# PFL - Patties Foods



## ROE (18 April 2007)

OK here is a quick run down
PFL = Patties Foods Limited
Every Aussie like a good pie and this is what PFL make, and frozen desert.
Label you see in the super market like patties pies four 'n' twenty Herbert Adams Nanna's  Snowy River are all PFL stuff.

They floated last year and they start to expand the pie business into the US market...American don't know what meat pie is...Pie to American is what we called apple pie, and the pie you see in the movie American Pie  .

More details on the company:
http://www.patties.com.au

Disclosure: I own PFL stocks


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## rmt6668 (6 September 2007)

*PFL Joint Venture*

Hi

In recent ASX announcement last few days what food group had PFL Joint Venture with in Melb?

Thanks


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## rmt6668 (6 September 2007)

Thanks
http://www.asx.com.au/asxpdf/20070824/pdf/3144l32bth34px.pdf

Look at this announcement , do you which Food Group that Patties had just announce  going Joint Venture with? Is it with Simplot?

Rgds


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## rmt6668 (7 September 2007)

Its jump to $1.69 fantastic.

So any 1 have the answer to my earlier questions on the company name?


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## rmt6668 (15 September 2007)

Is the JV with PFL, is it Uncle Rics the company name? I am guessing


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## So_Cynical (5 June 2009)

I brought into PFL today @ 0.69 - Great brands and good potential going forward, 
traded above 85 cents just a couple of months ago and has a great, full and interim 
dividend history, and at the moment has a very impressive dividend yield of over 9% 
fully franked....my first foodie too. 

Here is an analyst briefing of the half year results from march this year.
http://www.patties.com.au/Media/doc...0309-24323f52-ddbf-46d7-ab07-a4472625d9e0.pdf


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## UMike (5 June 2009)

I have been looking at it for a while but the lack of volume being traded scares me a little.

I have planned a price to buy them at and will wait till it gets about there.

A slow mover but I think it is a long term winner.


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## So_Cynical (5 June 2009)

UMike said:


> I have been looking at it for a while but the lack of volume being traded scares me a little.
> 
> I have planned a price to buy them at and will wait till it gets about there.
> 
> A slow mover but I think it is a long term winner.




This is about the 6th or so time ive tried to buy PFL, i started at the turning point in 
March, and was always 1 or 2 cents lower than there daily low...and eventually gave 
up as the SP just kept goin up and figured they had got away from me.

I realize there's issues with low volume stocks...but that low volume can be a positive,
my buy was about 28% of today's total volume. :

From memory the top 20 shareholders hold over 80%, the Myer family have been recent 
big buyers and now hold over 10%, the 68 cent close today was on 200 shares so not 
much in that.


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## UMike (10 June 2009)

There we go!!!

Just got a small parcel of them on the opening trade. (Funny says crossed in the conditions).

We'll see how they go.

Gotta eat more peis now


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## bloomy88 (12 June 2009)

PFL does seem to be a sounds company with a well established brand names, probably the most popular pies in Australia!
There has been a lot of activity from the directors lately, who have been purchasing shares on the market, the must think the PFL SP is at a good level at the moment.
My only worry is when you look at their SP graph since they listed in late 2006, it looks like a pretty ugly downtrend to me. 
Does anyone think this trend might be reversed? It doesnt even look like there has been any flat trading during this period.
Cheers


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## So_Cynical (15 July 2009)

So_Cynical said:


> (5th-June-2009) I brought into PFL today @ 0.69




Out today @ 0.77 - It took 5 weeks to get to my 11.5% profit target, The SP went against me early on, but i didn't lose faith and once again feels nice to "get it right"

I like PFL so ive left 10% of my original capital in with the profits, for the long term...i really need those franking credits.


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## UMike (15 July 2009)

Sell side just dissapeared today.

Another rise tomorrow and I may cash in my chips also.

huge volume today.


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## UMike (22 July 2009)

Out today @ 0.83.

About 6 weeks holding for 18.5%.

If it drops back down I'd be quite happy to do it all again. May even keep eating their peis occasionally. ;-)


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## So_Cynical (22 February 2010)

Patties released there half year results today and its fair to say they were impressive, even if the market didn't think so.

http://www.patties.com.au/Media/doc...unts-91149b4e-6791-4900-b56e-72d4996805dd.pdf

Highlights include (half year on corresponding half year)


Sales revenue up 13%
EBITDA up 16.8%
EPS up 58.8%
Interin dividend up 50%
Net debt down 17.4%

PFL has turned out to be one of my best buys, with today's increase in the dividend im now getting a gross dividend yield of 10.3%  even better because half my position is free carry...profit on profit. :dance:
~


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## So_Cynical (21 May 2010)

With today's early sell off i finally got my PFL buy order filled, took 3 weeks to get to 1.07 but get there it did...with all the general market negativity over the last 2 weeks PFL has held up well, only having a little tank today.

This is my second entry into PFL as my portfolio/dividend stream building strategy starts to get into stage 2 (the low entry pyramidal stage ) also good to see Patties products featuring highly in the recent "low meat content" media frenzy.



			
				SMH said:
			
		

> Herbert Adams King Island Gourmet Premium beef pies got the gong for most meat at 38.5 per cent, On taste, the traditional Four'N Twenty came up trumps.




http://www.dailytelegraph.com.au/li.../story-e6frf00i-1225869363909?from=public_rss
~


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## UMike (21 May 2010)

LOL . On this one we roll the same direction. I'm just a few decision/days behind you.

I pulled my long standing $1.025 order due to buying too much other stuff.

I like PFL and hope  to offload a couple of my recent short term posi's so I can take hold of some.


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## So_Cynical (28 May 2010)

Patties released an Investor presentation today and i thought it was so good (all things considered) that i just had to share it  i find it very impressive how the GFC was not really much of an issue for patties...as the 4 quarter comparison shows.

http://www.asx.com.au/asxpdf/20100528/pdf/31qkwg3h0pv737.pdf
~


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## GumbyLearner (31 May 2010)

Yes these are looking good So_Cynical. The major player in the market. 
Told family to get in when they were half the current price. They're still sitting.  
Hard to see a price drop when the few competitors out there have no punch or anywhere near the size of food processing infrastructure. 

Great divvies too.

A keeper IMHO.

DYOR


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## skc (1 June 2010)

So_Cynical said:


> Patties released an Investor presentation today and i thought it was so good (all things considered) that i just had to share it  i find it very impressive how the GFC was not really much of an issue for patties...as the 4 quarter comparison shows.
> 
> http://www.asx.com.au/asxpdf/20100528/pdf/31qkwg3h0pv737.pdf
> ~




Hey thanks for posting So_C.

The top line and EPS growth look good. Although I wouldn't have thought the GFC would t really impact basic footstuff that much. 

But the balance sheet may be a bit stretched? $63.5m debt on EBITDA of $16.8m... any insights as so why div payout ratio reduced so much (88% in 2H08, 54% in 1H09, 52% in 2H09, 49% in 1H10)?


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## So_Cynical (1 June 2010)

skc said:


> But the balance sheet may be a bit stretched? $63.5m debt on EBITDA of $16.8m... any insights as so why div payout ratio reduced so much (88% in 2H08, 54% in 1H09, 52% in 2H09, 49% in 1H10)?




I remember a half yearly or perhaps it was the 08 or 09 annual report where management decided it was prudent to hang onto more cash, GFC and all that...pretty sure there sitting on a small pile of cash even though the investor presentation don't actually give a figure.


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## GumbyLearner (5 June 2010)

A bit of reassurance for the market

Football
*Australian* meat pies
Kangaroos &
Holden Cars

http://www.asx.com.au/asxpdf/20100603/pdf/31qns2z8flpcrc.pdf

In the words of Jim Carrey

"I like it, I like it a lot."


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## mr. jeff (2 August 2010)

For an update;

1.19 -0.01 (-0.83%)  
Aug 2 - Close 
ASX data delayed by 20 mins - Disclaimer 
Range 
1.19 - 1.21 
52 week 
0.84 - 1.54 
Open 
1.21 
Vol. 32,000.00 
Mkt cap 165.17M 
P/E 11.82 
Div/yield    -/4.62 
EPS  0.10 
Shares  138.80M 

PFL has been on a run for the last 3 weeks, from a fairly quiet price of around a dollar. Have not seen earnings yet...they are recommended as a stock to watch at thebull.com.au


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## So_Cynical (23 August 2010)

PFL up over 4% today after announcing there full year results. 

http://www.patties.com.au/Media/doc...2010-ea9d1e4d-bfe6-4944-89ef-8d6fc00d7723.pdf

Pretty much all good news again...year on year Highlights include.


Revenue up 9.9%
Gross margin up 14.3%
EBITDA (underlying) up 22.3%
ROE (underlying) up 32.1% 
EPS (reported) up 39.5%
Dividend per Share (cents) up 44.4% 

Pretty dam impressive :bier: and the SP is rallying, and ive resisted the urge to sell to soon..realisticly if we get a general market rally the PFL SP should see new post GFC highs above $1.55 at some point in the nearish future...considering its significantly improved profitability since the last high.
~


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## So_Cynical (3 September 2010)

So_Cynical said:


> 21st-May-2010:  With today's early sell off i finally got my PFL buy order filled, took 3 weeks to get to 1.07 but get there it did...with all the general market negativity over the last 2 weeks PFL has held up well, only having a little tank today.
> 
> This is my second entry into PFL as my portfolio/dividend stream building strategy starts to get into stage 2 (the low entry pyramidal stage )






So_Cynical said:


> 23rd-August-2010: the SP is rallying, and ive resisted the urge to sell to soon.




Out of my PFL trade today in the last 15 minutes of trading at $1.37 three and a half months in for a profit of around 28%  all left in off course as this is my second PFL 'buy and build' trade....love it when a plan comes together.

Looking forward to PFL going ex-div and working it way back down to under $1.10 so i can do it all again...as robots would say 'sunshine and lollipops'. :dance:


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## So_Cynical (18 February 2011)

Patties have released a half yearly report...almost all good news as expected.

Highlights...numbers all on previous corresponding half.


Net sales revenue up 9.4%
Gross Margin up 11.9%
EBITDA up 14.2%
EPS (reported) up 30.2%
Return on equity up 18.8%
Dividend up 16.7%
Net debt down 21% (approx)

http://www.asx.com.au/asxpdf/20110217/pdf/41wvdq1zmgjdz0.pdf

My average buy in price is 84c so with the div increase im pulling a gross yield of 10.8%  going forward...so if i can buy in again at around $1.20 my average price should still only be around $1 or so thus maintaining my gross yield at over 9% even better still is that fact that about half my PFL position is free carried...so in reality a Gross yield on original capital of over 20%  that's some sort of compounding.

2 Year chart with my 2 trades....some potential to break above the last high, considering how well the business is going.
~


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## GumbyLearner (18 February 2011)

So_Cynical said:


> Patties have released a half yearly report...almost all good news as expected.
> 
> Highlights...numbers all on previous corresponding half.
> 
> ...




Those yields are impressive So_Cynical. Today they announced $9.8M NPAT and also a future $9.8M spend on upgrading their facilities with robotic technology at Bairnsdale.  

They now have some lines that are directly competing with Sara Lee. Creative Gourmet looks to have been a very clever acquisition. 

DYOR


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## Calvin27 (20 February 2015)

No one is looking at this in light of recent events?


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## So_Cynical (21 February 2015)

Calvin27 said:


> No one is looking at this in light of recent events?




I had a buy order in at 90c - didn't come close to getting filled...surprised the SP didn't fall further, something like this (contamination etc) is inevitable when dealing with food stocks.


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## So_Cynical (30 May 2016)

So_Cynical said:


> *(5th-June-2009)* I brought into PFL today @ 0.69




Another month another takeover, $1.65 from PEP pacific Equity Partners...mixed feelings as its been a long time, 0.468 CPS net in dividends since 2H 2009 all 100% franked.

http://pattiesfoods.com.au/system/i...tional_and_Incomplete_Proposal.pdf?1464566797


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## VSntchr (30 May 2016)

So_Cynical said:


> Another month another takeover, $1.65 from PEP pacific Equity Partners...mixed feelings as its been a long time, 0.468 CPS net in dividends since 2H 2009 all 100% franked.
> 
> http://pattiesfoods.com.au/system/i...tional_and_Incomplete_Proposal.pdf?1464566797




Nice one So_Cyn. Based on your avg entry, thats a great cumulative dividend total!
I watched it in the 11am open in hopes for a trade, but the big guys were all over it so nothing for me.


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## McLovin (30 May 2016)

VSntchr said:


> Nice one So_Cyn. Based on your avg entry, thats a great cumulative dividend total!
> I watched it in the 11am open in hopes for a trade, but the big guys were all over it so nothing for me.




It's never good when it's on the front page of the AFR on a Sunday night.


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## So_Cynical (5 September 2016)

Last day of trading for PFL today, sweet 25c FF dividend announced last week as a final farewell to shareholders.

PFL has been very good to me - Thanks guys.


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## System (29 September 2016)

On September 28th, 2016, Patties Foods Limited (PFL) was removed from the ASX's official list following implementation of the scheme of arrangement by which Australasian Foods Bidco Pty Ltd acquired all of the issued shares in the Company.


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