NZSA Disclaimer A few weeks ago, we wrote about the proposed takeover of Millennium Copthorne (MCK) by its major shareholder, CDL Investments at $2.25/share. In that commentary, NZ Shareholders’ Association challenged the independent directors to demonstrate their independence by rejecting the offer and (in so doing) the ‘patronage’ offered by their majority shareholder. It was clearly…
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NZSA Disclaimer The end of the golden summer came this time last week for Heartland Group (NZX: HGH) – and less than five months after the elevation of Andrew Dixson to the Chief Executive role, and only a few days before the announcement of Heartland’s 1H FY25 results. Dixson is doing what any newly-minted CEO…
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Annual Meeting Report, February 11th 2025 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 (restated) 2023 (restated) 2024 (restated) 2025 Change Revenue $315.3m $327.9m $347.3m $472.6m $555.8m 18% Insurance Result $30.3m $22.5m $23.5m -$7.9m $82.8m n/a NPAT2 $10.8m $19.3m $18.8m -$1.2m $74.3m n/a EPS1 $0.027 $0.046 $0.050 -$0.003 $0.196 n/a PE Ratio…
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NZSA Disclaimer There’s been an interesting development in the NZSA / UC Investor Sentiment Index since the middle of 2024, with (net) investor sentiment taking a significant leap during June. Six months later, heading into 2025, those levels have been maintained. Each week, NZSA, in conjunction with the University of Canterbury, surveys a random sample…
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Annual Meeting Report, December 10th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $287.8m $350.8m $351.2m $409.7m $435.6m 6% Gross Profit $169.2m $201.2m $202.3m $234.8m $258.7m 10% Operating Profit $39.2m $49.3m $37.1m $47.8m $54.3m 14% NPAT $27.8m $33.3m $25.6m $32.0m $34.5m 8% GP Margin 59% 57%…
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Annual Meeting Report, December 9th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $11.6m $13.1m $15.4m $16.6m $15.4m -7% Operating Income $5.0m $6.4m $6.8m $8.1m $7.7m -6% NPAT $2.3m $12m $12.8m $5.6m $4.6m -18% Adj in fair value -$1.7m $7.1m $7.6m -$0.4m $0.00 n/a EPS1 $0.072…
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NZSA Disclaimer Last week, Millennium Copthorne (NZX: MCK) received a takeover offer of $2.25 per share from its 75.9% shareholder, CDL Hotels Holdings NZ Limited (linked to Singapore-based CDL Investments). Shareholders could be forgiven for mixed feelings. Recent trading in MCK shares has been around $1.80, but has never been above $2.60 within the last…
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Annual Meeting Report, December 20th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $6.4m $6.7m $8.0m $9.4m $8.3m -11% Gross Profit $2.2m $1.3m $2.9m $3.6m $0.6m -82% NPAT $10k -$615k $328k $295k -$3.3m n/a GP Margin 34% 19% 37% 39% 8% n/a Inventory Turnover 1.24 1.41…
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Annual Meeting Report, December 18th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $468.8m $489.6m $531.9m $553.4m $582.9m 5% Gross Profit $82.5m $68.8m $96.9m $108.6m $126.2m 16% NPAT $19.4m $16.2m $55.8m $10.0m $19.7m 96% GP Margin 18% 14% 18% 20% 22% 10% EPS1 $0.207 $0.173 $0.597…
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Annual Meeting Report, December 19th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $100.4m $109.5m $114.5m $118.4m $141.4m 19% EBITDA $41.2m $43.8m $40.1m $37.2m $52.0m 40% NPAT $22.0m $23.2m $20.4m $16.6m $24.8m 50% EPS1 $0.11 $0.116 $0.102 $0.083 $0.124 50% PE Ratio 33 26 28 26…
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