Forum Archive Index - November 2000

[Gerry Tyler-Smith <g.tylersmith@ext.canterbury.ac.nz>]

Hi Peter

Thank for these insights ... very helpful in terms of overall picture.

>     Good day HH - Agree that it is good to see some  honesty and realism
>in announcements and reports from companies. At least it  means one can
>make some decisions based on something of substance.   Doesn't help those
>who went along with the  earlier expectations thouigh. However as you say
>stick to it.   When THL started get mentioned on this site as a  good
>prospect I did my own research. To date I have not bought in. To get the
>value, relative to my risk assessment, I want over time will I get in if
>they  ever drift down to 150-160.   Last year wasn't a bad one for them.
>However  $14.8M earnings on shareholders funds of $172M and borrowings of
>$146M wasn't  that great.   High ongoing levels of interest, depreciation
>and amortisation makes revenue growth paramount to value creation. However
>the  more you read the more variables to this happening come to light.  
>Any potential investors thinking current price  is attractive against
>reported net asset backing of 187 cents/share (last annual  report) should
>do a through analysis of balance sheet (IMHO)   Price getting down to
>attractive levels. If in stay in - no  real reason to get out.   Peter    




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