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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.

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    One Fearsome Feline 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
    One Fearsome Feline 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
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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
    One Fearsome Feline 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. Didnít 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.

    Thatís 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
    Hunting for more dog food 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...

  11. #11
    One Fearsome Feline 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?
    Indicative pricing says earnings $19m (current or next year I don't know but that's what the PE ratio mentioned gives)

    2013 profit was $8m on $140m odd sales

    So $8m to $19m is real growth eh Balance ....there's the growth

    And all those glass towers in Christchurch to come

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    Might have been more interested a couple of years ago in Metroglass earlier in the macro economic cycle.

    There is some growth on the horizon but they donít have a particularly high proportional exposure to the Christchurch market, in similar fashion to FBU and STU.

    Not for me at $1.70, there are better propositions in the market right now.

    http://www.scoop.co.nz/stories/BU140...70-sources.htm

    Disc: not investing

  13. #13
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    Quote Originally Posted by winner69 View Post
    Indicative pricing says earnings $19m (current or next year I don't know but that's what the PE ratio mentioned gives)

    2013 profit was $8m on $140m odd sales

    So $8m to $19m is real growth eh Balance ....there's the growth

    And all those glass towers in Christchurch to come
    At least it is an easy to understand business. As double glazing is now and standard practice in new building an most almost replacement glass for door or windows have to be strength glass isn't it?

    So more or less it is depending on property cycle and new building consents.

    I am wondering who else in NZ is producing glass panels and what is the chance that these glass panels could come in from over sea. I know that some kitchen panels are from Germany.

  14. #14
    The Wolf of Sharetrader
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    Quote Originally Posted by dino4abcoach View Post
    who are their competition and will they be up against imported glass from china that is now duty free under our FTA
    Metro import it from China themselves...

  15. #15
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    I see them having strong growth during FY 15, 16 and 17 but flattening off and possibly even negative growth post Chch rebuild.

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    Now, there's a surprise. MetroGlass issue oversubscribed!

    http://www.stuff.co.nz/business/indu...day:dailybrief

  17. #17
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    Quote Originally Posted by macduffy View Post
    Now, there's a surprise. MetroGlass issue oversubscribed!

    http://www.stuff.co.nz/business/indu...day:dailybrief
    I understand the Aussies were really interested / got sucked in big time

  18. #18
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    you cant beat a continuation of the 11% pa revenue growth through to September 2015

    And EBITDA to grown at 45% pa from FY12 to FY14 and will grow at 22% pa through to FY15

    Pretty good eh

    Sept NPAT forecast 12 months Sept 15 is $21.2m ..... so a PE of 15 future earnings

    That based on NPAT -- not the NPATA that they seem to use in the prospectus

  19. #19
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    Mike doesn't get it one little bit. Probably wont be putting any Metro in his portfolio. He going to miss out then
    http://www.chrislee.co.nz/market-news


    Quote

    Drafty? Ė Metroglass Tech (MGT) seems to be in a real hurry to float their shares on the NZX!

    Itís almost like someone called in to report a broken window, its cold and the draft is cooling the home rapidly and MGT is on its way and hopes to have the situation resolved by sunset.

    The media has reported that the share price will be set at $1.70 (a semantically important 5 cents above the $1.65 minimum) after discussions behind closed doors with institutional investors.

    Behind closed doorsÖ recall my comments from last week about the desirable alternative of transparent, all inclusive, public book builds using the easily developed, but steadfastly blocked, online service portals.

    The vendor of MGT isÖ. one moment.. ahh yes, it is another private equity fund: Crescent Capital.

    Private Equity ~ capital market development supporters?, leave value on the table?, transparency?

    I have a view that MGT owners would be much better at selling opaque windows for a bathroom than clear windows for a sunroom.

    Could it be that the marketing pitch for the current share price will include the high volume of building consents in Canterbury and Auckland plus the push to see councils accelerate further development?

    Whatís the rush?

  20. #20
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    Anybody having a go with Metro this week?

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