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- TRA - Turners Automotive Group [previously TNR - Turners Limited]
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11-06-2018, 10:51 AM
#2391
Originally Posted by winner69
TRA outstanding value - I hope so as put heaps of faith in you all, against my better judgement
But ‘investing’ in shares is akin to punting / gambling so why not take the odd punt and follow the tipsters like you get with modern day versions of Best Bets
Do your own research.
Then no need to gamble,or blame others.
I do,and the more research I do,the better my results I get.
Last edited by percy; 11-06-2018 at 10:57 AM.
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11-06-2018, 11:00 AM
#2392
Depth looks promising ...probably an up day today
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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12-06-2018, 04:10 PM
#2393
TRA just can't seem to get out of first gear ....at least it's not in reverse anymore
I'll still get this 5 cent divie won't I if I hold a bit longer?
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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12-06-2018, 04:54 PM
#2394
Member
Where do all these small trades come from
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12-06-2018, 05:07 PM
#2395
Originally Posted by rainey
Where do all these small trades come from
Its W69 robot.It keeps changing its mind.Buys one minute,then sells.Very undecided.!..lol.
Last edited by percy; 12-06-2018 at 05:43 PM.
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12-06-2018, 05:19 PM
#2396
Originally Posted by rainey
Where do all these small trades come from
Some robot that decided to sell me a few more at $3.01. PS-Im hoping it changes down a gear or two to under $3.
Last edited by couta1; 12-06-2018 at 05:22 PM.
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12-06-2018, 06:59 PM
#2397
Originally Posted by percy
Its W69 robot.It keeps changing its mind.Buys one minute,then sells.Very undecided.!..lol.
No way mate ...either in or out
Anyway waiting for that divie .....that’ll be good ....as long as the price doesn’t drop more than 5 cents afterwards. That would be a bugger
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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12-06-2018, 07:13 PM
#2398
Originally Posted by winner69
No way mate ...either in or out
Anyway waiting for that divie .....that’ll be good ....as long as the price doesn’t drop more than 5 cents afterwards. That would be a bugger
Every three months TRA pay a fully imputed divie.
ps.And they keep increasing them.
Last edited by percy; 12-06-2018 at 07:14 PM.
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12-06-2018, 08:32 PM
#2399
Normalised Five Year Earnings History: 2018 perspective
Originally Posted by Snoopy
Five Year History of Turners Limited: Operational NPAT
|
FY2012 |
FY2013 |
FY2014 |
FY2015 |
FY2016 |
EBIT (Turners Auctions :TUA) |
$7.342m |
$7.948m |
$9.117m |
|
|
less TUA Liabilities x TNR Interest |
$33.272m x 0.12 = ($3.993m) |
$36.423m x 0.098 = ($3.570m) |
$45.634 x 0.151= ($6.891m) |
|
|
equals EBT (Turners Auctions) |
$3.955m |
$4.378m |
$2.226m |
|
|
add EBT (Dorchester) |
($1.543m) |
($0.133m) |
$4.892m |
|
|
EBIT (Turners Limited) |
|
|
|
$26.387m |
$32.987m |
|
EBIT (Turners Auctions) |
|
|
|
$5.829m(*) |
|
|
add back Turners Auctions acquisition costs |
|
|
|
$0.675m |
|
|
Interest Expense (Turners Limited) |
|
|
|
($7.381m) |
($11.436m) |
|
less tax paid equity accounted TUA income |
|
|
($0.721m) |
($0.742m) |
|
less one off paper gain self-caused by TUA takeover |
|
|
|
($7.098m) |
|
equals EBT (DPC+TUA) |
$2.412m |
$4.245m |
$6.397m |
$17.670m |
$21.551m |
less tax at 28% |
($0.675m) |
($1.189m) |
($1.791m) |
($4.948m) |
($6.034m) |
equals NPAT (DPC+TUA) |
$1.737m |
$3.056m |
$4.606m |
$12.722m |
$15.517m |
----------
(*) 'Turners Auctions' was absorbed into 'Turners Limited' on 20th November 2014. This was during the FY2015 Turners Limited financial year which ended on 31st March 2015. Turners Limited FY2015 contained 365 days. For 234 of those days from 1st April 2014, 'Turners Auctions' was an equity accounted investment. Note 18 in Turners Limited AR2015 shows an equity accounted contribution to profit of $0.742m up until 20-11-2014. If we annualise this contribution, assuming a constant earnings rate throughout the year, then we get an annual earnings contribution from this 19.85% strategic stake in TUA of:
$0.742 x 365/234 = $1.157m (EBIT) for that 19.85% stake
This means that 100% of TUA must be making an EBIT of:
$1.157m / 0.1985 = $5.829m
|
FY2014 |
FY2015 |
FY2016 |
FY2017 |
FY2018 |
EBIT (Turners Auctions :TUA) |
$9.117m |
|
|
less TUA Liabilities x TNR Interest |
$45.634 x 0.151= ($6.891m) |
|
|
equals EBT (Turners Auctions) |
$2.226m |
|
|
add EBT (Dorchester) |
$4.892m |
|
|
EBIT (Turners Automotive Group) |
|
$25.645m |
$32.987m |
$35.981m |
$45.477m |
EBIT (Turners Auctions) |
|
$5.829m(*) |
|
|
add back Turners Auctions acquisition costs |
|
$0.675m |
|
|
Interest Expense (Turners Automotive Group) |
|
($7.381m) |
($11.436m) |
($11.350m) |
($14.344m) |
less tax paid equity accounted TUA income |
($0.721m) |
($0.742m) |
|
less foreign exchange gain |
($1.087m) |
|
|
less one off paper gain self-caused by TUA takeover |
|
($7.058m) |
|
less revaluation gain on investments and PPE sale |
|
($0.010m) |
($0.270m) |
($1.313m) |
($1.000m) (e) |
equals EBT (DPC+TUA) |
$5.310m |
$16.958m |
$21.281m |
$23.318m |
$30.133m |
less tax at 28% |
($1.487m) |
($4.748m) |
($5.949m) |
($6.529m) |
($8.437m) |
equals NPAT (DPC+TUA) |
$3.823m |
$12.210m |
$15.332m |
$16.789m |
$21.696m |
----------
Notes
1/ (*) 'Turners Auctions' was absorbed into 'Turners Limited' on 20th November 2014. This was during the FY2015 Turners Limited financial year which ended on 31st March 2015. Turners Limited FY2015 contained 365 days. For 234 of those days from 1st April 2014, 'Turners Auctions' was an equity accounted investment. Note 18 in Turners Limited AR2015 shows an equity accounted contribution to profit of $0.742m up until 20-11-2014. If we annualise this contribution, assuming a constant earnings rate throughout the year, then we get an annual earnings contribution from this 19.85% strategic stake in TUA of:
$0.742 x 365/234 = $1.157m (EBIT) for that 19.85% stake
This means that 100% of TUA must be making an EBIT of:
$1.157m / 0.1985 = $5.829m
2/ Eagle eyed table readers will notice that I have moved the one off gain from the full takeover of Turners Auctions in FY2015 from being a taxable to a non-taxable gain.
3/ (e) is a preliminary estimate
SNOOPY
Last edited by Snoopy; 18-06-2018 at 10:28 AM.
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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12-06-2018, 10:16 PM
#2400
Normalised Five Year EPS History: 2018 perspective
|
FY2014 |
FY2015 |
FY2016 |
FY2017 |
FY2018 |
NPAT {A} |
$3.823m |
$12.210m |
$15.332m |
$16.789m |
$21.696m |
Shares on Issue EOFY{B} |
55.966m |
63.077m |
63.432m |
74.524m |
84.803m |
Earnings Per Share {A}/{B} |
6.8cps |
19.4cps |
24.2cps |
22.5cps |
25.6cps |
In the past I have used a capitalised dividend valuation method to value TRA. However, given the strong retained earnings element within Turners Automotive Group, I now consider this method sub-optimal in terms of assessing the value of the company. Instead I will look to do a capitalized earnings valuation, based on the above data.
SNOOPY
Last edited by Snoopy; 18-06-2018 at 10:41 AM.
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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