# JYC - Joyce Corporation



## System (19 March 2014)

Joyce Corporation Limited (JYC) is a franchisor and owner of retail bedding stores. JYC's main operations are Bedshed franchising, Bedshed stores, and investment properties in Australia.

http://www.joycecorp.com.au


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## Newt (4 April 2015)

Price on JYC has run up 50% in the first quarter this year after many years of lack lustre performance.

Reading through recent announcements seems to have been sold operating conditions combined with sale of an industrial property allowing increased dividends for next 3 years.  Presumably future success depends on continued franchise growth.

Would be good to know if funds have started buying this year.
Looks like directors have been topping up.


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## galumay (28 August 2019)

Another little business I have held for a while now, another solid year with pleasing results for the FY released today.


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## galumay (26 February 2021)

Very good results out for JYC for H1 2021, surprisingly strong growth. I guess JK & JS has allowed everyone to upgrade the kitchen & bedroom!

Also great to see another business with integrity - returned the JK payments it received.


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## galumay (28 June 2021)

Trading update today, very positively received by the market. The tailwinds continue for now.


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## divs4ever (31 August 2021)

Joyce Corporation returns record $13m profit, boosts dividend​
Joyce Corporation (ASX:JYC or “Joyce”) is pleased to report its results for the Financial Year Ending
30 June 2021.
_________________________________________________________________________________
Highlights
• Group Revenue of $111.2m up 30% compared to prior year
• EBITDA of $24.3m increased by 46% on Financial Year 2020
• Record Group Net Profit After Tax of $13m
• Net Profit After Tax attributable to Joyce shareholders a record $7.6m compared to a loss
of $1.1m in the prior year
• Earnings per share1
increased by 71% from prior year to $0.27 per share
• Year End dividend of 10 cents per share, fully franked, resulting in record full year franked
dividend of 17 cents per share
• Debt Free as at 30 June 2021 with Group Cash of $19.9m
_________________________________________________________________________________
Joyce CEO Dan Madden said that a combination of strong operational performance and successful
execution of the Company’s expansion strategy had enabled Joyce to capitalise on robust market
conditions, resulting in record revenue and profits for the 2021 financial year.
“Our business has been particularly resilient to the COVID-19 pandemic. Both KWB Group and
Bedshed have benefited from a lift in Australian consumer spending as Australians, unable to travel,
elected to spend an increased proportion of their disposable income on their homes, but this only tells
part of the story,” Mr Madden said.
“With an overriding focus on organic growth, we have been able to continue expanding KWB and
Bedshed into New South Wales. The KWB Group expansion in NSW has been hugely successful with
four stores opening during the year, giving KWB a footprint that extends across Queensland, South
Australia and New South Wales. KWB has great organic growth potential in untapped locations
including in Victoria and Western Australia and a ‘capital light’ business model with strong margins and
excellent cash flow, establishing it as a core asset for Joyce Corporation.
“When coupled with strategic decisions, such as keeping Bedshed’s supply chains active during the
early stages of the pandemic, and developing Bedshed’s e-commerce platform, we have gained market
share with both of our Group’s businesses, and Joyce has emerged stronger as a result.

courtesy of Bell Direct

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DYOR
i hold JYC ( free-carried )

that 36c a share i paid in January 2013 is looking like a good bet now

( but would be surprised if the 10c divs can continue for long )


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## galumay (31 August 2021)

Also a happy holder, though not for as long as you. Its just such a well run little business, one for the bottom drawer.


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## divs4ever (31 August 2021)

i went for a road trip ( bus and rail ) to Perth in 2012  and spotted WA was a state with a big future  , not  the only WA winner i bought after that trip  , but nice to see i got it mostly correct


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## galumay (31 August 2021)

Yes I lived in WA for a while, have picked some good little businesses over there to add to my portfolio. You do have to watch it though, there are more cowboys and rogues there per head of population than any other state!! I skippered luxury boats for the likes of Alan Bond when I was over there, saw things that would make your toes curl.


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## divs4ever (31 August 2021)

i live in QLD , and will trade you a Christopher Skase  , i would have added Clive Palmer  but he might a have spare slot in his litigation calendar  , 

 maybe QLD is just  tidier  , with their  'wondrous opportunities ' when they unravel   ( just don't trip on the lumpy carpet )

 but heck most of the states  , have  gone crazy  .. have added ZIM ( operating in Zimbabwe ) and KSL ( operating in PNG ) in the last two months  , the geo-political risk seems to have evened out ( and NOT in a good way )

 but wild antics aside WA hasn't managed to triple-tangle itself in red and Green  tape yet


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## galumay (30 August 2022)

An outstanding year for JYC, somehow they seem to have fared better than many other businesses this year in terms of margins.


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## finicky (30 August 2022)

Looks undervalued to me with today's rise so far, assuming it can sustain this level of profitability, or even if you work off lower fy20 - fy21 earnings. Whereas if I think it might regress to median earnings in fy17 - using CommSec's stats over 10 years - it is slightly overpriced by my reckoning. But it has had those stronger and rising earnings for 3 consecutive years now, inclusive of fy22. They have kept the shares listed admirably low. Including it in my wishlist anyway.

Not Held


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