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  1. #1
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    Default MPG - Metro Glass

    We'll have to wait for the Investment Statement to get a better idea but does anyone else think that this rash of IPO's is starting to sound like a faint warning bell?

    http://www.nzherald.co.nz/business/n...ectid=11285704

  2. #2
    Legend Balance's Avatar
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    Where's the growth?

    A company in trouble, bought cheap by private equity, financially engineered now to sell into a strong market?

  3. #3
    The Wolf of Sharetrader
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    Hopefully they've learnt from the Hirepool debacle and come up with a reasonable offering
    Last edited by nextbigthing; 02-07-2014 at 07:41 AM.

  4. #4
    Speedy Az winner69's Avatar
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    The real winners were the owners who got $366m in 2006

    Good blokes those guys .....laughed all the way to bank

    Just shows you how stupid this years were .....PE paying inflated prices for anything with a cash flow.
    Last edited by winner69; 02-07-2014 at 08:13 AM.

  5. #5
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Balance View Post
    Where's the growth?

    A company in trouble, bought cheap by private equity, financially engineered now to sell into a strong market?
    Revenue wise not much

    They will tout that at proposed prices lower multiples Han the likes of FBU and STU

    Must be a bargain then

  6. #6
    Member brucey09's Avatar
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    Quote Originally Posted by winner69 View Post
    Revenue wise not much

    They will tout that at proposed prices lower multiples Han the likes of FBU and STU

    Must be a bargain then
    Snrs.
    No touch with as you say "barging pole". Yes?

  7. #7
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    Gets a mention in today's Chalkie column.

    http://www.stuff.co.nz/business/opin...-conflict-soup

  8. #8
    Speedy Az winner69's Avatar
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    From what I know they must have grown big time in the last 2 to justify a $300m market cap

    Also be looking at how much debt gets left behind in the company ($80m odd in last accounts)

    Prospectus will be interesting - after the market they are in is booming big time .....Christchurch CBD is going to be full of spanking new buildings endowed with glass

  9. #9
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    A couple of months ago we broke an upstairs window, and as a frugal one does I duly measured it all up and popped down to smith and smith for a replacement pane. Didn’t even bother with a call out in Christchurch anticipating backlog.

    Not really to my surprise I was told that their glaziers were all busy and that I would have to wait three days.

    That’s three days for an across the counter sale, wish I had shares in smith and smith I thought.

    When I offered, tongue in cheek, to go out the back to cut it myself, the shop assistant looked at me blankly for a few seconds in quiet contemplation but decided rightfully that it was not an option.

  10. #10
    ShareTrader Legend Beagle's Avatar
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    Another private equity company bringing a company with a chequered history to the market when the market is currently priced at 22 year high's on a forward PE basis.
    Yes this rush of IPO's is strategically timed and NO companies such as this which have cyclical earnings should not command a PE of early teens in anything other than an irrational market.

    Hirepool Mk2 anyone ? YAWN...

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