true, makes sense - if you allow for time to run backwards ;)
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very similar pattern just playing out on the hourly nzd
Might pay for shareholders to finish eating their cornflakes/weetbix, before reading Brian Gaynor's column in this mornings Herald.
Can't be true percy
http://www.nzherald.co.nz/business/n...ectid=11902607
Harsh report, but I guess fair enough comments for those who have been invested in MPG since IPO. Personally I entered in at $1.35 before the dividend payment so am happy with their performance. Think at the current SP it remains once of the better value investments on the NZX.
From last February .....before the medium term outlook turned negative.....and some of you rubbished me at the time
Goulter has let Rigby (and shareholders) down badly.....and obviously pissed Gaynor off as well
Share prices are generally driven by the largest (institutional) shareholders .... MPG not in that good a shape in this context
Agree - the report is more reflecting on the failings of our board system, and I agree with that. Makes it hard for owners of a company to pick the best people for the board as long as the existing board is able to pick candidates who don't threaten the mediocrity of the existing board and basically block everybody else. But that's not just MPG but any of our listed companies. Been there, seen that.
Is MPG a good investment? Well, yes - as usual it depends on timing. As Jeremy I am quite happy with the performance of the shares I bought around $1.30 ;), but yes, not so flash for people who bought in at IPO time;
Will they thrive? I do see opportunities - and I am not just referring to the housing shortage. They did put a huge amount of money into new equipment and technologies and are in my view well positioned to harvest over the years to come the rewards of this strategy.
Will they grow ad infinitum? Certainly not, and as for any other company there is a price where I would sell out. Did we reach this price yet? I don't think so.
Could they do better as a company? I am sure, they could - but so far I think it appropriate to give management the benefit of the doubt.
I entered at the same time and price. I think Mr Gaynor's report is fair and reasonable. The company is saying they need more capex this year to boost their efficiency and effectiveness and to ward off competition. I think they need to look for efficiency elsewhere starting with the headcount. On a forward PE of 14 at $1.42 I would say given their chequered track record they are fair - reasonable value as noted in my most recent post on 3 August but certainly better value than FBU who have a truly abysmal track record in this sector over the last decade. I have this holding on an extremely short leash to be honest and I sold half my holding this week as it went below the 30 day MA The rest will get the boot at or above $1.35 if the SP doesn't perform. Annual meeting could be interesting this year, if I get time I will attend. Low conviction hold for me. Growth in top line sales is one thing but they need to convince me that they can translate this to growth in EPS. I am not so sure they can after reading Mr Gaynor's report. One thing FBU at this company have in common, they are underperforming in the midst of the greatest building boom we have seen for many many years.
Apologies for the noobie question. Are non shareholders allowed to attend the annual meeting? There aren't any checks are there?
Technically you have no right to attend unless you are a shareholder or are holding proxies (it is not a public meeting) ... and yes, there are checks at the door. However - they normally would allow you to attend (call of the chair), but you won't have speaking or (obviously) voting rights.
However - why don't you just buy a handful of shares ... I think they are currently anyway on discount ;);