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Thread: Metro Glass IPO

  1. #2201
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    Quote Originally Posted by Louloubell View Post
    Am a long holder and long time sufferer. I will not post my entry price as I will lose the little self respect and credibility left.

    I stayed in the free fall all the way down and averaged down when the sp was around 18c. How not to do things!!!

    I like the approach atm: pay down debt, look after staff, don't over promise (and under deliver), reduce exposure to the bigger commercial sector, and eliminate all the book keeping fluffies and nonsense.

    I will continue to hold. See light at the end of the tunnel for the sp when debt is low and divvies are being paid again.

    Got severely burned by this stock doing almost identical things as you have done Louloubell, instead of cutting my losses much earlier. Lesson Learned.
    Even seriously thought about starting a class action lawsuit with the money involved and knowing all the shareholders likely to be affected.

    Serious issues with Board & management until Simon Mander started 'very slowly' turning the ship around. Then finally the goodwill writedown.
    My heart goes out to people like yourself who have suffered through this debacle - You are definately not alone. Good luck with being patient...
    All science is either Physics or stamp collecting - Ernest Rutherford

  2. #2202
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    Quote Originally Posted by traineeinvestor View Post
    Correct. Net debt fell by about 16.5 million but debt/equity went up because the write down in intangibles was greater than the amount of debt repaid.

    Given the role of intangibles in MPG's balance sheet, I'd be looking at cash flow, interest cover and EBITDA/debt ratios before I looked at debt/equity/
    Thanks for that. Wondering if 'looking thru' the Goodwill writedown, this stock may be a turnaround opportunity. Peter Masfen seems to think so...

    Quote Originally Posted by *Arbroath* View Post <https://www.sharetrader.co.nz/showthread.php?p=791712#post791712>

    Well 8.25% of the company changed hands today and I'd say Schroders is out entirely...question is who bought the large blocks that represent almost 8% of the stock....
    https://www.nzx.com/announcements/348531

    Entities associated with Sir Peter Masfen.

    Article from the NZ Herald:

    Businessman and philanthropist a long-term investor who buys when things are tough

    • Companion of the New Zealand Order of Merit for services to business and philanthropy.
    One of New Zealand's most shrewd businessmen, Peter Masfen, reckons a trick is to always have reserves up your sleeve and invest when no one else wants to.

    "I think my best investments have been at counter-cyclical times ... that's the benefit of always having capacity to pick up those opportunities," says Masfen, who today has been appointed a companion of the New Zealand Order of Merit for services to business and philanthropy.

    "I'm a long-term investor, I don't trade things. I invest for the long term and I think it's fair to say that the best investments very often are made when things are tough and probably when no one else wants them, those tend to have the ability to show the best return if you stick with them long enough and are able to apply good business direction and principles to them," he says.

    The former top-level rower, who represented New Zealand at the Tokyo Olympics in 1964 and the world championships in 1966, still has an active role in his family's business interests, which are estimated to be worth more than $400 million.

    The family's Masfen Securities appears on many listed company registers and takes big stakes in NZX-listed businesses.

    Their property investments include the 12,000ha Mt Linton Station in Southland as well as many commercial buildings spread throughout Auckland including in Newmarket, Parnell and Mission Bay.

    The 74-year-old is perhaps best known for building up Montana Wines, which became New Zealand's largest wine producer, exporter and vineyard owner during his three decades on its board.

    It also became a takeover target and in 2001 was bought by Allied Domecq, now part of French giant Pernod Ricard. The buyout was contested and Masfen says achieving an equal price for shareholders during it was one of the highlights of his career. The former Montana chairman wasn't interested in wine before he got involved with the business and says he isn't a "wine connoisseur".

    Disc: Bought back in today @ 25c
    All science is either Physics or stamp collecting - Ernest Rutherford

  3. #2203
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    Larger volumes today, and price moving, perhaps FBU, is making a move.

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    Going up, but meaningless IMHO, as the volume is insignificant.

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    Really? The offer for 500k at 24 got taken out yesterday and the volume is only light today because there are no real sellers

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    Quote Originally Posted by Arbroath View Post
    Really? The offer for 500k at 24 got taken out yesterday and the volume is only light today because there are no real sellers
    And not that many buyers either that have joined the queue rather than accepting the sell offer. 23.5c, 24.0c and 24.5c cumulatively had a buy depth of 182k (or $44k).

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    Quote Originally Posted by Scrunch View Post
    And not that many buyers either that have joined the queue rather than accepting the sell offer. 23.5c, 24.0c and 24.5c cumulatively had a buy depth of 182k (or $44k).
    This might give a bit more insight into buyers vs sellers:
    https://imgur.com/y0T7rND

    In summary there is support at 22.5c which is -10% of latest SP of 664k shares (cum.), being 65% of all bids. Conversely +10% of the SP sees offers of 84k shares (cum.) being 26% of all shares on offer. All buyers outweigh all sellers by almost 8:1.
    Attached Images Attached Images
    Last edited by Ferg; 16-09-2020 at 10:04 PM.

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    I never thought that I would see the day that the trend is my friend and it would relate to Metro. 😜

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    Quote Originally Posted by Louloubell View Post
    I never thought that I would see the day that the trend is my friend and it would relate to Metro. 
    Please dont jinx it, I need it to get over 30c - lol.

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    Quote Originally Posted by flyer View Post
    Please dont jinx it, I need it to get over 30c - lol.
    Im investing in MPG the last few weeks with buy-ins from $23- $26.5c. Doesnt take much to move the share price, one of my purchases moved it up a cent yesterday. Incredibly thinly traded.
    50c by Christmas lads, hold steady

    Wrote to the company this week as per below and hopefully the exec will step up in the Nov report back.
    ------------------------------------------------------------
    I am an investor with Metroglass and have been surprised and displeased at the current low share price despite what I consider to be:

    • Ongoing solid results
    • A really good plan to paydown debt as quickly as possible and following through with this plan
    • Write down of the crap on the balance sheet
    • A somewhat convincing story in your Oz business.
    • One of the lowest price/earnings or price/ cash earnings multiples on the NZX


    To a great extent, in my humble opinion, the price/earnings multiple of a business reflects the narrative of the business. We only have to look at Tesla to know this is true, best propaganda, press relations etc in the world, price to earnings multiple of 1000. Taking this then as being at least somewhat true, the Metroglass narrative is one of the worst of any public listed business in NZ.

    This would be easy for the company to change, starting with the Sept half year report.

    MPG need to directly answer key concerns

    • Australian lockdown and a decent forecast for this side of the business
    • Potential for less residential construction in NZ
    • Talk directly to competition. There was some mention of a strong new competitor entering the scene a year or so back, whats happened here?
    • Debt reduction. Forecast debt a year from now and 2 years from now. Other releases have been pure backward looking.


    MPG need to start getting a positive narrative out:

    • Start paying out 1c per share dividend right now. I think this only costs about $2m per year so no biggie for the company but will be a 4% cash return for shareholders. Signal future dividend increases and exactly what situation these will occur and when expected.
    • The level of ownership amongst the exec shows no faith in the company. The CFO owns $2k odd of shares, gotta be kidding me!! Management need to show some faith and get invested this month. If this doesn’t happen then why would anyone invest?
    • Narrative should talk more about the size and scale of the company. Market share and stability of this is important.
    • Start talking to Jarden and whoever else and get a better rating for the company.


    Looking forward to you scraping this company off the floor and up to 50c per share. Put some effort in!

    -------------------------------------------------------------------------------

  11. #2211
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    Great summary, announcements regarding significant glazing contracts would also build confidence.

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    Beautiful Leemsip!!

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    Quote Originally Posted by Louloubell View Post
    Beautiful Leemsip!!
    Another new recent high today at 28c. First half results due in 6-7 weeks time should be the catalyst to cement the turnaround
    Last edited by Arbroath; 28-09-2020 at 08:18 PM.

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    Quote Originally Posted by Arbroath View Post
    Another new recent high today at 28c. First half results due in 6-7 weeks time should be the catalyst to cement the turnaround
    This share is my biggest holding now.

    Im thinking this company is a prime candidate for a private equity takeover, then lever it up with debt and IPO it in a couple years.

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    checking NZX everyday to see if the CFO has bought shares (as instructed_. Goddamn it, he is holding out. Probably in the period where this isnt possible now as Sept half year results are due soon.

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    Quote Originally Posted by Leemsip View Post
    checking NZX everyday to see if the CFO has bought shares (as instructed_. Goddamn it, he is holding out. Probably in the period where this isnt possible now as Sept half year results are due soon.
    Was he meant to be buying or something

    Has not too many shares but heaps of options.
    “Just consider that maybe the probability of you being wrong is higher than you think.”

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    Can't believe that we are talking about MPG, but it keeps tracking in the right direction.

    But all on pretty low volumes.

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    Just talking to myself😜 Go Metro, keep up the good work.

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    Quote Originally Posted by Louloubell View Post
    Just talking to myself Go Metro, keep up the good work.
    I hear ya Louloubell! Keep going up Metro and I will ALMOST get my money back

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    Quote Originally Posted by Louloubell View Post
    Just talking to myself�� Go Metro, keep up the good work.
    No harm in talking to yourself ...especially as it’s happy talk.

    Probably Metro has beaten everybody else into submission and most will never be interested ever again.

    Plenty of building going on ...metro just have to concentrate on the basics and do that well.
    Last edited by winner69; Today at 05:37 PM.
    “Just consider that maybe the probability of you being wrong is higher than you think.”

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