True.........
And a very happy one..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Hi Guys
Thanks very much for all the AGM reports, particularly input from Forest, Roger and Noodles. And you as well Percy for your excellent observations even though like me you could not make the meeting. With low static interest rates, Heartland paying divies of 6 - 7% (TAX PAID) is a very attractive proposition when compared to other investments, especially with growth potential going forward. Yes, I am a very confident, happy, relaxed holder. :)
Regards
It was good to chew the fat with you at the ASM. You should post more often mate. That was a good one. As you've suggested I think it pays at this stage to not get too enthusiastic about the prospects for early EPS accretive acquisitions or initiatives.
That said I note that HNZ is trading on a PE of only 10.75 based on the mid point of the existing forecast which is a considerably more attractive multiple than the Aussie banks and there's also the advantage of full imputation credits being available to HNZ shareholders. I hold with an accumulate more on any weakness bias.
Carrots vs drivers.!!
Two years ago at the agm in Ashburton the CEO spoke of the low ROE, and how they were aiming at 10%.I would have thought it would take them 3 or 4 years.Virtually achieved in 2 years.
Last year the CEO spoke of HNZ looking at acquisitions.I would have thought of some bolt-on done out of cash,say $25 to $30mil.But no they brought another up and running division when they brought the REL business.
MTF.Would be a fantastic fit,delivering a stable bank, backing dealers' finance deals.Would deliver to HNZ a lot of Ford,Honda and other very good dealers.
I note in the presentations reference to Australian banks, comparing them to HNZ.Special interest to me were ROE and sp compared with NTA.Should HNZ achieve ROE of 11% or more, I think they too will trade at 1.9times NTA.
I think Noodle's post was very much as I see it. HNZ have a habit to turning Carrots into reality!!
Jackie Staley.Last year a very nice old guy asked the same of Chairman Geoff Ricketts,who rudely told him the same "That's not how we do it."May not be the same on Suncorp Group Ltd,an $18.8 billion Australian listed Banking and Insurance company, Ricketts has been a director on since 2007,but it is certainly the way other Christchurch companies such as Ryman and Ebos do it.Maybe the year he is up for re election they may do it.!!! lol.
Thanks "greater fool" for a good informative post.
Nice bounce today. People seem pleased with ASM, the first quarter of $11m, compares to a first half last year of $16.7m, (so indicatively up nearly 32%), and the Fitch credit rating upgrade.
Management give the impression of a very bright bunch of experienced people who are doing a very good job :)
Thanks for the ASM reports.
Just as I thought Mr Ricketts and Mr Greenslade have you besotted shareholders by the short and curlies.
Greater fool, love your 'firm control' and 'formal tightly scripted readings that didn't deviate from the slides' comments
Sounds like an evangelical outing, preaching to the converted like.
Probably Greenslade had to keep to the script, would have been easy to let slip that they were actually on track to $49m - and thats before the carrots grow into reality.
You guys are too easy on your servants.
Anyway the market seems to approve but with a bit of push could easily be 110 now.
I agree that the official forecast is now looking very conservative especially after a first quarter of $11m that included significant expenses marketing the HER product.
PS bought more this morning.
Looking at market depth this afternoon this stock could jump again,climbing the now widening bollinger bands.
Go baby.