Yeap they're pretty ambivalent about it too, although do opine that at the current price it probably represents a reasonable opportunity.
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4 Traders Ave target price has dropped again. Now at $1.34.
Bought a few on opening this morning. Not my normal way of trading, but thought it might be worth a small gamble.
Volumes are underwhelming for a suposed undervalued stock. Hope that cat didn't die from lead poisoning...
The share market is in the short run a voting machine and in the long run a weighing machine ...
We know now that MPG won't win a popularity contest, but we knew that before, didn't we?
Long term I still think it will weigh in :).
For a company with such a dominant share of the local market and a long track record of being in business they do a lot of talking about "learning" and talk in the behind the paywall article on NBR today was of some commercial projects with negative profit...Hmmm never heard losses described in such a creative way. Suppose old dogs can learn fancy new ways to describe ugly words like losses. Its okay for Fletchers to mess this up and the inference its not so bad if we mess up then either is it !
Thrust of the argument at the annual meeting seems to be...give us a break folks, we're trying and learning and trust us to spend more capex and we'll find more efficiencies...oh and by the way the Glass industry is a very tough industry to make money, don't you shareholders understand that ?
Chairman even asked for sympathy for his legs that weren't in good shape, (has had operations on them) but is happy to collect $170,000 in directors fees and actually wanted to raise the fees too.
I think if I was grading this company at present they'd get a C- and the teachers report would say in block capitals MUST TRY HARDER !
In a recent presentation they had this bullet point under commercial -
Current and forward book of work has been reviewed
Industry speak for whoops some of our contract pricing is a bit awry - affecting profitability
Solution seems to be (under F18 areas of focus) a national pricing strategy (ie someone in HQ checks all conmmercial quotes / tenders)
H217 Gross Margin 44% when normally 53% --- hmmmm
I did mention the Alexandra Park Apartments the other day - observers say hasn't started yet.