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slc4me

4,306 Posts.

04/10/16

19:07

Post #: 19618748

Originally posted by SirKnight ↑

Sales up each and every year - see below.

Book value has grown each and every year.

Net profit before abnormals has grown nearly every year.

Return on equity on par with many of the best run companies on the ASX.

Dividend payout ratio between 40-75%

Little share dilution over the past 10 years.

Director salaries and wages actually appear reasonable and all directors have some level of skin in the game.

I am not quite sure where the problem actually lies here slc4me.

SirKnight

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11 Column 12

1 $Millions 06/07 06/08 06/09 06/10 06/11 06/12 06/13 06/14 06/15 06/16

2 Sales $/Sh 10.8 13.53 15.75 17.97 19.89 21.07 22.68 24.47 26.15 27.51

3 Cash Flow ¢/Sh 58.3 72.9 97.4 123.6 68.2 152.8 62.3 83.6 161.9 88.1

4 NTA $/Sh 1.15 1.4 1.53 1.98 2.04 2.63 4.34 4.17 4.67 4.69

5 Earnings Pre-Abnormals ¢/Sh 47.3 63.9 72.6 89.1 61.5 83.2 73.6 74.6 60.8 92.3

6 Dividends ¢/Sh 31 48 55 67 31 33.5 37 30 30 44

7 Franking % 100 100 100 100 100 100 100 100 100 100

8 Capital Spending ¢/Sh -48 -58.1 -66.4 -114.4 -64.7 -59.1 -100.6 -108.9 -59.2 -57.6

9 Book Value $/Sh 1.15 1.4 1.53 1.98 2.04 2.63 4.34 4.17 4.67 4.69

10 Shares Outstanding M 25.6 25.7 25.8 26 26 26.1 28.8 28.8 28.8 28.8

11 Market Cap $M 324 244 303 408 303 239 495 251 155 352

12 Avg Annual P/E Ratio x 20.1 18.7 14.1 16 23.6 12.9 19.5 19 12.3 11.4

13 Relative P/E x 137.4 118.6 128.4 125.9 176.7 103.3 142.5 129.4 78 67.7

14 Dividend Yield % 3.3 4 5.4 4.7 2.1 3.1 2.6 2.1 4 4.2

15 Operating Margin % 8.3 8.9 8.7 8.8 7.1 8.4 7.1 6.6 5.8 6.8

16 Income Tax Rate % 30.6 30.1 29.7 25.7 28.9 29.7 29.2 29.8 29.5 29.4

17 Net Profit Margin % 4.4 4.7 4.6 5 3.1 4 3.2 3 2.3 3.4

18 Net Gearing % 5.8 23.9 34.2 52.4 74 32.6 0.1 15.1 -4 -2.3

19 Net Interest Cover x 33.5 28.7 21.5 25.1 8 11.5 15.7 22.7 17 61.8

20 Return on Assets % 18.7 20.1 20.8 18.1 12 15.1 11 10.2 8.2 11.8

21 Return on Capital % 40 43.2 47.2 35.4 32.1 29.9 17.1 17 12.7 20.2

22 Return on Equity % 41.7 46.3 48.1 45.3 30.5 32 16 18 13.1 19.8

23 Payout Ratio % 65.5 7.1 75.8 75.2 50.4 40.3 50.3 40.2 49.4 47.7

24 Total Return % 116 -21.9 29.4 39.6 -23.2 -19.2 93.3 -47.8 -36.4 135.3

25 +/- Market % 85.6 -9.8 51.5 25.8 -35.4 -12.2 72.7 -65.5 -42.1 133.3

Expand

Well aware of the financials - that is why I bought in. All I am saying the buy in from the directors is pi55 poor and very concerning if increasing shareholder wealth is the name of the game.

TRS Price at posting: $10.40 Sentiment: Hold Disclosure: Held

3 Upvote

0 Great analysis

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Makes you think does it not?, page-3

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	Column 1	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
1	$Millions	06/07	06/08	06/09	06/10	06/11	06/12	06/13	06/14	06/15	06/16
2	Sales $/Sh	10.8	13.53	15.75	17.97	19.89	21.07	22.68	24.47	26.15	27.51
3	Cash Flow ¢/Sh	58.3	72.9	97.4	123.6	68.2	152.8	62.3	83.6	161.9	88.1
4	NTA $/Sh	1.15	1.4	1.53	1.98	2.04	2.63	4.34	4.17	4.67	4.69
5	Earnings Pre-Abnormals ¢/Sh	47.3	63.9	72.6	89.1	61.5	83.2	73.6	74.6	60.8	92.3
6	Dividends ¢/Sh	31	48	55	67	31	33.5	37	30	30	44
7	Franking %	100	100	100	100	100	100	100	100	100	100
8	Capital Spending ¢/Sh	-48	-58.1	-66.4	-114.4	-64.7	-59.1	-100.6	-108.9	-59.2	-57.6
9	Book Value $/Sh	1.15	1.4	1.53	1.98	2.04	2.63	4.34	4.17	4.67	4.69
10	Shares Outstanding M	25.6	25.7	25.8	26	26	26.1	28.8	28.8	28.8	28.8
11	Market Cap $M	324	244	303	408	303	239	495	251	155	352
12	Avg Annual P/E Ratio x	20.1	18.7	14.1	16	23.6	12.9	19.5	19	12.3	11.4
13	Relative P/E x	137.4	118.6	128.4	125.9	176.7	103.3	142.5	129.4	78	67.7
14	Dividend Yield %	3.3	4	5.4	4.7	2.1	3.1	2.6	2.1	4	4.2
15	Operating Margin %	8.3	8.9	8.7	8.8	7.1	8.4	7.1	6.6	5.8	6.8
16	Income Tax Rate %	30.6	30.1	29.7	25.7	28.9	29.7	29.2	29.8	29.5	29.4
17	Net Profit Margin %	4.4	4.7	4.6	5	3.1	4	3.2	3	2.3	3.4
18	Net Gearing %	5.8	23.9	34.2	52.4	74	32.6	0.1	15.1	-4	-2.3
19	Net Interest Cover x	33.5	28.7	21.5	25.1	8	11.5	15.7	22.7	17	61.8
20	Return on Assets %	18.7	20.1	20.8	18.1	12	15.1	11	10.2	8.2	11.8
21	Return on Capital %	40	43.2	47.2	35.4	32.1	29.9	17.1	17	12.7	20.2
22	Return on Equity %	41.7	46.3	48.1	45.3	30.5	32	16	18	13.1	19.8
23	Payout Ratio %	65.5	7.1	75.8	75.2	50.4	40.3	50.3	40.2	49.4	47.7
24	Total Return %	116	-21.9	29.4	39.6	-23.2	-19.2	93.3	-47.8	-36.4	135.3
25	+/- Market %	85.6	-9.8	51.5	25.8	-35.4	-12.2	72.7	-65.5	-42.1	133.3

Makes you think does it not?, page-3

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