TUA or TURNERS AUCTIONS LTD is not registered with the ASX and hence I use the SKC code as a facilitator.
Busines: Car importers, Auctions of cars, trucks, Govt fleets and goods, house contents. TUA is a major Auction House with turnover of $400 mill. last year.
GPG surrendered 4 mill shares in Oct. 2002 shares for an IPO ($1.50/share) and holds 19.9% at present. Total shares: 26.5 mill. It is a NZ company and shares are somewhat tightly held.
Here is the chart: http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=nz%3Atua&time=&freq=
TUA or "Turners Auction Ltd" is on a solid uptrend. Their web site: http://www.turners.co.nz
To get to the Investors' page, Click on "About us" of the presentation. Or one can use this site: http://www.turners.co.nz/auctions/?p=investor_home.html
Further information: http://stocknessmonster.com/news-history?S=TUA&E=NZSE&Year=2003
Current price: $4.50. Revenue $67.6 mill. Profit to June 2003: 6.15 mill. (+62%) Shares: 26.5 mill. E/S: 24.1 cents (adjusted for the IPO); Retrosp. P/E =18.7. Dividend: 15 cents or 62.2% of E/S. Cash on 30 June was 3.9 mill.
The business is solid and is expanding. They hold a very strong franchise and the main city populations are rapidly expanding.
They selected a Canadian partner and started a branch in Vancouver . The start up there has been somewhat "challenging", TUA reports. The intention is to export their auction concept overseas. I consider TUA to be a cash cow and good dividend payer. _____________________________________
TUA to offer Insurance and Finance to private buyers. Early 2004, these will be introduced. I believe that these will be very good additional income earners.
ABN-AMRO has a DCF calculation of $5.76 and calls this the target price.
Profit for 2004? ABN-AMRO has $7.42 mill. (+20.6%). They admit this to be conservative. The half year report to be issued on (14 Febr. last year) will indicate progress. TUA will then adopt JAN-DEC as the new Financial year as this will be be more suitable.
Gerry Holds TUA Circumstances can change. Please do your own research and you decide if and when to buy, hold or sell any stocks.
SKC Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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