Ann: Investor Presentation (inc. trading update), page-3

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    "This update does little to rebut my thought that this is an industry in terminal decline. I suspect their FY19 profitability goal is wishful thinking in an environment of perpetually falling volumes."

    @Jimmy_C

    Sadly, I agree.

    Its a pity that this company operates in such a woeful industry backdrop because I have been following this business for several years and think these guys have actually done an excellent job in consolidating ownership of industry assets and rationalising excess industry capacity.

    I am not a PMP shareholder, but I have a bit of a soft spot for PMP because I became a shareholder some years ago, when the industry rationalisation story first got underway in 2012/3, and I profited handsomely from the initial gains made by the company, although the journey was a tortuous and arduous one, as the company kept running harder and harder, merely in order to not even stand still, but to decline at a slower rate.

    I guess PMP is living proof that when it comes to Good Management versus Bad Industry Structure, the latter almost always wins.

    (And the theme of good management v. bad industry is a good segue into saying that - given that, from reading some of your posts, I sense you and I have some investing sympatico - I was a bit surprised to find you as a shareholder in another company which is well-managed but which operates in a crummy industry, viz. TPM. What gives, with that one?)
    Last edited by madamswer: 02/06/17
 
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