Having not studied SAN for a while should this inspire me to do a bit more study?
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Hard to say ... FWIIW they are on my watch list and I think they are a well managed company, however (nearly) always appear to be too dear. Used to be a holder for some periods of time (not now). But that is true for a number of companies with still climbing SP.
Looking at the results - not really inspirational. Revenue slightly up, earnings slightly down ... and the fatality of a crew member resulting in a three month outage of a ship shows that the business risk is quite significant. There used to be the old saying: never invest into companies which own equipment which flies or floats ...
On the other hand - in the long run this might be a winner ... catching (and growing) healthy protein for a growing world population. Obviously - in which way their business will be impacted by global warming is everybody's best guess.
SAN is facing huge investment need in upgrading both their fleet (scampi fleet, Antarctic longline fleet and inshore fleet) and processing facilities such as the salmon processing on Stewart Island/Bluff. This investment has been postponed far too long and this is the main reason they are not showing much progress towards the $1 per Green Weight Tonne the CEO set as a goal. They simply can not achieve their lofty goals (goals I like a lot) with their current totally outdated assets.
The last 2 vessel purchase decisions have been very poor, as can be seen in posts above, with one of them being a 100% write off without catching a fish and the other one being an old and outdated ship that has performed poorly since arriving here. So I'm happy to stay off the SH register for now but will continue to watch them with interest. They have awhile to go yet to convince me to become a holder again.
Pulled the trigger and decided to buy some of these today ... hopefully not a mistake :P
Interesting ... I guess I probably would call them fairly priced (at a backward PE of 25 and backwards earnings CAGR of 6), but yes, they are clearly cheaper than the FPH's, AIA's and MFT's of this world ... and hey, if the analysts are right with their predictions (forward PE of 14 and forwards earnings CAGR of 10, then I agree, they do look cheap.
Problem is just ... analysts typically a tad optimistic ;).
Anyway - market might well agree with you. All the best!
An industry publication reporting SAN to upgrade their Scampi fleet as predicted a few posts ago https://www.undercurrentnews.com/201...campi-vessels/
Long overdue. I hear they received quotes from 6-8 designers/suppliers and hope they have chosen better than they did with the last 2 disastorous vessel decisions