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  1. #1
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    Default Synlait Farms Limited (SNLF)

    Synlait Farms Limited joins Unlisted

    http://www.unlisted.co.nz/uPublic/un...cement_id=2183

  2. #2
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    Synlait Farms Company Profile, 2012 Audited Annual Report and Constitution

    https://www.unlisted.co.nz/Members/u...cement_id=2184

  3. #3
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    Default

    Synlait Farms March 2013 Investor Presentation

    https://www.unlisted.co.nz/Members/u...cement_id=2185

  4. #4
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    Default Market in Synlait

    Quote Originally Posted by Armillary Private Capital View Post
    Synlait Farms Limited joins Unlisted

    http://www.unlisted.co.nz/uPublic/un...cement_id=2183


    Looks like a market is slowly establishing in Synlait Farms. Opening offer was $1.15 with a bid appearing last Thursday at $0.65 . Today a fresh buy order has been placed for 10,000 shares at $0.75c. Bid / offer spread is still very wide but I suppose it is still early days.

    With a NAV of $1.45 both buyers are obviously trying to buy $1's worth of assets for around $0.50c.

  5. #5
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    Default

    It will be interesting to see if the recent trend of higher dairy prices , especially WMP , will continue at tonights auction on the GDT Platform.

  6. #6
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    Default Dairy prices thru the roof

    Quote Originally Posted by FarmerHamilton View Post
    It will be interesting to see if the recent trend of higher dairy prices , especially WMP , will continue at tonights auction on the GDT Platform.

    Amazing , up another double digit gain and prices in NZ$ terms now up 50% in 2013. Synlait Farms could make some serious dough in 2013/14 season with a payout back above $7.00 !! The buyers at 75c & 65c may need to pay up to get any. Interesting to see if the $1.15 seller moves there price up after yet another spectacular auction result.

  7. #7
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    Default

    From their 2012 accounts, they had a NP of $3,126k and have shares on issue of 40,802,871 so earnings per share of 7.6c per share. Apply a P/E of 10 gives you 76c per share or 15 = 1.15.

    So looks like buyers and sellers have a different view of what P/E should be applied - I have no idea what it should be either. Good to have it listed, even if it is on the "unlisted".

    FarmerHamilton - I wild assumption I know but are you are farmer from Hamilton?? What is your view on the financials and a fair price for the shares. Looking at the NTA is misguided in my view as unless you are liquidating, the key metric is earnings/cashflow/dividends??? Cashflows from operations look to be strong at over $6m.
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  8. #8
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    Default

    Quote Originally Posted by CJ View Post
    From their 2012 accounts, they had a NP of $3,126k and have shares on issue of 40,802,871 so earnings per share of 7.6c per share. Apply a P/E of 10 gives you 76c per share or 15 = 1.15.

    So looks like buyers and sellers have a different view of what P/E should be applied - I have no idea what it should be either. Good to have it listed, even if it is on the "unlisted".

    FarmerHamilton - I wild assumption I know but are you are farmer from Hamilton?? What is your view on the financials and a fair price for the shares. Looking at the NTA is misguided in my view as unless you are liquidating, the key metric is earnings/cashflow/dividends??? Cashflows from operations look to be strong at over $6m.

    Like the listed property stocks I think NTA is important because it gives you a good starting point. Dairy farms have never yielded as much as commercial property but like owning a building in downtown Auckland with Synlait's 14,000 cows sending off their milk daily they get a monthly "rent cheque" from Synlait Milk. Each producing hectare has a value and each cow has a value. Added up at recent valuations and Synlait's are according to the presentation worth $1.45/share.

    The company is a play on rising commodity ( protein ) demand and prices. At a $7.50 payout the company will earn probably twice as much as at a $6.50 payout so there is real leverage to rising commodity prices. These dairy auction results must be music to managements ears I would have thought.

    Value ... I would have thought that with a fair chance of doubling of earnings in the next 12 months and at a 30c discount to NAV ( 20% ) $1.15 looks reasonable value. 75c I would say would be a fantastic buy.
    Last edited by FarmerHamilton; 03-04-2013 at 09:38 AM.

  9. #9
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    Default

    My unlisted "quote sheet" page is blank , anyone else no what is going on over there today?

  10. #10
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    Default

    Quote Originally Posted by FarmerHamilton View Post
    Like the listed property stocks I think NTA is important because it gives you a good starting point.
    In part but listed property stocks are valued on their yield. Variations occur due to debt levels, quality of buildings/tenants etc. The two (NTA and yeild) maybe confused as the value of a building is linked directly to its rental yield - an increase in NTA will be due to an increase in rental yield.

    So at earnings of 7.6c per share, and a dividend policy of say 90% and a target yeild of 8% gives you a SP of 85c. If their profit doubles as you suggest, the that price will also double.

    Edit: I am not sure what their dividend policy or whether they plan to distribute or use excess funds to pay down debt or expand.
    Last edited by CJ; 03-04-2013 at 10:48 AM.
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