# OTR - Onterran Limited



## Nathan_b (9 April 2007)

Hey Every1, I am new to sharetrading and researching all different companies. I came across NOMAD and realised they just went public in October. It started 1.40, and now 1.95, been to 2.28 by looks and div paid interim of 3.5 cents f/franked.... I'd guess another 1 in about 4 months. Was wondering if any1 here has these shares or would have any more insight on them? I believe its a good strong company with little competition. 
thanks.


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## LifeisShort (10 April 2007)

*Re: NOD - Nomad Building Solutions*



Nathan_b said:


> Hey Every1, I am new to sharetrading and researching all different companies. I came across NOMAD and realised they just went public in October. It started 1.40, and now 1.95, been to 2.28 by looks and div paid interim of 3.5 cents f/franked.... I'd guess another 1 in about 4 months. Was wondering if any1 here has these shares or would have any more insight on them? I believe its a good strong company with little competition.
> thanks.




MAC Services is about to float to provide you with some competition


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## imajica (23 July 2007)

*Re: NOD - Nomad Building Solutions*

Nomad charging up to $3.15 this morning

Recent press in smart investor magazine tipping Nomad to be a great growth story - beautiful chart 

I wish I had spare cash to buy some of these


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## oldblue (21 February 2008)

*Re: NOD - Nomad Building Solutions*

What's happened to poor old NODdy?

Thought I'd done some brilliant research a couple of months ago and bought a few. Since then the SP has been on a nicely downward trend despite some good news in terms of acquisition and contracts gained.  

Apart from the general market malaise, and the sudden "unfashionableness " of stocks associated with mining services, is there any other reason specific to NOD to account for this?

Any ideas would be appreciated.


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## robert toms (22 February 2008)

*Re: NOD - Nomad Building Solutions*

I do not hold these but hold Fleetwood,same type of temporary accommodation business.FWD have complained for a couple of years now about the availability of labour slowing down their progress.Plus another idea could that there is going to be a slowdown...due to world economic slowdown...in the mining industries.
Just a few ideas...may or may not be valid for Nomad.


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## oldblue (22 February 2008)

*Re: NOD - Nomad Building Solutions*

Thanks, robert.
Good points although shortage of labour is not new. Its ironic that demand for mining services seems to be at a peak at the same time as the SP's of these companies is weak!
I notice that FWD's SP is down 26% from its high. NOD's is down 40%!
Might be time to buy a few more before the SPP closes today.


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## robert toms (22 February 2008)

*Re: NOD - Nomad Building Solutions*

I have not got the nerve to buy anything lately...but I did put in low-price today for nhf (nib health) ...I regard them as relatively defensive...I do not expect to be successful ,but who knows in this climate,most shares are getting slaughtered and if there is a turn around how long will it take.
Have faith!


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## Golf 16 (5 November 2008)

*Re: NOD - Nomad Building Solutions*

Hi NODdy followers - are there any out there? A very dead thread. 
I have followed the SP for 6 months and has been a downward story, however yesterday's Intersuisse report was quite confident and encouraging. Have taken an excerpt for your information.

_Impact Some fall in the share price was inevitable and justified. NOD will not
grow as fast as some might have hoped. However, even with no growth or if
profits come under such pressure as to return to FY07 levels, fundamentals
would be attractive with a sub six times P/E and franked yield over 8.5%.
But in fact we expect figures in the order of those shown in the table. NOD
dividend guidance is for 50% payout and franked. NOD’s customers include
substantial mining and resource groups and the company says it will benefit
from some slowdown in its sectors.
Recommendation Impact We see
””no premium, although NOD is in a sector with sound long-term prospects
””no reason for a discount for excessive debt – which is clearly not present
””no sign of irrational exuberance by executives who have ‘skin in the game’
””no guidance indicating fears for a collapse of contracts or business
In fact, we can only attribute the current price to NOD being overlooked by the
market, creating a special opportunity to buy into the long-term growth
prospects for the resources accommodation suppliers, at knock-down prices._
I am interested in people's reaction and analysis. 
When I looked at the business I would not have been able to foresee "some fall in SP was inevitable and justified." Hindsight is a wonderful thing. Of course I am more concerned with the validity of their predictions and thus would value any reader's considerations.
Cheers

Golf
disc: I do not hold.


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## michael_selway (6 November 2008)

*Re: NOD - Nomad Building Solutions*



Golf 16 said:


> Hi NODdy followers - are there any out there? A very dead thread.
> I have followed the SP for 6 months and has been a downward story, however yesterday's Intersuisse report was quite confident and encouraging. Have taken an excerpt for your information.
> 
> _Impact Some fall in the share price was inevitable and justified. NOD will not
> ...




Hm is it a risky business?

*Earnings and Dividends Forecast (cents per share) 
2008 2009 2010 2011 
EPS 19.5 24.0 25.9 27.1 
DPS 9.5 11.0 11.3 13.0 *







thx

MS


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## oldblue (6 November 2008)

*Re: NOD - Nomad Building Solutions*

I tend to agree with Intersuisse  that NOD has been overlooked and oversold by the market, but then so have a lot of other stocks.
Prospects for the current year look to be promising with large contracts with major miners like BHP and RIO in progress or pending. Company is targetting 50% of revenue this year from non-mining sectors but in any case I reckon the market is overplaying the effect of the commodities downturn as far as NOD is concerned.
Perhaps recent selling results partly from a overhang of stock from recent acquisitions? I havn't checked this so DYOR.
Company is confident about the current year. Labour availability has been an inhibiting factor in recent times and this should now be freeing up somewhat.
 I'm holding a few.


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## imajica (21 August 2009)

*Re: NOD - Nomad Building Solutions*

21 August 2009

$51m contracts for Rapley Wilkinson

Nomad Building Solutions Limited (NBS) advises that its wholly owned
subsidiary, Rapley Wilkinson Pty Ltd has been awarded contracts valued at
$51m, completing a very successful 3 month tendering period culminating
with the awarding of the construction of the new $18m Karratha Primary
school for the Western Australian State Government.
In addition to the above contract other work won includes renovations and
new work for Local, State and Federal Government agencies ($13m),
resource companies ($13m) and private clients ($7m).
All projects are located throughout the Gascoyne, Pilbara and Kimberley
regions of North West Western Australia.
Work has commenced on a number of these projects and is programmed to
continue until October 2010. Approximately 80% of the revenue from the
contracts will be realised in the 2009/2010 financial year.
NBS’ Managing Director, Alan Thomas, said award of these contracts was an
excellent result for Rapley Wilkinson and evidence of the full range of
services that the business offers.
“Rapley Wilkinson’s name has been synonymous with construction in
regional WA for more than 30 years. The variety, range and nature of these
contracts are evidence of the diverse skill set within the Rapley Wilkinson
business.”
Other companies in the Nomad group include the Western Australian and
Queensland based modular construction specialist Nomad Modular Building,
the transportable homes manufacturer McGrath Homes, and Brisbane-based
factory constructed home specialist Halley Homes.


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## imajica (31 August 2009)

*Re: NOD - Nomad Building Solutions*

Here is a three month chart for NOD

strong buying over the last month - closed today at 94.5c and touched $1 at its peak today - in a definite uptrend and very bullish IMO


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## imajica (3 September 2009)

*Re: NOD - Nomad Building Solutions*

Closed at $1.06 today with strong buying evident. Hartleys has initiated coverage labelling nod as undervalued compared to peers. It has a forward p/e  of 8.4 withan industry average of over 11.
They have a $1.39 price target


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## skc (3 September 2009)

*Re: NOD - Nomad Building Solutions*



imajica said:


> Closed at $1.06 today with strong buying evident. Hartleys has initiated coverage labelling nod as undervalued compared to peers. It has a forward p/e  of 8.4 withan industry average of over 11.
> They have a $1.39 price target




This is turning out to be the best trade of my (6-month) trading career. Made the call earlier here...https://www.aussiestockforums.com/forums/showthread.php?t=15688&page=3

entered at 42c, got shaked out at 71c, re-entered at 75c. I have a target of $1.2 based on technical analysis, and will take half profit there while trailing the rest.

The fundamentals are also quite promising. Very cheap value-wise and with upside like potential Gorgon contracts. A decent income stock even if just holding for yield.


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## oldblue (4 September 2009)

*Re: NOD - Nomad Building Solutions*

Two substantial shareholder notices from NOD today.

Investco Australia and Aviva Investors both now holding a bit over 5%. Will have helped the SP in recent weeks.


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## oldblue (24 September 2009)

*Re: NOD - Nomad Building Solutions*

NOD subsidiary Rapley Wilkinson have won new contracts worth $43.3m, mainly for "educational buildings " (classrooms?) in North West WA.

http://asx.com.au/asxpdf/20090924/pdf/31kx3h18db3brj.pdf


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## persistentone (2 October 2009)

*Re: NOD - Nomad Building Solutions*

Would someone like to make the bear case for this stock and tell me why NOD is not a buy right here under 90 cents?


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## Ozymandias (19 October 2009)

*Re: NOD - Nomad Building Solutions*

Bear points:


Price / NTA is greater than 3. From an asset perspective, quite expensive.
Operating expenses have blown out big time - despite the surge in revenue profits dropped in 09.
The current ratio of the company is <1, potentially indicating a liquidity problem.


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## oldblue (20 October 2009)

*Re: NOD - Nomad Building Solutions*



Ozymandias said:


> Bear points:
> 
> 
> Price / NTA is greater than 3. From an asset perspective, quite expensive.
> ...




4. A small paragraph in the Chairman's Report.

"NOD is experiencing increased competition from imported product in the modular mining camp accommodation sector. We are monitoring the situation and remain confident that your company will continue with its innovation to offer a superior solution for our customers."

I don't know how much of a threat that is but the strong AUD won't be helping NOD's competitive position.


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## oldblue (21 October 2009)

*Re: NOD - Nomad Building Solutions*

Profit guidance from the company for 2009/2010:

Small loss expected in the current six months to 31 December, a profit of $10m - $12m for the full year.

Market shows its disappointment by marking the SP down around 13%!


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## skc (21 October 2009)

*Re: NOD - Nomad Building Solutions*

From a charting point of view 70c is the next support and lines up with 62% retracement and top of earlier pivot high. 

At 70c the fundamentals go back to PE<10 on $10m profit.


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## skc (2 December 2009)

*Re: NOD - Nomad Building Solutions*



persistentone said:


> Would someone like to make the bear case for this stock and tell me why NOD is not a buy right here under 90 cents?




It's been two months since Persistentone jinxed NOD... :

The chart is now at a critical junction imo. If it can hold the current share price level, it is possible for a wave 5 to take the share back above $1. But there is no sign of a turnaround just yet. In fact it is trading just under the 68c area which was the top of wave 1 back in May...

The fundamentals will soon start to hold up the share price one would think... PE is ~9 based on full year NPAT ~$10 to 12m. Based on the recent AGM address, work in hand is only $190m, while full year forecast revenue is only $275m (2008-09 = $410m). So their work in hand is only 8-9 months... they better win some projects quick smart.


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## persistentone (2 December 2009)

*Re: NOD - Nomad Building Solutions*



skc said:


> It's been two months since Persistentone jinxed NOD... :
> 
> The chart is now at a critical junction imo. If it can hold the current share price level, it is possible for a wave 5 to take the share back above $1. But there is no sign of a turnaround just yet. In fact it is trading just under the 68c area which was the top of wave 1 back in May...
> 
> The fundamentals will soon start to hold up the share price one would think... PE is ~9 based on full year NPAT ~$10 to 12m. Based on the recent AGM address, work in hand is only $190m, while full year forecast revenue is only $275m (2008-09 = $410m). So their work in hand is only 8-9 months... they better win some projects quick smart.




The way I read the AGM presentation is that they have come back as a smaller company.   Unfortunately, they are sailing upwind because the strong Australian dollar is making their product too expensive.  It's that dollar situation that makes me very skeptical that they can stage a sustained rally.    I would not be surprised to see them trade in the 30 cent to 50 cent range until there is an upturn in their order book.

I'm inclined to start nibbling below 50 cents at this point.   They seem to have their leverage in control.   I cannot see them staying below 30 cents very long if they can actually pay out $5M+ in dividends each year that would imply a very substantial dividend and should help to set a floor on the price.

Note that NOD's chart is extremely countertrend to the overall market, so the fact that it consistently comes under distribution shows the holders with an inside view are really concerned about the company's prospects for 2010.   No doubt they are suffering, but management strikes me as pretty good and I believe they will do the necessary cost cutting to right size the company.


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## skc (11 January 2010)

*Re: NOD - Nomad Building Solutions*

Ouch!

Down 45% to 39c after a significant profit downgrade.. They are now in the red for the year.

The chart was setting up for a nice reversal trade, having moved off the lows of 60c to ~75c... I actually had a buy limit order at $68c to try to catch and retracement 

Thankfully I was at my desk this morning reading ASX announcements and promptly deleted the order.

The fundamentals of the company now looks bad - they didn't screw up on 1 or 2 big project - they just can't win any new work, margins are reducing, strong Aussie $ hurting them... There may be a short term technical bounce - but it's officially off my watchlist.


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## WiseMum (11 January 2010)

*Re: NOD - Nomad Building Solutions*

I'm really feeling for all those holding today.  I have been watching them closely looking for a dip down around the 50c mark to buy in.  Thank goodness I saw the announcement & was able to check my order this morning.  No doubt they will have a bounce after such a massive dump but I won't be placing any orders until the next announcement on Wednesday and some significantly healthy signs of improvement.


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## Purple XS2 (11 January 2010)

*Re: NOD - Nomad Building Solutions*



WiseMum said:


> I'm really feeling for all those holding today.  I have been watching them closely looking for a dip down around the 50c mark to buy in ...



_*Ouch!* indeed:_ As a non-holder who's had NOD in the watchlist for some time, I feel the holders' pain, as I'm sure they'll feel mine if/when the occasion arises. :
 I see this is what a bad Monday can look like:







> No doubt they will have a bounce after such a massive dump but I won't be placing any orders until the next announcement on Wednesday and some significantly healthy signs of improvement.




I'm with you there. Will be watching with great interest, meantime I have some R to DMO on.

Regards, P.


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## oldblue (12 January 2010)

*Re: NOD - Nomad Building Solutions*

Sadly, it appears that management of this company isn't up to the challenge of the more complex business that NOD has become since listing and expanding through takeover.
Either that, or the chairman's warning last year about increased foreign competition is coming true.


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## skc (12 January 2010)

*Re: NOD - Nomad Building Solutions*



oldblue said:


> Sadly, it appears that management of this company isn't up to the challenge of the more complex business that NOD has become since listing and expanding through takeover.
> Either that, or the chairman's warning last year about increased foreign competition is coming true.




Sounds like they bought a lemon in Rapley Wilkenson. It was also funny to see  the management grasping at straws - "The implementation of ERP computer system" has rarely led to gains in controls, information and management decisions in the short term. They mostly led to gains in IT capital expenditure and chaos for some time.

The killer was of course "initiated discussion with the bankers". This could go anywhere, may be a forced cap raising? They should have done it when the SP was closer to $1.

Still no floor on the share price free fall - 34c today.


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## Miner (12 January 2010)

*Re: NOD - Nomad Building Solutions*



skc said:


> Sounds like they bought a lemon in Rapley Wilkenson. It was also funny to see  the management grasping at straws - "The implementation of ERP computer system" has rarely led to gains in controls, information and management decisions in the short term. They mostly led to gains in IT capital expenditure and chaos for some time.
> 
> The killer was of course "initiated discussion with the bankers". This could go anywhere, may be a forced cap raising? They should have done it when the SP was closer to $1.
> 
> Still no floor on the share price free fall - 34c today.




For a moment I saw the sell price at the closure time was shown as 29 cents 4.01  PM exact in COmmsec . I went at the site and saw the sell price is 33.5 cents. Must be some strange game done by the brokers which is not known to me.


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## nunthewiser (12 January 2010)

*Re: NOD - Nomad Building Solutions*

Has never followed or researched anything regarding NOD ....... 

However on a technical view it is due a bounce very shortly ......... ONLY OPINION of course and not trying to encourage any knife catching BUT theres a trade coming up on this sucka for those that like the bounce plays .


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## ROE (13 January 2010)

*Re: NOD - Nomad Building Solutions*

This company has a bit of a reputation of "lot of promise, little result"

and the management tend called a spade a card but not a spade 

After this debacle I think most big holder will have enough and start dumping their holding and going to create pressure on the SP...

I dont see a bottum to this stock just yet, purely on fundamental not technical


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## skyQuake (13 January 2010)

*Re: NOD - Nomad Building Solutions*

Lows in right there imo.
Capitulation at 10:10 when the volume went nuts
Disc: I hold and will sell when you buy


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## skc (13 January 2010)

*Re: NOD - Nomad Building Solutions*



skyQuake said:


> Lows in right there imo.
> Capitulation at 10:10 when the volume went nuts
> Disc: I hold and will sell when you buy




Low 30c looks about right...

Let's just make up some numbers on their fundamentals.

FY10, NPAT -$5m
FY11, NPAT $0m
FY12, NPAT $2m
FY13, NPAT $5m
FY14, NPAT $8m and grow at 2%

Assuming NPAT will be close enough to cash flow... the NPV discounting at 15% = ~$40m. Or ~29c per share.

This gives them plenty of time to turn around. Obviously this is just the P/L side... the banks could call in the loans next week and all goes belly up.


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## jazajayslice (15 January 2010)

*Re: NOD - Nomad Building Solutions*



skc said:


> Sounds like they bought a lemon in Rapley Wilkenson. It was also funny to see  the management grasping at straws - "The implementation of ERP computer system" has rarely led to gains in controls, information and management decisions in the short term. They mostly led to gains in IT capital expenditure and chaos for some time.
> 
> The killer was of course "initiated discussion with the bankers". This could go anywhere, may be a forced cap raising? They should have done it when the SP was closer to $1.
> 
> Still no floor on the share price free fall - 34c today.




I believe the acquisition of Rapley Wilkenson wouldn't have made too much of a difference to their project cost over-runs.  Bascially how it works with these types of contracts is the manufactured product section (transportables) of the contract has minimal risk when bidding a job, as the build specifications are normally very clear and straightforward.  The main area of potential risk is in the construction phase (installation of the buildings, site works, services etc).  I believe that prior to the Rapley Wilkenson acquisition, Nomad used in-house Project Management teams combined with specialist contractors.  The mistakes (I believe) in bidding this portion of the work would have been made either way.  Unfortunately margins in these types of contracts are small compared with other industries, therefore if you make a mistake, you pay.


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## Veritas (15 January 2010)

*Re: NOD - Nomad Building Solutions*

I am not a regular share trader but I know something about the building, construction, engineering and resources industries. I read this whole thread and it seems like people buy and sell on hunches and beliefs and wishes and hopes, and that the graphs and ratios are used in the same way that ancient cultures once made predictions by trying to decipher tea leaves and entrails. May I humbly suggest that it does not matter what the dollar is worth or what state the boom/bust cycle is in, or even whether there are contracts in hand or on the horizon. The fundamentals are about technical capability and how effectively projects are controlled, ie know-how. Just a thought.


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## Miner (16 January 2010)

*Re: NOD - Nomad Building Solutions*



Veritas said:


> I am not a regular share trader but I know something about the building, construction, engineering and resources industries. I read this whole thread and it seems like people buy and sell on hunches and beliefs and wishes and hopes, and that the graphs and ratios are used in the same way that ancient cultures once made predictions by trying to decipher tea leaves and entrails. May I humbly suggest that it does not matter what the dollar is worth or what state the boom/bust cycle is in, or even whether there are contracts in hand or on the horizon. The fundamentals are about technical capability and how effectively projects are controlled, ie know-how. Just a thought.




Welcome to thread Veritas and good thoughts.
Could you please share your thoughts / research on comparative capabilities between Nomad NOD and DCG ? The later is a new comer and stolen the show. NOD is fairly long in the business but struggling.

With current forthcoming turnaround in mining sector, building and accommodation is a must. DCG is wining contracts in Gorgon why Nomad is shy ?

With my recent experience in getting quotatins from Nomad and DCG the later was more expensive. Then I wonder why Nomad is loosing market ?

DNH


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## Veritas (16 January 2010)

*Re: NOD - Nomad Building Solutions*

I read the thread and the presentation. Same old, same old? What kind of analysis can be derived from the presentation? What important information isn't init? What further Q&A might help?


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## Miner (16 January 2010)

*Re: NOD - Nomad Building Solutions*



Veritas said:


> I read the thread and the presentation. Same old, same old? What kind of analysis can be derived from the presentation? What important information isn't init? What further Q&A might help?




Looks like you have had a rough Friday 

Mate, you have joined in Jan 2010 as per your details, and started to frustrate commenting on ASF thread quality right in your second mail.

What could I say ? Do you know ASF was rated as No 1 last year (or 2008?). 

So my dear friend, start contributing something and then get the right to whinge and kicking at others. Just a suggestion and enjoy ASF. 

Sorry other readers - my posting was not exactly related to NOD but that is how I could defend ASF :topic


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## blinkau (17 January 2010)

*Re: NOD - Nomad Building Solutions*

Seems incompetent issuing a earnings guidence release in mid-october stating a npat of $10m-12m and then a bit over 2 months later issuing an earnings downgrade of -$5m. I felt the gearing with their lender appeared a little risky when they where making a profit let alone racking up a loss.


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## McCoy Pauley (17 January 2010)

*Re: NOD - Nomad Building Solutions*

http://www.theage.com.au/business/nomad-wanders-into-territory-of-big-losses-20100116-mdf0.html

Article on today's Age website about the travails of Noman Holdings.  May be of some interest to holders.

Disc - do not hold and, by the look of things, don't want to hold.


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## Veritas (17 January 2010)

*Re: NOD - Nomad Building Solutions*

Miner,
You do me an injustice. Perhaps I should have been more clear. My comment was not in any way a whinge about ASF, which I think is terrific.
I was going to ignore the undeserved scolding but I am interested in the discussion, hence my defence/explanation.

What I was getting at, is that there is so little reliable information available to assess the stock and make predictions about the performance of the outfit. The discussion in the thread is useful to a point but is essentially speculative musings, even with a bit of number crunching thrown in. It is like looking at a fog shrouded jungle island like the one where King Kong lives. You just can't know what's in there, and if you go there everything turns out to be a surprise, so often a bad one. The information provided by the outfit is obviously biased and has to be dissected to find the facts and what's relevant, and what it means. Information is missing. A statement that they employ 500 people is not very useful if it turns out that half of them are engaged in corporate PR and the rest don't know the business.

Why people invest on this basis, maybe no better than tossing a coin, is a mystery to me. I realise that you have to go with the information you've got. So I am asking?


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## Miner (17 January 2010)

*Re: NOD - Nomad Building Solutions*



Veritas said:


> Miner,
> You do me an injustice. Perhaps I should have been more clear. My comment was not in any way a whinge about ASF, which I think is terrific.
> I was going to ignore the undeserved scolding but I am interested in the discussion, hence my defence/explanation.
> 
> ...





Dear Veritas

Thanks for your note and I now understand your point.

However I did not do any injustice to any one. Who am I to do so any way?

I was reflecting on your posting. Your message  was so jumbled and did not convey any thing or contributed any sort of information on NOD (atleast to me) . Thanks for your following message, which came with good paraphrasing and was much readable. (I am thankful to my coach in this forum she  knows the difference in my writing)

This is an open forum where we exchange our thoughts. reading of publicly available information and personal analysis. We all have different portfolios and understanding of the various stocks and commodities. But none of us can claim to be an expert for obvious legal reasons. That is why this forum is so unique and good.

However to make this forum still better IMO we need to contribute more with technical information than just expressing ourselves. It is all give and take and no personality issue should be here by or with any one. That includes both of us. We have to be rational and factual above any thing. 

I recognise your emotion but I hope you will understand my thoughts as well. 

Surely, neither you nor me intended to have any debate here but to get information on Nomad. 

I have originally asked a simple question, your thoughts on  why NOD as an old timer has been  behaving worse than DCG being a new comer under same industrial environment and considering DCG prices are dearer than NOD (based on general quotes you would receive against same specification) . 

 I am not pushing for the answer from you now and that is fine by me.

Let us move on and *please *do not take any thing on heart.

Cheers


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## Veritas (18 January 2010)

*Re: NOD - Nomad Building Solutions*

Thanks. Maybe this NOD forum is not the right place to discuss the more general issues and the discussion should be shifted. For the moment, though, here is a thought which I hope is a contribution. All kinds of companies are composed of, and rely on, a technical capability and a management capability. Both are essential. Both depend on people and systems. It is impossible to see any of this from the outside. The people might leave and the systems might collapse. It can happen very fast but the effects are not immediately detectable. Contracts dry up, projected profits turn into losses, even in defiance if general trends, graphs, ratios etc, yet no one knows why. Some empires rise, others fall.


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## oldblue (18 January 2010)

*Re: NOD - Nomad Building Solutions*

Nothing new in that, Veritas.

Successful equity investing has always been as much about evaluating management as anything else. NOD's has been found wanting as we all know now!


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## jazajayslice (18 January 2010)

*Re: NOD - Nomad Building Solutions*



Miner said:


> Welcome to thread Veritas and good thoughts.
> Could you please share your thoughts / research on comparative capabilities between Nomad NOD and DCG ? The later is a new comer and stolen the show. NOD is fairly long in the business but struggling.
> 
> With current forthcoming turnaround in mining sector, building and accommodation is a must. DCG is wining contracts in Gorgon why Nomad is shy ?
> ...




Interesting your comparison with DCG and NOD, have a look at which Company the former CEO of NOD went to..


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## Miner (18 January 2010)

*Re: NOD - Nomad Building Solutions*



jazajayslice said:


> Interesting your comparison with DCG and NOD, have a look at which Company the former CEO of NOD went to..




Yep,
I am fully aware of it. In fact he also hired some one as a consultant for DCG who was the MD for NOD for about 10 years !.
DYOR and make your own calculation.
I DNH NOD or DCG.


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## persistentone (19 January 2010)

*Re: NOD - Nomad Building Solutions*

Given the projected loss for 2010, do any of you expect to see any dividend at all for 2010?    I think we might see 1 or 2 cents for the year, but I don't know whether they have a stated policy of maintaining any divided during a loss year.


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## persistentone (19 January 2010)

*Re: NOD - Nomad Building Solutions*

When do we start to see revenues from Gorgon develop for Nomad, and what was NOD's projections for the amount of such revenues, or rough estimate on the range?


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## persistentone (19 January 2010)

*Re: NOD - Nomad Building Solutions*

Can anyone describe a scenario where NOD goes out of business within two years?    A $2M loss seems more than well covered by cash on hand.   Their operating cash flows appear to just cover the capex expenses so overall cash burn rate seems sustainable.   Debt has grown but interest coverage for 2009 was 9.5 times.   Even adjusting for a loss they appear to have existing debt well covered.


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## oldblue (19 January 2010)

*Re: NOD - Nomad Building Solutions*



persistentone said:


> Can anyone describe a scenario where NOD goes out of business within two years?    A $2M loss seems more than well covered by cash on hand.   Their operating cash flows appear to just cover the capex expenses so overall cash burn rate seems sustainable.   Debt has grown but interest coverage for 2009 was 9.5 times.   Even adjusting for a loss they appear to have existing debt well covered.




How secure are their funding lines?

When are they due for renegotiation/renewal?

What are the terms of their debt covenants?


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## persistentone (19 January 2010)

*Re: NOD - Nomad Building Solutions*

I went to the 2009 annual report to answer these questions, and to my shock they don't have any section that discusses their bank facilities in very much  detail.   The 2009 letter says they are currently in discussion with lenders.   

The balance sheet shows that none of the bank loans are long-term (note 19 on page 75).    Note 17 on page 74 suggests all of the secured bank debt is short-term.   So when does this come up for renewal, and what now are the banks going to extract from us as their pound of flesh?   The bottom of page 61 says they have to reduce their facility by $10M in October of 2009 and the full facility with Westpac is due for a review in April 2010.   It might be well to wait for that hurdle to clear, because if that facility is yanked then we have a liquidity crisis.

On page 74 I see they have "Hire purchase liabilities" of $13.8M and on page 75 they have a "non-current" (is that same as long-term?) hire purchase liability of $11.9M.   What are those?


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## skc (20 January 2010)

*Re: NOD - Nomad Building Solutions*



persistentone said:


> I went to the 2009 annual report to answer these questions, and to my shock they don't have any section that discusses their bank facilities in very much  detail.   The 2009 letter says they are currently in discussion with lenders.
> 
> The balance sheet shows that none of the bank loans are long-term (note 19 on page 75).    Note 17 on page 74 suggests all of the secured bank debt is short-term.   So when does this come up for renewal, and what now are the banks going to extract from us as their pound of flesh?   The bottom of page 61 says they have to reduce their facility by $10M in October of 2009 and the full facility with Westpac is due for a review in April 2010.   It might be well to wait for that hurdle to clear, because if that facility is yanked then we have a liquidity crisis.
> 
> On page 74 I see they have "Hire purchase liabilities" of $13.8M and on page 75 they have a "non-current" (is that same as long-term?) hire purchase liability of $11.9M.   What are those?




Current liabilities are less than 1 year. Non-current means greater than 1 year - it doesn't mean long term. Depending on the balance date that non-current item could be current now.

Not sure what hire purchase liability is but my guess is the equipment that they've committed to "hire purchase", possibly for various projects they have at hand. It should be offset against an asset like "hired equipment"?

The profit downgrade announcement said that banking convenants are NOT in breach based on current forecast, investors are clear jittery about that these current forecasts are subjected to further downside. To assess whether this is now a bargain, one would have to get their hands on the lending terms and do some stress test / scenario analysis. 

Dividend is highly likely to be zero unless they get favourable outcomes on their talk with the bankers imo.


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## takeprofits (31 January 2010)

*Re: NOD - Nomad Building Solutions*

I've noticed that a couple of Nomad Directors have purchased a few substantial parcels of shares in the past month.
Maybe they think they're at a bargain price?


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## Veritas (3 February 2010)

*Re: NOD - Nomad Building Solutions*

Maybe they know that if the directors don't buy in no one else will.
This thread went quiet. What's everyone doing? Holding their breath?


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## Huitzii (10 June 2010)

*Re: NOD - Nomad Building Solutions*

Does anyone know what has happened with the banks and NOD?
If they can keep the banks on their side NOD could be worth looking at with a 30% gain over the last couple of days.
Any info or thoughts or updates?
Cheers Huitzii


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## oldblue (15 June 2010)

*Re: NOD - Nomad Building Solutions*

Announced today that banking facilites with Westpac have been renewed, subject to usual documentation.


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## noie (29 July 2010)

*Re: NOD - Nomad Building Solutions*

After spending all morning reading, i got more interested in this stock , interesting information here
During the time of my reading it snuck up 10%


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## ROE (27 January 2011)

*Re: NOD - Nomad Building Solutions*



noie said:


> After spending all morning reading, i got more interested in this stock , interesting information here
> During the time of my reading it snuck up 10%




It been a year since the fall from grace ..a year ago I decided to stay away but 

development lately prompt me to dig deep....

I been going through a lot of their material I start to like it....

This has all the hall mark of a turn around....uncle Warren Buffet often tell me
A turn around business seldom turns ...I disobey him with CCP and FLT and
I may disobey with NOD


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## skc (27 January 2011)

*Re: NOD - Nomad Building Solutions*



ROE said:


> It been a year since the fall from grace ..a year ago I decided to stay away but
> 
> development lately prompt me to dig deep....
> 
> ...




Well spotted...

Those who got in at the recent 10c capital raising are sitting on 50% profit (e.g. me )... it may be a little bit before the profit takers finish with their selling. 

Hopefully it will meander down to let me buy some around 13c based on the charts.


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## robusta (27 January 2011)

*Re: NOD - Nomad Building Solutions*



ROE said:


> It been a year since the fall from grace ..a year ago I decided to stay away but
> 
> development lately prompt me to dig deep....
> 
> ...




Good luck with NOD ROE. Cant see a lot I like but you are buying at about 1/2 price on equity per share so if they manage to turn things around should be a nice upside. 

NOD is in about the same space as Fleetwood so should be heaps of opportunity for them.


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## oldblue (27 January 2011)

*Re: NOD - Nomad Building Solutions*

NOD was a good little company that expanded too quickly through takeovers and didn't have the management to handle the expanded and diversified business.

I'll wait to se if present management are up to the task.


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## ROE (27 January 2011)

*Re: NOD - Nomad Building Solutions*



robusta said:


> Good luck with NOD ROE. Cant see a lot I like but you are buying at about 1/2 price on equity per share so if they manage to turn things around should be a nice upside.
> 
> NOD is in about the same space as Fleetwood so should be heaps of opportunity for them.




Thanks I may need a bit of luck playing turn around


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## ROE (27 January 2011)

*Re: NOD - Nomad Building Solutions*



oldblue said:


> NOD was a good little company that expanded too quickly through takeovers and didn't have the management to handle the expanded and diversified business.
> 
> I'll wait to se if present management are up to the task.




sound like CCP on its way to glory ...expand too fast....buy non core business...recruit **** people ....cant collect ... waste too much money on non-core business ...boom crash...a clean sweep of management ....get back to basic..... 
but the key is cash flow  if they can manage that thing will turn


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## System (8 December 2015)

On December 8th, 2015, Nomad Building Solutions Limited (NOD) changed its name and ASX code to Onterran Limited (OTR).


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