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$94.73 blackmores limited

Ann: F18 Half Year Results Announcement, page-5

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Value Hunter

9 Posts.

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22/02/18

14:22

Post #: 31259434
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Originally posted by daicosisgod ↑

Sales growth of 9% pathetic.
EPS growth of 20% is okay but the cashflow was woeful, effectively borrowing to pay dividends.

But the kicker for me was the $9m of shares awarded to senior staff via the LTI scheme. That is a huge sum given that staff have received some very hefty cash bonus' over the last three years. Maybe Marcus Blackmore needs to go back and revisit the employee compensation program.

Also the reference to a +$2m doubtful debt in China demonstrates that somebody was asleep at the wheel.

I sold 60% of my holding at $167 a few months ago. Will hold the balance and look at the annual results in August.

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Looks like they have also glossed over disclosing the Blackmores brand performance in ANZ. Sales for the ANZ business "slightly lower" but it appears BioCeuticals Group +11%. So, looks like Blackmores brand more than "slightly" down in ANZ.

BKL Price at posting: $136.40 Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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