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17-08-2017, 09:37 AM
#631
Net Profit after tax
2013 $19.0m
2014 $22.3m
2015 $21.9m
2016 $20.5m
2017 $22.1m
2017 EPS 11.46 cps. Chose whatever PE you think is appropriate for their track record and outlook.
Disc: Don't hold.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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17-08-2017, 09:59 AM
#632
To me these results are just average at best, only positive is that they slightly bet their guidance.
Here's what I see:
- A company with no growth and selling at a current P/E of 14.5 (after today's result)
- The major thing the caused them to beat last years results was the currency gain (note 4), otherwise the result would have matched last year.
- Revenue was down
- Gross profit down
- Operating Cash Flows was down
- Trade Receivable and Inventories up
- Improvement in Admin and Distribution Expenses
I follow the company as I use to hold in 2015, but sold once it was clear they were going miss guidance. Not holding now
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17-08-2017, 10:04 AM
#633
Originally Posted by Beagle
Net Profit after tax
2013 $19.0m
2014 $22.3m
2015 $21.9m
2016 $20.5m
2017 $22.1m
2017 EPS 11.46 cps. Chose whatever PE you think is appropriate for their track record and outlook.
Disc: Don't hold.
At least they're consistent
If only they wouldn't call themselves a growth company and tout next year is gunna to be great
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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17-08-2017, 10:10 AM
#634
Originally Posted by winner69
At least they're consistent
If only they wouldn't call themselves a growth company and tout next year is gunna to be great
Yes its hard to forget the recent year fiasco when at one stage they were talking circa $27m from memory and then had to suffer the ignominy of three downgrades.
I'm with McGinty who I think has summed it up well.
Last edited by Beagle; 17-08-2017 at 10:15 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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17-08-2017, 10:32 AM
#635
Consistent performance with relatively strong cash flows (more consistent than likes of HLG) to support a pretty good dividend
Some hate to take he view of pricing equities like bonds but SKL is one that sort of merits that approach
Say F18 divie 10 cents - what sort of yield?
Maybe 6% to 7% tax paid is pretty good (risk adjusted) - so $1.60 odd for that return pretty good for those punters
And if F18 is the gunna to be great year big capital gains as a bonus.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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17-08-2017, 10:33 AM
#636
Plenty of buyers and hardly any sellers.
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17-08-2017, 10:37 AM
#637
Total shareholder return over the past 12 months of 30.36%, according to Sharesight, is not to be sneezed at. Shows the value of continuing to assess companies even after they have stumbled.
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17-08-2017, 10:45 AM
#638
Originally Posted by winner69
Consistent performance with relatively strong cash flows (more consistent than likes of HLG) to support a pretty good dividend
Some hate to take he view of pricing equities like bonds but SKL is one that sort of merits that approach
Say F18 divie 10 cents - what sort of yield?
Maybe 6% to 7% tax paid is pretty good (risk adjusted) - so $1.60 odd for that return pretty good for those punters
And if F18 is the gunna to be great year big capital gains as a bonus.
Personally I can never accept that approach. If I'm taking an equity risk I expect an equity return, for example with HLG at least you get a 13.5% gross yield incl of imputation credits. At a loose level I guess some sort of analogy can be made with MPG which is trading at a similar PE level but in that case at least it has a long track record of growing the top line, something I am hoping will eventually flow through to the bottom line.
Today's SP reaction...go figure ?
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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17-08-2017, 11:08 AM
#639
You're a tough bunch.
They have commissioned new factory with minimal disruption. Have weathered a major downturn in Dairy and other commodity prices,
Divi is a bit higher. Outlook allegedly good. Directors from memory hold a few shares, have not checked recently.
My buy price $1.25.
May not satisfy all but happy to have and hold as part of my diversified portfolio.
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17-08-2017, 11:26 AM
#640
Originally Posted by Puriri Pete
Total shareholder return over the past 12 months of 30.36%, according to Sharesight, is not to be sneezed at. Shows the value of continuing to assess companies even after they have stumbled.
And 3.44 bagger plus dividends since 2009,8 yrs.I've seen worse thats for sure PP.Compared to bonds ?
Last edited by kiora; 17-08-2017 at 11:28 AM.
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