SVR - Savor Ltd (Formerly MOA)

[winner69]

All honky dory on the MOA front

Growth continues. But some will say they are not upfront and didn't mention the loss

No worries - that's coming this year

https://www.nzx.com/files/attachments/259182.pdf


Surprised how small they are relative to the hype -only $10m turnover. Must've taken my eye off the ball.

Probably hopeful of the big takeover offer?

[Puriri Pete]

Probably hopeful of the big takeover offer?

Perhaps that's the underlying mission for the new China based employee - get the business on the radar of potential Chinese suitors?

[Vish]

I went to their brewery in Marlborough a month ago during a holiday. They've got some new brews in progress. I did also enjoy the craft beers that hardly make it to most supermarket shelves which is a shame.

Take over possible, wonder how much say Allan Scott would have given the winery is still NZ owned/operated.

DISC. Holding patiently

[Ghost Monkey]

'sigh' No, no, no, there is no takeover. Have you forgotten already?

“So no, we are not looking to get bought by Lion or DB. We are looking to get more growth – so eventually we can buy Lion or DB.” Geoff Ross

Stay alert people.

[Subway]

I went to their brewery in Marlborough a month ago during a holiday. They've got some new brews in progress. I did also enjoy the craft beers that hardly make it to most supermarket shelves which is a shame.

Take over possible, wonder how much say Allan Scott would have given the winery is still NZ owned/operated.

DISC. Holding patiently

There will be no take over.

Both Lion and DB have good craft beer brands under their stable, Independent have Boundary Road which I think suits them fine.

You've got to rationalise a takeover:

Either, the takeover is
- Taking market share
- Has a valuable brand/access to markets they don't already have
- Brewing capacity
- Compliments their existing range

I'd argue Moa has none of those, they still contract brew (Both Panhead and Tuatara brewed their own), their market share is in a segment of the market that DB, Lion and Independent already dominate (Monteiths, Macs and Boundary Road are already big in the mid/low end of the market). Moa has very little good will/brand value. And they don't have access to markets that DB/Lion want or need. The whole Chinese approach is essentially worthless. But finally, they simply don't mass produce good beer. And if you don't make good beer, then its essentially game over.

[Ghost Monkey]

I'd argue Moa has none of those, they still contract brew ....

Only partly true. Moa contract brew their classic range out to McCashin's Brewery. However, their reserve range and limited editions are brewed at their own site. Not a bad approach really, allows them to keep the stock Moa beer flowing while allowing them to experiment with other brews at their own brewery.

[Puriri Pete]

Growth continues. But some will say they are not upfront and didn't mention the loss

Some will also say they are not being upfront about their revenue figure either.

Having strained my eyes looking through the financial statements trying to identify what they earn from distributing ParrotDog beer and Lewis Road liqueur I am none the wiser. It would appear that this is all lumped together with Moa which means the trumpeted revenue growth of 26% may not be as fabulous as first appears.

Better transparency with a segment split between owned brand sales and the distribution business would be helpful. Do accounting standards not demand this?

[winner69]

Some will also say they are not being upfront about their revenue figure either.

Having strained my eyes looking through the financial statements trying to identify what they earn from distributing ParrotDog beer and Lewis Road liqueur I am none the wiser. It would appear that this is all lumped together with Moa which means the trumpeted revenue growth of 26% may not be as fabulous as first appears.

Better transparency with a segment split between owned brand sales and the distribution business would be helpful. Do accounting standards not demand this?

Do you note a few things in common with Trilogy (re reporting that is)

[trackers]

There will be no take over.

Both Lion and DB have good craft beer brands under their stable, Independent have Boundary Road which I think suits them fine.

You've got to rationalise a takeover:

Either, the takeover is
- Taking market share
- Has a valuable brand/access to markets they don't already have
- Brewing capacity
- Compliments their existing range

I'd argue Moa has none of those, they still contract brew (Both Panhead and Tuatara brewed their own), their market share is in a segment of the market that DB, Lion and Independent already dominate (Monteiths, Macs and Boundary Road are already big in the mid/low end of the market). Moa has very little good will/brand value. And they don't have access to markets that DB/Lion want or need. The whole Chinese approach is essentially worthless. But finally, they simply don't mass produce good beer. And if you don't make good beer, then its essentially game over.

Agree with all of this. Is the only thing they have going for them a decent distribution platform/channel?

[Subway]

Only partly true. Moa contract brew their classic range out to McCashin's Brewery. However, their reserve range and limited editions are brewed at their own site. Not a bad approach really, allows them to keep the stock Moa beer flowing while allowing them to experiment with other brews at their own brewery.

Not sure I really agree with that analysis, the classic range is their core product, that is where they are trying to push volume. Except when you contract brew your core product, you are paying away margin.

Given Moa have already discounted/repositioned their core range to the mid/lower end of the market its margin they can ill afford to pay away.

Lets not forget the reason why they had to contract brew in the first place was due to the dispute around the brewery expansion at their current site that forced them into this situation, this wasn't a by choice decision.