Forum Archive Index - February 2001

["hugh webber" <hugh.webber@clear.net.nz>]

Que sera sera. I'll back my Buffetology analysis against your Pollyanna
analysis and we'll see who's right. You omitted the huge dead weight of 
BIL's Hawaiian investment which is huge in book value (a billion or so
from vague memory) and an annual profit of something like $1.5 million.
I seem to have read something recently about various unquantified 
asbestos liabilities for James Hardie. But hotels and airlines - they're
commodities
mate. Good luck from here on in....


----------
> From: nick <acummin@es.co.nz>
> To: sharechat@sharechat.co.nz
> Subject: Re: [sharechat] Brierley - Has to rise soon 
> Date: Sunday, 18 February 2001 12:23
> 
>     Interesting  viewpoints on Brierleys, what shines through clearly
> is the preoccupation with the past. I say forget about the past and
> look to the future.  Ultimatly the share price will be decided by the
value
> of its investments  and the ability of the new managment team to
> unlock some of that value.
>             One chatter stated that all that were left were unprofitable
>  commodity type investments, i actually see the current portfolio
> as rather promising, and together  the value of the present portfolio
>  is far greater than the currnet share price would suggest.
>       The three main investments , air new zealand, thistle hotels and
> james hardie industries are all very good buisnesses in their own right.
> The value of thistle hotels is now beginning to be realised in the uk
> and is widely recognised as having been undervalued. Air new
> zealand are currently on many brokers buy lists, while james hardie
>   is currently rated a long term buy by j.b.were who rate its valuation
at
>  5.39 a share, way above its current price.
>           These three companies provide the backbone of Brierleys
portfolio
> and are all looking very good moving forward. Cedenco foods is another
>  interesting company in the portfolio,  and is expected to be sold soon
> and wikll have proved a good investment for Brieleys.
>              The company is shortly to halve the number of shares on
issue,
> which should keep the company in the news. Looks like there could be
>  some interesting times ahead for this company.  What is ultimatly going
to
> determine the share price of Brierleys is the strengths of its assets,
not
> its chequered history.   Time to leave the past behind and look to the
> future
> 
>   nick
> 
> 
>
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