Must be the doom & gloom weather :/
Must be the doom & gloom weather :/
Post the acquisition of Turners they were saying 2016 profit of 23m - now 20m - because of timing of one offs? Might be the issue. Still think it is a great result.
A very pleasing result,very much in line with previous updates.ie NPBT of $14mil while the abnormals were$1mil higher at $5mil.
The balance sheet is strong with equity ratio at 36.78%,and operating cash flow was an excellent $10.485mil.
Very rough figures sp at 31cents,eps 3.28 gives a PE of 9.45 or using diluted eps of 3,01 the PE 10.3.
Still growing but at a more modest rate..
Please note I have altered this post, as I had made a number of errors.Basically taking the one offs as continuing earnings,which unfortunately they are not..
Yesterday I misread the TNR result.I got mixed up with taking the abnormals as normal.
The result offcourse did not include a full year of the "Turners auctions".
I also failed to factor in the fact TNRs are not paying full tax.
The 2016 projection was downgraded from $23mil to $20mil.
The result was not what I expected, therefore I have sold my holding.
To achieve the $23mil TNR will have to make an acquisition.Depending on what the acquisition is,the terms of the acquisition,and whether I think it is good or not,will guide me as to whether I will buy in again.
I thought it was only right that I posted my misgivings,and the fact I had sold my holding,as I had been very positive about the company's prospects,and was concerned that I had steered other sharetraders to "look twice" at the company.
Hopefully my misgivings are groundless,and I will have to buy back in a lot higher prices.!!!
im out as well, normally I trade so would have sold at 36 but thought I would go for a long termer for once lol ( should stick to my strategy ) but like article below says good times may be over
http://www.nzherald.co.nz/business/n...ectid=11459434
Divy was a bit less than I was expecting. Forgot about the lack of imputation credits. Bugger. But, if someone plonks some money in your bank, one shouldn't really complain about paying tax on it.
Granted and the forecast is now $20m. However if TNR did pay tax... they would be able to pass this on to us with Imputation credits. So either way it makes no difference does it?
The reason I am highlighting this now is the prior post and my own experience of paying RWT off my dividend to the IRD. Having Imputation credits nullifies this payment thus for the shareholder it is a moot point if the company posts their profits as pre-tax (gross)
At these prices starting to get back on the accumulate radar again :)