And up she goes?????
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PE & Div Yield certainly seem to continue to be grossly out of the park with NPH
and overvalued IMO
What is causing that ?
Surely there can't be that huge a bundle of stubborn HB & other holders who are sitters no matter what ? ;)
Okay so NTA to SP is roughly double, but .. ($1 buys 50c NTA roughly)
Comparing to SPN is a useful yardstick even with possible effects of Tiwai down south costed in..
Could it be that NPH still has it's price held up there purely because it is in NZX50?
meanwhile.... over the other side of the fence - https://www.nzx.com/announcements/358818 ....a very solid result from SPN.
much lower PE. better divi. & perhaps a good comparison to use as a yard stick (if nothing else).
Napier Port one of Salt Funds largest shorts on it's long Short Fund
Good. Maybe buying opportunity coming up
The Long lost thread brought forward:
18/11/2020, 8:30 am FLLYR
FINANCIAL RESULTS FOR THE YEAR TO 30 SEPTEMBER 2020
Net Profit up 221% (mostly due to Slashed Finance Costs even with reduced Interest rates)
Div payable 18 Dec 2020 - 5.0 cps & Fully Imputed
No June 2020 Div was paid & No / curtailed Cruise ship activity features
Freight recoveries appear to have 'filled the gap'
Does this result really look at all that bad ?
SP retreated back on the announcement to $3.54 - obviously the Market may not be impressed
or too early & still eyes digesting it ?
https://www.nzx.com/announcements/363388
Auckland port applying a congestion tax on its freight now.
A good chance that this government will reinstate NZ based coastal shipping services.
You might get boost yet?
If Auckland port are taxing or charging for congestion - then they are taxing/charging based on their own ineptitude.
https://www.rnz.co.nz/national/progr...delays-wharfie
Maersk & MSC at least have bought in congestion charges via POA.
Hopefully all will go well for them:
https://www.nzherald.co.nz/nz/napier...76MTY5HDYJUGU/
I think that "suggestion" has been well and truly debunked.
https://www.stuff.co.nz/national/pol...gton-to-napier
https://www.nzx.com/announcements/376932
Quote:
Napier Port (NZX:NPH) intends to release its financial results for the nine months to 30 June 2021 on the morning of Wednesday 25 August 2021.
Will it help their God-Darn abismal pitifully low Dividend Yield - trailing most of last year as well .. ? ;)
How do the others in Port Sector rate ?
Data from NZX site today
MMH - Marsden Maritime - EPS $0.158 NTA $3.36 Div Yield 3.59% - SP $6.21
POT - Port of Tauranga - EPS $0.134 - NTA $1.71 - Div Yield 2.416% - SP $7.03 (33% Div Reduction 20/21 over 19/20)
SPN - South Port - EPS $0.417 - NTA $1.79 - Div Yield 4.404% - SP $8.20
NPH - Port of Napier - EPS $ 0.00 - NTA $1.73 - Div Yield 3.313% - SP $3.34
Nope it won't help
I made a nice profit on the ipo but won't be getting back in. I could never understand them listing anyway. Years before ipo they were borrowing money every year but still paying the regional council a dividend.
If they had stopped paying the dividend they could have afforded the new wharf without having to list. Poor management but funny thing is still way better the ports of Aucklsnd
Agreed there - an element of the blame should be fairly targeted at 55% majority holder HBRC
pocketing the dividend but in process sucked out resources needed for future expansion
Having HBRC as major holder into the future is probably not doing post IPO holders any favours either
maybe being used as a bank following IPO, while collectively both get to dream on into the future .. ;)
From day dot I have found the port a very overpriced share and got shut down over and over again. I must admit though that Covid has some of the blame as well for current SP. Luckily most of the of the staff I know at the port own shares in it.
I am a Napier resident and have family working at the port, but lots of staff are refusing to take Covid vaccine. They have even said they might walk off the job if forced to take it, which I find is stupid.
https://www.shippingaustralia.com.au/port-workers-required-to-get-mandatory-anti-covid-vaccine-in-new-zealand/
https://www.nzx.com/announcements/380812
Seems like good news, although no dollars mentioned, surprised it’s not flagged price sensitive.
Remember the wall of logs from Russia from memory that was going to derail this listing?
So far so good.
Disc: Modest holding.
$3.05 and slowly creeping lower. What is everyone’s take on fair value for this port, since we are nearing on IPO? I suppose it will be easier based after they show their accounts
with you there .. the punishment for holding an infrastructure stock on such lowly returns
must bring tears to the eye of many.. let's face it with HBRC as major stakeholder there
may be very little incentive for anything but more of the same & low dividend levels
especially given these outfits have an appetite for a large wishlist of expensive expansion
dreams, with it tendency on hammering any payouts to rock bottom levels..
that, if not mistaken was underlying reason why this outfit hit NZX in the first place
when the source of Council resources v Port demands for new capital after decades
of 'dividend stripping' resulted in change to bring in retail & local investment.
In the end of the rejig, HBRC sold 48-49%, but retained effective control as major stakeholder
and a few other commercially unfriendly provisions thrown in.
The minorities who bought in get to enjoy the Qazi Council ride, try to smile sweetly at a poor dividend levels,
safe in the knowledge it's safe as houses, despite the SP going badly south as many lose interest ;)
IMO far more attractive Port listings out there, if one has taste for these sort of things
Even the minnow SPN appears to garner up more market excitement out there with similar
Local Body tentacles on it's share register.. :)
Let's face it - they wont go away or move very fast unless a natural disaster
or economic catastrophe occurs ;)
I wonder how the costings of new wharf is going?
They'll probably want to buy it back one day so hang on.
Good point - must be why all the HBRC Rates & other Fees are getting inflated into outer space ;)
Stuff all seems to be being done for their ever increasing heist off the HB masses
Probably yet another overweight Local Body Empire that should have been chopped down to size
decades ago, before it like many started getting bloated before losing it's way .. ;)
2021 Full Year Results - NZX, New Zealand’s Exchange
FINANCIAL RESULTS FOR THE YEAR TO 30 SEPTEMBER 2021
Napier Port reports record revenue and earnings
Napier Port (NZX.NPH) today reports record revenue and earnings for the financial year ended 30 September 2021, as the resilience and diversity of its trade portfolio continues to mitigate the effect of container shipping disruptions and the absence of cruise ship visits caused by the ongoing effects of the COVID-19 pandemic.
HIGHLIGHTS
• Revenue rose 9% to $109.5 million from $100.4 million in the prior year, driven by record log exports of 3.02 million tonnes
• Result from operating activities increased 6.4% to $43.8 million from $41.2 million with higher revenue, offset partially by higher operating expenses including from the unwinding of 2020 cost savings to protect Napier Port from COVID-19 uncertainty
• Underlying net profit after tax increased 7% to $22.0 million from $20.5 million, and reported net profit after tax increased 5.2% to $23.2 million
• 6 Wharf more advanced than original timeline, now expected to be operational in the second half of the 2022 financial year and the expected cost range has reduced to $173 million to $179 million from $173 million to $190 million
• Final dividend of 4.7 cents per share, totalling 7.5 cps for the 2021 financial year, up from 5 cps for the prior year
• Continuation of container-based supply chain and shipping disruptions expected and potential for log export market driven volume volatility during 2022
• Growth in underlying result from operating activities of approximately 10% expected for 2022, assuming a continuation of current market conditions and log export volume that is similar to 2021
FINANCIAL RESULTS
Napier Port’s revenue for the year to 30 September 2021 rose 9% to a record $109.5 million from $100.4 million in the same period a year ago, driven by increases in bulk cargo volumes and record log exports in particular.
Napier Port, which operates the leading freight gateway for the central and lower North Island, achieved the record despite the challenges from global container shipping disruptions and the absence of cruise ship visits to the region.
Bulk cargo revenue rose 32.7% to $41.5 million from $31.3 million principally due to higher log volumes, which increased 27.6% to a record 3.02 million tonnes. Average revenue per tonne improved due to tariff increases, one off cost recoveries, and an improved cargo mix.
Container services revenue increased by 4.8% to $65.3 million from $62.3 million, thanks to a 2.9% increase in container volumes to 276k TEU and improved average revenue per TEU.
Napier Port’s result from operating activities rose 6.4% to $43.8 million from $41.2 million, with the unwinding of the protective cost saving measures introduced at the start of the pandemic in 2020 and ongoing investment in capability to drive growth, together with costs associated with increased activity, partially offsetting the impact of revenue growth.
Underlying net profit after tax, after adjusting for non-recurring reported net gains, increased by 7% to $22.0 million from $20.5 million, while reported net profit after tax increased 5.2% from $22.0 million to $23.2 million.
Chair Alasdair MacLeod said: “In the face of a global pandemic, lockdowns, global shipping congestion, disrupted shipping schedules and supply chains, Napier Port has over the last year again delivered on its commitments to its customers, its shareholders, and its region.
“We have kept the cargo flowing and have moved record volumes, the majority of which was the food and fibre exports that underpin the prosperity of our region. Meanwhile, we have continued to invest in the infrastructure that will support our region and our customers for the long term.
“Our new 350m-long 6 Wharf is the centre piece of this investment and we are very pleased with the progress we are making on this once-in-a-generation project. We are now pleased to report that we expect it to be operational in the second half of the 2022 financial year, earlier than the contractual completion date in the first quarter of the 2023 financial year.
“Risks remain, but thanks largely to the more advanced stage of the project and the associated reduction in construction risk, we now expect the final cost to range between $173 million and $179 million, lower than our earlier estimate of $173 million to $190 million.
“Napier Port, our people and our region have weathered the challenges of the last year very well.”
Chief Executive Todd Dawson said: “Napier Port has been more than resilient this year, it has performed incredibly well under very challenging circumstances.
“I am immensely proud of the Napier Port team. Once again, they moved record volumes of cargo, working with customers to deliver supply chain solutions tailored to their needs and generated a strong financial result for shareholders. They did all of this while keeping each other and our community safe from the pandemic.
“Our success in attracting cargo from outside Hawke’s Bay has been a factor in driving increased volumes, with cargo owners valuing our ability to meet and secure their supply chain requirements with access to global markets and a port operation that continues to provide efficient, reliable, and resilient services.
“This result is pleasing when it is considered against the challenges we faced within the global supply chain and container shipping trade. Charter vessel visits for the bulk trade increased to 343 up from 304 the previous year. In contrast, container ship visits fell to 242 compared to 293 in the year before resulting from the ongoing volatility in global shipping.
“Significantly, we hosted all these vessels while operating with reduced space on port due to the construction of 6 Wharf.
“We are delighted with the progress we have made on 6 Wharf. Cargo owners, and our regional economy, will benefit immediately from 6 Wharf. It will offer increased shipping capacity, the ability to handle more and larger vessels and improved availability across all our wharves, which will allow Napier Port to support the demands of our region today and the growth we see coming into the future.”
BALANCE SHEET AND CAPITAL EXPENDITURE
Napier Port remains well funded. Over the last year it has invested $103.7 million in capital assets during the year, further progressing its strategic infrastructure development programme, led by the 6 Wharf development project. It has also invested to improve services to customers including work to deploy an on-port log debarker, which will allow the company to cease on-port log fumigation.
The company ended the year with drawn bank debt of $78.0 million, having commenced drawing on its banking facilities earlier in the current financial year to fund 6 Wharf, and has undrawn bank facilities of $102 million.
DIVIDEND AND OUTLOOK
“The diversity of trades that pass across Napier Port’s wharves have protected the company from container-based supply chain and COVID-19 disruptions we have seen over the last year,” Mr MacLeod said.
“It is clear however that these disruptions will continue in the new financial year. We are living with COVID-19 in the community. To protect our people and our region we have implemented a mandatory vaccination policy for staff, moving towards mandatory vaccination for port access by end of the year.
“Meanwhile, inflationary pressures are building in the economy, while our customers are facing a broad range of additional pressures, including the availability of shipping equipment, space on ships, and labour availability.
“Nevertheless, we see continuing global demand for the food and fibre exports that underpin the economy of our region and the trade across our wharves.
“Our base-case volume forecast for log exports in FY2022 is in-line with FY2021. We have been a beneficiary of buoyant log export markets for the past year, but we are not complacent about the potential for a cooling in these favourable conditions to impact volumes through Napier Port.
“We are looking forward to delivering on our strategic capital investments in the current financial year, including the earlier than contracted completion of 6 Wharf in 2H FY2022, and we expect them to contribute to the group result in the new financial year. Taking into account this contribution, our base-case forecast for log volumes, and assuming a continuation of current market conditions, we expect our underlying result from operating activities to increase by approximately 10% for the new financial year.
“In short, Napier Port is well positioned to deliver for our customers, our region and our shareholders and it is for these reasons the Board has declared a final dividend of $9.4 million, or 4.7 cents per share, bringing total dividends to 7.5 cents per share for the 2021 financial year. The final dividend will be fully imputed, has a record date of 6 December, and a payment date of 16 December. We look forward to providing a further update to shareholders at our Annual Shareholders Meeting in December.”
Further detail on Napier Port’s financial performance for the year ended 30 September 2021 is included in the Annual Report and investor presentation released to the NZX today and available on the company’s investor website at: https://www.napierport.co.nz/investor-centre/
ENDS
Seems a very solid result, hopefully by the time log exports cool the cruise ships etc will be back
Yes. Pleased. Remember the "wall of logs" and the doom and gloom around listing time ?
They are facilitating what NZ does best...primary products export. Gotta be worth a small bet on ones portfolio. Along with POT and MMH imo.
I'm had a chat with myself and am happy to continue to hold.
Thanks for sharing Sideshow Bob.
When I read "diversity of trade portfolio" I would expect to see a decrease in the percentage of business related to log exports. I believe this percentage actually increased which makes me question the accuracy of this statement. However, thinking it through it appears they might be referring to diversity of client base, rather than the product being moved e.g. new logging clients and/or other new clients to offset potential picking shortfalls in produce....not that I have looked at it that closely.
A good result nonetheless and nice to see capex on the new wharf is not expected to blow out.
Cash Div @ 7.5cps for the year still nothing to write home about on SP of $3.06
Just 2.45% and last year's final was 5.0 cps in Dec 2020 (with no interim)
For those wanting something looking a bit more fancy - full imputation credits spins it up to 3.404%
So the final dividend effectively has been clipped back by 6% if we ignore give take & lets not pay
conservative thinking around Covid interims time (heck they only lost most of the Tourism bit
which probably wasn't a great spinner anyway - sorry Bruce - I'm sure you do a darn good job)
SP up until this announcement has been sliding south of $3 - but formerly up further in the 3.00's
even in Covid times last year
What is the market saying about this sleeping wonder which now comes out reporting new found records
while still maintaining such a lowly Div yield most others in the Sector easily trance it on ? ;)
In real terms if we factor in Govt's Money manufacturing exercise to cover Covid, then the inflationary
loss of real spending power must be up around the 50% notionally in 2 years .. and Napier Port as all can
see has slid backwards through this while other stocks have in places gained considerably..
Top that off by possibly the lowest Div yield in the sector - near the bottom of the heap for Port companies
Throwing the hard earned into the bricks & mortar one occupies would likely have produced a considerably
better notional return, than throwing the hard earned bucks at Napier Port shares.. let's be honest.
Throwing it instead at listed bank shares would have produced a better return as well even after the taxman's slice
comes out
So holders of this one must either be hardened Napier Port Company holders or rather enjoy the continuing rounds
of ongoing punishment as reward for staying in as Stakeholders ;)
Remember the Cuppa Tea & Bikkies session for opening the new wharf will probably be invite only
so best keep up the shareholding, keep the suit & tie handy and remember to try to book early.
Best also to keep the blinkers on when it comes down to the pittances the Port is spitting out, and
likely further slide in SP further down the spectrum when the spotlight goes off ;)
I feel for those who sank hard earned into what they may have regarded as safe as houses in the 3.30's up to 3.60's
only to see the SP foundations erode away .. a bit like a stretch of Westshore beach in heavy swells .. ;)
Let's hope the Napier Port Seagull's fly in with a considerably better morsel for stakeholders in the future :)
Nevermind have you got some good investments as well?
I'm so so with the Napier Port performance to date. After participating in the IPO I've sat on the investment which hasn't done much. Fairly recently with the share price down in the mid 2.90's I topped up holdings by 20%. This stock I see as a long term play and am happy enough to be getting an imputed dividend yield over 2.5% on my average purchase price while I wait for increased growth and profitability. NPH has a lot going for it longer term and I'll be surprised if expectations are not realised. Time will tell. (I've invested in port companies for a long time. None of the investments have been duds. POT and SPN have done very well. Sold half my SPN to get a stake in MMH which is well up but has an even brighter future in front of it?)
Heard Maersk pulling out of their Napier services....??
NPH dumped from the NZX50
Replaced by a company that does something about truck management and who just reported a half year LOSS
The indignity of it but that’s the way the world works these days.
NPH update: https://www.nzx.com/announcements/390365
Selected quotes:
"For the six months to 31 March 2022, container volumes decreased by 16.6% and bulk cargo volumes decreased by 8.7% compared to the same period a year ago."
"Napier Port now expects to report a result from operating activities for the half year to 31 March 2022 of approximately $16.4 million, which is less than the $21.3 million reported for the first half of the last financial year."
"The fall in cargo volumes over the period follows an escalation in global container-based supply chain and shipping disruptions, ongoing seasonal labour shortages compounded by pandemic-related absences across cargo-owners’ workforces, and adverse local seasonal weather conditions that have impacted primary sector production."
"Assuming a continuation of the current market conditions, Napier Port now expects an underlying result from operating activities for the year to 30 September 2022 to range between $38 million and $42 million."
FYI last year was $43.8m
Less ships, less cargo, less profit.
2022 Half Year Trading Update - NZX, New Zealand’s Exchange
Back to IPO we will be heading. I’ll be surprised if it continues to hold at these prices. It will be a great company longterm, but this longterm thing has been longer than many would have hoped. Covid has put the spanner into lots of companies and this is one of those companies. We might see the light shining nearer 2023-24
I wonder how new wharf is going versus budget?
https://www.napierport.co.nz/our-bus...uture/6-wharf/
Per the updates all 400 piles are now in and the penguins are happy. I would expect there is a fixed price contract with HEB.
HEB were one of the parties involved with Transmission Gully...but we all know that was completed on time and within budget....oops hold on maybe not
probably right on track to further deflate profit & inflate interest + depreciation expense at
the very earliest possible opportunity :)
Got to give it to NPH - they couldn't have got their timing so perfectly planned for a new wharf :)
Let's guess now what the next dividend spit out will likely look like in June - perhaps half of what it was previously ;)
The previous NAPIER PORT June Dividend payout efforts look like this:
June 2020 A Big Fat Screaming Zero - due mostly to reduced cruise ships most might guess
(the dedicated NPH Cruise Manager is bound to confirm this without a doubt) ;)
June 2021 a meagre 2.8 cps (at which time most were left wondering or might have concluded
that Southport - or in fact just about every other Port Company listed looked a better bet)
The way things are headed - Money in the Bank might soon start exceeding % ROI
the NPH offers (if the brave overlook a SP which looks like it might be on a journey
to explore some of the newly driven piers down towards the murky bottom among
any brave fish and sea life :)
Anyone who thinks AIR is a fabulous investment really should not miss out adding NPH
to their list to maintain consistency in their portfolio ;)
Hu<
You forgot the penguins !
P&O Pacific Explorer arrives in Sydney Harbour after a two-year ban on cruising............ NZ sure to follow shortly
I sold out at the second push at 3.50.
I'll get back in at some stage but looking a little lower than 3.00
Well the Market seemed to really like that announcement:
https://www.nzherald.co.nz/business/...MSOXZ4327F375E
Napier Port's new $175 million wharf project almost complete
https://www.nzx.com/instruments/NPH
Still on the steady slide from $3.50 and closed today $2.85
Still no sign of increased volume to use the capacity and another month or two before
Cruise ships start again assuming a new worse Covid variant doesn't make shore before ;)
Perhaps they should lease out spots on the new wharf for BBQ's and Tea Parties
until a few puffs of steam appear on the horizon out from Napier :)
What a disaster of an overpriced excuse for an IPO that has mostly performed
below others in the sector, and for those jumping on board post the IPO probably
are under water with losses and/or red ink ;)
Not only that but their polished up IPO projections & Div forecasts have mostly seen outcome
on the south side of those indicated
Comparing against other players, the board of the HBRC majority controlled NPH probably need a wake up
call, in the interests of all the Region's ratepayers as presumed defacto beneficiaries of the show ;)
Perhaps NPH should look at how SPN successfully repeatedly do what NPH should have no difficulty replicating - with what 100+ years of past port operator history ? ;)
Hopefully the new wharf addition representing just over 30% of current Capitalisation wont linger
as an under-utilised white elephant on the books as a result of the port company's grandiose
'must have' growth strategies flown to gain semi independence from the HBRC Quango..
Not forgetting that it was the new external stakeholder's funds who paid for this expensive
wharf addition, rather than HBRC who obviously didn't have the readies, necessitating listing
the show on NZX to facilitate the grandiose plan :)
NPH is no longer a sleepy satellite division of HBRC, but now has outside shareholders as a listed entity and is expected to perform & very well for all it's stakeholders, new and pre-existing going forwards :)
Interesting to note how they have also deferred the inland port proposed for Whakatu, and in doing so have forfeited $20M of Shane's provincial growth fund money.
Those rosy forecasts of growth must be failing to materialise.
My observations…
Just been up on top of the hill looking down at new wharf. Had not seen announcement, but thought the wharf looked pretty complete. One ship only in port…logs I think. One at anchor in the bay. Staying close to port, big reduction in number of trucks, especially at night, compared with other visits. Great, get more sleep.
Not idea for holders.
Disc. I am one, albeit small. Yikes.
https://www.stuff.co.nz/business/128...timber-exports
Ukraine-Russia conflict has knock-on effects for timber exports
Logs / Timber are a pretty good portion of Napier's outwards port volumes I believe
22nd of July will be the new wharf opening, which follows on from the last day of Saturday container drop off/pickup 11th June.
Speaking of observation, seeing the number of log trucks and trains going into the Port, it wont be long before there wont be a pine tree left standing in Hawkes Bay...
Interim Result:
https://www.nzx.com/announcements/392514
Quote:
Underlying net profit after tax was $7.2 million, down 32.1% on the $10.6 million in the same period last year. Reported net profit after tax was down 15% to $9.0 million from $10.6 million in the same period a year ago.
Quote:
The Board has resolved to pay a fully imputed interim dividend of 2.8 cents per share, unchanged from the interim dividend paid last year.
The record date for dividend entitlement will be 10 June and the payment date will be 23 June.
Quote:
Napier Port remains well funded. We spent $43.7 million on capital projects in the half year, including $36.9 million on the 6 Wharf project, and ended the half year with drawn bank debt of $120 million. In addition, we have undrawn bank facilities of $60 million.
I see there are quite a few cruise ship visits penciled in for next summer:
https://www.napierport.co.nz/quick-l...uise-schedule/
The presentation notes that although there are 90 visits scheduled, cancellations are likely. At least some upside for FY23!
Now down to 2c above IPO price today .. nothing stopping further free fall either, I guess
after shedding the div 5 days ago ..
https://www.nzx.com/announcements/395096
Third Quarter 2022 Trade Volumes
Quote:
Napier Port (NZX.NPH) today releases trade volume data for the third quarter and nine months ended 30 June 2022. Compared to the third quarter in 2021, containerised cargo volume increased by 1.5% and bulk cargo volume decreased by 2%.
Log volumes for the quarter remained relatively high, despite a small decrease compared to the prior year, largely due to the third quarter 2021 being the highest quarterly log export volume on record at Napier Port.
‘Despite the improvement in volumes since the first half of the financial year, we are continuing to see the impact of shipping constraints, coupled with reduced overall production within customer operations caused by Covid, labour shortages and weather events.’
Quote:
Log export volumes decreased 42k tonnes, or 5.1%, to 774k tonnes for the third quarter and 154k tonnes, or 6.9%, to 2,090k tonnes for the nine months as relatively high export volumes were maintained and export conditions remained largely unchanged from the first half of the financial year.
Charter vessel calls for the third quarter were 81, down from the 89 calls in the prior year, and principally due to larger average vessel load sizes for log charters.
How do I make my text coloured?
Something I've learnt by experience - never invest in two shares at the same time because one of them is always a mistake. My top up on NPH being the most recent example.
Still they pay a dividend and I'm a long-term investor.
Thanks must be only on the full site but I'm not going there because when I did last time I couldn't get back to mobile.
Yeah but all my life it has been an aim to steer clear of being classified as a trader. So I tend to grin and bear it.
Not on my phone bro.
https://www.msn.com/en-nz/news/natio...ef15770f0ac1c5
"And in contrast to the delays and disruptions that afflict most projects the wharf has been built six months ahead of schedule and at the lower end of the $173-$179 million budget."
Good news.
Hope they need it.
https://www.nzx.com/announcements/402416
Another extraordinary performance FY 2022 out of Port of Napier:
T/o up marginally (less than 5%)
Tonnage Down
Net Profit Down
Interest & Depreciation Up
We now have debt on the balance sheet - $100 m Bonds ?
Hints of 'have the extra Capacity completed, but not fully productively utilised' ?
Parties on the new wharf whilst not otherwise utilised must have been a No Go
or so unpopular they didn't happen. Perhaps last year's dividend didn't extend
far enough to allow punters to consider partaking ? ;)
Final Div unchanged 4.7 cps for a FY Div 7.5 cps fully imputed
but in Real terms with inflationary conditions over recent past years and Govt's Funny Money
creation schemes on a grandiose scale - apply those to depreciative effects on unchanged dividends
as well, so a 'Down' gets the tick on the NPH score card
FY 7.5c / 2.80 SP = Cash Div Yield of 2.678%
Fully Imputed FY 10.417c / 2.80 SP = Gross Div Yield of 3.72%
It shouldn't be difficult to find better yielding prospects elsewhere, with rising interest rates
unless one's taste is for a low yielding slow moving investment where obviously very
considerable further work is required to harness results & profit from the rejigged and
newly commissioned facilities, if that is at all possible with the incumbent HBRC quango
as majority (just north of 50%) holder in the outfit :)
It wont be any surprise as to why Port of Napier has been bouncing along a mere 20-30c above the
inflated $2.60 IPO pricing 3 years ago looking at the results coming out so far ;)
Do the Board have plans for installing any further 'must have' white elephants on the waterfront
in case they get too many ships coming in at once - maybe financed by yet a new lot of bonds
at yet a higher inflated finance rate, obviously likely to impact Ebitda a bit more ? ;)
NPH down big today while most of the market up. Any reason?
Well, the guts has certainly dropped out the NPH SP in a hurry, in fact 10 days ago $3.04
today's close $2.66
Effectively severed from it's incoming & outgoing land Freight routes - rail & road including Whakatu
and inland Container port.
And of course NPH is the proud owner of one very expensive finished project which may or may not
be a White Elephant for a while, when the visiting Navy contingent aren't busy trying it out :)
I guess this means months or longer until Rail along the Awatoto / Foreshore is restored and
Roads in a distressed / weakened state if usable at all north and south etc.
The sheer number of other stuffed large operations etc around Hawkes Bay could be
yet another thing too .. it looks like PanPac are out of action out of the weather event
and that same situation will likely apply to other larger outfits and industries too.
The operational ones will need to navigate around most effective outwards routes
to their markets, if that is heading south or indirectly north or across to the west.
That will be a lot of produce and primary headed out by other means and other ports.
Until roads & rail locally are fixed to a usable state could be a very large question, with so much broken and damaged infrastructure around.
Similarly imports if there was much incoming through NPH will need to bypass too
Probably not the best sort of scenario .. difficult to not see Dividend in June if not
longer being a non event from NPH - not that it was anything to write home about
on very low yields compared to current bank rates climbing,.
Another big question however is around NPH taking on borrowings to complete the large wharf expansion.
If not much trade is possible, will there be a Cap Raise needed to sure things up ? ;)
Maybe HBRC might be forced to relinquish it's position as majority stake holder, should NPH
be put a position to sure the Balance Sheet up. Probably not a bad thing if it happened
getting rid of a sleepy Local Authority from the majority stakeholder roost though which
like a sponge, has really served to restrain NPH from developing for donkey's years.
HBRC have conveniently always had hand out for dividends but it seems never been too forthcoming putting
meaningful capital back into NPH - which ultimately saw float off of 49% of the rejigged outfit in 2018/19:)
Who knows - HBRC may or may not have a myriad of further issues arising out of the extreme
weather event on their plate ..
https://www.nzx.com/announcements/407020
Update on Impact of Cyclone Gabrielle
I know a HB exporter that is getting containers out to Palmerston North, and then railing to Tauranga. Huge cost to them, but needs must to keep product moving.
https://baybuzz.co.nz/cruise-visitor...ing-to-napier/
Cruise visitors returning to Napier
Who needs rail lines out into the hinterlands with this sort of news ? ;)
Be back up to 3 bucks in no time as soon as Locals see the large cruise decks appearing
on the horizon, dividend, no dividend or a severely butchered one :)
New Star Attraction - Large Evening BBQ on Newest unused Wharf .. should bring in the crowds
every night .. ample space for thousands in each sitting
Bring your mate, bring your dog, bring the whole whanau, meet the visitors in the newest Napier style
and mingle to take in the views of the Bay's newest confirmed White Elephant :)
A gold coin or two at the gate to help offset the large interest bill accruing would be really appreciated ..
https://www.nzx.com/announcements/408561
Napier Port Withdraws Earnings Guidance
Quote:
Napier Port withdraws earnings guidance – Impact of Cyclone Gabrielle
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, advises that due to continuing uncertainty regarding trade volumes and the extent of any business interruption insurance mitigation, it is taking a prudent approach and withdrawing its FY23 guidance.
Napier Port Chief Executive Todd Dawson said: “Prior to the Cyclone Gabrielle event during 13-14 February, our underlying result from operating activities was tracking towards the top end of our previously reported guidance range. Despite the reduced levels of trading we are currently seeing, we still expect to report an unaudited result from operating activities in the half year to 31 March 2023 in excess of that reported in the corresponding period last year.”
“Following Cyclone Gabrielle we are seeing a resumption in cargo trades, albeit at reduced levels resulting from damage to regional infrastructure and export commodities across the horticulture, agriculture and forestry sectors. Whilst we expect trade volumes to continue to grow as the regional recovery progresses, we are unable to reliably estimate the extent of reduced trade volume on the remainder of this financial year” Mr Dawson said.
Road access continues to open up locally and main trunk rail line services are expected to recommence to Hastings before the end of the month. Cargo normally transported to Napier Port via this rail line from the central North Island is currently being transported via road.
Napier Port resumed full container and bulk cargo operations promptly following the cyclone, having suffered only minor damage. Last week saw the return of cruise ships and the resumption of berth windows for container shipping, previously disrupted during the pandemic.
Napier Port has commenced preparation of a claim under its material damage and business interruption insurance. However, claim preparation and resolution is likely to take an extended period of time and there is no certainty at this stage regarding the financial outcome of any claim.
“We continue to make ongoing assessments and will update the market as we gain greater visibility” Mr Dawson said.
Took the bods at NPH a while to wake up .. wonder who finally realised no trains were coming into Napier ? ;)
must have been quiet without anything rumbling in ..
Perhaps some of the passengers on a Tour Boat on their way through saw broken rail bridges on Awa's toto in the distance ? :)
might be another puffed up stonk to start sinking into the muck below the inflated $2.60 IPO Extraction cost back in 2019, if insurance doesn't cough up the full quid's worth in good time .. ? ;)
In this current economic climate I can see this share dropping to approximately $2 per share or less with the continuation of interest increases. I can't fathom a share which is running at such a high PE and growth is minimal.
Probably loyal locals & fair few with a holdings stashed in the bottom drawer on register.
Not huge volumes traded, so wont take much to push it south, going by current buy signals.
Wonder what the debt onboard will be costing when rollover time comes along, assuming more
doesn't get added on top ? :)
https://www.stuff.co.nz/business/131...impact-lingers
Markets Wrap: Cyclone Gabrielle's devastating impact lingers
Quote:
The impact of Cyclone Gabrielle continues to be felt, with Napier Port’s profits expected to be severely impacted.
Forsyth Barr made significant cuts to its forecast for the port company’s profit this year due to the severe impact of Cyclone Gabrielle on the Hawke's Bay export sector.
“Napier Port's near-term earnings will suffer materially from Cyclone Gabrielle, with its two biggest trades, forestry and pip-fruit, both impacted by the severe flooding event,” Forsyth Barr head of research Andy Bowley said in a report.
Pip-fruit and forestry represent about three quarters of the port’s cargo revenue, which is a higher concentration than other more diversified ports like Port of Tauranga, he noted.
Quote:
Bowley cut his expectation for Napier Port’s profit by 41% to $12.4 million, reducing his forecast for log exports by 17%, for container exports by 9%, and for cruise ship visits by 20%.
The port company withdrew its earnings guidance last month.
Bowley retained his “underperform” rating on the stock and pulled back his one-year price target to $2.50 from $2.60.
Shares in Napier Port Holdings fell 1.9% to $2.60.
Doesn't look very good for this outfit, freshly kitted up with a very expensive White Elephant in the new wharf .. like a large millstone around it's neck and a further pile of newly acquired Debt ontop.
Presumably ForBarr are onto what is going on or probably what is not going on at NPH
But NPH does have a strong cornerstone controlling stakeholder in the HB Regional Council, don't they ?
- with a Record for Precise and Expert Resource Management and Communication second to none
.. well probably and usually the latter at the time Annual Rates demands and other precision sharpened Levies bills are shot out the door at lightspeed .. ;)
Hang on a moment .. that wouldn't be the same Regional Council which was supposedly monitoring & in charge of region's waterways and may or may not have been peacefully blissfully tucked up asleep while the Cyclone bore down on the region ? ;)
If all turns to custard then the region's ratepayers will probably get done over like a roast dinner
to help pay for the aftermath of the cyclone which was so very well monitored with immediate
Red Warnings slapped on every Gate Post, before the lot promptly got drowned and engulfed
with much washed out to the coast .. ;)
Now back to NPH.. it took them all of a month to withdraw Earnings Guidance after the 15 Feb 23
announcement, But then Half Year Trade Volume were announcement were released
on 6 April 23. Surely there must be some sucker hanging out on The Spit at NPH HQ
who has some idea of what is going through and how it is getting from A to B. ?
That is the lifeblood of NPH's Wharf operation is it not ?
The whole NPH staff still can't be sitting seeing stars and fully cycloned out a further 2 months or so
down the track, or haven't they returned from 'Digging Up Silt' duties ?
Why does it take a Broker's assessment of what is going on while not a further flicker of light, smoke
signal or anything more from the Port's watch tower in way of an update .. the NPH Letterhead paper
still cant be wet surely ?
Is it really that bad that any NPH update need to get deferred for release for another month to
end May ? ;)
As a commercial operation - NPH will or should be getting their volume, activity and financial reports
weekly and monthly for Management purposes as would most NZX listed companies ..
So why the Radio Silence ? only the Rail link out to the south appears to be still out of action.
https://www.nzx.com/announcements/411922
24/5/2023, 8:30 am HALFYR
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2023
NAPIER PORT DELIVERS A STRONG START TO FY23; REGIONAL CYCLONE DAMAGE TEMPERS OUTLOOK
Highlights & LowLights:
Quote:
- Revenue rose 22.8% to $62.3 million from $50.7 million in the same period last year due to higher container volumes and the return of cruise vessels
- Result from operating activities increased 33% to $21.9 million from $16.4 million in the same period last year
- Underlying net profit after tax increased 3.9% to $7.5 million from $7.2 million in the same period last year. Reported net profit after tax decreased 3.3% to $8.7 million from $9.0 million in the same period a year ago
- The trade impact of Cyclone Gabrielle on full year trade volumes remains uncertain
- Board has resolved to pay a fully imputed interim dividend of 1.7 cents per share, reduced from the interim dividend in the prior year of 2.8 cents per share
Not difficult to beat that level of reduced Div Yield - even with Money in the Bank now
Quote:
NPH
$2.460
$0.060 / 2.50%
Washed out Rail still out of action from Napier headed south ?
The 6 month first half period probably includes mostly pre Cyclone period trading & just 1.5 months afterwards
The next 6 month period might not look quite as rosy
https://www.nzx.com/announcements/414956
Napier Port expects to report an unaudited underlying result from operations for the nine months to 30 June 2023 of $29.1 million, down from the $29.8 million reported for the same period in the prior year.
In addition, Napier Port expects an underlying result from operations for the full financial year to 30 September 2023 of between $34.5 million and $36.5 million.
This guidance assumes normal and uninterrupted operating conditions for the remainder of the financial year.
To date Napier Port has lodged and received acknowledgement of an interim material damage and business interruption insurance claim related to losses following the Cyclone Gabrielle event earlier in the year, but has not yet received any proceeds. The nine-month unaudited underlying result from operations and full financial year guidance provided exclude any insurance recoveries.
The Company will provide a further update on 16 August 2023 with the release of its nine-month interim financial results.
ENDS
Sp trending downwards.
Yes, the cyclone has affected business, but perhaps some of the sellers know about the highly paid ethnic gentleman who is a cultural advisor.
His belief is that a substantial Koha should be paid to Iwi for each vessel that berths at the port.
That the port did not exist in pre European times is of no concern.
I suppose a $10K levy per vessel won't affect competitive edge with Tauranga or Wellington?
Here it is for NZTX......
https://www.nzx.com/announcements/416401
NAPIER PORT WELL POSITIONED FOR CARGO RECOVERY IN FY24
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports reduced earnings for the nine months ended 30 June 2023 as the impact of Cyclone Gabrielle in February weighed on exports from our region.
The company also reports strategies focused on yield management and pricing adjustments linked to investments in infrastructure and additional customer services have supported revenue. They also position the company well for an anticipated recovery in cargo volumes in the new financial year.
“Off the back of a buoyant first half, we anticipated Cyclone Gabrielle would reduce third quarter export volumes and earnings, However, adverse weather in June and July that limited access to our wharves represented a further challenge to our nine months result,” Napier Port Chief Executive Todd Dawson said.
“The lasting effects of the cyclone on cargo volumes are expected to persist into the fourth quarter, but our confidence of a step up in cargo in the new financial year is growing given the progress of the recovery efforts we are seeing in the region.
“Regional infrastructure rebuilding is well underway, assisted by the ongoing financial commitment and prioritisation by government. We are particularly encouraged by the progress made by key customers affected by the cyclone.
“The strong forward bookings for the upcoming cruise season suggest it could be our busiest on record. Interest from shipping lines meanwhile remains high, which is a measure of confidence in Napier Port’s long-term volume growth potential,” Mr Dawson said.
“Meanwhile, prudent financial management focused on the recovery of rising costs, our investments in capacity and new services coupled with our continuing focus on efficiency, value and customer service means we are well positioned to reap the benefits for the expected ramp up in volumes.”
HIGHLIGHTS
3rd Quarter to 30 June 2023
- Revenue for the third quarter fell 19.5% to $27.7 million from $34.4 million in the same period last year, following post-cyclone volume decreases of 28.6% for bulk cargo and 31.6% for container services
- The result from operating activities decreased 44% to $7.5 million from $13.3 million
- Underlying net profit after tax decreased 73.4% to $1.9 million from $7 million
- An initial $3.5 million of Cyclone Gabrielle insurance income recognised
- Reported net profit after tax, with the benefit of the insurance income, decreased 40.2% to $4.2 million from $7.0 million
9 Months to 30 June 2023
- Revenue for the nine months rose 5.7% to $90 million from $85.1 million in the same period last year
- Cruise revenue of $5.3 million on the return of cruise vessels in the period
- The result from operating activities decreased 1.4% to $29.3 million from $29.8 million as the return of cruise ship calls and revenue yield increases were offset by the post-cyclone trade volume declines and cost inflation
- Underlying net profit after tax decreased 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs following the completion of the Te Whiti wharf investment
- Reported net profit after tax decreased 19.5% to $12.9 million from $16.0 million
Earnings guidance
- Unchanged guidance for an underlying result from operating activities for the year to 30 September 2023 of between $34.5 million and $36.5 million. This guidance excludes insurance recoveries (of which $3.5 million has been recognised to date)
FINANCIAL RESULTS
Container services
Container services revenue for the quarter of $17.4 million decreased 22.1% from $22.3 million in the same period last year. For the nine months, container services revenue decreased by 1% to $51.9 million from $52.5 million as decreased container volumes were largely offset by higher revenue per TEU.
Average revenue per TEU for the nine months increased 9.9% to $297 from $270 in the same period last year. This was driven by a number of factors including tariff increases, fuel and insurance cost recoveries and increased utilisation of depot and storage services.
Container volumes for the quarter fell 31.6% to 56,000 TEU as the after-effects of Cyclone Gabrielle were felt across nearly all containerised cargo types, and this fall in volume was exacerbated by unexpected weather and swell events during June. For the nine months, container volumes decreased 10% to 175,000 TEU from 194,000 TEU in the same period last year.
Bulk cargo
Bulk cargo revenue for the quarter decreased 17.9% to $9.4 million from $11.4 million in the same period last year, as bulk volumes decreased 28.6% from 1.0 million tonnes to 0.7 million tonnes. For the nine months, bulk cargo revenue decreased by 2% to $30 million from $30.6 million as volumes decreased 16.4% to 2.3 million tonnes from 2.7 million tonnes in the same period a year ago.
Log export volume for the quarter decreased by 0.2 million tonnes, or 21.4%, and for the nine-month period decreased by 16.1% to 1.8 million tonnes from 2.1 million tonnes due to adverse weather, damaged roading infrastructure and subdued log export market conditions.
Average revenue per tonne for the nine months increased 17.3% to $13.26 from $11.31 in the same period last year, driven by yield increases and an increased contribution from our debarking operation.
Cruise services
The cruise season completed in April with 64 vessel calls and nearly 100,000 passengers visiting the region, contributing $5.3 million to revenue.
Operating results
The result from operating activities for the third quarter decreased 44% to $7.5 million from $13.3 million in the prior year period, as the post-cyclone third quarter revenue reduction of $6.7 million exceeded the fall in operating expenses of $0.8 million.
For the nine months, the result from operating activities decreased 1.4% to $29.3 million from $29.8 million in the prior year period as higher revenue arising from the return of cruise ship calls and revenue yield increases were offset by lower trade volumes and continued cost inflation pressures.
During the third quarter, Napier Port recognised $3.5 million of insurance income receivable related to progress claims for business interruption losses incurred following the Cyclone Gabrielle event during February and as a result of supporting correspondence with insurers.
Underlying net profit after tax for the third quarter, after adjusting for unrealised fair value movements on investment properties and Cyclone Gabrielle related net insurance income, fell by 73.4% to $1.9 million from $7 million in the same period last year.
For the nine months this decreased by 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs recognised in the income statement following the completion of the Te Whiti wharf investment in the prior financial year.
Reported net profit after tax for the third quarter fell 40.2% to $4.2 million from $7.0 million in the same period last year, and for the nine months decreased 19.5% to $12.9 million from $16.0 million.
CYCLONE GABRIELLE TRADE IMPACT UPDATE
Six months post-cyclone, all road access to Napier Port is open and KiwiRail have indicated a mid-September reinstatement of the rail line from Hastings to Napier Port.
Once the rail line is fully operational, we expect pulp, meat and log cargoes from the central North Island to revert back to rail mode, with a positive effect on volumes.
Pan Pac’s timber operations are expected to restart in the first quarter of our next financial year, and pulp processing by the second quarter, with a ramp up towards normal production levels over the subsequent quarters.
Ravensdown’s fertiliser plant in Awatoto restarted manufacturing operations in July.
The forestry sector has seen some reduction in capacity however forest-based production has been re-established. Log volumes are steady and we are receiving some additional windthrown logs from the central North Island. Export market conditions for logs remains subdued.
The extent of pipfruit areas that will require remediation and replanting to restore production will become clearer in the Spring when fruit buds appear.
CAPITAL MANAGEMENT
Over the nine-month period Napier Port has invested $11 million in capital assets, including mobile plant, planned site maintenance and post-cyclone restorative dredging.
Cash flows from operating activities increased by $7.8m, or 31.2%, to $33.0 million from $25.1 million in the same period last year.
Napier Port ended June 2023 with total drawn debt of $132 million and undrawn bank facilities of $48 million, and with a Debt to EBITDA ratio of 3.09 times.
ENDS
A return to 2.5% Dividend Yield possible assuming no further calamities ? ;)
Let's not forget where interest rates have gone while this Star Performer was away licking it's wounds ..
Yet another recent IPO Success Story where the HBRC needed to share the lemons to give the child
it's pocket money back that they had swiped previously ;)
but could have been a few turns worse like MFB or HMY - but alas neither of those own a flash new wharf
to provide a bridge over worsening global trade waters .. ;)
Bound to be a huge multibagger within 2 years ;)
https://www.nzx.com/announcements/419815
Softening up holders for another average result.....
https://www.nzx.com/announcements/421575
Napier Port (NZX.NPH), the premier freight gateway for the central and lower North Island, today reports it is well positioned to build momentum in earnings as the region’s cargo owners emerge from the shadow of February’s Cyclone Gabrielle and the post-pandemic recovery resumes.
HIGHLIGHTS
• Revenue rises 3.4% to $118.4 million due to the return of cruise vessels and yield improvements
• Result from operating activities falls 7.1% to $37.2 million with the revenue increase not fully offsetting the impact of inflationary cost pressures
• Post-Cyclone Gabrielle business interruption insurance claim contributes $7.25 million to earnings
• Underlying net profit after tax of $10.7 million, down from the prior year’s $18.6 million. Reported net profit after tax of $16.6 million, down 18.8% on the prior year’s $20.4 million
• Cyclone recovery efforts make good progress amid positive signs for the forestry and pip fruit trades; cruise visits to increase with 92 bookings for the 2024 season from 64 calls in 2023
• Directors declare a fully imputed final dividend 3.55 cents per share, taking total dividends for the 2023 financial year to 5.25 cents per share from 7.5 cents in the prior year
I had a talk to someone invested heavily into this share and all I heard him say was the enterprise value was worth around $5 per share. With these results, I don't see the share price worth $2 regardless how much it would cost to build this port from scratch. It just hasn't returned enough in dividends and growth to value it as what it has today. Just my 2 cents, but not invested at all and have never been from day dot. Happy to hear others who own this share.
Yeah not worth it at all.
I brought early and sold with a nice profit from this one.
From what I hear behind all the share notices is the new wharf is not being used to it's full potential and never will due to its portioning to the weather and the waves
Might be a bit of a white elephant
Long sold out of this bar a few stray Lamp-posts kept just a reminder of what a disaster this float has been
of recent times .. all in aid of getting HBRC's problem child out of a ditch so it could spend up larger
on a glitzy project where the rainbow probably disappeared long short of any sort of realistic returns
5.25 cps + 2.04 Imp credits = 7.29c
A mere miserable 3% Gross Div Yield on closing SP of $2.43 today .. well south of deposit rates nowadays
Stakeholders get stiffed again - well done Yee Boardroom Squatters .. an increase in D-Fees
on the table again on this sorry result .. or too soon ? ;)
Likewise - it's difficult to see 2 bucks value in this one
There are obviously still quite a bunch of dreamers out on NZX willing to suck up this one
on current 2023 year results .. but unlikely to improve fast in current global conditions either.
Probably too difficult for some to work out when the turkey is blindfolded running backwards ;)
This port operated through the 1980's accumulating $7M losses.
Not until 1987, the year of the crash did it manage to turn things around with @1M profit.
Back then they had a lot of leasehold land producing income to prop it up.
Not the case anymore.
Speaking of cases, there is a wharfy there called Perry Mason.
He only handles 1 case a week...
https://www.nzx.com/announcements/431426
HIGHLIGHTS-
- Revenue rose 10.1% to $70.6 million from $64.1 million in the same period last year and was led by significant growth in export log and cruise revenue
- Result from operating activities increased 25.1% to $27.4 million from $21.9 million in the same period last year
- Underlying net profit after tax increased 48.3% to $11.1 million from $7.5 million in the same period a year ago
- Reported net profit after tax increased 64.8% to $14.3 million from $8.7 million in the same period last year
- Post-Cyclone Gabrielle business interruption insurance claim contributes $7.2 million to reported net profit
- Container volumes decreased 17.3% on continued post-Cyclone Gabrielle effects and weaker economic activity
- Directors declare a fully imputed interim dividend of 3.0 cents per share, increased from the interim dividend in the prior year of 1.7 cents per share
- Expected underlying result from operating activities for the year to 30 September 2024 of between $50 million and $53 million