MPG - Metro Glass

[winner69]

Look Roger, I hear what you are saying and if you don't believe they will have future growth, than this is your opinion. We are all entitled to one.

However - this does not make it right to make wrong statements related to past performance:

year EPS
2012 4.7 cts
2013 4.5 cts
2014 6.5 cts
2015 7.8 cts
2016 11.1 cts
2017 10.5 cts

The early years are pro-forma (from their IPO prospectus, just in case you are wondering.

OK - there is a slight drop back in 2017 (we all know, why), and we obviously don't know whether 2018 will be better than 2017, but I still would not call this a static EPS. Would you ? Really?

BP - 2012 was the bottom of the cycle for Metro

Proforma eps for 2008 is about 10/11 cents .....9 year CAGR is ?

Dangerous to look at half cycles - need to look at a complete cycle

Liquidators report of March 2012 makes interesting reading .....but that's another story

[BlackPeter]

BP - 2012 was the bottom of the cycle for Metro

Proforma eps for 2008 is about 10/11 cents .....9 year CAGR is ?

Dangerous to look at half cycles - need to look at a complete cycle

Liquidators report of March 2012 makes interesting reading .....but that's another story

Interesting - where did you find the 2008 EPS (they haven't been listed at that time)? I agree however, IF this number is real and comparable, than my theory of EPS growth might need some revisiting ...

[winner69]

Interesting - where did you find the 2008 EPS (they haven't been listed at that time)? I agree however, IF this number is real and comparable, than my theory of EPS growth might need some revisiting ...

They weren't listed in 2012 either were they

Play around with the accounts for NZ Glass Holdings for 2008 and do a proforma and you probably get something like Revenues $164m / EBITDA $40m and EBIT $33m. You have to adjust the excessive interest charges and goodwill writoffs and a whole lot of private equity adjustments etc (which lead to eventual insolvency)

Same business so comparable

[BlackPeter]

They weren't listed in 2012 either were they

Play around with the accounts for NZ Glass Holdings for 2008 and do a proforma and you probably get something like Revenues $164m / EBITDA $40m and EBIT $33m. You have to adjust the excessive interest charges and goodwill writoffs and a whole lot of private equity adjustments etc (which lead to eventual insolvency)

Same business so comparable

Not sure how to access 9 year old accounts of a not any longer existing company ... but based on your comments it sounds like their real (IFRS) EPS was very low or even negative. Only if you forget writeoffs and interest payments they might have had some "underlying" earnings worthwhile to talk about? Maybe my CAGR still stands ;

[t.rexjr]

I hear 'optimisation' bandied about a bit. I've done a factory walk through a few times and their operation (in Mount Maunganui at least) is very slick, and has been for many years. Has any data been made available as to the diffence these upgrades and optimisations are supposed to make to the bottom line? Would be good to know if it more than just fine tuning...

[bull....]

I hear 'optimisation' bandied about a bit. I've done a factory walk through a few times and their operation (in Mount Maunganui at least) is very slick, and has been for many years. Has any data been made available as to the diffence these upgrades and optimisations are supposed to make to the bottom line? Would be good to know if it more than just fine tuning...

i dont believe they have been able to translate any value or margin yet from upgrades or optimizations

[winner69]

i dont believe they have been able to translate any value or margin yet from upgrades or optimizations

....all business do this and no doubt do make the business more 'efficient'

But efficiences are generally 'shared' with the customers (price) so doesn't really improve margins - esp in any competitive industry

[bull....]

....all business do this and no doubt do make the business more 'efficient'

But efficiences are generally 'shared' with the customers (price) so doesn't really improve margins - esp in any competitive industry

i think if you dig deep there margin erosion is bigger than first thought

[winner69]

i think if you dig deep there margin erosion is bigger than first thought

a 44% gross margin in 2nd half of F17 is pretty disasterous eh - should have been 53% normalised (of course)

[bull....]

....all business do this and no doubt do make the business more 'efficient'

But efficiences are generally 'shared' with the customers (price) so doesn't really improve margins - esp in any competitive industry

cavalier was saying this too were they not