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  1. #521
    Speedy Az winner69's Avatar
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    Quote Originally Posted by BlackPeter View Post
    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
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #522
    ShareTrader Legend bull....'s Avatar
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    i reckon downgrade at november for full years results
    one step ahead of the herd

  3. #523
    Antiquated & irrational t.rexjr's Avatar
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    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...

  4. #524
    ShareTrader Legend bull....'s Avatar
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    Quote Originally Posted by t.rexjr View Post
    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
    one step ahead of the herd

  5. #525
    Speedy Az winner69's Avatar
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    Quote Originally Posted by bull.... View Post
    i reckon downgrade at november for full years results
    flat heading to down

    sounds like a wedge eh bull
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #526
    ShareTrader Legend bull....'s Avatar
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    they purchased aus glass at the top of the apartment cycle in aus so do you really see amazing growth coming from there?
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  7. #527
    Speedy Az winner69's Avatar
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    Quote Originally Posted by bull.... View Post
    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
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #528
    ShareTrader Legend bull....'s Avatar
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    Quote Originally Posted by winner69 View Post
    ....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
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  9. #529
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by winner69 View Post
    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 ;
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  10. #530
    ShareTrader Legend bull....'s Avatar
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    Quote Originally Posted by winner69 View Post
    ....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
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