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Thread: Comvita - CVT

  1. #1481
    Speedy Az winner69's Avatar
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    Quote Originally Posted by bull.... View Post
    biggest loss in the companies history?

    https://www.nzx.com/announcements/339662

    what a disaster and the restructuring is just beginning
    No worries bull ....impairments non-cash

    But the bold strategic initiatives will pull them through

    Most truthful part of announcement is Mr Craig saying ‘extremely disappointing’
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #1482
    Speedy Az winner69's Avatar
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    Still $35m of goodwill on books
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #1483
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    Ok so let me get this straight.....

    Inventory which is currently in China will be selling at 0% margin based on current value (and probably -ve if they have to discount it...).

    They've writted down the goodwill of the Aus and UK business to $0, thats probably fair as the daigou channel is probably focusing on Australian Manuka - funny how A2 never complain with lower sales in Australia due to 'distruptions'

    $25M of goodwill in the China BU.... However, by a rough piece of math they are sitting on enough inventory for at least a year of sales (at 0% margin...) and additional 14M of payables to come with the 51% purchase. Given this, how likely is 25M realistic and is that at risk to an additional write down if they fail to generate strong margins from thin air? The 2018 share of profit from the JV is <$2M

    I suspect more pain, its going to take a long time to untie this knot.

  4. #1484
    Speedy Az winner69's Avatar
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    Useless fact

    Comvita has more inventory than A2 ...but A2 sales are nearly 8 times more than Comvita’s
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  5. #1485
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    No worries bull ....impairments non-cash

    But the bold strategic initiatives will pull them through

    Most truthful part of announcement is Mr Craig saying ‘extremely disappointing’
    But he goes on to say external factors conspired against them...doesn't show any "ownership" of fault of any kind on their part.
    The shares are underpriced he says !
    Given the recent history of poor honey harvests, adjusting for the recent changes to the regulatory environment, and under the shadow of a languishing share price that undervalues collectively the Groups non-current assets,

    Always a warning sign when the directors are so delusional to think the market is wrong. Remember how Turners thought their shares were worth $3.20
    At least with turners they can sell their cars and buy their shares back as stock turn is okay...these guys can't do that as stock turn is less than once a year lol

    They've got a lot of work to do to get to their $400m annual sales by 2020 eh, or is that 2021 now or 2031 ?
    Last edited by Beagle; 24-08-2019 at 04:34 PM.
    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

  6. #1486
    percy
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    Quote Originally Posted by Beagle View Post
    But he goes on to say external factors conspired against them...doesn't show any "ownership" of fault of any kind on their part.
    The shares are underpriced he says !

    Always a warning sign when the directors are so delusional to think the market is wrong. Remember how Turners thought their shares were worth $3.20
    At least with turners they can sell their cars and buy their shares back as stock turn is a lot better than not even once a year lol
    I think the way TRA relocated branches and new branches are performing TRA directors will be proved correct.Incredible business.,Turning over stock 8 to 10 times a year [nearly up to EBO's level] compared to CVT's once every year or two,which is a total disgrace. Next couple of TRA announcements [other than buy back] should be worth waiting for.Not far away now.
    CVT who knows?
    Looks as though Manuka honey was a fad.Prices have certainly come down at Pak'n Save, and it is now back on our shopping list,although Mother Earth Manuka Blend is on our avoid list, as it is horrible.
    Last edited by percy; 24-08-2019 at 05:12 PM.

  7. #1487
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    Quote Originally Posted by Beagle View Post
    But he goes on to say external factors conspired against them...doesn't show any "ownership" of fault of any kind on their part.
    The shares are underpriced he says !

    Always a warning sign when the directors are so delusional to think the market is wrong. Remember how Turners thought their shares were worth $3.20
    At least with turners they can sell their cars and buy their shares back as stock turn is okay...these guys can't do that as stock turn is less than once a year lol

    They've got a lot of work to do to get to their $400m annual sales by 2020 eh, or is that 2021 now or 2031 ?
    Couldn't agree more ------ was it external factors that saw their admin costs go up by 24%? or their interest costs almost double? or Sales and Marketing up 15%? they did cut R&D by just under 50% so wasn't all one way.

    Fact is they haven't cleaned the skeletons at all - still far too much goodwill, SEA sits at just under $2m on balance sheet and lets not forget the stock.... clearly they got the stock past the audit but they weren't going to win both arguments. Better to take the hit on the balance sheet item that banks put less stock in.......

    Next year .... 'restructuring costs'.... MPI changes forced a stock revaluation.... weather.... discounting in the market.... trade wars... Hong Kong..... losses in Chinese operation due to landing them with over priced stock.... yadda yadda yadda....... totally irresponsible making comments on share value.

  8. #1488
    Speedy Az winner69's Avatar
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    After blaming every man and his dog about the awful share price Mr Craig did say ‘We are cognisance that a sustained recovery in the share price will occur only when we can gain the confidence of investors that the Company will be trading profitably on a sustainable basis’

    Well said that man
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  9. #1489
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    Quote Originally Posted by percy View Post
    I think the way TRA relocated branches and new branches are performing TRA directors will be proved correct.Incredible business.,Turning over stock 8 to 10 times a year [nearly up to EBO's level] compared to CVT's once every year or two,which is a total disgrace. Next couple of TRA announcements [other than buy back] should be worth waiting for.Not far away now.
    CVT who knows?
    Looks as though Manuka honey was a fad.Prices have certainly come down at Pak'n Save, and it is now back on our shopping list,although Mother Earth Manuka Blend is on our avoid list, as it is horrible.
    I think TRA will have a tough year at current financial year. Have looked MIA vehicle sales stats. Jan-Jul this year used car imports are down every month except March. It seems NZ used car imports were peaked in 2017. 2018 was down 10%, and 2019 first seven months has already been down about 8%(compared to 2018). It's understandable as marco economy is getting worse thus people cut big spending like cars. TRA main source of revenue- automobile sales are likely to drop in FY20. Of course, its SP seems already reflected gloomy outlook.

  10. #1490
    percy
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    Quote Originally Posted by Lease View Post
    I think TRA will have a tough year at current financial year. Have looked MIA vehicle sales stats. Jan-Jul this year used car imports are down every month except March. It seems NZ used car imports were peaked in 2017. 2018 was down 10%, and 2019 first seven months has already been down about 8%(compared to 2018). It's understandable as marco economy is getting worse thus people cut big spending like cars. TRA main source of revenue- automobile sales are likely to drop in FY20. Of course, its SP seems already reflected gloomy outlook.
    Anyone who took the time to attend TRA's roadshow would know differently.
    Last edited by percy; 24-08-2019 at 07:30 PM.

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