Forum Archive Index - September 2000

["Peter Maiden" <pmaiden@today.com.au>]

Ethics seem to be the flavour of discussion at the moment so it was timely 
there was another story in the NBR about the way the ADV result was reported - 
especially how it did not reflect the true position of the years performance. 
Note the large increase in operating cash out of the business.

http://www.sharechat.co.nz/articles/nbr/20000901-14-money.shtml

Personally (as per a previous post to this forum) I was disappointed that the 
NZSE did not take more action in this instance.

We should support the calls to action as outlined in the article. I have 
written to the NZSE supporting the view.

Back to ADV I note that the recent decline in price has lowered the PE to 46 on 
current earnings. I would say that the company would say that based on their 
projected earnings it is most likely closer to 20.

I look forward to obtaining a copy of their annual report in due course. Have 
never held but been interested because of the business they are moving in - 
however been turned off by the hype and the lack of substance in any reports 
from the company.

No matter how I construct a DCF I can't see more than 200 for ADV. Still a spec 
for me at this stage.

Haven't given up completely and still follow with interest and when convinced 
could be interested. Does this mean that their PR is all wrong.

Peter


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