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  1. #1271
    The Kid
    Join Date
    Oct 2014
    Location
    Rotorua
    Posts
    426

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    According to NBR Meridian have got a better power supply deal with TAS. "Meridian likely to pocket up to $25 million from Tiwai smelter deals".

  2. #1272
    Veteran novice
    Join Date
    Jun 2007
    Location
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    7,289

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    Meridian shareholders will be pleased to see that RIO's aluminium operations were one of their better performers this half.

    http://www.asx.com.au/asxpdf/2015080...tjnqw0bwth.pdf

    I hold.

  3. #1273
    Member
    Join Date
    Jul 2014
    Posts
    499

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    A good dividend for shareholders

    https://nzx.com/files/attachments/218775.pdf

  4. #1274
    ShareTrader Legend bull....'s Avatar
    Join Date
    Jan 2002
    Location
    auckland, , New Zealand.
    Posts
    10,993

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    excellent result and excellent dividends - you would think the current price should track north too over time with such a good div yield available and te - wai point uncertainty gone now.
    one step ahead of the herd

  5. #1275
    Investor
    Join Date
    Jul 2014
    Posts
    5,643

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    Excellent result, very pleasing divvy

  6. #1276
    Guru
    Join Date
    Apr 2007
    Location
    Hamilton New Zealand.
    Posts
    4,251

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    Hmmm..up 10 to 229 is this knee jerk stuff at opening? .....back of the envelope stuff I can see all the net profit + most of the revalued assets figure = the Divvy + special
    Awaiting Snoopy and Winners expert FA

    dropped back to +7 ...

    Disc:..got heaps

  7. #1277
    Member
    Join Date
    Jun 2010
    Posts
    145

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    MEL
    Underlying NPAT $209m
    Market Cap $5792M
    PE 27.71

    GNE
    Reuters consensus EPS 8.21
    SP $1.76
    PE 21.43

    GNE positive, opex uplift from HLY closure, removal of gas overhang from Solid energy out clause (my intepretation)
    GNE negative, have become a discounting retailer, likely biggest target of upstart entrants, carbon costs increasing, seem to have limited power plant development appetite/capability. Kupe decline

    MEL positive - chance to build windfarms again on thermal plant closure, australia toehold expansion, TPM review, Tiwai short term uplift
    MEL negative - Tiwai risk will never go away, will need to run a more conservative storage position after thermal closure, margin of safety well reduced (or will need to pay for more cover)

    Thoughts?

  8. #1278
    Guru
    Join Date
    Nov 2013
    Posts
    3,025

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    Traderx - SnoopDog will probably give you a better explanation but I think the different is that MEL is a low cost provider with long asset lifes whereas GNE is a high cost provider with short asset life's and a gas field with a terminal value of $0. Still think PE of 27.71 is abit high but with term deposits at under 4% (locked away for 4 years!), the steady dividends from both is holding them up.

  9. #1279
    ShareTrader Legend bull....'s Avatar
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    Jan 2002
    Location
    auckland, , New Zealand.
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    10,993

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    if transmission review changes charges according to use instead of subsidising the nth mel will benefit as will ti wai
    also there aust stuff adds a element of possible growth compared to others
    one step ahead of the herd

  10. #1280
    Member
    Join Date
    Jul 2014
    Posts
    499

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    I will be interested in comments on lack of full imputation credits in MEL divvy. CEN divvy had none at all. A lot has been said of GNE having a potential imputation shortfall. Next Tuesday will be revealing.

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