Australian (ASX) Stock Market Forum

BIN - Bingo Industries

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ACCC having an investigation into the Building and Demolition waste sector in NSW.

Next, tow truck drivers then tattoo shops, followed by phoenixing and possibly supplier payment practices (including reverse factoring and AI shakedowns)
 
Ann said:
I am on a self inflicted silence from ASF as I am trying to re-create my trading style to short term from long term and I don't need/want distractions. I flick in occasionally to see the action...
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hope it's only self-imposed!
My first reaction today BIN was it is oversold because it was on the first page of the FinRev saying it was a LOSER because of the housing downturn. Housing is not actually in such a bad downturn so it may be worth watching BIN, it may not be a real falling knife. However I have no desire recommending an attempted catch of a falling knife..
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A year on, and it wasn't a loser, at least until Feb this year. But now, of course, we have Covid-19 impacting everything. BIN came out in March with a withdrawal of FY20 Earnings Guidance and has 'adequate contingency in place for any further economic deterioration' and could meet future cash requirements.

This was taken as ruling out any Capital Raising but, according to the AFR, many are not convinced:
- BIN has decent operating cashflows but these are 'eaten up' in capital expenditures and acquisition costs
- there is high net debt, $321million,
- a reliance on recovery in construction projects.

Further pink flags include;
- Ownership Matters found BIN had overstated operating cash flow & understated financing cashflow, by $1.8mill. BIN agreed but said it was immaterial
- unsustainably high margins', according to Credit Suisse, and including asset sale proceeds in underlying EBITDA (meant to strip out non-recurring revenues)
- other issues raised concern the high capex spend obscuring true recurrent OPEX

And with possibility of Cap Raising not insignificant (despite proactive postponement of non-essential spending, etc), there is the issue of the two major shareholders perhaps finding it hard to cough up more.
- CEO Daniel Tartax spent $70mill buying 30 million shares four months ago
- Ian Malouf, seller of Dial-a-Dump to BIN, had 18.5mill shares out of escrow on 24 March, and the remainder tradeable next March. He's now running a luxury yacht charter biz off the Whitsundays. Wonder how that's going?

No real bounce after the March selloff. If no corporate action, it could be cheap, but the market isn't convinced.
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well, they certainly are creating waste in the system with the current last mile delivery disruption. Everything with a bar code is packaged.

And b. hard to unscramble eggs
 
Ian:

I can make it all work!

Burn it and bury it. It was my idea from the start, but you need me.

I was just a bit upset because you left me out; of my idea from 2009 in Australia.
 
Some people will not be happy with me:

I am willing to have an agreement within Australia that we take 25% each, me and you; (THEY GET: GOV 25%; SILENT PART 25%); and that the condition is that we always vote/move together.

Happy to put forward my waste management ideas under these conditions IAN!

Or; it can just never happen.
 
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Chronos-Plutus said:
Some people will not be happy with me:

I am willing to have an agreement within Australia that we take 25% each, me and you; (THEY GET: GOV 25%; SILENT PART 25%); and that the condition is that we always vote/move together.

Happy to put forward my waste management ideas under these conditions IAN!

Or; it can just never happen.
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It's just me though:

Let's build it together.

Here is the skeleton:

1601143454485.png
 
I can sit back watch Bingo waste billions trying without me.

It was always my idea in Australia unless you have evidence from 2009.
 
1.3% dividend yield, so it's a virtually purely speculative play and only 10% off its pre-covid peak and knocking on the door of its post-march peak.

Unless you're seeing something I don't, looks like a pass to me?
 
@over9k

You and the people you are with wouldn't have a snowflakes chance in hell knowing what we are doing or what we are looking at.

1. You guys never studied engineering

2. You guys never studied finance

ALL OBIVOUS!

LOL, why keep the act up. You can't even do a basic correlation in Excel. Haha, that is text book IVY applied finance you idiots.
 
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from the AFR, 17 Dec
If infrastructure investors are buying businesses with government bus contracts, why not jump into contract-backed waste management groups?

That’s the question hanging over ASX-listed Bingo Industries, which has some infrastructure types a bit hot under the collar and wondering whether their traditional investment universe can be widened to include rubbish collection and recycling....
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So who's buying? Someone building, creeping up to 5% but as a potential acquirer, or a blocker? If the gossip has been out there for a few weeks, then there probably is a bit of opportunistic acquiring of a stake.
 

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