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Turners 2021 Annual Meeting Update Turners Automotive Group (NZX: TRA) will be announcing at its 2021 Annual Shareholders Meeting (ASM) today that it has improved profit momentum, widened competitive advantages and is pleased with progress towards both its FY22 and FY24 targets.
The August Delta lockdown will have a material near-term impact, but it is too early to quantify this effect. The ASM presentation is appended to this announcement, and the Chair and CEO’s speech will be released after the meeting. Highlights include:
FY22 momentum: Prior to lock down the year has started well and the business was tracking comfortably ahead of the profit run rate during H2 21.
FY22 Guidance: Prior to lock down we were on track to deliver a 15% uplift in net profit before tax for FY22. However short-term performance will be impacted by the level and duration of Covid-19 restrictions on trading. We will revisit guidance in November.
L4 National lock down: Biggest impact in Auto Retail division, burns cash at $1m per week. However, this is offset somewhat by annuity revenue streams in finance and insurance. Based on experience, we do expect another “bounce back” in Auto Retail once restrictions are eased.
Quality of earnings: Monthly and six-monthly profit run rates have become much more consistent over the last two years.
Valuable property assets: Details of Turners $61m property portfolio are outlined in the presentation. We see our property portfolio as underappreciated by the market and the book value excludes $14m of unrealised valuation gains.
Advantaged digital assets: Turners digital assets represent a substantial and growing competitive advantage, underpinned by 28 million visits to www.turners.co.nz over the last 12 months.
Industry consolidation: Registered dealers are down ~10% in 2021 from 2019 levels and ~10% less used imports have come into NZ (June YTD v 2019).
FY24 Target: Our trajectory over the last two years and pre-lock down YTD performance gives us strong conviction levels around our strategy. We are well on track to exceeding our target of $45m PBT in FY24.
DYOR
i hold TRA ( bought on the ASX )
CAUTION this is a very illiquid share ( there might be no easy exit , via the ASX )
Trade History table
i bought in late 2018 and during 2019
The August Delta lockdown will have a material near-term impact, but it is too early to quantify this effect. The ASM presentation is appended to this announcement, and the Chair and CEO’s speech will be released after the meeting. Highlights include:
FY22 momentum: Prior to lock down the year has started well and the business was tracking comfortably ahead of the profit run rate during H2 21.
FY22 Guidance: Prior to lock down we were on track to deliver a 15% uplift in net profit before tax for FY22. However short-term performance will be impacted by the level and duration of Covid-19 restrictions on trading. We will revisit guidance in November.
L4 National lock down: Biggest impact in Auto Retail division, burns cash at $1m per week. However, this is offset somewhat by annuity revenue streams in finance and insurance. Based on experience, we do expect another “bounce back” in Auto Retail once restrictions are eased.
Quality of earnings: Monthly and six-monthly profit run rates have become much more consistent over the last two years.
Valuable property assets: Details of Turners $61m property portfolio are outlined in the presentation. We see our property portfolio as underappreciated by the market and the book value excludes $14m of unrealised valuation gains.
Advantaged digital assets: Turners digital assets represent a substantial and growing competitive advantage, underpinned by 28 million visits to www.turners.co.nz over the last 12 months.
Industry consolidation: Registered dealers are down ~10% in 2021 from 2019 levels and ~10% less used imports have come into NZ (June YTD v 2019).
FY24 Target: Our trajectory over the last two years and pre-lock down YTD performance gives us strong conviction levels around our strategy. We are well on track to exceeding our target of $45m PBT in FY24.
DYOR
i hold TRA ( bought on the ASX )
CAUTION this is a very illiquid share ( there might be no easy exit , via the ASX )
Trade History ( for the last year )
Download CSVTrade History table
SORTDATE IN ASCENDING ORDER | SORTOPEN $IN ASCENDING ORDER | SORTHIGH $IN ASCENDING ORDER | SORTLOW $IN ASCENDING ORDER | SORTCLOSE $IN ASCENDING ORDER | SORTCHANGE $IN ASCENDING ORDER | SORTCHANGE %IN ASCENDING ORDER | SORTVOLUMEIN ASCENDING ORDER |
---|---|---|---|---|---|---|---|
12/04/2021 | 2.850 | 2.850 | 2.850 | 2.850 | 0.000 | 0.00 | 704 |
26/02/2021 | 2.850 | 2.850 | 2.850 | 2.850 | 0.000 | 0.00 | 8,000 |
16/02/2021 | 2.850 | 2.850 | 2.850 | 2.850 | -0.050 | -1.72 | 190 |
05/01/2021 | 2.900 | 2.900 | 2.900 | 2.900 | -0.100 | -3.33 | 1,661 |
04/01/2021 | 2.800 | 3.000 | 2.800 | 3.000 | 0.250 | 9.09 | 16,661 |
21/12/2020 | 2.750 | 2.750 | 2.750 | 2.750 | 0.000 | 0.00 | 4,884 |
18/12/2020 | 2.740 | 2.750 | 2.740 | 2.750 | 0.000 | 0.00 | 181 |
15/12/2020 | 2.700 | 2.750 | 2.700 | 2.750 | 0.000 | 0.00 | 497 |
03/12/2020 | 2.750 | 2.750 | 2.750 | 2.750 | 0.050 | 1.85 | 9,820 |
26/11/2020 | 2.690 | 2.700 | 2.690 | 2.700 | 0.000 | 0.00 | 3,915 |
25/11/2020 | 2.550 | 2.700 | 2.550 | 2.700 | 0.500 | 22.73 | 3,490 |
29/10/2020 | 2.200 | 2.200 | 2.200 | 2.200 | 0.200 | 10.00 | 500 |
i bought in late 2018 and during 2019