NZSA Disclaimer There are many ways to express this sentiment. In cricket, the saying goes that “form is temporary, but class is permanent“. In investment markets, the saying goes that “a rising tide floats all boats” – tellingly expressed in the affirmative when all too often it’s a case of watching out for the opposite.…
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Annual Meeting Report, October 24th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $9,203m $10,734m $12,237m 14% NPAT2 $185.3m $203m $253m 25% EPS1 $1.13 $1.07 $1.32 24% Inventory Turnover 11.62 10.84 9.91 -8% PE Ratio 32 36 27 Capitalisation $5.8b $7.6b $7.0b -9% Current Ratio 1.13 1.22 1.13…
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At the moment I’m reading a book titled We Are Bellingcat by Eliot Higgins. It’s about the citizen investigators who were the first to solve the mystery of who downed Flight MH17 over Ukraine (the Russians) and who was behind the poisoning of the Scripal father and daughter in Salisbury (the Russians again) among other…
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Annual Meeting Report, October 27th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 Change Revenue $1,125m $952m $641m $925m 44% Operating Revenue $642m $713m $556m $856m 54% EBITDA $348.3m $317.3m $97m $166m 71% NPAT $235.3m $156.1m -$33.6m $7.9m n/a EPS1 $0.309 $0.205 -$0.04 $0.01 n/a PE Ratio 10 15…
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Annual Meeting Report, October 26th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $9.7m $10.7m $9.7m -10% Operating Profit $7.9m $11.2m $10.0m -11% NPAT $0.3m $5.2m -$5.3m n/a EPS1 $0.001 $0.018 -$0.018 n/a PE Ratio 213 10 n/a Capitalisation $79m $49m $34m -31% Current Ratio2 2.07 1.73 1.63…
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Annual Meeting Report, October 26th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 Change Revenue $25.0m $24.4m $19.6m $28.6m 46% Operating Profit -$0.7m -$0.3m -$4.9m -$0.8m n/a NPAT -$5.8m -$5.8m -$6.6m -$14.3m n/c EPS1 -$0.10 -$0.10 -$0.11 -$0.25 n/c PE Ratio n/a n/a n/a n/a Trade and Payables $2.6m…
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Annual Meeting Report, October 25th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $280m $317m $334m 5% Gross Profit Margin 41% 40% 42% 5% NPAT $40.2m $47.8m $50.9m 7% EPS1 $0.206 $0.245 $0.26 6% PE Ratio 29 23 17 Capitalisation $1.2b $1.1b $874m -22% Inventory Turnover 3.24 3.18…
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Annual Meeting Report, October 19th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $35.4m $40.1m $40.4m 1% Gross Profit $21.9m n/a n/a n/a EBITDA $4.2m $4.5m $5.7m 26% NPAT $2.0m $2.6m $3.4m 34% EPS1 $0.139 $0.174 $0.233 34% PE Ratio 21 14 7 Capitalisation $43.0m $35.9m $24.3m -36%…
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Annual Meeting Report, October 17th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $281m $300m $626m 108% EBITDAFI $172m $145m $397m 175% Operating Margin 48% 63% Investment Property value change 527m $204 -$140m n/a NPAT $464m $192m $43m -77% EPS1 $0.315 $0.13 $0.03 -77% PE Ratio 24…
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Bondholders Special Meeting Report, October 20th 2023 Click here for NZSA Assessment and Voting Intentions This meeting was held to vote on a special resolution to approve an amendment to the gearing ratio set out in the Master Trust Deed by increasing the ratio from 45% to 50%. To sweeten the deal bond holders who…
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