The Rivers Saga, page-5

First 5 Last

Share
Profile

Follow
Galba

2,345 Posts.

39

27/05/15

12:46

Post #: 15359826
Share

Originally posted by MarkieMills ↑

Alonso - I shorted a tiny number - so luckily not annoyed as such. I am surprised the SP has hung in there. Looked at the business excl rivers - it seems that EBITDA has gone from 27.7 to 29.5m (pcp). Like for like sales went from -4.9% v pcp to 5.7%. So Ebitda outstripped LFL by a tiny bit. However interest due to the new strategy that requires more working cap would subtract $1m possibly for the half. The extra spend in 2014 on Millers brand rejuv, omni channel growth, and City Chic was $25.4m, and depreciation over 5 years would subtract $2.5m for the half??? - so adjusting for this you have my adj EBITDA going from 27.7 to 26m this year - which does dovetail with the tougher retail climate. My numbers are very rough here obviously.

Koro - re Perlstein - just checked and it is $836k. Quite a good amount of pay - not sure the value is there ATM. If Rivers can be rejuvenated - then he is good value - if not - then maybe he has been a bit over-confident and maybe should move up to board level and give somebody else a go. It is nearly time to make a decision on that I suspect. This business had great metrics in the past - but I think those times might be gone forever. If they are targeting the budget end of the market - they need to get omni working superbly. New blood may be needed for that? I see that there are no etail rivers shoes listed on ebay for example - just private listings by the looks.

I'm trying to work out whether more direct sourcing is positively or negatively impacted by the lower AUD, v their previous strategy. Maybe they have staffing costs OS that are higher now in AUD?

Expand

Anyone know how many stores there are of these guys, have this feeling that Under the Radar are talking about them tomorrow....

The other is a retailer that has 1100 stores and has the potential to be a big company, but right now is masquerading as a small cap. It’s trading on a single digit earnings multiple and it has net cash. The bottom line is that despite the anaemic retail environment this company can deliver accelerated earnings growth over the next couple of years.

SFH Price at posting: 55.0¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

MVF

Monash IVF shares cater 25% – Disaster or deep-value play?

RMX

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

OCC

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

SRL

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

PAR

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

First 5 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

The Rivers Saga, page-5

Top Stories

Monash IVF shares cater 25% – Disaster or deep-value play?

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

Australia’s gas crisis is here – and dying coal plants aren’t helping

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

Featured News