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gold1650

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23/06/18

19:12

Post #: 33905481
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Originally posted by Joffrey ↑

Over the last 10 years, capex has exceeded depreciation 8 times out of 10, however the accumulated depreciation ratio to gross PPE & leasehold improvements is 59%, when 5 years ago it was 42%. The difference is 17%, which if you multiply by current gross PPE & leases hold improvements, you get 39.56m. To me that sum looks like catch up capex TRS is going to have to spend over the next 5 or so years (if it wishes to restore PPE to more appropriate levels). Its quite a chuck given if you divide it by 5 you get 7.9m which is 21% of the most recent annual EBITDA, & this theoretical cost would roll for 5 years. Of course TRS might decide to maintain PPE & leaseholds at current rates, however surely they cant let it run to 70% or beyond. Depreciation is a real charge.

Morever its alarming TRS capex has so frequently been above its depreciation rate on a yearly basis, yet its core assets are losing value YoY. TRS might be more capital intensive than its historical capex has led to believe.

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Geezus Jimmy, they are some of the most obscure and meaningless metrics I have ever seen used as a reasoning to not buy a stock Joffrey.
Maybe it's too late on a Saturday evening or the Chris Ringland Shiraz has kicked in!!!
DYOR

TRS Price at posting: $6.16 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $6.68		Change 0.000(0.00%)		Mkt cap ! $249.6M

Open	High	Low	Value	Volume
$6.68	$6.68	$6.66	$673.6K	100.9K

Buyers (Bids)

No.	Vol.	Price($)
5	7633	$6.67

Sellers (Offers)

Price($)	Vol.	No.
$6.68	220498	8

View Market Depth

No.	Vol.	Price($)
4	7326	6.670
8	16574	6.660
6	16290	6.650
6	19315	6.640
3	525	6.630

Price($)	Vol.	No.
6.680	220507	8
6.690	13026	7
6.700	189343	6
6.720	2976	1
6.740	3000	1

Last trade - 13.44pm 26/06/2025 (20 minute delay)

TRS (ASX) Chart

TRS chart, page-145

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TRS chart, page-145

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