If you joined together you would make a Team Pergle or Beaper, a Perbea or a Gleper:D
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If you joined together you would make a Team Pergle or Beaper, a Perbea or a Gleper:D
Percy - I thought I was pretty brave topping-up yesterday at $1.82...had to take a deep breath and think long term, five years down the track to pay that but when you start thinking long term the current price is still a compelling opportunity on a sensible PE compared to the vast majority of other stocks on the NZX. Steady growth is the key here. Yes agreed, I don't often post what I am doing in real time for exactly the reason you pointed out.
All time high ........awesome
Even more awesome when it hits 2 bucks ....before the end of the month ......before the announcement? Or after?
Yes thinking five to ten years out,makes you see things a bit differently.
Over the past 10 years we have seen outstanding performances of companies "doing what they say they will do."
OK the likes of AIA and POT have huge moats around them,but others such as,,EBO FPH,FRE, MFT,and RYM have succeeded by having outstanding leadership,and directors with a lot of "skin in the game.".When MFT listed it was just another trucking firm.EBO was just a very small medical supply firm.Yet we now see them trading on PEs of between 21[EBO] and 24 {MFT].RYM were bringing a new approach to a very poorly rated sector?!!!
So although today we may think HBL is fully priced,the market appears to be looking further ahead than us.
ps.In real time I am neither a buyer or seller,just a happy dividend collector.
This is a dangerous mind-state to fall into.
Those that do valuations properly have looked in the future, determined likely growth, made allowance for different possible scenarios and come up with a value which is less than the current market price.
Buying at a price now because you hope that value will catch up in a few years is not an astute purchase.
It is nearly as bad as coming up with 'novel' valuation techniques to try and justify over paying for a stock.
Meanwhile the share price continues the relentless climb and long may it continue, except for a sudden dramatic, but temporary, drop during DRiP price calculation time.
:)
Best Wishes
Paper Tiger
Yes mate you pay BIG BIG money for moat's on the NZX with the likes of AIA and POT trading well over a PE of 30 last time I looked....too rich for my liking as is FPH.
Better off combing through the quality well managed companies trading on a sensible PE with their own niche, lots more upside potential over the years ahead.
Last time I crunched the numbers HBL trading on a FY18 prospective PE in the late 13's seems very reasonably priced by comparison to the market overall and to its peer group by virtue of its superior growth rate and of course we know the Australian Govt in its "infinite wisdom" has just handed the Australian banks a special tax.
Just looking at an add for a Holden Colorado with finance at 1% from HBL.
Establishment fees of $656.That fee appears to be the highest that i have seen from various financing options.
Some ones making money somewhere.
anyone have any thoughts on what is likely to happen re the share price around the election?
HBL makes up 80% of my portfolio and I will need to cash it in soon to help fund something else, although realistically I probably dont need it until early next year. If I could hang on to all my shares I'd be quite happy to be honest as the divvies are good (no DRP for me, I like cold hard cash :) )
Not sure I'd expect the election (no matter which way it goes) to make a big dent into HBL's share price - unless we draw the alleged link to the dairy market (not sure I am convinced, but some are) and assume that an all out victory for Green would crash our dairy industry.
Obviously - if the election outcome is leading into long negotiations and an unstable minority government (which is a distinct possibility), than all NZX shares (including HBL) are likely to suffer.
Independent from elections and HBL's specific expected performance - if you know that you need the money at a specified point in time (and that's months, not years), than I know what I would do: sell out soon and put the money you need early next year into a bank account. Sure - you might miss out on a 10% appreciation, but you might as well miss out on a 20% drop. Could you live with the latter?
I am an ex retailer.Both toys and books.Retail was usually better under Labour governments.So HBL will continue to prosper under which ever party wins the election.
NZ has had very stable governments under Helen Clark,John Key/Bill English,so I don't see either party would change things a great deal.
Now 80% of your portfolio in HBL is too greater risk in my opinion, espicially when you will be requiring that money shortly.
If it were me I would sell half now.
Yes I have to admit to leaning towards dropping down on half of my HBL l and just putting in my Heartland bank account. When I first got my share account I was 99% in Heartland Percy. I've since diversified a little bit! :)
I will wait to see what next monday brings probably. I have a good tolerance for risk and while I'd hate to see the share price shaved by 20% it wouldnt stress me majorly... (it would make me kick myself though) Yes, I am rather foolhardy.
VIX in the U.S. is at an all time low or very close too that. U.S. markets seem to be in a sweet spot with the recent round of profit reporting on an average basis being comfortably ahead of analyst expectations and economy growing at a nice steady pace of 2-2.5% which is good for the economy and doesn't put any untoward inflation risks or pressure into the system, (similar conditions here). Interest rates both long and short term remain at or very close to generational lows in the U.S., N.Z. and in many other parts of the world.
HBL on a FY18 forward PE of approx. 14 against a market average of circa 20. It would take a really major exogenous shock to wipe 20% of HBL's SP in my opinion and while you can never say never and there is no such thing as risk free I think the risk of that happening is VERY VERY low. The path of least resistance appears to be a slow and steady melt upwards and I expect that to continue for the foreseeable future. HBL now about fair value in my opinion but compared to many parts of the rest of the market much of which is VERY fully priced it remains a compelling long term hold. It wouldn't surprise me if it did get to $2 a lot sooner than I had anticipated a little earlier in this thread.
Now that's an interesting post Roger and a bit 'out there' for you. It says you look at the macro global situation and extrapolate that to local circumstances. Nice, as they unfortunately are inextricably interlinked. I reckon the whole house of cards is more vulnerable than at any time in history, and with our house on the vulnerable end of the whipping hose it's likely that the macro effect will be excentuated here more than most elsewhere. I wouldn't go anywhere near a bank in a topping market, let alone a second tier bank or a finance company in this environment (being nice). 20% downside is a heartbeat away when it turns to custard, you and we already know that, like many of our over priced companies, this is as vulnerable as it had ever been to a reversal in sentiment - and as you say connected to international sentiment, not just local. Well positioned, yeah right, positioned for what outcome?
I was topping up as recently as last Thursday at $1.82 so I am sure it won't come as a surprise to you Baa Baa that I completely disagree with you and am more than happy to back my own judgement of the risks and rewards.
Interesting Beagle. So is this from Financial Times https://www.ft.com/content/95808118-...6-93fb352ba1fe
Sorry this has little to do with HBL but thought I'd post it anyway.
HBL dropped 20% 2 years ago without a major shock. Sure, dairy prices were low but the bank consistently reported increasing profits throughout. I wouldn't consider it particularly unlikely for there to be another 20% drawback in the next few months personally and certainly wouldn't stick 80% of a portfolio I expected to need to take money from shortly in a single stock.
disc: I sold out at 1.78 back in May and the rest of my portfolio has performed better than HBL in the meantime.
You seem to be a bit of a sour sheep these days BB.
I thought you were one of the trendy sheeps who would be happy as what with the SP going up and up and up.
Surely all we all have to do is sell on the break without shedding wool over the when, why & how?
Easy peasy and the only way to do it.
The DRiP looks less enticing by the day.
BW
PT (hyt)
Everyone is entitled to their own opinion. I sat out the dairy crisis as my perception was that those two years or so were a period of time when the systemic risks from that sector to the HBL balance sheet were too high. I don't see anything like the risk that existed at that time.
Interesting, I see the Global Geopolitical risks, Trump, and our own internal elections creating a lot more uncertainty and risk at the moment. Clearly I'm wrong, as the markets all going well. But for those reasons I am largely sitting on my hands....and losing...at the moment.
Fair enough, at least unlike others you admit this is a losing strategy at present whereas some others are in denial. Global markets don't seem concerned by the sabre rattling over North Korea, Trump fiasco will go on and on and probably a relief rally if he eventually gets impeached and the Greens thanks to the considerable "talents" of their co-leader are ostensibly in self-destruct. http://www.msn.com/en-nz/news/nation...cid=spartandhp
Can't rule out the possibility of some sort of unholy left wing alliance incorporating Winston Peter's but I'm prepared to bet he's more likely to jump into bed with the Nat's. Not sure any of that impacts HBL to any material degree. That's as clear as I can polish up my opaque crystal ball :)
P.S. I sat on my hands after Trump was elected (because I thought it would have a dramatic negative effect on world equity markets) for about a month or so, cost me plenty and not something I want to repeat.
Life goes on.
I have enjoyed watching the young couple who moved into an oldish house, across the road from us.
No cares about Trump,or anything else.Just too busy with the baby,tidying up their section,building a lovely new fence,a garage,and new concete drive.In the short term they appear to be positive too,as they have planted plants.
I get the same positive vibes each time I deliver my books to primary schools.Hundreds of bright, full of life young people.
Not a professional analyst's approach, but as the markets have had some good years, I have been gradually reducing some of my holdings (not HBL however) now. I got seller's remorse almost immediately when I reduced my ATM holding :( but it had become my largest shareholding.
It's a sentiment that people tend to forget when they're absorbed in the political and financial world. For a large percentage of the population life does indeed go on. Same thing different day...
I also kind of think the world is becoming a little immune to the shocks of the world so the impact they have are decreasing... possibly
Of course it doe's .. Common sense tells you the money can possibly be used better some where else..
However !!.. Will you ever spend SO little buying HBL shares again ???.. At a discount.. Minus brokerage ??
HBL. Is IMO. A good company for any one's portfolio..
Disc. Looooong time happy holder..
Fundamentals win out at the end of the day
All the talk about politics and wars and other things are just a distraction .....some call it noise. Best forgotten unless you are playing the game of punting on short term movements in the share price.
when and how is the DRP calculated?
If the SP heads to the magical SP of $2.00, HBL will climb to over 25% of my total share portfolio, so I've just cancelled my participation in the DRP.
I think HBL is a great business and Mr Market seems to love it too. it's grown to be my largest single holding and has more than doubled in value over my average cost price. However, I don't think it's wise to let it go much higher as a percentage of my holdings so I really don't want to own any more HBL - but I can't pluck up the courage to sell any right now either.
Apart from a couple of holdings at 11% and 15% the remainder of my funds are spread over 18 other companies so I'm pretty well diversified.
I think the whole market is pretty "toppy" at the moment so I'm taking all my upcoming dividends in cash and accumulating a few bucks in case there is a bit of a correction and some buying opportunities appear.
I always calculate the % on how much I put in . Otherwise I sell my best shares. I have about 20% in them on market value but 10% on cost ,I'm happy to go to 15-20% on cost. Every dividend I put 50 % back in.
Like this and they normally apply 2.5% discount:
" The strike price is the volume weighted average sale price in New Zealand
dollars (expressed in cents and fractions of cents) for a
Share calculated on all trades of Shares which took place
through the NZX Main Board over the period of 5 trading
days immediately following the Record Date."
Good question, without refuting the supposition that financial stocks are the first to be hammered and the worst hit in a reversal of global markets sentiment.
It is a long bow to draw suggesting all have the wherewithal to make timely decisions on when to exit. Most here are in it for the FA, the encouragement and the relentless SP appreciation, or some or all of the above
What many may not realise is those same few rampers are adept at being first in the exit queue when the sh1t inevitably hits the fan. And they won't tell until weeks or months afterwards, about their miraculously timely exit. Talk the book, just the book and only the book. All good when it's relentless upwards which we all know doesn't go on forever.
This isn't a school of hard knocks, it's a school of buyer beware.
If that's being a sour sheep, we'll excuse me for pointing out the obvious.
i agree buyer beware ; If you are easily influenced you could get the dump from the pumper.
I often worry about the influence Sharetrader has.
I would guess Sharetrader members/guests hold over $15mil worth of Heartland stock.
There are a great number of people who are not posters,but read Sharetrader.
These people do not know who posts drivel,and who knows what they are talking about.
No one bothers to read a whole thread, so they can find out for themselves.
The only way to be successful in the sharemarket, is to put in the hard work doing your own research.
No internet discussion forum is a "magic bullet".It is just a discussion forum,where we discuss shares.
Therefore "cavaet emptor."
HBL has been rerated over the last year or so to the extent that is now outrageously overvalued (see previous posts)
But ever mind the world is such a happy place at the moment - even the S&P500 is now trading on price:sales ration never ever been seen before (even 2000/2001)
So don't worry about a outrageous valuation of HBL - sentiment will take it much higher. They can do no wrong and that's enough
HBL will be $2 at announcement time and when Jeff mentions $70m profit for F18 the share price could go anywhere. HBL has as much appeal as that awesome Jacinda has so what can go wrong.
Did Percy say $2.50 next year
Is a FY18 PE of ~ 14.5 really overpriced given their track record of steady growth and especially relative to a market trading on average at over 20 times FY18 earnings ?
Maybe the stock has been mispriced in the past trading on 12.5 - 13.5 times forward earnings ?
Talk of $2.50 seems a little presumptuous to me but then again we have some quality companies trading on multiples well into the 30's so maybe a mid-late teens forward PE is possible ? One thing for sure, I will not be selling when it hits $2.
Sold out of my position completely today. I'm happy to move on and likely to do so with energy stocks too. For mine, forward PE of 14+ is fully priced (and some more) even with their recent track record yadda yadda. Comparison to 20x wider market may be relative but most of my relatives are awful... and financially illiterate. Good luck with $2.50...
Fair enough but what's the alternative ?, we agree the whole market is priced "up there" FWIW I had another look at my forward estimates on this one the other day and assuming fair / reasonable market / economic conditions I don't see $2.50 until 2019, (probably late that year). Interestingly based on average 4trader forward earnings estimates this stock shows a 4-5% superior growth rate compared to the average of its peer banks in Australia, HBL estimated earnings growth 7-8% over the FY18 and FY19 years vs average of WBC, NAB, ANZ BOQ and BEN 2-3% earnings growth outlook.
HBL currently trades on a PE premium of 1.6 extra (14.6) on FY 18 estimated EPS of 12.9 cps compared to an average of 13 for its peers for the same year but to my mind that premium plus potentially a little bit more is certainly warranted based on their superior track record and forecast growth in EPS. My fair value for the stock is currently $1.83-$1.90 as of Friday this week based on estimated EPS for FY18 and FY19 but I'll know more tomorrow. I would lighten my position somewhat if it got to more than 115% of where I see fair value.
https://youtu.be/0KhTk7uD16U
Hoping for 12c EPS, a choice dividend & a forecast of good EPS growth.
Salam Hangat
Paper (Java) Tiger
Bugger - Jeff didn't mention $70m for F18
Playing games with us again is Jeff - leaving that to next Feb / March
HEARTLAND POSTS FULL YEAR PROFIT OF $60.8M
14 August 2017
Heartland Bank Limited (Heartland) (NZX: HBL) achieved a net profit after tax
(NPAT) of $60.8m for the full year ended 30 June 2017 (FY2017), an increase
of 12% from the previous financial year ended 30 June 2016 (FY2016). The
increase in profitability was driven primarily by growth in receivables
across all divisions - Household, Business and Rural.
Achievements for the year ended 30 June 2017
o Increase in profitability of 12%
o Strong growth in receivables of 14%
o Return on equity (ROE) of 11.6%
o Launch of multiple digital platforms
o Implementation of new core banking system
Result almost as awesome as Jacinda's awesomeness
Awesome result, very very pleased.
Highlights for me.
Final Dividend 5.5 cps, my expectation was 5 cps.
EPS was 12.33 cps on weighted average number of shares v 11.44 cps last year = 7.8% growth in EPS
Forecast at mid point of $66.5m on current number of issued shares = 13.39 cps next year which suggest growth accelerating on an EPS basis to 8.6%, slightly above my expectation of 7.5% EPS growth for FY18.
Growth in reverse mortgages in Australia to over $500m, growth in receivables of 19% !
My expectation is fully imputed dividend of 10 cps next year and on $1.86 this gives (10 / 186) / 0.72 = 7.5% gross yield.
Revised target price for early 2018 $2.08.
Good result. Very pleased to still hold a big chunk for the foreseeable future although happy that I was able to lock in some profit at $1.89 last week.
YAWN - quite boring if the actual data exactly hit predictions and the official outlook is what the analysts in 4-traders predicted a long time ago, isn't it?
But than - in the investment game I tend to like predictability, particularly if it comes with 10+% growth :).
I like boring stocks - could we have another helping?
Roger...is this of any concern ? Any idea what this looks like going back say 5 years ?
"Heartland’s Net Interest Margin (NIM) for FY2017 was 4.46% compared to 4.50% for FY2016. The reduction results primarily from changes in the asset mix."
To my simple way of thinking....this is how they make their (our) money, loaning out our deposits.
Hi all,
Just been looking through the results and was wondering what advantage there is for us shareholders for a company to use a 'weighted average number of share" vs the total number of share at the reporting date?
On the surface it looks as if the 'weighted average' helps paint a prettier picture of the earnings per share (and EPS growth rate), yet in reality the number of shareholders entitled to a share of the profits is in fact the number of shareholders at report dating.
Any clarity on this will be gratefully appreciated :)
NIM is best of breed mate and a small change like that is not of any concern. Probably reflects the strong growth in reverse home equity loans which are at the lower risk end of the lending spectrum.
Almost all companies use weighted average number of shares on issue McGinty, HBL have been doing this for years as it more accurately reflects the EPS situation.
Have to admit, I always use the "current" number of shares in my analysis, for the reasons you outline.
So 516.2m shares...EPS of 11.8cps. Still a good result though.
Always nervous at EPS dilution activities...good to issue new shares for divvies or acquisition, but we should be ensuring that it stilla dds up to value for individual shareholders...
I hate to contest your statement, however:
company forecast for 2018 is a NPAT of 65 to 68m. Right?
Divide this through the number of currently issued shares (516.9m - not some average balanced mumbo jumbo for FY 2017) and you end up with 12.57 to 13.16 cents per share EPS, medium being 12.87 cents / share. 4-traders predicted for 2018 12.9 cents per share - I think this is close enough ;);
and yes - and my comment re growth rates was referring to the 2017 growth rates: 12.5% CAGR ... sorry for not being specific enough for you :p
Fair enough and each to their own.
Checking through, yes forecast of $66.5m on 516.7m shares = 12.9 cps this year v 11.8 cps = 9.4% profit growth expected in EPS this year. Solid numbers and good outlook for EPS growth no matter how you slice and dice it, in my opinion.
Heartland reports EPS on round numbers
Using their stated weighted average number of shares and assuming no new shares in F18 (even though Jeff will get some free/cheap ones and then there's a couple of DRIPS as well) EPS comparisons are
F16 EPS 11.44 cents
F17 EPS 12.33 cents - plus 7.7%
F18 EPS at $68m 13.17 cents - plus 6.8%
F18 EPS at $65m 12.59 cents - plus 2.1%
EPS growth (on reported numbers) slowing even at likely high case
EPS growth much less than current PE .........hmmmmmm
Article of interest:
Heartland Bank goes live on Oracle core banking platform as Kiwibank struggles
Heartland Bank chief financial officer David Macrell says delays were out of caution rather than any significant issues.
https://www.reseller.co.nz/article/6...ank-struggles/
Absolute cracker.
Well done Heartland Bank team,you have done yourselves and shareholders proud, yet again..
Will enjoy the incresed divie.
Wonder what size the bond issue will be.?
Yes my EPS growth rate on "current" shares is 3.43% on pcp
FY17: $60.8m / 516.68m = EPS of 11.76
FY16: $54.2m / 476.5m = EPS of 11.37
And looking back at last years announcements, the number of share increases further prior to Ex-div from 476.5 at report date to 481m (LTI options plan) at Ex-date.
Aussie banks forecast to grow at 3.6% and 2% respectively in EPS for FY18 and FY19 according to 4 traders. Average of ANZ, WBC NAB, BEN and BOQ
Using my version of Ben Graham's formula where PE is 8.5 for no growth plus 1 x g Aussie banks should be on 12.1 average, current average 13.
Depending on how you slice and dice the numbers for HBL you get 8.5 + 1g where G is approx. 7-9% = PE of ~ 16.5
16.5 x 12.9 cps = $2.13 = no worries plus the stock currently trades cum a 5.5 cps fully imputed dividend.
Can't see Winner69 and Percy getting their $2.50 anytime soon unless there's a takeover :eek2:
I always use the number of shares at the end of the year to calculate my 'eps' figures McGinty.
One reason is that the number of shares on issue at the end of the year is easy to find, whereas shareholders actually have no easy way to calculate the 'weighted average number of shares.' on issue over a year. The other reason is that for the current year looking forwards the 'weighted average number of shares' becomes an historical irrelevance. We all know that earnings for the coming year must be spread over (at least) the current number of shares on issue. So using the current number of shares provides a better measuring stick as to whether the the coming year results are really an improvement.
There is an argument that if new capital via new shares has been raised during the year, that this new capital has not been available to the company all year. So the new shares, representing this new capital, should not be counted. There is nothing wrong with this argument. Yet for dividend hounds, the dividend is always paid on the current number of shares on issue when the dividend is declared. So once again the 'weighted average number of historical shares' has no relevance.
Using the current number of shares on issue will yield either neutral or conservative projections. There is no bad thing in building a little conservatism into your projected investment returns.
SNOOPY
No mention of the expected quantum of the capital notes issue or their intended purpose. Capital adequacy looks good at 13.6%. Modest share buy-back to boost EPS ?
Thanks for your thoughts fellow members :)
It's one thing I've been wondering for a while and was interested in how others view it.
As Snoopy mentioned above "the current number of share provides a better measuring stick", as look forward to the upcoming year.
So my opinion on the upcoming year will be that HBL achieve the higher end of their guidance ($68m) and would possibly dilute the shares down by another 23m shares (LTI and two DRP's) Total FY18 shares approx 540m
FY18: $68m/540m = EPS 12.6
FY17: $60.8/516.68 = EPS 11.76
est FY18 EPS growth = 7.14%
The results are as expected, a fraction ahead of guidance.
We all know next year will be $68.9 million, worst case.
Still seems pretty expensive, but no doubt HBL will continue to defy gravity and we'll see $2 before next years result announcement.
(disclosure: no longer a holder, but keeping a close eye)
Book Value is $1.10 a share - June 2016 it was $1.05 so up about 5%
Share price up about 50% in the meantime
WOW - that's some rerating ....P/B now over 1.7. That's pretty high
No doubt the rerating will continue -- maybe Heartland (Jeff) is more awesome than the awesome Jacinda
Come 2 bucks by weeks end
You won't think Jacinda so awesome if they get in and as stated on the weekend introduce a capital gains tax, Jeff still be awesome though :)
Funny thing the old market, CEN up 13c on a poor result and HBL unchanged. Disc-Not holding either.
Share price turned turtle after hitting 190
Hope not start of a downtrend.
Interesting line in cash flow reconciliation is 'Capitalised Interest'
Amounts have gone from $2m in F15 to $25m in F16 to $32m in F17
I assume this is the interest charged on the home equity stuff waiting for the oldies to die (or move out)
An ever increasing amount .....and needing funding at ever increasing rates
Good eh
Poster on ''interest.co.nz'' says that'''profitablity in the 2017 financial year was driven primarily by growth in receivables,and impaired expenses increased'''
Not being financially intelligent is he right,wrong or just upset he doesn't have shares in HBL.
Talking if reverse mortgages
They increased by $39m in F16 (heartland preso)
And increased by $126m in F17
Wow - all that advertising paying off.
Agree that the serious traction in the Australian reverse equity lending book was a standout feature of the results presentation. Highly impressive gains in a very large market and its a niche area that's poorly served by the Australian banks. I'm thinking this will be a very lucrative high growth area going forward.
No worries, $2.00 in due course.
I'm starting to wonder if those huge net interest margins might be simply too tempting for one of the big Australian banks or BEN or BOQ especially with the huge momentum in the reverse home equity business in Australia. Can't rule out the possibility of a takeover. All those shiny new digital platforms with almost unlimited scalability for the larger banks...hmmm I imagine they could integrate HBL into their existing operations with little or no addition to overhead and get massive synergies from the combined operation and massive new business utilizing HBL's systems and architecture.... You'd be a brave person to short this stock that's for sure !
The interest.co.nz comment just reinforces my belief that some people should not be allowed near keyboards.
But the unacknowledged elephant in the room is, of course, that of the $61M profit over half comes from capitalising interest :scared:. [Note: do not panic]
I am happy, not ecstatic, but happy, with the result :mellow:.
It is OK.
Best Wishes
Paper Tiger
Just wondering how big the capital notes raising is going to be...seems to be a lot of lead brokers and sub lead brokers etc....seems a lot if it's only 20 mill......raising is just before HNA group due to buy UDC finance unless chinese govt stops it.......
The Heartland net interest margins may be high for a bank. But they are low for a finance company. And when you apply the 'duck test' to Heartland, you can see into what category the Aussies will park it.
The problem is Heartland has generated a big fat zero of cash if you add everything up post inception (my post 9366). For a takeover to be a success the one doing the takeover uses the positive cashflow from what it acquires to finance the deal. The problem is, over the long term, Heartland doesn't generate positive cashflow. So such a takeover would not be attractive.Quote:
Can't rule out the possibility of a takeover. All those shiny new digital platforms with almost unlimited scalability for the larger banks...hmmm I imagine they could integrate HBL into their existing operations with little or no addition to overhead and get massive synergies from the combined operation and massive new business utilizing HBL's systems and architecture.... You'd be a brave person to short this stock that's for sure !
SNOOPY
P.S. The Heartland digital platforms are not as good as the Auusie bank's own digital platforms. So nothing of interest to acquire there either!
I love heartland. Bought more today
http://www.sharechat.co.nz/article/1...businesseshtml
https://www.nzx.com/files/attachments/263330.pdf
Page 17 - SP graph relative to NZX50 is quite an eye-opener !
late rally...close at 190. Was that another "resistance point" from a chartist perspective? (as in, a genuine question - would love to know!)
That Note 19b sort of suggests that the modus operandi for Open for Business is working capital in minutes ......but take ages to pay.
Just a thought
19b is no worries until the cheer leaders become apologists. Ain't happening on their watch, that's for sure. Caveat emptor as one emboldened investor recently ventured. Rejoice in success of the moment, but don't look too closely under the covers as it's uncomfortable pointing out stretched market valuations and contrived company numbers in climates of increasing uncertainty. Looks like a good scalp if you can bank the capital gains and the divi, but medium term there are vulnerabilities which few wish to acknowledge. Long term who really knows?