast increasing and market for all we can produce basically.
    I note that post harvest operations increased EBIDTA 46% between 2017 & 2018 which indicates that the economies of scale, after the Kerikeri acquisition and growth in the last few years, is starting to deliver benefits.
    But retail and Australia still disappointing.

    Overall I think with the re-capitalisation through the rights issue giving them an extra $48m, the size of the post harvest operations and capital already invested for further growth, SEK is well positioned for further growth in volumes and profits.
    Last edited by iceman; 12-03-2019 at 02:27 PM.

  3. #348
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    and some of the earnings uplift is due to smaller sweeter fruit and the implied assumption it obtains higher prices so theres a seasonal factor in that seeka never expected this to happen in there forecasting. so need to discount this portion of earnings as a one off
    bull

  4. #349
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    Lates addition:

    SEK
    13/03/2019 09:37
    TRANSACT
    PRICE SENSITIVE
    REL: 0937 HRS Seeka Limited

    TRANSACT: SEK: SEEKA CONTINUES ITS HEARTLAND GROWTH STORY

    Seeka Limited [NZX:SEK] announces that it has agreed to purchase 100% of
    Aongatete Coolstores Limited for a combined business value of $25m, subject
    to adjustments. This acquisition is part of Seeka's heartland growth strategy
    and is expected to add an estimated 4m to 4.5m trays to Seeka's catchment and
    to deliver sustainable EBITDA of between $3.5m and $4.5m.

    Seeka's current guidance for FY2019 excludes the impact of this crop and
    EBITDA.

    Seeka expects its net bank debt to EBITDA ratio to be within the policy range
    of 1.5x to 2.5x by the end of the year taking into account anticipated
    orchard sales, gains on those sales, operational performance, and capital
    expenditure.

    Aongatete is an integrated kiwifruit orcharding and post-harvest company
    operating across the Bay of Plenty. Its location is within Seeka's
    traditional catchment, the assets acquired are of excellent quality and the
    people and operation are renowned for their excellent performance for
    growers, grower focus and innovation.

    The purchase is anticipated to settle on 18 March 2019.
    Ends.

  5. #350
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Pmdv77 View Post
    Seeka have paid a stupid amount of money for a landlocked site with no growth potential and only 1m TE of supply (~25%) that can be committed long term. Interesting that a forecast earnings multiple of between 6 and 7 has been paid based on forward earnings projections but on actual results for the target business would equate to something around 15 to 20x. Will be worth watching to see if the earnings are generated or not in years to come...
    Care to tell us the base for your statement? I can't read out of Seekas anouncement the current earnings?

    Did you happen to be the losing bidder for the site?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  6. #351
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    Come on Pmdv, you need to back up a statement like that , it would be appreciated and give your comments some weight.

  7. #352
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    Quote Originally Posted by Joshuatree View Post
    Come on Pmdv, you need to back up a statement like that , it would be appreciated and give your comments some weight.
    Ooops. Pmvd has deleted his two recent posts !!

  8. #353
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    Like the way you guys have bullied pmdv77 into deleting his post (though BP copied it) and probably never posting again.

    Based on reading between the lines of the announcement Seeka what pmdv77 probably has some substance ...but you guys didn’t like what he (assuming male) said so got stuck into him big time. Talk about not having an open mind.

    Wouldn’t it have been better to interact with pmdv77 in a friendly way and coax further information out of him ...he might have be a mine of info but you have now lost that opportunity to glean more.

    I agree with pmdv11 ....Seeka at face value on current performance have paid over the odds for Aongatete but were obviously prepared to do so for ‘strategic reasons’ as part of the Heartland growth strategy.

    No you can get stuck into me,
    “Imagination is more important than knowledge.”

  9. #354
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    yea seeka overpaid thats why the price was down yesterday. based on pmnd77 statement 1m is committed long term either thru lease or contract the rest seeka must be fairly confident of retaining as usually smaller packhouse dont have many of there contracts longer than season to season. notice also seeka didnt mention any costs associated with redundacies etc as i imagine most of the Aongatete admin people or duplicate roles will get the boot.
    bull

  10. #355
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    winner69, two people commented on the posts in question and politely asked for explanations of his/her statements. You call them bullies but its hardly bullying by any stretch of the imaginations ! Most threads on here have seen much more robust debates

  11. #356
    An Awesome Cool Cat winner69's Avatar
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    Quote Originally Posted by iceman View Post
    winner69, two people commented on the posts in question and politely asked for explanations of his/her statements. You call them bullies but its hardly bullying by any stretch of the imaginations ! Most threads on here have seen much more robust debates
    OK bullies maybe not ....but pretty 'direct' comments from those two which has made him go away when we should have 'encouraged' him/her to tell us more
    “Imagination is more important than knowledge.”

  12. #357
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    Quote Originally Posted by bull.... View Post
    yea seeka overpaid thats why the price was down yesterday. based on pmnd77 statement 1m is committed long term either thru lease or contract the rest seeka must be fairly confident of retaining as usually smaller packhouse dont have many of there contracts longer than season to season. notice also seeka didnt mention any costs associated with redundacies etc as i imagine most of the Aongatete admin people or duplicate roles will get the boot.
    pmnd77's post used strong language to make a number of unsubstantiated claims and either (s)he or STMOD deleted it anyway. I suppose there is a reason for that. Not a good way to join a forum - and obviously not good as a reference.

    If I look at Aongatete (https://www.coolstore.co.nz/who-we-are) than it appears they are much more than just a coolstore and offering quite similar services to Seeka (https://www.coolstore.co.nz/ourservices) including orchard management. Maybe Seeka just purchased an annoying competitor? Or maybe it was cheaper for them to buy an existing company including experienced local staff than to build up new facilities and / or expand their other facilities and compete for experienced staff in a tight labour market?

    I can't remember people complaining when Synlait bought the North Island factory of a (potential) competitor. This was quite a deal, wasn't it?

    Now - I don't know whether $25m they are paying is too much for the site and the buildings alone (anybody seen a valuation?), but Seeka gets as well experienced staff (and they emphasise this in their announcement), established business relationships and a strengthened market positon.

    If people feel that they still paid too much than I would be more than happy to look at and discuss the facts.

    If this turns however just into people living out their hidden agendas and grinding their axes, than maybe we should find a better way to spend our time.
    ----
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  13. #358
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    Quote Originally Posted by BlackPeter View Post
    pmnd77's post used strong language to make a number of unsubstantiated claims and either (s)he or STMOD deleted it anyway. I suppose there is a reason for that. Not a good way to join a forum - and obviously not good as a reference.

    If I look at Aongatete (https://www.coolstore.co.nz/who-we-are) than it appears they are much more than just a coolstore and offering quite similar services to Seeka (https://www.coolstore.co.nz/ourservices) including orchard management. Maybe Seeka just purchased an annoying competitor? Or maybe it was cheaper for them to buy an existing company including experienced local staff than to build up new facilities and / or expand their other facilities and compete for experienced staff in a tight labour market?

    I can't remember people complaining when Synlait bought the North Island factory of a (potential) competitor. This was quite a deal, wasn't it?

    Now - I don't know whether $25m they are paying is too much for the site and the buildings alone (anybody seen a valuation?), but Seeka gets as well experienced staff (and they emphasise this in their announcement), established business relationships and a strengthened market positon.

    If people feel that they still paid too much than I would be more than happy to look at and discuss the facts.

    If this turns however just into people living out their hidden agendas and grinding their axes, than maybe we should find a better way to spend our time.
    Aongatete is very small compared to seeka and eastpack which is the other big player( which merged with satara) in the bay of plenty area. they paid to much because as we said and that other person said and you should read in seeka announcement ( there estimated tray from aquisition ) the supply is not guaranteed only the 1m that other person implied.
    bull

  14. #359
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    Quote Originally Posted by winner69 View Post
    OK bullies maybe not ....but pretty 'direct' comments from those two which has made him go away when we should have 'encouraged' him/her to tell us more

    S/he was encouraged w69 and chose to not back up. It would be great if PMV comes back with some more detail but it looks like it doesn't stand up atpit. I do not accept your muddy comments at all.Maybe someone PM'd Pmvd, who knows what.
    Disclose: not a shareholder atpit but was awhile back when i started this thread.

  15. #360
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    The issue with knowledge is understanding where the legalities sit in situations like this. I know the target company very well indeed (how else would I have the detail around tied in trays etc) but am not going to risk potential action against me especially with how quickly a number of people were quick to call BS on my statement...

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