You've always had a soft spot for mangy mutts nobody else wants.
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Recent management has not ‘wrecked’ Metro, they are still producing pretty solid results (even achieving world class margins). While management has been doing the day to day stuff pretty well the previous owners and then by new directors have been touting Metro for something it never was. Sucked in all those foolish ‘investors’ who were seduced by glossy brochures and hollow promises. That’s why it seen as ‘wrecked’ and that’s not the fault of day to day managers, and I feel sorry for them.
That last paragraph has a bit of emotional attached to it. Business often hire outside consultants to review processes - mostly you never hear about them. The directors made a bid deal if this to appease the grumpy fund managers / instos and to show they were ‘doing something’. I gather that the consultants only recommended minor changes - they didn’t tell Metro ‘how to run the company’ as you put it Beagle ..it was actually working quite well.
It’s a bit sad that private equity and the subsequent directors have driven the company Metro to where it is today....making all these uptotally unrealistic promises that were never going to be achieved has only led to pissed off shareholders ...to some extent they can only blame themselves for being seduced in the first place.
It’s been boom and bust since the 1950s
Outlook for the next few years looking pretty good .....probably at least 35,000 odd dwellings to be built annually in next few years and that’s not really counting any of Phil’s outrageous ambitions. Non residential should be pretty good as well ...plenty of hotels, hospitals being built.
That 35,000 odd is compared to current activity of 32,000 and a low of 15,000 not that long ago and long term average of about 25,000
The painter who did the paint work in our new house had to come and do a couple of touchs, up a couple of weeks ago.
He said they were short of work,as are most tradies in ChCh.
Going back to when it was announced the new CEO was being appointed, most on here are underwhelmed with the credentials he brings to the job.
New leader any better than your mate Rigby ? P.S. Doesn't matter who this dog's owners are if the trainer is hopeless !
Bad former owners that dressed up tough old mutton as fresh spring lamb !
Guess we find out if the rump steak is as tough as old boots and inedible or otherwise tomorrow morning. They've had all last week and this weekend to work on their latest excuses :) PE looks as cheap as yesterday's cold chips, I'll give you that, but what of future earnings ? Might as well run the ruler (meat tenderizer) over it tomorrow morning...
The National Construction Industry Pipeline Report 2018 gives some insights. I think it is conservative.
Increasing willingness of the government especially to partner/alliance with private companies and foreign companies to resource and even to fund large build programmes is an evolution from self-reliance on local companies that cannot scale to meet the demand. It is good for NZ companies that are running at high capacity delivery, amidst the pie growing, presenting opportunity to grow a share of that pie.
Reading the flea ridden mangy mutts and mutton viewpoints is sobering. I guess it remains to be seen whether Metro continue to survive and trade profitably as they've done in the past. No doubt the SP is sick and has been for ages, but I think the recent reaction to a new competitor sometime in 2019 is overdone. I'm not buying until there is a clear reversal, but it's on the watchlist.