MFB - My Food Bag

[winner69]

DGL share holdrs think this is good stuff (see that thread) ..... but MFB share holders (and many others) probably are aghast at the temerity of the man

....when you’ve got Nadia Lim, when you’ve got a little bit of Eurasian fluff in the middle of your prospectus with a blouse unbuttoned showing some cleavage, and that’s what it takes to sell your scrip, then you know you’re in trouble.”

https://thespinoff.co.nz/business/04-05-2022/rich-lister-blames-nadia-lim-cleavage-photo-for-my-food-bag-woes


beagle has described the seduction in a more forthright way

[percy]

DGL share holdrs think this is good stuff (see that thread) ..... but MFB share holders (and many others) probably are aghast at the temerity of the man

....when you’ve got Nadia Lim, when you’ve got a little bit of Eurasian fluff in the middle of your prospectus with a blouse unbuttoned showing some cleavage, and that’s what it takes to sell your scrip, then you know you’re in trouble.”

https://thespinoff.co.nz/business/04-05-2022/rich-lister-blames-nadia-lim-cleavage-photo-for-my-food-bag-woes


beagle has described the seduction in a more forthright way

Funny how Dangerous Goods Ltd,DGL turned out really tastie, while My Food Bag,MFB turned out to be dangerous goods.l.
You could say MFB "made a real meal of it"........that is their IPO.....lol.

[Snow Leopard]

So time to sell out of DGL Group and put it all into MFB then.

"....The real fashion crime in the photo is that hat on the table...." :)

[percy]

So time to sell out of DGL Group and put it all into MFB then.

"....The real fashion crime in the photo is that hat on the table...." :)

Never............................................. ...........

[ralph]

So time to sell out of DGL Group and put it all into MFB then.

"....The real fashion crime in the photo is that hat on the table...." :)
That's so not funny someone could take you seriously :D

[Balance]

DGL share holdrs think this is good stuff (see that thread) ..... but MFB share holders (and many others) probably are aghast at the temerity of the man

....when you’ve got Nadia Lim, when you’ve got a little bit of Eurasian fluff in the middle of your prospectus with a blouse unbuttoned showing some cleavage, and that’s what it takes to sell your scrip, then you know you’re in trouble.”

https://thespinoff.co.nz/business/04-05-2022/rich-lister-blames-nadia-lim-cleavage-photo-for-my-food-bag-woes


beagle has described the seduction in a more forthright way

Two perspectives :

1. Refreshing in a way to have a CEO feeling so strongly to openly criticise MFB IPO in such a critical manner.

2. He must be pretty hard up on the home front to view Nadia Lim as showing cleavage! The man must live in another planet from the rest of mankind? :D.

Actually feel sorry for him just as much as for the poor sods who bought into MFB IPO.

https://www.stuff.co.nz/business/industries/128542827/company-ceo-critcised-over-misogynistic-comments-about-nadia-lim

And the backlash begins …

The sole female director on DGL’s board is ugly?

https://www.dglinvestors.com/investor-centre/?page=board :eek2:

[Joshuatree]

Hahaha,That's not cleavage and he didn't have a boner.......

[shareman]

"Actually feel sorry for him just as much as for the poor sods who bought into MFB IPO."

Yes, the people in the MFB IPO were screwed over AND I could see this would happen.

[huxley]

Refreshing in a way to have a CEO feeling so strongly to openly criticise MFB IPO in such a critical manner.

What are you smoking? Haha, he doesn’t care about anyone who may have invested in the MFB IPO. If you wanted to see a critique of the IPO you need only look at the comments on this thread at the time (which looked into the FA position of the company and the PE + founders exiting). It was such a weird take, he comes across looking like some kind of incel.

[nztx]

Is the man from DGC having a break on finding our next bolt on addition or did he get lost
and wake up in a strange kitchen somewhere ? ;)

That's okay as the head baconiser probably can't work out what's going on at times
without shortly thereafter being reported seen stuffing both feet in mouth ;)

Let's hope MFB's dividend recipes haven't gone wrong only to come back badly overcooked :)

Always pays to be careful when chucking rocks in someone else's glasshouse though
in case some of the shards of glass come back at you .. possibly good advice for Mr Henry
that is unless he dares to try his hand at trying to direct the kitchen :)

Many couldn't begin imagine how well that would likely go now :)

[justakiwi]

Criticize the company by all means, but leave the misogynistic, sexualisation of Nadia Lim, out of it. You would not do this if she were a man.

[Muzz1234]

Has the dgl thread been shut down ? seems to go nowhere hoping to see some mildly entertaing posts this arvo

[Sideshow Bob]

Has the dgl thread been shut down ? seems to go nowhere hoping to see some mildly entertaing posts this arvo

There were 2 threads - the other bigger/main thread is still there, and alive....might have been merged??

DGC - DGL Group - Page 23 (sharetrader.co.nz) (https://www.sharetrader.co.nz/showthread.php?12096-DGC-DGL-Group/page23)

[SailorRob]

Criticize the company by all means, but leave the misogynistic, sexualisation of Nadia Lim, out of it. You would not do this if she were a man.

I don't know. If he saw a topless dude on the BBQ and thought the purpose of it was to hock scrip in what was essentially fraud, maybe he would?

I find the allegations of racism interesting as he said that her ethnicity gave her a particular affinity for hocking scrip due to attractiveness I assume, which is the opposite isn't it?

I haven't gone back through this thread but surely nobody from Share trader bought into this dog getting dumped on by insiders?

[huxley]

I don't know. If he saw a topless dude on the BBQ and thought the purpose of it was to hock scrip in what was essentially fraud, maybe he would?

Except it was just a photo of an ordinary woman wearing ordinary cloths lol.

[percy]

There were 2 threads - the other bigger/main thread is still there, and alive....might have been merged??

DGC - DGL Group - Page 23 (sharetrader.co.nz) (https://www.sharetrader.co.nz/showthread.php?12096-DGC-DGL-Group/page23)

I asked Vince to merge them,which he has.

[SailorRob]

I don't know. If he saw a topless dude on the BBQ and thought the purpose of it was to hock scrip in what was essentially fraud, maybe he would?

Except it was just a photo of an ordinary woman wearing ordinary cloths lol.


Yes that's true, but I guess what's the point in any photos. Show the numbers and give a bit of a write up including the fact that you're trying to dump out on retail and be done with it. Glossy photos of any kind aren't relevant.

[Entrep]

Criticize the company by all means, but leave the misogynistic, sexualisation of Nadia Lim, out of it. You would not do this if she were a man.

Yeah I agree. This guy seems to have gone way overboard when I guess (hope) he was just trying to underscore what a trainwreck the stock is.

Full on media pile on to the guy now. Although I guess Nadia also would have felt pretty crap after his comments too.

[justakiwi]

Good to know somebody agrees. He was 100% out of line with his comments, but my post was addressed to those here, who are posting equally unacceptable misogynistic comments about Nadia, purely because she is a woman.

Some of you are letting yourselves down in this discussion, which is really disappointing.


Yeah I agree. This guy seems to have gone way overboard when I guess (hope) he was just trying to underscore what a trainwreck the stock is.

Full on media pile on to the guy now. Although I guess Nadia also would have felt pretty crap after his comments too.

[RupertBear]

Good to know somebody agrees. He was 100% out of line with his comments, but my post was addressed to those here, who are posting equally unacceptable misogynistic comments about Nadia, purely because she is a woman.

Some of you are letting yourselves down in this discussion, which is really disappointing.

I agree justakiwi, his comments were completely unacceptable and Nadia herself has said she found them racist and misogynistic.

I have also been extremely disappointed by some of the comments on here and support for a man who clearly thinks it is ok to make fun of someones race and sexualise a completely benign photo.

On the other hand I have been impressed that both Winner and Balance have taken the stand that this behaviour is not ok and have called out the ones who think it is. Good on you both.

[Getty]

Criticize the company by all means, but leave the misogynistic, sexualisation of Nadia Lim, out of it. You would not do this if she were a man.
It's well known that sex sells, so who believes Nadia and prospectus çrew were not thinking that when the photos were posed?
There is no shame in being Eurasian, a bona-fide racial description, so those who react to that are showing their own prejudice and short comings.
As for a bit of fluff, well that can be dusted off.

[Greekwatchdog]

I have to be honest and say some of you who Posted on here yesterday showed a complete lack of class. It was almost that you agreed with he was saying. Yes as an investment community you only care about your investments but his comments were full of Ignorance and Arrogance and frankly totally unacceptable with the world we live in today. I wonder if Nadia was your daughter what your response would be?

[Beagle]

The guy is completely out of touch to make those comments, no question.
The real issue is the way that the promotors extolled naïve customers to "tuck in" implying there was a great feed to be had.
Another sub issue is the whole issue of celebrity endorsement. I didn't read all the promotional material surrounding the float because it was clear to me that the figures were, lets just say "dressed up" but when you involve celebrities' and yes I think Nadia is a type of celebrity they do have influence and its not just a female thing.

Who here is old enough to remember Richard Long promoting Hanover Finance with the advertisements of "the strength to withstand any financial conditions" ? Rightly or wrongly gullible naïve investors trust celebrities and that's a conversation worth having because they do wield influence.

[RupertBear]

It's well known that sex sells, so who believes Nadia and prospectus çrew were not thinking that when the photos were posed?
There is no shame in being Eurasian, a bona-fide racial description, so those who react to that are showing their own prejudice and short comings.
As for a bit of fluff, well that can be dusted off.

Nadia herself found the Euroasian Fluff comment offensive in the context in which it was used.

To the general public Nadia is the “face” of MFB. She won Masterchef NZ before Co-founding MFB. She is a high profile figure. It seems completely appropriate to have a photo of her in their prospectus. I see nothing sexual about it.

Having meet Nadia she comes across as a genuinely down to earth, friendly, warmly engaging person.

[Balance]

It's well known that sex sells, so who believes Nadia and prospectus çrew were not thinking that when the photos were posed?
There is no shame in being Eurasian, a bona-fide racial description, so those who react to that are showing their own prejudice and short comings.
As for a bit of fluff, well that can be dusted off.

Simon Whimp needs either his eyes checked or his brain checked :

https://www.newstalkzb.co.nz/media/ie2cpum5/nadia-lim-my-food-bag-prospectus-edit.jpg?rmode=crop&rnd=132963002000200000&height=395&width=635&quality=95&scale=both

I believe it's very very clear to most of us what he needs to get checked.

The sooner the better for the sake of DGL shareholders.

[bull....]

i see its fluff friday so says hillary barry

Posting to Twitter, the Seven Sharp presented said: "Is anyone else keen to embrace #flufffriday today?

https://www.nzherald.co.nz/entertainment/hilary-barry-pledges-support-for-nadia-lim-following-derogatory-comments/5NTTVXLARSCWBSAZ7FFXW3QXXQ/

well i could look at hillary all day

[Balance]

Simon Whimp needs either his eyes checked or his brain checked :

https://www.newstalkzb.co.nz/media/ie2cpum5/nadia-lim-my-food-bag-prospectus-edit.jpg?rmode=crop&rnd=132963002000200000&height=395&width=635&quality=95&scale=both

I believe it's very very clear to most of us what he needs to get checked.

The sooner the better for the sake of DGL shareholders.

Becoming very very very clear Simon Whimp needs his brain checked and for the sake of DGL's shareholders, better be soon :


OMG …a 52 year incessantly contacting a 21 year-old and asking her to stay with him

It’s getting worse


https://thespinoff.co.nz/business/06-05-2022/the-eurasian-fluff-ceo-has-already-lost-60m-heres-how-he-might-lose-far-more

"The deeply unpleasant thing is that this is not an isolated incident for Henry. Less than a year ago the NBR’s Tim Hunter published a sickening story regarding a long-term campaign of harassment toward a woman they identified as Jane.

After a chance meeting in a hotel, he asked her manager for her email, and began a relentless conversation with her, in which she was an occasional and largely disinterested participant. After asking her to marry him and talking about a “random” encounter with a photograph of her mother – who does not share Jane’s name – she eventually asked him explicitly to stop contacting her.

He responded by calling her “unwell”. Clearly shaken by the escalating pattern, she told Hunter “I felt disgusting. I felt dirty, I felt tainted.” When the content of the emails was put to Henry, he told Hunter he thought she was “a nutter”.

[nztx]

https://www.stuff.co.nz/business/opinion-analysis/128510234/five-reasons-my-food-bag-shares-are-in-the-doldrums-and-how-they-might-recover

Interesting Article on STUFF

For the record Nadia Lim will always look far more attractive (and will always have better cleevage)
than the inappropriate unfortunate Chemical Waste disposal fellow, Henry could ever hope to muster ;)

Why not stick to what you just may hopefully be somewhat good at - Mr Henry .. if that's not too difficult ? ;)

That way you don't risk incensing up to half or probably more of the general population with your inept inappropriate spoutings ;)


Some good comments by posters on the article too

The following particularly on the float & IPO:


The IPO seems to have been a "pump and dump" exercise.



The language used by Simon Henry to criticise MyFoodBag was absolutely inappropriate and he should apologise.


The MyFoodBag shares have declined spectacularly since IPO losing half of their value. The vendors Nadia Lim, Theresa Gattung and Cecilia Robinson have not shared this pain. Following the IPO the majority of the funds paid by investors were transferred out of MyFoodBag to the vendors.

This is a red flag warning that the vendors have no confidence that the company will perform well and increase in value.

This raises very serious questions as to whether the company was an over-hyped puff pastry sold on the back of celebrity endorsement.


In my view the MyFoodBag IPO should be subject to formal investigation by the Financial Markets Authority and the Serious Fraud Office that spans the actions of the vendors and the companies such as Forsyth Barr that were involved in the IPO.



Time for a well resourced CLASS ACTION to start chasing the promoters and Vendors of the MFB
Offer on behalf of all those who have subsequently lost out of having been sold a hyped up venture ? ;)

Perhaps the grandstanding Mr HENRY should stump up all of the Costs for this formality, seeing as he has taken it on himself to open his trap in a most inappropriate way to do further damage to MFB ? ;)

Nothing like seeing the waste & disposal being put to good meaningful use :)

Discl: Not a holder, Not a MFB Customer either

[bottomfeeder]

Well I didn't think that being Eurasian, or attractive picture of Nadia Lim would have coerced me to buy into MFB. Maybe some were. She doesn't strike me from my little knowledge of her, to be a hard nosed, unscrupulous business woman. But I do believe she was somewhat manipulated, perhaps a little naively to take part and get involved in the IPO, and the resultant trading of shares by insiders.

[Poolboy]

I don't think I've heard the term "A bit of fluff" since the 1970's. Maybe it's an expression that rich listers Simon Henry and *** ****** use when talking about Asian women.

Looks like his comments haven't gone too well for him financially https://www.stuff.co.nz/business/industries/128567070/dgl-ceos-wealth-falls-40m-after-racist-and-sexist-nadia-lim-comments

[Raz]

https://www.stuff.co.nz/business/opinion-analysis/128510234/five-reasons-my-food-bag-shares-are-in-the-doldrums-and-how-they-might-recover

Interesting Article on STUFF

For the record Nadia Lim will always look far more attractive (and will always have better cleevage)
than the inappropriate unfortunate Chemical Waste disposal fellow, Henry could ever hope to muster ;)

Why not stick to what you just may hopefully be somewhat good at - Mr Henry .. if that's not too difficult ? ;)

That way you don't risk incensing up to half or probably more of the general population with your inept inappropriate spoutings ;)


Some good comments by posters on the article too

The following particularly on the float & IPO:








Time for a well resourced CLASS ACTION to start chasing the promoters and Vendors of the MFB
Offer on behalf of all those who have subsequently lost out of having been sold a hyped up venture ? ;)

Discl: Not a holder, Not a MFB Customer either

Always wondered if it may become the Feltex of our time...time will give us the answers on that one. I think a lot of shareholders may well be hurt by this whole episode playing out in the media for different reasons. Well liked, celebrity status, close with the media, well connected to these people is the call of the day, successes seen by the media and politician as successful self promotion however people can be nice yet often do things we do not like. Many current investors have lost on this investment and IPO.

[winner69]

Does Thetesa Gattung still have any MFB shares

[nztx]

Does Thetesa Gattung still have any MFB shares


Not sure

Who were the large Fund that were majority holder pre IPO ?

Do they still have any shares ?

The larger holders would be prime target for any potential Class Action cannons being pointed in their direction ;)

Along with those very "Wealthy" experienced Auditors

and Deep Pocketed Promoters of the IPO ;)

[huxley]

Does Thetesa Gattung still have any MFB shares

held 6,825,158 on the last annual report. 2.82% of the company.

[Recaster]

The comment was inappropriate and Mr Henry might want to apologise.

Having said that it's the sort of thing one hears privately from time to time. The proverbial 'locker room' talk.

Hearing it publicly is unusual.

It's not especially egregious but does warrant an apology.

Mr Henry's mindset is of interest. He would know that the comment would land him in hot water.

But such have been his meteoric success and achievements he probably feels a bit God-like. Many of us would. He will adjust quickly back to earth with the flack he's receiving.

The Romans, during a triumph had a chap stand on a chariot with the conquering general du jour. His job was to repeat the phrase 'you a just a man', and perhaps with a current net worth of $600m that is not a bad idea. Perhaps the directors will do a similar thing.

Mr Henry has had a modern day share market triumph making many millions for his investors.

However, aside from his perjorative statement there is some (reverse?) sexism in the whole MFB saga.

Three prominent women who were public figures of one kind or another have been involved as promoters in a loss of over $200m of mostly ma and pa money. In doing so they had previously largely bailed from ownership stakes at the IPO.

The press has not gone after them.

Why?

[nztx]

I hope Nadia Lim is considering action against HENRY for potentially Racist and on other grounds
to extract a fairly hefty price out of him over this :)

MFB possibly should be considering similarly action against Henry - who knows they may be
able to go somewhere towards double the current bottom line with spoils shaken loose ;)

That may potentially put his tenure at DGC on shaky grounds as well if they have to start considering
the overall cost of having him anywhere near the ship ;)

[ralph]

Well I didn't think that being Eurasian, or attractive picture of Nadia Lim would have coerced me to buy into MFB. Maybe some were. She doesn't strike me from my little knowledge of her, to be a hard nosed, unscrupulous business woman. But I do believe she was somewhat manipulated, perhaps a little naively to take part and get involved in the IPO, and the resultant trading of shares by insiders.

Ha get real she was in it for the money and still is .

[SailorRob]

I hope Nadia Lim is considering action against HENRY for potentially Racist and on other grounds
to extract a fairly hefty price out of him over this :)

MFB possibly should be considering similarly action against Henry - who knows they may be
able to go somewhere towards double the current bottom line with spoils shaken loose ;)

That may potentially put his tenure at DGC on shaky grounds as well if they have to start considering
the overall cost of having him anywhere near the ship ;)

But he implied her race was superior and thus singled out the use of it for hocking scrip to imbeciles. The implication was her race was attractive and desirable.

[bottomfeeder]

Ha get real she was in it for the money and still is .

There is no doubt she went along for the greedy ride.

[Beagle]

https://www.nzherald.co.nz/business/nadia-lim-eurasian-fluff-controversy-she-still-hasnt-received-apology-over-simon-henrys-comments/7KCVAMCA6DFVEKGJUPCFIU4RCU/

[Raz]

There is no doubt she went along for the greedy ride.

I am sure given how the IPO played out, the founders would expect some fall out at some point.. still not the way it was directed this past week... which allowed it to be totally deflected in the media however when you read the recent comments from readers on the subject... there is clearly a lack of happy shareholders commenting.

[Muse]

read a report this morning saying MFB is now has the highest 'prospective' dividend yield on the nzx

pottering about marketscreener looks like that is true

whether or not they hit those dps forecasts remains to be seen. not sure i'll tuck in just yet.

[Beagle]

What I find most remarkable about the TA on this one is if you bring up a chart since they listed the slope of the downwards trend (obviously with some oscillations along the way) is remarkably consistent. Only the very "brave" would bet that will change anytime soon before any TA evidence it has. Maybe at 50 cents ?

[Sideshow Bob]

What I find most remarkable about the TA on this one is if you bring up a chart since they listed the slope of the downwards trend (obviously with some oscillations along the way) is remarkably consistent. Only the very "brave" would bet that will change anytime soon before any TA evidence it has. Maybe at 50 cents ?

Definite ski slope.....

13780

[huxley]

Timber! Will be really interesting to see what they provide in their announcement on 20th. I really want to see the customer churn numbers and what their margins are doing. At 50c this is $121,218,762 market cap with $10m profit it’s pe would be 12 :)

[Beagle]

What happens to demand when Covid finally stops being a concern ?

[huxley]

What happens to demand when Covid finally stops being a concern ?

This is the question right, back before covid they had revenue around $150-$180m and (according to their prospectus) earnings between $5-8m. It’s a very competitive space with lots of different providers all giving discounts to entice customers to switch. Might be a better time to be a my food bag customer, rather than owner.

[Sideshow Bob]

What happens to demand when Covid finally stops being a concern ?

Or simply when inflation/fuel/interest rates take a bigger bite out of Mum & Dad's weekly budget, and have to look at ways to economise?

Based on revenue, MFB probably still the equivalent turnover of a couple of decent New World's.

[huxley]

Or simply when inflation/fuel/interest rates take a bigger bite out of Mum & Dad's weekly budget, and have to look at ways to economise?

Based on revenue, MFB probably still the equivalent turnover of a couple of decent New World's.

That’s right, there’s a real risk that demand could collapse if customers look to cancel lifestyle services, like meal kit providers.

Countdown had revenue of $7.15b across 181 stores, so that makes MFB ~5 supermarkets maybe.

[nztx]

Timber! Will be really interesting to see what they provide in their announcement on 20th. I really want to see the customer churn numbers and what their margins are doing. At 50c this is $121,218,762 market cap with $10m profit it’s pe would be 12 :)


I'd like to see how the forward projected numbers get well baconised ;)

[Habits]

What I find most remarkable about the TA on this one is if you bring up a chart since they listed the slope of the downwards trend (obviously with some oscillations along the way) is remarkably consistent. Only the very "brave" would bet that will change anytime soon before any TA evidence it has. Maybe at 50 cents ?

Heading lower and lower. Compare the recent activity from the uptick to $1 and subsequent fall to 80cents, with the previous uptick to $1.20 and drop to 90. Maybe drop to 70 cents for now.

In a trading channel and trending down, not worth investing in yet

[winner69]

Did say back at IPO it’s often sad to see a solid little company going public…..esp when hocked off by PE

My summary at the time of the IPO was share price go up over 200 on back of a profit upgrade ( but Bowler opened his big mouth and stuffed that up) and then do a Metro and ‘disappoint’ the market even though still being a solid company
…..and its share price would drift down to where a lot of people would have said never.

Second part still playing out ….but maybe 30 cents isn’t really on.

[Rawz]

Looking forward to FM's sharetrader report :t_up:

[Muse]

Looking forward to FM's sharetrader report :t_up:

lol

it is out of MORBID curiosity. and will have more disclaimers, butt covering, etc than usual
PS rawz sold a third of my harmoney stake. will keep the rest no matter what happens. got itchy fingers after yapping about retail and the nz economy.

[Rawz]

lol

it is out of MORBID curiosity. and will have more disclaimers, butt covering, etc than usual
PS rawz sold a third of my harmoney stake. will keep the rest no matter what happens. got itchy fingers after yapping about retail and the nz economy.

dont tell me you are going to put the HMY proceeds into MFB??

[Muse]

dont tell me you are going to put the HMY proceeds into MFB??

neit

Put it in term deposit

[Entrep]

Word on the household/family grapevine is that while MFB hasn't put prices up, the portions have got more and more smaller. Most families I know try it for a week or two (maybe after a year plus long hiatus) with a discount code and then cancel.

Does MFB make money? As a previous customer this company seems in a pretty dire situation.

[Muse]

Looking forward to FM's sharetrader report :t_up:

just cuz I'm going to do a few hours of work and share it publicly first doesn't mean i'll buy some MFB shares

that is unless I get dared. I'm no good with peer pressure

[Beagle]

Hardest part of analyzing MFB is trying to estimate post Covid demand.
The trouble with being a bean counter is you believe that trends over time matter.
This floated on a prospective PE of 22 and they said, with a straight face, it was a growth company. Yeah it grew during Covid and mainly because of Covid for a short period of time between when Covid hit and they floated this pup. Before that it looked really lame so there was never real growth over time behind the promotors claims.
Extoling naïve investors to "tuck in" really deserves to be the matter of a class action lawsuit by customers but would probably be a waste of time and resources going by the decade plus timeline of the Feltex fiasco and the lack of satisfaction there.

Regardless of the "cleavage" comment being in such poor taste there's no question in my mind that some hapless investors were drawn into this like moths to a flame because of Nadia Lim's celebrity status in much the same way that investors in Hanover finance were induced by television advertisements utilizing the well known newsreader Richard Long stating "Hanover Finance... the strength to withstand any financial conditions". What could possibly go wrong the older generation thought who had got to know Richard Long and trusted him as our newsreader for decades. I guess young customers thought, what could possibly go wrong if Nadia's telling me to tuck in...who wouldn't want to feast on what she's prepared for us ?

There ought to be some inquiry regarding the use of "celebrities" to induce naïve investors to "tuck in"

For what its worth if I was to waste a few hours working out a fair value for this very ordinary company, (honestly I cannot be bothered, just follow the TA) I would start with normalised pre covid earnings and ascribe a no growth PE of 9 to it and then work out if there was really any growth at all if it weren't for the pandemic ? I'd then probably take off 25% from that valuation for the downtrend in place as more and more holders get disillusioned this will likely head well below fair value before bottoming out.

Bear's are bigger than a Beagle or a Moose so I won't dare our resident Moose to get any.

I still reckon 50 cents could be where this is headed. As we get closer to this I might get my steam powered rusty abacus out and attempt to value this flea ridden mutt.

I have a very jaundiced view there's really any growth here at all were it not for the pandemic.

[Muse]

Hardest part of analyzing MFB is trying to estimate post Covid demand.
The trouble with being a bean counter is you believe that trends over time matter.
This floated on a prospective PE of 22 and they said, with a straight face, it was a growth company. Yeah it grew during Covid and mainly because of Covid for a short period of time between when Covid hit and they floated this pup. Before that it looked really lame so there was never real growth over time behind the promotors claims.
Extoling naïve investors to "tuck in" really deserves to be the matter of a class action lawsuit by customers but would probably be a waste of time and resources going by the decade plus timeline of the Feltex fiasco and the lack of satisfaction there.

Regardless of the "cleavage" comment being in such poor taste there's no question in my mind that some hapless investors were drawn into this like moths to a flame because of Nadia Lim's celebrity status in much the same way that investors in Hanover finance were induced by television advertisements utilizing the well known newsreader Richard Long stating "Hanover Finance... the strength to withstand any financial conditions". What could possibly go wrong the older generation thought who had got to know Richard Long and trusted him as our newsreader for decades. I guess young customers thought, what could possibly go wrong if Nadia's telling me to tuck in...who wouldn't want to feast on what she's prepared for us ?

There ought to be some inquiry regarding the use of "celebrities" to induce naïve investors to "tuck in"

For what its worth if I was to waste a few hours working out a fair value for this very ordinary company, (honestly I cannot be bothered, just follow the TA) I would start with normalised pre covid earnings and ascribe a no growth PE of 9 to it and then work out if there was really any growth at all if it weren't for the pandemic ? I'd then probably take off 25% from that valuation for the downtrend in place as more and more holders get disillusioned this will likely head well below fair value before bottoming out.

Bear's are bigger than a Beagle or a Moose so I won't dare our resident Moose to get any.

I still reckon 50 cents could be where this is headed. As we get closer to this I might get my steam powered rusty abacus out and attempt to value this flea ridden mutt.

I have a very jaundiced view there's really any growth here at all were it not for the pandemic.

Dont disagree with any of that

But no harm doing a back of the envelope

You know my view on the market and where MFB well enough to know i wont be tucking in or encouraging anyone else to

I’m a curious soul and am sure can find an hour or two to spare/waste over the next week or two. Call it morbid curiosity.

[Ferg]

I would like to remind people of what was said when the IPO was announced. Start reading from here (https://www.sharetrader.co.nz/showthread.php?9084-MFB-My-Food-Bag&p=871225&viewfull=1#post871225). There were plenty of warnings and it is fascinating reading. Allow me to paraphrase:



winner69 was initially concerned about owners (and insiders) cashing out
Beagle was concerned about a lack of post-COIVD growth (AND the marketing hype and glossy photos, and involvement of private equity)
Entrep was concerned about unsophisticated investors being burned
Balance was concerned about private equity (PE) vendors and their historical performance in over-selling future performance (e.g. MPG, Feltex, Orion, Intueri etc.), in addition to high intangibles and the use of "pro forma" numbers
Baa-Baa was concerned it was just a sell-down by the vendors, and being over-priced
silverblizzard888 was concerned about a lack of growth and no moat
BlackPeter suggested a good price was 18-19c
ratkin was concerned about growth and no moat
whatsup was concerned about venture capitalists getting out at the top
checkmate was concerned about it being over-priced
RGR367 called it a "lousy listing" and it being over-priced
nxtz was concerned about cashing out, being over-priced & the involvement of PE, as well as high intangibles, an awful current ratio & solvency
peat was concerned about owners cashing out and low growth prospects
Dlownz was concerned about insiders selling out
Habits was concerned about intangibles and debts


There were plenty of red flags from the notes above. Furthermore, Balance said "Be discerning, my friend!", peat put up an image of a flashing red light with the text "WARNING" and Baa_Baa said "Can’t believe NZX lets this sort of IPO happen. Criminal really."

I guess that's what Simon Henry was trying to say but his wording was abysmal.

The final quote goes to winner69 who said:

"All that hype and good news will see share price about $2.25 by end of June

And then ....... Metro Glass come to mind"

The collective minds here got it right. There has been a wholesale (or retail?) destruction of wealth and questions should be asked of those who were involved in floating this business.

[dln]

The wealth wasn't destroyed - just successfully transferred to those cashing out.

[Rawz]

Thanks for the summary Ferg.

Sharetrader… why pay a full service broker when lots of very knowledgeable and experienced investors very kindly pass on their valuable wisdom and thoughts on many different companies and topics on this great website

[Beagle]

Dont disagree with any of that

But no harm doing a back of the envelope

You know my view on the market and where MFB well enough to know i wont be tucking in or encouraging anyone else to

I’m a curious soul and am sure can find an hour or two to spare/waste over the next week or two. Call it morbid curiosity.

Totally understand. I think many of us on here have a morbid fascination with train wrecks. In a quieter moment I've sometimes wondered why and the best answer always seems to be that there's at least one (often several), valuable insights to be gained from each one.

Its hard to imagine how MFB are not being really hurt with food cost inflation and if they put their prices up how their average customer who's faced with record fuel prices and huge increases in their mortgage rates will react. It can't be good. Vast numbers of customers who've got used to free and easy money, (which is really what 2% mortgages were), are in for a brutal reality check when their once in a hundred year low fixed rate mortgage period comes to an end this year. I would think small luxuries like MFB will be one of the first things on the menu when it comes to cost cutting. Food for thought. Does MFB have any pricing power at all in this environment ?

Ferg - Just as well I didn't mention cleavage when commenting on those glossy photo's LOL

[Ferg]

Too right Beagle. In addition to issues with volumes, don't forget MFB were expecting to make a number of variable cost savings, and achieving historic high prices per meal equivalent to those from 2018 in order to achieve their forecast profits. I wonder how those cost savings are going in this high inflation environment...?

[Tomtom]

I would like to remind people of what was said when the IPO was announced. Start reading from here (https://www.sharetrader.co.nz/showthread.php?9084-MFB-My-Food-Bag&p=871225&viewfull=1#post871225).

This one isn't for me. There are far bigger players now entering this market (Supermarkets, HelloFresh etc.)

Unfortunate for those that have been 'pushed' this via their sharetrading app. The boiler room is alive and well it seems. Honestly I still believe this was far below the belt. It's one thing to target more experienced, sophisticated customers like most of us who should know better, and understand this was alway a long punt, but using retail platforms to offload junk onto inexperienced investors...well I wasn't happy with events then and I'm no happier now.

[Sideshow Bob]

Totally understand. I think many of us on here have a morbid fascination with train wrecks.

And typically generate a lot more ST “discussions”…….

Love a good train wreck me!!

[Habits]

My Food Bag aka my lovely wife. She loves cooking so have never ordered an MFB delivery. Is that a good thing

[Ferg]

My apologies Tomtom for missing that post; it wasn't intentional. I browsed 50-100 posts to compile that list. You make a good point. Others touched on the theme of unsophisticated investors but you are correct in that using the retail platforms to push this IPO was below the belt.

[winner69]

OMG -the MFB share price in the 70's

Must have left the 1 off in front of 79 .... NZX needs to sort out their systems

[Muse]

OMG -the MFB share price in the 70's

Must have left the 1 off in front of 79 .... NZX needs to sort out their systems

ouch!

presumably waterman's escrow is up once the final results are released and will be wanting/looking to exit their stake. It's often rumoured that instos stop buying shares in the months prior to escrows coming off so the share price drops, and then go on to demand a discount for the block trade. be interesting if that happens here, or if they sit and do nothing hoping the SP stabilises. Imagine the scenario where some fund managers took the stake for a premium given their 'conviction' on the share (you wouldn't want to be one of their clients). has happened on occasion, but not often, and usually placed to a strategic

will be interesting to watch and see what happens.

[Beagle]

Couldn't resist and did a real quick back of the envelope valuation out on my walk today. (Okay, I confess, the thinking was walking I had to use my calculator when I got back to the office)

Came up with no growth PE of 9 compared to forecasted PE of 22.4, less 25% for cost of food headwinds going forward and overshoot to the downside due to momentum and sentiment.

List price of $1.85, (it matters not that they might beat their forecast slightly in FY22 because the market is forward looking) x (9/22.4) to get the right PE for a zero growth company were it not for the pandemic x 0.75 for headwinds going forward = 56 cents (rounded up slightly).

I suppose one could spend endless hours promulgating scenario's as to future demand and input costs but I like my really quick and dirty fair value price target in tandem with TA to confirm in due course when a bottom's definitely in.

Wouldn't surprise me in the slightest if the bottom is quite a bit less than 56 cents. Wait for a new uptrend as long as it starts at less than that price seems like a reasonable strategy to me provided you actually want to own this at all ?

My motto is if you're going to adopt a pretty mangy looking rejected mutt from the SPCA you must get it dirt cheap !

Could it do a MPG and get down as low as 30 cents ? Yeah, I reckon that's a chance, lets see.

Here's some good questions to "tuck into"
Is it really worth bothering with these sort of penny dreadful's at all ?
How can anyone be sure what their future financial performance will be without Covid tailwinds ?
How much longer will they enjoy pandemic tailwinds ?

[Waltzing]

its a bum bag for sure ...


best to invest in the real thing...

https://www.tradeinn.com/runnerinn/en/bags-and-waist-packs/10005/f

[nztx]

Wonder if we can interest one of the similar operators in Oz in a 'friendly take out' @ around $1.20 ? ;)

[huxley]

Not withstanding the sentiment expressed here, how good a share trader is Nadia! She was an early investor in a local meal kit business opportunity and really capitalised by getting out at the top. Great work, that other bloke who works in chemicals should take a leaf out of Nadia’s book and sell before talking down his positions. What a rookie move :)

[clearasmud]

Did she sell out totally?

[Baa_Baa]

Did she sell out totally?
No, check the companies office register.

[huxley]

Only had 5.69% right before the IPO and down to 1.56% on the last disclosure.. they probably sold down when the private equity came on a few years before..

[clearasmud]

Thank you .Wonder what she may have had originally.

[nztx]

Thank you .Wonder what she may have had originally.


18% in the Company under struck off in May 2019

https://coys.co.nz/:entity?no=5189441&nzbn=9429041220993&name=MY+FOOD+BAG+HOLDINGS+LIMITED


Status:

Struck Off from 2019-May-14

Registered from 2014-May-19 to 2019-May-14

Gattung appears to have had 36% in that one


https://app.companiesoffice.govt.nz/companies/app/service/services/documents/120F037971F5DAC5CD0B538EE48936B0

Probably struck off after selling the MFB subsidiary company
into new holding company for NZX Listing & distributed
the capital surplus spoils ? ;)


This looks like the Operating/Trading Company in which the
Share Capital has been passed around, bought & sold

https://coys.co.nz/:entity?no=4142618&nzbn=9429030419995&name=MY+FOOD+BAG+LIMITED


Here's the NZX Listed Holding Company:

https://coys.co.nz/:entity?no=6113607&nzbn=9429043359820&name=MY+FOOD+BAG+GROUP+LIMITED

[Tomtom]

My apologies Tomtom for missing that post; it wasn't intentional. I browsed 50-100 posts to compile that list. You make a good point. Others touched on the theme of unsophisticated investors but you are correct in that using the retail platforms to push this IPO was below the belt. No problem. My hypothesis about the probability of an international player dominating this market hasn't really eventuated. No one has made much headway into really understanding New Zealand consumers and adapting their business model to compel people to buy. Consequently there are no winners yet, it's all still to play for.

[winner69]

Maybe MFB could donsomething like this …seems very profitable

I’m sure beagle would love Turkey medallions with spinach mousse, chicken parmigiana with cheesy pork & tomato mousse, and Mexican beef.

https://www.businessnewsaustralia.com/articles/a-whole-new-ball-game--how-ilume-is-setting-a-new-standard-for-pet-food.html

[Beagle]

Probably a market for people spoiling their dogs. I think a lot of people find them more rewarding than children lol https://www.youtube.com/watch?v=sPay9kzhwZA

[Sideshow Bob]

My Food Bag releases FY22 Results - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/392383)

My Food Bag (NZX/ASX Code: MFB), Aotearoa New Zealand’s subscription-based meal kit and food solutions business, is pleased to share its audited FY22 results.

•Revenue of $194 million, up $7.6 million on Prospective Financial Information (PFI) and up $3.3 million on FY21 (ref footnote 1)
•Pro-forma EBITDA of $34.2 million, up 18.1% on FY21
•NPAT of $20.0 million, up from $2.4 million in FY21 (ref footnote 2)
•Declared a final fully imputed dividend of 4.0 cents per share to be paid on 16 June, bringing total dividends in respect of FY22 to 7.0 cents per share

The company delivered in excess of 18 million meals across FY22, and achieved an average order value of $126.60, which was up $2.23 on FY21.
The results show the company delivered in line with its PFI forecasts, provided prior to listing in 2021.

FY22 business highlights include:

•Launched My Food Bag’s first significant step beyond weeknight meals and expanded into new categories with the My Food Bag Kitchen
•Introduced recipe choice across its portfolio of brands to drive order frequency and added enhanced functionality for customers to flex nights and upgrade recipes
•Built and successfully transitioned a new South Island factory to support future growth needs
•Established the Soft-Plastics Recycling Programme to divert waste from landfill
•As an essential service, operated safely through the pandemic and protected its people.

[Arbroath]

I love how they said "further guidance" will be provided in August but their guidance comments today were just a load of BS...the fact is no guidance at all was provided today for FY23.

[winner69]

So there weren't any lies in the Prospectus .... seem to beat the numbers

[huxley]

I love how they said "further guidance" will be provided in August but their guidance comments today were just a load of BS...the fact is no guidance at all was provided today for FY23.

Probably means they are unable to forecast future demand either lol

[alokdhir]

Total 7 Cents dividends on 80 C SP makes it ...12.1 % Gross yield ?? Should help SP if market thinks they can maintain !!!

[Beagle]

Total 7 Cents dividends on 80 C SP makes it ...12.1 % Gross yield ?? Should help SP if market thinks they can maintain !!!

Sustainable ? Huge tailwinds from Covid will abate at some stage. In the meantime there's very high food price inflation, labour cost inflation, customers being squeezed by much higher mortgage interest or rent costs and soaring fuel prices. Do they have any pricing power when consumers are being squeezed ?

[Snow Leopard]

Sustainable ? Huge tailwinds from Covid will abate at some stage. In the meantime there's very high food price inflation, labour cost inflation, customers being squeezed by much higher mortgage interest or rent costs and soaring fuel prices. Do they have any pricing power when consumers are being squeezed ?

Best you keep quiet, given your definition of haute cuisine and fashion.


....Got 6 cans of baked beans for $6, Huge 900 gram tin of Milo for $11.99 and a pair of nice Karki shorts for $15 yesterday from my local WHS store....

Disc: Do not hold as a long term investment.

[Rawz]

Looks like a pretty good result

Market certainly likes it

[bottomfeeder]

Looks like a pretty good result

Market certainly likes it

I think the next year will be rough. Cant blame anything on the promoters, as they reached their prospectus. More competition hitting the market. This result will only prompt others to hit the market. Maybe not NZ wide, but major centres only.

[jagger]

I think the next year will be rough. Cant blame anything on the promoters, as they reached their prospectus. More competition hitting the market. This result will only prompt others to hit the market. Maybe not NZ wide, but major centres only.

I really don't understand this viewpoint.
What has the company done wrong?

They did everything they said they were going to do.
If you couldn't see these risks at IPO and still paid up just on the blind belief that being a stag always pays then more fool you.

Those salty shareholders are the ones blaming promoters.
Followed presumably by Waterman who will be annoyed that this has probably tarnished their reputation for future IPO exits.

I actually think there is value currently at 10%+ dividend yield, even if they do have significant competitive threats.

[winner69]

So MFB looking for acquisition opportunities to drive further growth

Not surprising …that’s how the games played …IPO ….big investors (say instos) say you must grow …buy something …as long as it looks good on paper judt buy it.

Isn’t that the way Metro went?

[bottomfeeder]

So MFB looking for acquisition opportunities to drive further growth

Not surprising …that’s how the games played …IPO ….big investors (say instos) say you must grow …buy something …as long as it looks good on paper judt buy it.

Isn’t that the way Metro went?

Cant keep buying up your competitors. I think its all about sustainable profits. Seems to be a relatively low cost entry, particularly locally. Results have been disclosed, but they are historical. Even Metro stated that their profits and market share will be affected by others entering the industry.

[jagger]

So MFB looking for acquisition opportunities to drive further growth

Not surprising …that’s how the games played …IPO ….big investors (say instos) say you must grow …buy something …as long as it looks good on paper judt buy it.

Isn’t that the way Metro went?

Yeah, I would never have bought MFB at IPO reading the prospectus but I'm kinda fine owning an unloved stock yielding free cash flow and prefer not to have muppets clamouring for it to make dumb acquisitions for the sake of it.

Too many hot sectors (I can think of one talked about ad nauseum on this website) and stocks where people have lost all sight of free cash flow but turn from suicidal to cheerleaders on nothing but acquisition news.

[RRR]

Results are as expected and dividends are as forecasted.

IPO was overpriced for sure but, current share price is good value and div yield is very good, fully imputed...

Let us look at dividends paid over the years (real money from tax paid on real income)
Debt is almost zero currently - 40 million debt facility available if required
Capital light, negative working capital, return on equity is now 29%
2018 -3.4 million
2019- 3.6 million
2020 - 8.4 million
2021 - 13.3 million
2022 - 16.8 million (7 cents div in total)

Discl - accumulating

[Balance]

60m shares out of escrow.

Come and get 'em, boys & girls! Treat yourselves & have a bite.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/392453/371072.pdf

[Beagle]

60m shares out of escrow.

Come and get 'em, boys & girls! Treat yourselves & have a bite.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/392453/371072.pdf

Tuck In ;)

[Getty]

Tuck In ;)

A dogs breakfast?

[Beagle]

A dogs breakfast?

I'd rather stick with baked beans ;)

[nztx]

30c apiece for a bulk deal ? .. but only if they're really really desperate to depart ;)

but I'd be needing a darn good meal deal on the house to go with that :)

[Beagle]

Be careful, someone might fill ya boots and throw in a good home cooked meal from Nadia Lim herself.

[nztx]

Be careful, someone might fill ya boots and throw in a good home cooked meal from Nadia Lim herself.


Okay I suspect a rethink around 20c might be fairer with pudding doubles thrown in as well :)

[Recaster]

A look at the latest financial accounts plus a new section on insider and significant shareholder transactions over the last 10 months:

https://recastinvestor.substack.com/p/update-my-food-bag-mfbnzx-acf

Comments & suggestions appreciated!

[stoploss]

A look at the latest financial accounts plus a new section on insider and significant shareholder transactions over the last 10 months:

https://recastinvestor.substack.com/p/update-my-food-bag-mfbnzx-acf

Comments & suggestions appreciated!

Hi Recaster , When you say "a large number of shares were sold after the escrow". I don't think this is correct MFB Group ( or Waterman ) filed a notice to say they were out of escrow but they haven't sold to the best of my knowledge. Such a large amount of shares would have trigged SSH on the buy side surely as that's 15 % of the company.
https://stocknessmonster.com/announcements/mfb.asx-2A1374997/

https://stocknessmonster.com/announcements/mfb.asx-2A1374996/
Cheers

S/L

[Recaster]

Thanks, I'll check it out.

[Recaster]

Hi Recaster , When you say "a large number of shares were sold after the escrow". I don't think this is correct MFB Group ( or Waterman ) filed a notice to say they were out of escrow but they haven't sold to the best of my knowledge. Such a large amount of shares would have trigged SSH on the buy side surely as that's 15 % of the company.
https://stocknessmonster.com/announcements/mfb.asx-2A1374997/

https://stocknessmonster.com/announcements/mfb.asx-2A1374996/
Cheers

S/L

I think you're right but it's very confusing especially the lack of change in Waterman's holding.

I updated my article.

Thanks again.

Cheers

[nztx]

https://www.nzherald.co.nz/business/watermans-chris-marshall-resigns-from-my-food-bag-board/HOYP7UVXUUCLGW3VRZEBEKYBLE

Waterman's Chris Marshall resigns from My Food Bag board

[nztx]

https://www.nzherald.co.nz/nz/dancing-with-the-stars-finalist-dave-buttabean-letele-launches-new-buy-one-gift-one-food-box-service/C4HYT23ONMLVW5WWCMSJ42KUOM/

Dancing with the Stars finalist Dave 'Buttabean' Letele launches new 'buy one-gift one' food box service


There's a new player in the growing food bag market - but this one promises to give a box to a family in need with every box sold.

Backed by Dancing with the Stars finalist and Kiwibank Hero of the Year Dave "Buttabean" Letele, the Fresh First food box launches in time for Matariki.

The occasion-led food boxes will be available on long weekends, holidays, and special occasions such as Father's Day and Christmas.

"The boxes are filled with food these families would not usually be able to afford so it's a way for them to celebrate and come together on special occasions like Matariki," Letele said.

[RRR]

https://www.nzherald.co.nz/business/watermans-chris-marshall-resigns-from-my-food-bag-board/HOYP7UVXUUCLGW3VRZEBEKYBLE

Waterman's Chris Marshall resigns from My Food Bag board

Is this a clue that waterman are looking for an exit? May well be..

[stoploss]

Is this a clue that waterman are looking for an exit? May well be..
I don't think they would sell anywhere near this price. If fact before resignation Chris Marshall was adding to his personal holding so obviously believes they are worth more.
It's paying a good dividend in the meantime.

[nztx]

Meanwhile more Competition lands on the crowded lot:

https://www.nzherald.co.nz/business/nyse-listed-food-delivery-firm-doordash-expands-into-new-zealand/JWTYSRHSC2G7BBLASBMXUWWQ4I/


NYSE-listed food delivery firm DoorDash expands into New Zealand


Interested in Mega Food Bag deal - boys & girls from up over ?

We can offer you a king sized meal deal already established on the turf & cheap at 10x the price :)

Best dash in quick before it's gone and being served up on someone else's plate :)


There's even another attractive photo for the fellow from Dangerous Goods Limited.
A global king shot likely back on any impromptu comments however & prospect of being put into
orbit around the furtherest visible star may not be to liking :)

[fungus pudding]

Meanwhile more Competition lands on the crowded lot:

https://www.nzherald.co.nz/business/nyse-listed-food-delivery-firm-doordash-expands-into-new-zealand/JWTYSRHSC2G7BBLASBMXUWWQ4I/


NYSE-listed food delivery firm DoorDash expands into New Zealand


Interested in Mega Food Bag deal - boys & girls from up over ?

We can offer you a king sized meal deal already established on the turf & cheap at 10x the price :)

Best dash in quick before it's gone and being served up on someone else's plate :)


There's even another attractive photo for the fellow from Dangerous Goods Limited.
A global king shot likely back on any impromptu comments however & prospect of being put into
orbit around the furtherest visible star may not be to liking :)

Not paywalled.

https://doordash.news/australia/doordash-launches-in-new-zealand/

[winner69]

Meanwhile more Competition lands on the crowded lot:

https://www.nzherald.co.nz/business/nyse-listed-food-delivery-firm-doordash-expands-into-new-zealand/JWTYSRHSC2G7BBLASBMXUWWQ4I/


NYSE-listed food delivery firm DoorDash expands into New Zealand


Interested in Mega Food Bag deal - boys & girls from up over ?

We can offer you a king sized meal deal already established on the turf & cheap at 10x the price :)

Best dash in quick before it's gone and being served up on someone else's plate :)


There's even another attractive photo for the fellow from Dangerous Goods Limited.
A global king shot likely back on any impromptu comments however & prospect of being put into
orbit around the furtherest visible star may not be to liking :)

Another Uber eats by looks of it

Even get KFC in 12 minutes …yeah right

[RRR]

I don't think they would sell anywhere near this price. If fact before resignation Chris Marshall was adding to his personal holding so obviously believes they are worth more.
It's paying a good dividend in the meantime.

I am not particularly concerned either way...

They are delivering on the promises made as per IPO prospectus.
Mykitchen will drive their growth according to the management.

[RRR]

Another Uber eats by looks of it

Even get KFC in 12 minutes …yeah right

May be MFB should team up with Doordash for (faster) deliveries?

[Joshuatree]

May be MFB should team up with Doordash for (faster) deliveries?

Doordash are zero competition to mfb.Why ,because there's no brocoli.

In small letters. Hint, takeaways not healthy

[Muse]

Is this a clue that waterman are looking for an exit? May well be..

Waterman will certainly be looking to exit their residual investment now that escrow is up, but they are highly incentivized to get the best price for their stake as their fund has performed well and the principals get to keep 20% of all distributions now that their fund is "in carry".
Usually post escrow the stake would be sold down pretty quickly by a financial investor. Obviously a bit more challenging with My Food Bag's SP performance. Chris as a director would be bound by insider trading laws, open and closed periods, and company director and officer trading rules which would indirectly catch waterman, so any selldown of their stake would have to occur during an open period. By resigning from the board, marshall in effect takes that burden away, and gives waterman more optionality on when and how to deal with their stake, rather than trying to do a rush sale during an open period. speculation only.

[Shareguy]

I agree. Waterman still have a large stake (15 percent) which are now not restricted. This announcement did not mention any replacement from Waterman. Very unusual when they have such a holding. As FM suggests this allows negotiation to happen without disclosure. Share price has been increasing.

Waterman and in particular Chris Marshall has taken a large stake in Farro which I hear is doing very well and expanding. Let’s see what happens.

[Sideshow Bob]

Nomination of Cecilia Robinson - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/394453)

Bringing back a founder....

[winner69]

Nomination of Cecilia Robinson - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/394453)

Bringing back a founder....

Cecilia a good person

No wonder it was marked price sensitive -

If elected, Cecilia would assist the Board with her significant institutional knowledge about the business. Her entrepreneurial background and innovative drive would also complement the existing skills on the Board, and help support My Food Bag through its next exciting chapter of growth in its core business of meal kits and beyond.”

[percy]

Cecilia a good person

No wonder it was marked price sensitive -

If elected, Cecilia would assist the Board with her significant institutional knowledge about the business. Her entrepreneurial background and innovative drive would also complement the existing skills on the Board, and help support My Food Bag through its next exciting chapter of growth in its core business of meal kits and beyond.”

Be interesting seeing the share price reaction today.

[nztx]

next exciting chapter of growth in its core business

10.0c div two years out ?

Govt subsidised Paper bags in bulk flying into every suburb near you as recessionary pressures bite
and parents in poorer suburbs give up supermarketing ? ;)

(Lotto tickets, Tinny + Meth and worse shacks & Grog Shops might gain a bit from the leftovers .. who knows)

RBD had better watch for a take out bid - MFB on the top of increasing fortunes may want to
put RBD's Kiwi Ops into their paper bag .. in the name of a bit of diversifying :)

[winner69]

Oh dear …just as some were getting excited I suppose this is a profit diwngrade

terms of financial performance, as at the end of July, while revenue was up 2.5%,EBITDA was down approximately –8.5% when compared to the same time last year.

[Balance]

Oh dear …just as some were getting excited I suppose this is a profit diwngrade

terms of financial performance, as at the end of July, while revenue was up 2.5%,EBITDA was down approximately –8.5% when compared to the same time last year.

A dog’s breakfast.

[sb9]

Oh dear …just as some were getting excited I suppose this is a profit diwngrade

terms of financial performance, as at the end of July, while revenue was up 2.5%,EBITDA was down approximately –8.5% when compared to the same time last year.

Holly crap that's shocker, feel sorry for holders.

[alokdhir]

All households know the way the costs of food inputs going up ...all companies using edible ingredients will suffer this fate ...RBD was first to flag this

[winner69]

A dog’s breakfast.

Downgrades come in (how many) balance

I think this is actually there first downgrade

[Ggcc]

Anyone in the food business will be struggling. Food prices at retail going up but good prices in wholesale have gone up as well. More than often it is cheaper to buy at a supermarket than a wholesaler. The only difference is wholesalers deliver to your business and usually you don’t have to be there as they have the key.

[bottomfeeder]

More downgrades to come. I cancelled my Made Meals sub a couple of months ago, just received a $30 dollars of my next order. I cancelled due to what I believed was lower quality and quantity in each made meal. Firstly, I wonder if quality control has improved, and discounting will be the norm. We will all be learning to cancel subs, and discounts will be forthcoming.

[Balance]

Downgrades come in (how many) balance

I think this is actually there first downgrade

75c.

A new low?

More downside yet as the competition heats up out there.

2 more downgrades to go.

Anyone left in this dog’s breakfast of a stock?

[sb9]

75c.

A new low?

More downside yet as the competition heats up out there.

2 more downgrades to go.

Anyone left in this dog’s breakfast of a stock?

Looks like 70c is key level to hold, wonder what happens when that's broken.....

[winner69]

Looks like 70c is key level to hold, wonder what happens when that's broken.....

Though they don't say it a back of envelope workings say at this rate first half NPAT could be down about 20%

Thay can't say we'll recover all that in second half because they've owned up to full year being less than prior year

[huxley]

The consensus outlook for 2023 has been updated.

2023 EPS estimate fell from NZ$0.09 to NZ$0.08 per share.
Revenue forecast steady at NZ$196.0m.
Net income forecast to shrink 7.8% next year vs 5.3% growth forecast for Consumer Retailing industry in New Zealand .
Consensus price target down from NZ$1.70 to NZ$1.40.
Share price fell 12% to NZ$0.72 over the past week.

[Balance]

The consensus outlook for 2023 has been updated.

2023 EPS estimate fell from NZ$0.09 to NZ$0.08 per share.
Revenue forecast steady at NZ$196.0m.
Net income forecast to shrink 7.8% next year vs 5.3% growth forecast for Consumer Retailing industry in New Zealand .
Consensus price target down from NZ$1.70 to NZ$1.40.
Share price fell 12% to NZ$0.72 over the past week.

So say PE of 7 times for a stock with a diabolical track record facing multiple competitive pressures.

Brave person may pay 56 cents for a punt?

[winner69]

The consensus outlook for 2023 has been updated.

2023 EPS estimate fell from NZ$0.09 to NZ$0.08 per share.
Revenue forecast steady at NZ$196.0m.
Net income forecast to shrink 7.8% next year vs 5.3% growth forecast for Consumer Retailing industry in New Zealand .
Consensus price target down from NZ$1.70 to NZ$1.40.
Share price fell 12% to NZ$0.72 over the past week.

Thanks Huxley

Based on those profit forecasts I wonder how they arrive at a price target of $1.40

No doubt a few will BUY on that rec

[Muse]

The consensus outlook for 2023 has been updated.

2023 EPS estimate fell from NZ$0.09 to NZ$0.08 per share.
Revenue forecast steady at NZ$196.0m.
Net income forecast to shrink 7.8% next year vs 5.3% growth forecast for Consumer Retailing industry in New Zealand .
Consensus price target down from NZ$1.70 to NZ$1.40.
Share price fell 12% to NZ$0.72 over the past week.

Cant trust marketscreener

Covered by 3 analysts (jard, cip, forbar). The later two have updated forecasts, only one feeds into marketscreener. Jarden has not yet completed a new report - presumably waiting additional detail promised at the AGM. Their report will be watched carefully given they were the primarily lead on this float (JLM plus harbour as the major new shareholder).

Personally believe all the forecasts and price targets provided lack any shred of credibility.

Personally, my own 2c opinion, FY23 npat will be ~17m (or a nudge lower) and lower again the year after that. Very much a DYOR situation, and that extends to being cynical of the integrity and credibility of the research done by the broking firms who listed it.

[Recaster]

Sell-side analysts are usually unreliable, inaccurate & have major conflicts of interest. Best to ignore them IMHO.

[winner69]

...........



Personally, my own 2c opinion, FY23 npat will be ~17m (or a nudge lower) and lower again the year after that. Very much a DYOR situation, and that extends to being cynical of the integrity and credibility of the research done by the broking firms who listed it.

For what its worth I reckon H1 NPAT will be about $7.7m and FY23 about $16m - 20% down on FY22 (pr 6.6 cents per share)

And like you FM cant see F24 being any better

[huxley]

Comments from Chris Lee’s Taking Stock 18 August 2022:

“…The share price continued its descent following the update, hitting fresh lows
as bargain hunters, perhaps inspired by the 13% gross dividend yield, continue
to pick up small volumes. Dividend yields, of course, are backwards looking and
subject to change, especially when earnings are falling almost 10%.”

[nztx]

Poor old MFB getting baconised even more .. who didn't see that coming ? :)

[Snow Leopard]

Poor old MFB getting baconised even more .. who didn't see that coming ? :)

Waiting patiently for the real bacon story:
https://d28hgpri8am2if.cloudfront.net/book_images/onix/cvr9781524871284/pucky-prince-of-bacon-9781524871284_lg.jpg
Simon & Schuster (https://www.simonandschuster.com/books/Pucky-Prince-of-Bacon/Georgia-Dunn/9781524871284)

[huxley]

“…the Board intends to pay an interim dividend of 3.0 cents per share in line with last year, which we will confirm at half year results.”

Got to keep up that yield profile as long as possible!

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/397250/376912.pdf

[Sideshow Bob]

AGM Address & Preso:

Microsoft Word - MFB FY23 Annual Shareholder Meeting Presentation Script - DRAFT (003).docx (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com) (http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/397250/376911.pdf)

PowerPoint Presentation (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com) (http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/397250/376912.pdf)

[nztx]

Waiting patiently for the real bacon story:
https://d28hgpri8am2if.cloudfront.net/book_images/onix/cvr9781524871284/pucky-prince-of-bacon-9781524871284_lg.jpg
Simon & Schuster (https://www.simonandschuster.com/books/Pucky-Prince-of-Bacon/Georgia-Dunn/9781524871284)


Higher supplies input costs, labour costs and consumer trends in harder times must converge somewhere
as price increases may not maintain bottom line, with more competitors in the pool.

I'm picking SP heading south as the convergence will hit the bottom line sooner or later
and dividend.. love to think I'm wrong but difficult to see how white fluffies can be pulled
out the hat to rescue the job in the current climate ;)

Not a holder - better juicier fish to chase elsewhere :)

[ralph]

AGM Address & Preso:

Microsoft Word - MFB FY23 Annual Shareholder Meeting Presentation Script - DRAFT (003).docx (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com) (http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/397250/376911.pdf)

PowerPoint Presentation (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com) (http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/397250/376912.pdf)

Thanks for that Bob


Considering what the food Industry is going through (rbd seeka mfb etc ) that's a good report in challenging times as for those that paid the ipo price that's a different scenario I'm afraid

[huxley]

59c! Not long till it’s $100m

[Muse]

59c! Not long till it’s $100m

Down 16% in a week

Almost begs the question around continuous disclosure - wonder if RegCo will do one of its please explain things

[shareman]

Poor old MFB getting baconised even more .. who didn't see that coming ? :)

I said it at the start and Ill say it again: straight conjob, plain and simple

[Baa_Baa]

I said it at the start and Ill say it again: straight conjob, plain and simple

It was always a pumped up fake IPO to cash out the founding and PE investors, numerous savvy investors here saw it for what it was and called it out early. The whole thing was a charade, sucking in the customers and staff with a promo campaign, even the underwriters got sucked into their own story. A disgraceful listing. Market price discovery since has been a brutal process and lesson for all equity investors, whether in or out.

[Baa_Baa]

http://www.stuff.co.nz/business/industries/85495813/my-food-bag-announcement-expected-over-companys-future

Brought by New Zealand private equity player Waterman Capital, at least it is a New Zealand company...

Flashback.

[Baa_Baa]

The word ‘premium’ will be used a lot in the leadup

Flashback.

[Baa_Baa]

IPO back on the menu for My Food Bag

Private equity Waterman know how to make a buck or two ...timing could be right (for them)

articles says $25m earnings

https://www.stuff.co.nz/business/122949268/my-food-bag-considers-selling-the-business-publicly-listing-on-nzx

Flashback.

[Baa_Baa]

When you put it like that, one wonders what we're being asked to consider buying in to, is it worth it, what growth potential does it have. Looks more like an exit payout strategy than a decent investment. Not the only game in town either, just might have a better brand profile.

Thinking thinking.

Flashback.

[Baa_Baa]

Offer details: https://myfoodbagshareoffer.co.nz/Share-Offer-P2/

Flashback.

[Baa_Baa]

And being marketed very heavily to unsophisticated "investors" (mums and dads) who may not have bought a share in their life. Hope they don't get burned.

In fact, to be eligible to participate, we got a notice (as former customers) that we had to have ordered in the last 60 days.

Flashback.

[Baa_Baa]

Is it not obvious this is just an exit / sell-down strategy for early investors? Maybe I'm seeing spooks where there are none?

Flashback.

[Baa_Baa]

Venture funds IMO are exiting at the top, nough said !

​Flashback.

[Baa_Baa]

A losing proposition for new investors really. so it would just be another lousy listing for our NZ Exchange.

Flashback.

[Baa_Baa]

That’s how private equity works, pump up the volume till your ears bleed, then sell out to those who might one day recover but probably won’t.

Can’t believe NZX lets this sort of IPO happen. Criminal really.

Flashback.

[Baa_Baa]

59c! Not long till it’s $100m

Today....!

[Baa_Baa]

Down 16% in a week

Almost begs the question around continuous disclosure - wonder if RegCo will do one of its please explain things

Today .... !!! Market still looking for price discovery. Quite a lot below IPO now. 🤑

[RupertBear]

My poor wee bear brain is suffering from Flashback fatigue :eek2: after all those posts Baa Baa :p

[Baa_Baa]

My poor wee bear brain is suffering from Flashback fatigue :eek2: after all those posts Baa Baa :p

Just an insight into the collective wisdom of Sharetrader members, those posts span 6-7 years. Sadly, we're exactly where the collective wisdom anticipated it would be, and the founders and PE were richly rewarded taking the IPO money from the unsophisticated staff and customers. A disgrace, shame on NZX for letting IPO's like this happen, and I'd like to see the Shareholders Association take a more proactive position on IPO's. So many are and have been complete disasters.

[Nor]

Never touch anything private equity is trying to get rid of. Simple rule.

[carrom74]

I said it at the start and Ill say it again: straight conjob, plain and simple

Cant be as bad as Intueri....$2.50 per share and after the delisting investors lost in excess of $200M oh wait... add Wynyard too....

[huxley]

The good thing about MFB is they’re profitable and have very low debt, going forward they might be able to make $10m-$15m profit p.a

[Recaster]

The good thing about MFB is they’re profitable and have very low debt, going forward they might be able to make $10m-$15m profit p.a

They're historically profitable. Who knows what the future holds for them?

Companies like this make me think the stock market is at times just a method for sharpies to grab money off the gullible.

[percy]

https://www.nzx.com/announcements/398911

[JohnnyTheHorse]

CEO on a 1 month notice period, love it.

[winner69]

They say CEO sent notice “overnight”

Code for yesterday we had a chat with him about his performance and suggested he go home and think about it ….which he did over a bottle of wine and fired off his resignation.

[Balance]

The old 'spend time with family' excuse.

More like abandoning the sinking ship?

Kevin 'Bacon' Bowler has indeed become BACON.

How many shares did he sell again in the IPO?

Must have been crying into his champagne while he tucked into the lobster and caviar while signing the 'resignation' letter last night.

https://www.nzherald.co.nz/resizer/VHiyHo1UtN_7dxMkf8GuLdiTB0I=/1440x810/smart/filters:quality(70)/cloudfront-ap-southeast-2.images.arcpublishing.com/nzme/MYX54WNU64CM443FBK3AJNCMOQ.jpg

[shareman]

Its going from bad to worser

[Muse]

The old 'spend time with family' excuse.

More like abandoning the sinking ship?

Kevin 'Bacon' Bowler has indeed become BACON.

How many shares did he sell again in the IPO?

Must have been crying into his champagne while he tucked into the lobster and caviar while signing the 'resignation' letter last night.

https://www.nzherald.co.nz/resizer/VHiyHo1UtN_7dxMkf8GuLdiTB0I=/1440x810/smart/filters:quality(70)/cloudfront-ap-southeast-2.images.arcpublishing.com/nzme/MYX54WNU64CM443FBK3AJNCMOQ.jpg

that photo always cracks me up

[Balance]

that photo always cracks me up

The two of them smugly calling on the naive, dumb and stupid to 'tuck' in?

[huxley]

Haha share price is up 3% best thing he’s ever done for the shareholders

[silverblizzard888]

Co-founder returns, CEO leaves, looks like a big shake up inside the company.

[ralph]

Co-founder returns, CEO leaves, looks like a big shake up inside the company.
Certainly the market seems to like that deal

[Balance]

Devon Funds have had enough punishment from My Puke Bag - selling down.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MFB/399059/379308.pdf

Buy high at $1.85, sell low at 70c.

Shouldn't it be the other way round?

[Sideshow Bob]

https://www.nzx.com/announcements/402181

The Board is delighted to announce the appointment of Mark Winter as the permanent Chief Executive Officer of My Food Bag, effective immediately. Mark has been the interim CEO of My Food Bag since the departure of Kevin Bowler on 14 October 2022 and before that was the company's Chief Financial Officer.

Mark joined My Food Bag in 2019 having previously held senior roles at Fonterra. Mark has been an integral part of My Food Bag's success, helping drive a significant period of growth for the business, navigate the challenges posed by the pandemic and transition the business to a listed company.

My Food Bag's Chair, Tony Carter, says "The Board is extremely pleased that Mark has accepted the opportunity to become My Food Bag's permanent CEO. After careful consideration of the needs of the role and the desired attributes of our next CEO, the directors unanimously agreed that Mark was the ideal candidate. Mark is passionate about My Food Bag, has in-depth knowledge about the business and continues to show his impressive leadership and commercial skills. Mark is excellent at getting the best out of those around him and has earned the respect of the Board, employees and other stakeholders."

Mark Winter, says "I'm really excited about having the opportunity to step into the CEO role on a permanent basis and to lead My Food Bag. Despite there being a number of challenges ahead in the current economic and inflationary environment, My Food Bag remains an exceptional business with a clear purpose to inspire Kiwis to be happier and healthier, one meal at a time. I'm looking forward to leading My Food Bag through its next phase and the initiatives already underway to optimise our business operations to unlock future growth in FY24 and beyond."

My Food Bag will commence its search for a new Chief Financial Officer shortly. In the meantime, Jeremy Edmonds will continue as My Food Bag’s interim CFO.

[Balance]

Mark Winter - Whitebait?

Getting the CFO, the numbers man, to run the company.

[winner69]

Mark Winter - Whitebait?

Getting the CFO, the numbers man, to run the company.

Numbers man running such companies --- more often than not doesn't go to plan does it Balance

[Muse]

MFB half year accounts out this friday. Should be interesting! With those most recent food price figures released their inputs are under severe strain and they must have customers downgrading meal options left right and centre, together with a drop in deliveries. Wouldn't be surprised if FY23 full year NPAT comes in at $16m or lower, and the market clearly is pricing a similar step down in NPAT in FY24. a tremendously difficult business to get comfortable on and needs a long runway of earnings stability and track record before punters will break the trend and drive the squiggly line north (or at least arrest the fall) over the long term

[Lola]

MFB half year accounts out this friday. Should be interesting! With those most recent food price figures released their inputs are under severe strain and they must have customers downgrading meal options left right and centre, together with a drop in deliveries. Wouldn't be surprised if FY23 full year NPAT comes in at $16m or lower, and the market clearly is pricing a similar step down in NPAT in FY24. a tremendously difficult business to get comfortable on and needs a long runway of earnings stability and track record before punters will break the trend and drive the squiggly line north (or at least arrest the fall) over the long term

Dont arrest the fall, arrest the promoters who were sucked in, and the vendors.

[ralph]

MFB half year accounts out this friday. Should be interesting! With those most recent food price figures released their inputs are under severe strain and they must have customers downgrading meal options left right and centre, together with a drop in deliveries. Wouldn't be surprised if FY23 full year NPAT comes in at $16m or lower, and the market clearly is pricing a similar step down in NPAT in FY24. a tremendously difficult business to get comfortable on and needs a long runway of earnings stability and track record before punters will break the trend and drive the squiggly line north (or at least arrest the fall) over the long term

It will certainly be interesting to see tomorrow moose, there have been a few surprises either way lately ,that's the nature of the game & good quality food is something people with money are willing to pay for.

Hey Lola most I P O s of the last few years have been criminal

[Sideshow Bob]

https://www.nzx.com/announcements/402593

My Food Bag Group Limited (NZX / ASX: MFB) reports its financial performance for the six months to 30 September 2022 (H1FY23).
Key points include:
• Net profit after tax (NPAT) of $5.9 million, versus $9.4 million in H1FY22
• EBITDA of $11.5 million, versus $15.8 million in H1FY22 (footnote 1)
• Revenue of $94.4 million, $4.0 million less than H1FY22
• Gross margin of 49.3%, up on 48.1% during H1FY22
• Contribution margin of 25.3%, compared to 26.3% in H1FY22
• 69,091 active customers at end of H1FY23, up from 61,731 at the end of FY22 (footnote 2)
• Investment in assembly pick technology underway to unlock future growth
• Fully imputed interim dividend of 3.0 cents per share declared, payable on 15 December 2022.

Tony Carter, Chairman of My Food Bag, says: “My Food Bag saw a slower start to trading in FY23 than expected, as the business navigated a challenging external environment. The volatility of the current economic environment and inflationary pressures present challenges, however the Board and I remain confident about the opportunities ahead for My Food Bag.
“During the first half of the financial year, My Food Bag made 732,000 deliveries across its portfolio of brands, with an average order value of $129.00. This compares to 808,000 deliveries in H1FY22, with a lower average order value of $121.80.
“As signalled at the Annual Shareholder Meeting in August, the Board is pleased to declare an interim dividend of 3.0 per share. This interim dividend represents confidence in the business, with the asset light operating model allowing growth to be funded internally,” says Carter.

My Food Bag CEO, Mark Winter, says, “Across the whole meal kit category, discounts have played a heavy role in attracting new customers during the first half of the year. However, we’ve experienced higher than average churn from customers starting with us via discount deals. We have taken the learnings from this to optimise how we roll out discounts in this current economic environment.

“This change in customer behaviour is one of the drivers behind active customer numbers bouncing around during the half year. On the last weekend of September, active customer numbers were at 69,091. Whilst this is up on the last quarter of FY22 (61,731), it’s down on Q2FY22 and down on active customer numbers at the end of July 2022 (73,145),” says Winter.

Outlook
Recent trading reflects a continuation of trends seen in the first half year of the financial year. Full year earnings will be lower than last year, and as a consequence the Board anticipates the final dividend will also be lower than the prior year.
“Action is being taken to improve trading performance with a priority on growing active customer numbers and retention, and cost pressures continue to be managed and mitigated, where possible.

“Alongside these priorities, we also continue to invest in initiatives that set the foundation for future growth. We are excited about our investment in supply chain improvements that will capture cost efficiencies and unlock growth in FY24,” says Winter.
My Food Bag is installing assembly pick technology as part of its investment in supply chain improvements to capture cost efficiencies and unlock growth. The business has engaged a European vendor with extensive experience implementing ingredient level pick technology in the global meal kit industry.

“The investment will allow us to significantly simplify our operating processes, reducing our dependence on temporary labour and making the job of picking easier, thereby reducing errors.

“This assembly pick technology will also give us the ability to vastly extend recipe choice, as well as offer greater personalisation and customisation benefits to customers. We expect the gains of this technology investment to start being realised from FY24,” says Winter.
End

[Balance]

Massive profit downgrade - will be more in the year ahead.

[Rawz]

Total assets on balance sheet is $106m but intangible assets are $85m :scared:

Borrowing to pay a dividend :scared:

[bull....]

and may be the last dividend ?

[Rawz]

MFB a hard businesses to own during a cost of living crisis.

Wonder how low it can go? Potentially could get really undervalued some point next year after what will be a shocker FY result. Might be worth picking some shares up for the recovery if the SP really gets beaten up. Definitely not a buy right now (for me).

Lots of potential. They only have 60k-70k customers. That could easily double to 140k which would represent 10% of NZ households

[bull....]

MFB a hard businesses to own during a cost of living crisis.

Wonder how low it can go? Potentially could get really undervalued some point next year after what will be a shocker FY result. Might be worth picking some shares up for the recovery if the SP really gets beaten up. Definitely not a buy right now (for me).

Lots of potential. They only have 60k-70k customers. That could easily double to 140k which would represent 10% of NZ households

could easly be 20 - 30k customers if there prices go up heaps which may happen as costs of food are going to keep increasing next yr as well as wages

[nztx]

Feb 2021 $1.85 IPO, now less than a third of that in a little over 18 months further on
for basically a kitchen with a dispatch bay, a tatty recipe book and the cooking utensils

The promoters of this one need to be taken to task

[Rawz]

16% down on the open :scared:

[huxley]

49c brutal

[Rawz]

if they do say $13m npat FY23 (and that could be generous) thats eps of 5.4c. give it a no growth p/e of 8 and the forward looking SP is 42-43 cents. Ouch

[huxley]

most IPO stocks from 2021 are in the red; 80% of all companies that went public in 2021 are trading below their offer prices, according to the data provider Renaissance Capital. The average return of offerings from 2021 is minus 30%.

[blackcap]

Feb 2021 $1.85 IPO, now less than a third of that in a little over 18 months further on
for basically a kitchen with a dispatch bay, a tatty recipe book and the cooking utensils

The promoters of this one need to be taken to task

I guess our Australian friend was right after all. All fluff and show but no substance in the IPO.

[BDL]

I guess our Australian friend was right after all. All fluff and show but no substance in the IPO.

Exactly. Sometimes you need to call a piece of fluff, a piece of fluff.

All too PC in Aotearoa land.....

[RGR367]

It has to fall another 55 cents then. Thanks!

It was at 1 buck (see thread #736 and #737) when this was commented on. And we're almost there! Also thinking about W69 about his holdings now :cool:

[Getty]

It was at 1 buck (see thread #736 and #737) when this was commented on. And we're almost there! Also thinking about W69 about his holdings now :cool:

Will he be fed up with MFB, or just on a fast?

Either way, it's enough to give anyone a guts ache.

Commiserations to holders.

[winner69]

It was at 1 buck (see thread #736 and #737) when this was commented on. And we're almost there! Also thinking about W69 about his holdings now :cool:

Yep, regretting settling the short I had around the 130 mark .... I believe the guy I returned the borrowed ones from still holds ..... he's probably regretting it as well

But it was good fun while it lasted :t_up:

[winner69]

Will he be fed up with MFB, or just on a fast?

Either way, it's enough to give anyone a guts ache.

Commiserations to holders.

Hope to get the scallops and chips from the fishie and have a picnic lunch on the beach before the forecasted thunderstorms arrive

Yummy

[RTM]

MFB a hard businesses to own during a cost of living crisis.

Wonder how low it can go? Potentially could get really undervalued some point next year after what will be a shocker FY result. Might be worth picking some shares up for the recovery if the SP really gets beaten up. Definitely not a buy right now (for me).

Lots of potential. They only have 60k-70k customers. That could easily double to 140k which would represent 10% of NZ households

I won't be going near this at any price.

[winner69]

I love the way in the presentation they use the old BlackPeter trick and calculate a 3 Year CAGR on most metrics

Best one has to be H1 NPAT is down 37.7% on pcp but what the heck the CAGR since FY20 is +22.6%

Wow profit CAGR 22.6% - a true growth company ... really cool

[winner69]

Another gem from the presentation

Slide title - Operating cash flow supports ongoing dividend payment

and the numbers show Free Cash Flow $1.4m ....upcoming dividend will use up over $7m

Did have to pay a bit of tax but heck most companies pay tax eh

[Getty]

Another gem from the presentation

Slide title - Operating cash flow supports ongoing dividend payment

and the numbers show Free Cash Flow $1.4m ....upcoming dividend will use up over $7m

Did have to pay a bit of tax but heck most companies pay tax eh

If they are capable of dressing up a turd like that, then what are they serving up in their meal packs?

[Snow Leopard]

Another gem from the presentation

Slide title - Operating cash flow supports ongoing dividend payment

and the numbers show Free Cash Flow $1.4m ....upcoming dividend will use up over $7m

Did have to pay a bit of tax but heck most companies pay tax eh

My fave is: The balance sheet is well positioned for growth opportunities

:confused: Equity is less than intangibles :confused:

[nztx]

The pack size is probably shrinking faster than the SP free fall today - - 16% + so far ;)

Nothing like applying a bit of the "Less is More" like the Supermarkets strategy to hide
some of the cost increases - Note packaging reordering would be too expensive :)

[nztx]

Well if the comments here are indicative of how good the Menu is - perhaps the current Management
wouldn't be too adverse to privatising the job - $1.85 a share sounds like a good starting point ;)

[nztx]

My fave is: The balance sheet is well positioned for growth opportunities

:confused: Equity is less than intangibles :confused:


Sure they weren't referring to Growth in Exec Salaries & Directors fees for the difficult task of painting glossy pictures ? ;)

It might help them balance a bit better in their chairs :)

I think I have seen a swag of Aussie Mining companies recently which have better growth opportunities
and that's counting bags, not trying to work out how full they will be after next buy in cost increases :)

Today's report seems to be a Bag 'full of something' .. and the market hasn't let that go unnoticed :)

[nztx]

The carnage continues .. down 7.22% to 45c today

might leave some of the early IPO holders choking on their doggy bag ;)

[RGR367]

The carnage continues .. down 7.22% to 45c today

might leave some of the early IPO holders choking on their doggy bag ;)

We've reached what should have been the IPO price :cool:

[nztx]

We've reached what should have been the IPO price :cool:


Can the market squeeze a further 5c or 10c out of the bag to get to true valuation ? ;)

Sounds like many are forseeing MFB to be a right royal trainwreck in approaching
market conditions ;)

[winner69]

CEO buying

I keep getting told that’s a good positive sign

[nztx]

CEO buying

I keep getting told that’s a good positive sign


Probably wants everyone in on a future CapRaise to Refurb his Office :)

Cant have news of Div being canned coming off a stained well worn stool
among the flying pots and pans, can we ;)

[mikeybycrikey]

I finally got around to reading the latest report last night. It's pretty grim. Way worse than I expected. No cash, no assets (other than intangibles), negative cash flow and falling profit. Every page I read painted a worse and worse picture.

I guess it's just your usual private equity disaster story with every scrap of value removed before sale.

[nztx]

43.5 pennies ahead of going ex div 29th

call it 40.0c ex Div near enough, before the next trail of large carnage lands in the kitchen ..

might be the last reasonable dividend to be tossed out of the tattered bag, but who knows :)


Such a high level of Dividend might in some quarters even be considered a bit reckless
if points extending from the recent Report are really as grim as some are suggesting
along with forward trending ;)


If things really bad going forward, MFB might be forced to reach out to loyal holders

How does a 3 for 1 or even 4 for 1 @ 3.0 cps sound to put some coin back into kitty
and to keep the galley from falling off the blocks and being sent to the scrap yard ? ;)

Any of the poor suckers who shelled out $1.60 a shot for a piece of the MFB action still
around, or have all run away in horror ? ;)

[ralph]

I reckon the poor suckers as you named them, will still be around or are you saying they should have jumped !! in your gloating purely downramping comments .

The only facts in your gloating post is that they have big a good divi yet again & sp will probably go down after payment as with all stocks .Duh Obvious .
Why would mfb need to raise money ,a lot more desperate companys out there with bigger debt issues .
Disc, not a poor sucker not on this one anyways

[bottomfeeder]

I reckon the poor suckers as you named them, will still be around or are you saying they should have jumped !! in your gloating purely downramping comments .

The only facts in your gloating post is that they have big a good divi yet again & sp will probably go down after payment as with all stocks .Duh Obvious .
Why would mfb need to raise money ,a lot more desperate companys out there with bigger debt issues .
Disc, not a poor sucker not on this one anyways

Tempted to dip my toes in. But just can't see this getting back to a dollar anytime soon.

[Getty]

It's not one to dine out on...

[Balance]

I finally got around to reading the latest report last night. It's pretty grim. Way worse than I expected. No cash, no assets (other than intangibles), negative cash flow and falling profit. Every page I read painted a worse and worse picture.

I guess it's just your usual private equity disaster story with every scrap of value removed before sale.

Indeed.

Cash all gone and company has used borrowings from what I can see to pay dividends!

Interest costs are going to be up next results.

Looks like institutional selling post the results and retail buying - MFB sp trying to catch up with MPG?

[ralph]

Tempted to dip my toes in. But just can't see this getting back to a dollar anytime soon.
The trend is still down ,would be a while before it gets up again, but the ceo seems to be buying maybe he knows something

[Recaster]

A look at the latest interim Accounts for this company HY23:

https://recastinvestor.substack.com/p/update-my-food-bag-mfbnzx-d42

[Snoopy]

A look at the latest interim Accounts for this company HY23:

https://recastinvestor.substack.com/p/update-my-food-bag-mfbnzx-d42


Interesting take on the interim result Recaster. I am not a student of this company, unlike you who obviously are. But I was a bit startled by your remark

"It’s concerning that significant impairments to intangibles are not already in the accounts."

I had a look at AR2022 pp50,51,52, and found this statement on the valuation of goodwill on the books:

"Goodwill and indefinite life brands are tested for impairment annually, or more frequently if there is an indicator of impairment."

I take it from this that at the latest half year date, which you are commenting on, there was no indicator of impairment. If there was the MFB directors would be not fulfilling their legal duty if they sat by and did nothing. Yes, I see and understand your comments on the headwinds the company is facing, and do not disagree with your outlook. The point is though, the the directors must be aware of all of this also, and yet decided that the value of the $63.631m in goodwill and $18.357m in brands on the balance sheet remains unaffected.

I am not aware of how this referred to goodwill came onto the balance sheet in the first place. Maybe you can fill us in on that? But as a general rule, following how I would normally read these financial statements, this is showing me that the listed version of 'My Food Bag' likely purchased the business from the founders due to the ability of the business to generate cash way above what you might expect from the underlying asset value of what was purchased. Now, I think you and I might agree that the projected ability of the business to produce cash now is significantly lower than at float time. However, that in itself is not a reason for any impairment of goodwill to take place. That is because the value of the goodwill at float time was probably based on a much lower cashflow forecast, than all the forecasts and positive noises being made when the company was being sold to the public.

It would be nice to know what the assumptions underpinning the goodwill on the company's books are. But the company is under no obligation to tell us this, unless the goodwill has indeed become overvalued and needs to be written down in the accounts. The fact that this hasn't happened should alleviate your 'concern', I would have thought?

I presume the valuation of the goodwill on the books was done only a couple of years ago, in preparation for the float. So I would be a little surprised to see that valuation cut drastically in such short order.

Banking covenants tend to be based on cashflows, not asset values. As you have noted, the company can cut dividends if cashflow is a problem in the view of the banks. The fact is, the supporting banks have not told the company to reduce or cancel their dividends..

"The key assumptions in the cash flow forecast are revenue growth (estimated based on number of deliveries and average order value), ingredients price inflation and operational performance. The values attributed to the key assumptions are based on past performance and current market information including, where negotiated, contracted prices for ingredients. The long-term growth rate applied to the forecast cash flows after year 5 is 2.0% (2021: 2.0%). This reflects the expected long-term economic growth rate in New Zealand. The discount rate used in the model is 8.5% (2021: 6.8%)."

Do you think the long term cashflow growth for the core business of 2% per year is unreasonable? Notice that the discount rate for future earnings has gone up, from 6.8% to 8.5%. That would potentially reduce the future value of goodwill. Yet the company is saying that if the discount rate goes even higher,

"Reasonably possible changes in key assumptions do not result in impairment of goodwill or indefinite life brands."

that still won't impact the goodwill.

SNOOPY

P.S. Not saying MFB is a good investment at today's price or otherwise. Just not sure your comments slagging the treatment of goodwill here are justified.

[winner69]

Good post Snoops

I often think that some people think intangibles are a bad thing ... esp when it has been created from acquiring or amalgamating businesses

Often brand/goodwill is the main asset a company has .... without it there is no company.

Great example is Turners - there are some who are still horrified there is $165m of intangibles on the books (V total equity of $266m). Like qith MFB those intangibles are the guts of the business ...what made it in the first place.

Intangibles aren't bad

MFB intangibles might be high but I'm sure the Directors are keeping an eye on it and there may be some write down at some time in the future.

One way of looking at it is that if MFB was acquired for say $120m (premium to current market cap) the acquiror would likely be booking more than $85m in intangibles ...is that a bad sign?

[percy]

Good post Snoops

I often think that some people think intangibles are a bad thing ... esp when it has been created from acquiring or amalgamating businesses

Often brand/goodwill is the main asset a company has .... without it there is no company.

Great example is Turners - there are some who are still horrified there is $165m of intangibles on the books (V total equity of $266m). Like qith MFB those intangibles are the guts of the business ...what made it in the first place.

Intangibles aren't bad

MFB intangibles might be high but I'm sure the Directors are keeping an eye on it and there may be some write down at some time in the future.

One way of looking at it is that if MFB was acquired for say $120m (premium to current market cap) the acquiror would likely be booking more than $85m in intangibles ...is that a bad sign?

When a business such as Turners are performing "great guns" intangibles/goodwill are not a concern,however when a business such as MFB is going backwards they are a major concern.[to me]
When I first look at a company, I always take intangibles/goodwill out of the balance sheet, to get a clearer picture of the business.
I have avoided a number of disasters in doing so,including MFB and MPG.
However the wife holds a few NZM.

[nztx]

still @ 41.0 cps .. maybe the penny wont drop until the div coughed up lands in the bag ? ;)

Intangibles are fine, but only when they're being worked hard to generate obscene profits
even creative RE revaluation related gains etc might qualify, if polished sufficiently enough :)

For as long as that continues NTA etc remain invisible figures no-one bothers or cares about
or checking what's under the hood ;)

When the wheel turns, not even a hard hat may protect against the potential carnage
in today's weird & wonderful world of creative beancountery to gloss things over
until things are just about ready to fall down a cliff ;)

[kiwico]

The current assault by HelloFresh can't be helping - someone on GeekZone was offering free HelloFresh boxes last week. I partook, with the free box arriving today, and I now seem to have free boxes to offer to others - quite bizarre. But DM me your email if you're new to HelloFresh and want a free box if I can still hand more out (and apologies to all MFB holders...).

[clip]

Yep, we've used hellofresh on and off for a while, basically when I get a discount or free box. I've been spammed with emails non-stop for 50% discounts, had calls from them offering discounts, had vouchers for 3x free boxes (1 per new account) when buying stuff from other non-related suppliers, they are doing a huge marketing blitz at the moment.

[Muse]

Hellofresh are simply anhilating MyFoodBag. If you go back to MFB's AGM their deliveres were down around 4% for the first 4 months of the financial year. But when they reported their half year results, just two months later, their cumulative HF deliveries were down something like 10%. That implies the 2 months between the AGM to the half year they were absolutely anhiliated, and I dont think it was just to do with food prices, even if that is a big part. If you look at web traffic patterns from similarweb or google trends you will find that MFB have dropped while hellofresh have grown, so I do see this as more to do with a major international firm with no regard for short term profits whacking around the local profit focused local. Its a no moat industry.

Its a real shame as NZ needs floats, we need more credible private company listings. But some of these most recent floats have destroyed the credibility and intregrity of our capital markets and the NZX is increasingly becoming marginalized. I have a good whack invested in the NZX but I have a near equal amount invested on the ASX, slightly less overseas and then a much larger proportion invested in private companies. Sadly I think its become imprudent to keep a large proportion of ones investment centered on the NZX.

[nztx]

Can we short the Bag ? ;)

Is dat possible ? :)

Gotta be untold riches to be harnessed somewhere out of this unfortunate stack of battered pots & pans :)

[Entrep]

Hellofresh are simply anhilating MyFoodBag. If you go back to MFB's AGM their deliveres were down around 4% for the first 4 months of the financial year. But when they reported their half year results, just two months later, their cumulative HF deliveries were down something like 10%. That implies the 2 months between the AGM to the half year they were absolutely anhiliated, and I dont think it was just to do with food prices, even if that is a big part. If you look at web traffic patterns from similarweb or google trends you will find that MFB have dropped while hellofresh have grown, so I do see this as more to do with a major international firm with no regard for short term profits whacking around the local profit focused local. Its a no moat industry.

Its a real shame as NZ needs floats, we need more credible private company listings. But some of these most recent floats have destroyed the credibility and intregrity of our capital markets and the NZX is increasingly becoming marginalized. I have a good whack invested in the NZX but I have a near equal amount invested on the ASX, slightly less overseas and then a much larger proportion invested in private companies. Sadly I think its become imprudent to keep a large proportion of ones investment centered on the NZX.

Great post. Thanks. But how does a few bad eggs negatively effect other companies on the NZX that are doing fine?

[nztx]

Great post. Thanks. But how does a few bad eggs negatively effect other companies on the NZX that are doing fine?


I similar, headed the same way .. across the Tasman on ASX looks far kinder ;)

The storm clouds here don't enthuse one little bit. with further recessionary economic conditions forecast :)

Last one out - please turn off the lights :)

[Muse]

Great post. Thanks. But how does a few bad eggs negatively effect other companies on the NZX that are doing fine?

Well it doesn't, I guess. Good companies, are good companies. But I think for a lot of us we want heaps of choice on the NZX, as we like companies we know, we can identify with, we know people who work for them ( or indeed we work for those companies), and we can get imputed divdends. The last point, for me, is a big one. Having a few bad eggs doesn't make EBOS, HLG, MFT, TRA, FPH, etc any worse. But it turns investor interest away from them, and when demand goes down, invariably so does the multiple applied to them, which hurts everyone.

Obviously the vendors and promotors should wear most of the blame.

The investment banks should come under scrutiny.

The NZX has become an embarrassment and there is a lot of collective blame to share....from the vendors (who naturally will try to get the higher price), to the advisers, to the naïve institutional investors. The sad thing is I think a lot of instos are so embarrassed and tarnished by the MFB float that they won't participate in future good floats. And thats terrible. I want the NZX to survive and thrive. Things need to change.

[Muse]

Building on my last paragraph, when sentiment has become so sour that very good NZ companies decide they can't list on the NZX due to a complete lack of support from local institutions who have embarrassed themselves with their own incompetence, those companies will just continue to list or transfer their listings to the ASX. The way we are going in 10 years time we will have a forum with maybe 10-15 companies worth discussing left on the NZX.

[huxley]

Oh dear: “Maggot mince curry anyone? HelloFresh customer disgusted by contaminated meat”

MFB may pick up a few customers if this is indicative of the competition.

https://i.stuff.co.nz/national/130769916/maggot-mince-curry-anyone-hellofresh-customer-disgusted-by-contaminated-meat

[ralph]

Oh dear: “Maggot mince curry anyone? HelloFresh customer disgusted by contaminated meat”

MFB may pick up a few customers if this is indicative of the competition.

https://i.stuff.co.nz/national/130769916/maggot-mince-curry-anyone-hellofresh-customer-disgusted-by-contaminated-meat



Hello stale & not so fresh :t_down:

[Snoopy]

Oh dear: “Maggot mince curry anyone? HelloFresh customer disgusted by contaminated meat”

MFB may pick up a few customers if this is indicative of the competition.

https://i.stuff.co.nz/national/130769916/maggot-mince-curry-anyone-hellofresh-customer-disgusted-by-contaminated-meat


'With maggots' is just poor marketing. If HelloFresh had said 'garnished with fresh musca domestica precursor' that would have sounded much better. As the population of the planet increases we will have to eat more insect life. Good to see HelloFresh is one step ahead of their competitors.

SNOOPY

[nztx]

Might be hope yet .. 'My Foodie Bomb Out' over on ASX (MBX) is performing a dead cat bounce :)

https://www2.asx.com.au/markets/company/mbx

The 12 month graph seems to mirror a similar flop to MFB here ;)

Hey it even lost a pile dough and MFB still managed a steeper descent even after spitting
out a dividend and having a positive bottom line :)

[nztx]

Look at what the Competition are up to:



HelloFresh


https://www.nzherald.co.nz/nz/consumer-nz-warns-hellofresh-customers-to-check-their-bills-as-some-opted-out-meals-charged-for/CNCN5CBXHJCFDBQLZ6ZGCB6RAM/

Consumer NZ warns HelloFresh customers to check their bills as some opted-out meals charged for



Consumer NZ has issued a warning to customers of HelloFresh to check their bills as many continue to get charged for meal-kits they have opted to skip.

Consumer NZ head of content Caitlin Cherry said the issue has been ongoing for more than three years.

“It’s been well documented in the past, but HelloFresh insists it’s not in the wrong. Some HelloFresh customers are being short-changed, and it needs to stop,” said Cherry.

Customers of the subscription meal-kit service are given the choice to skip boxes on weeks they don’t want to receive them - such as when going away on holiday.

A request to skip an order must be made before a specified cutoff date, and according to HelloFresh, this stops the box being delivered and the customer from being charged.

However, Consumer NZ said many are still being charged for boxes they’ve skipped or subscriptions they’ve cancelled.

It sounds a bit nasty to rip off Custies off on what was requested skipped or cancelled ;)

In fact probably a violation of Fair Trading / Consumer Guarantees legislation and not a good
or small one either


the issue has been ongoing for more than three years.

That long ?

[Rawz]

Check your Countdown receipts as well! Bought $40 worth of lamb shoulder chops yesterday but it wasn’t the 33% off they advertised.

So lucky Rawz family ate free lamb chops and got the $40 cash back (that’s Countdown policy).

Wonder how MFB are tracking. Next report will be interesting

[Sideshow Bob]

New CFO - https://www.nzx.com/announcements/406291

My Food Bag Group Limited (NZX: MFB) is delighted to announce the appointment of Leanne Dekker to the role of Chief Financial Officer, commencing 20 March 2023.

Leanne joins My Food Bag with nearly 20 years’ experience in professional services and listed company environments in New Zealand. She has held senior finance roles at both Summerset (as deputy CFO) and most recently Kiwi Property Group (as group financial controller). In addition to her expertise across a broad range of accounting and finance functions, Leanne has exceptional experience leading a team, delivering projects and contributing to compliance and governance responsibilities for listed companies.

Mark Winter, My Food Bag CEO, commented "We are delighted to have someone of Leanne’s talent join My Food Bag at this critical time as we invest in initiatives that set the foundation for future growth and navigate through an uncertain economic outlook. Leanne joins us with an excellent reputation and I look forward to working closely with her during this next exciting chapter for My Food Bag."

Jeremy Edmonds will continue as interim CFO at My Food Bag until Leanne’s arrival in March.

[Balance]

Indeed.

Cash all gone and company has used borrowings from what I can see to pay dividends!

Interest costs are going to be up next results.

Looks like institutional selling post the results and retail buying - MFB sp trying to catch up with MPG?

Very grim - another massive profit downgrade (EBITDA down 50% from F2022 of $34.2m) and final dividend cancelled.

H2 F22 EBITDA was $18.4 vs H2 F23 forecast of $6.5m = 65% drop in H2 EBITDA!

Looks like company could be reporting a loss in F23!

Those who bought for yield better switch out in a hurry as the company had been using debt to pay previous dividends.

https://www.nzx.com/announcements/406838

As a consequence of these ongoing challenges, EBITDA for FY23 is currently expected to be between $17m and $19m. At this stage, the Board does not intend to pay a final dividend for FY23, having already declared and paid a fully imputed interim dividend of 3.0 cents per share.

[winner69]

Getting a bit desperate eh Balance

No doubt with the weather as it and produce goingbto cost heaps more they’ll need big price hikes and what will that do to demand? Maybe pack up baked beans on toast for dinner?

[winner69]

Got to say Waterman we’re the lucky ones with their timing.

Since then itsvonly been bad luck thats bought My Food Bag to its knees …..Bowler opening his mouth pre IPO and then covid and then a cost ofbliving crisis and now cyclones

Some company’s are lucky others not

[Rawz]

Ouch. MFB struggling big time.

GLH's you will need it

[alokdhir]

Do we have a class action case against the lead managers of IPO ? Or they can never be held to account for their obvious mischievous advise and incorrect price targets and projections ...

If u buy financial advise then do u get any guarantees about quality of product etc ...or here they can get away with anything ...then how come they allowed to sell knowledge which is basically nothing more then luck / gambling ???

No wonder they are fast becoming more hated suits than real suits and bankers ....lol

[Balance]

Got to say Waterman we’re the lucky ones with their timing.

Since then itsvonly been bad luck thats bought My Food Bag to its knees …..Bowler opening his mouth pre IPO and then covid and then a cost ofbliving crisis and now cyclones

Some company’s are lucky others not

But COVID was supposed to be good for them?

This company & its management speak with forked tongue right from day 1 of the IPO.

[winner69]

Jeez Balance - you were right in that FY23 EBITDA of $17m is half of what they achieved last year

Suppose that was a record year so not too bad

But golly gosh - does make you wonder what FY24 is going to look like

Amazing how Toy Carter keeps on getting good jobs