Long Term View: Allied Farmers Ltd

In this series of posts I am going to be looking at stocks listed on the NZX in relation to their returns to shareholders over the life of their listing -what shareholders would now see in their back pockets if they had invested in the company IPO. The calculation of returns includes dividends and tax credits.

Allied Farmers Ltd [ALF.NZX] has been on a roller-coaster in terms of stock prices and results since its May 2002 listing at $1.50c per share*. With $1.21c in net dividends and 30% more in tax credits, plus a 3:2 share split in 2003 (see chart above) and a new share issue in December 2009 with a dilutionary effect of approx 5500% gives ALF a minus 10820% return (see chart below for the share price percentage gain against the average of all NZX indexes - does not include dividends, tax credits and the share split in its calculation) and over the 7 year listing of ALF an annual net return of minus 1352 %.

This is the worst performer by far in the Long Term View series.

This compares to an approx 7% return from the average of all NZX indexes.

* Adjusted price


Long Term View Series


Abano Healthcare Group Ltd
ASB Capital Preference Shares (A)
ASB Capital Preference Shares (B)
Auckland International Airport
Air New Zealand
AMP Ltd
ANZ Banking Group Ltd
Briscoe Group Ltd
Cavalier Corporation Ltd
Comvita Ltd
Contact Energy Ltd
Delegats Group Ltd
EBOS Group Ltd
Fletcher Building Ltd
Fisher & Paykel Appliances
Fisher & Paykel Healthcare
Freightways Ltd
Goodman Fielder Ltd
Hallenstein Glasson Holdings Ltd
Hellaby Holdings Ltd
Infratil Ltd
Kirkcaldie & Stains Ltd
Kiwi Income Property Trust Ltd
Mainfreight Ltd
Michael Hill International Ltd
Metlifecare Ltd
Methven Ltd
Mowbray Collectables Ltd
NZ Oil & Gas Ltd
New Zealand Refining Ltd
New Zealand Stock Exchange Ltd
Nuplex Industries Ltd
PGG Wrightson Ltd
Port Of Tauranga Ltd
Postie Plus Group Ltd
Pumpkin Patch Ltd
Restaurant Brands Ltd
Ryman Healthcare Ltd
Sanford Ltd
Sealegs Corp Ltd
Scott Technology Ltd
Skellerup Ltd
Sky City Entertainment Group Ltd
Sky Network Television Ltd
Smiths City Group Ltd
Steel & Tube Ltd
Telecom NZ Ltd
Telstra Corp Ltd
Tourism Holdings Ltd
Trustpower Ltd
Turners Auctions Ltd
Turners & Growers Ltd
The Warehouse Group Ltd
Vector Ltd
Wakefield Health Ltd
Westpac Banking Group Ltd


Allied Farmers @ Share Investor


Allied Farmers: Rights Issue Decision
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same





c Share Investor 2010

Long Term View: Abano Healthcare Group Ltd

In this series of posts I am going to be looking at stocks listed on the NZX in relation to their returns to shareholders over the life of their listing -what shareholders would now see in their back pockets if they had invested in the company IPO. The calculation of returns includes dividends and tax credits.

Abano Healthcare Group Ltd [ABA.NZX] has been on a roller-coaster in terms of stock prices and results since its 1999 listing* at 25c per share**. With $1.15c in net dividends and 30% more in tax credits, plus a 1:10 share consolidation in 2005 (see chart above)gives ABA an 1150% return (see chart below for the share price percentage gain against the average of all NZX indexes - does not include dividends, tax credits and the share split in its calculation) and over the nearly 10 year listing of ABA an annual net return of 115 %.

This compares to an approx 10% return from the average of all NZX indexes.

*ABA in it current form. Was initially listed in 1970 but has changed significantly since then in its business.

** Adjusted price



Long Term View Series

ASB Capital Preference Shares (A)
ASB Capital Preference Shares (B)
Auckland International Airport
Air New Zealand
AMP Ltd
ANZ Banking Group Ltd
Briscoe Group Ltd
Cavalier Corporation Ltd
Comvita Ltd
Contact Energy Ltd
Delegats Group Ltd
EBOS Group Ltd
Fletcher Building Ltd
Fisher & Paykel Appliances
Fisher & Paykel Healthcare
Freightways Ltd
Goodman Fielder Ltd
Hallenstein Glasson Holdings Ltd
Hellaby Holdings Ltd
Infratil Ltd
Kirkcaldie & Stains Ltd
Kiwi Income Property Trust Ltd
Mainfreight Ltd
Michael Hill International Ltd
Metlifecare Ltd
Methven Ltd
Mowbray Collectables Ltd
NZ Oil & Gas Ltd
New Zealand Refining Ltd
New Zealand Stock Exchange Ltd
Nuplex Industries Ltd
PGG Wrightson Ltd
Port Of Tauranga Ltd
Postie Plus Group Ltd
Pumpkin Patch Ltd
Restaurant Brands Ltd
Ryman Healthcare Ltd
Sanford Ltd
Sealegs Corp Ltd
Scott Technology Ltd
Skellerup Ltd
Sky City Entertainment Group Ltd
Sky Network Television Ltd
Smiths City Group Ltd
Steel & Tube Ltd
Telecom NZ Ltd
Telstra Corp Ltd
Tourism Holdings Ltd
Trustpower Ltd
Turners Auctions Ltd
Turners & Growers Ltd
The Warehouse Group Ltd
Vector Ltd
Wakefield Health Ltd
Westpac Banking Group Ltd


Abano Healthcare @ Share Investor

Discuss ABA @ Share Investor Forum
Download ABA Company Reports




Ready Fire Aim: The Mainfreight Story by Keith Davies





c Share Investor 2010

Canterbury Earthquake to Stimulate Fletcher Building's Fortunes

Any worries that Fletcher Building Ltd [FBU.NZX] might have had a few weeks back about gaps in their order book will have collapsed over the weekend as the big earthquake hit Canterbury and the centre of Christchurch.

I expressed a concern of the lack of work on the books back in August.

There is talk that there could be around $2 billion or more worth of damage to city infrastructure and add to that domestic and commercial buildings and we are looking at a major bill to rebuild Christchurch city and surrounds.

With the current under-use of resources at FBU and other building firms, companies will be ready, able and willing to get to work.

For FBU the whole chain of their business will be involved. From raw materials that they supply to the contracts for sewerage, roads, commercial and residential building this should be a boom time for them in the Mainland.



On top of the $1.7 billion recently shelled out by taxpayers for investors in the failed South Canterbury Finance company, the injection of more billions into this economy will be good news for the area and for companies that can ride of the coattails of more than 4 billion being injected into the region.

Fletcher Building will be well placed to take a large slice of that money.

My best to you all down there. Keep well.


FBU 2010 Profit in detail

Listen to audio of profit presentation - 18/08/10
Presentation in PDF - 18/08/10


Fletcher Building @ Share Investor

Fletcher Building Ltd: 2010 Full Year Profit Analysis
Fletcher Building: All eggs in one basket make for big risk
Long Term View: Fletcher Building Ltd
Hugh Fletcher: Silver spoon no recipe for success
Long VS Short: Fletcher Building Ltd
Fletcher Building's Commercial arm keeps their head above the tunnel
Sweetheart deal for Fletcher Building's Friends
Fletcher House built on hard times
Fletcher Building down tools in the short term
Why did you buy that stock? [Fletcher Building Ltd]
A solid foundation for the future
Fletcher Building raises profit through canny management
Fletcher's got game

Discuss Fletcher Building @ Share Investor Forum - Register free

Download FBU Company Reports


Recommended Fishpond Reading



Buy The Intelligent Investor & more @ Fishpond.co.nz




c Share Investor 2010

Long Term View: ASB Capital Preference Shares (B)

In this series of posts I am going to be looking at stocks listed on the NZX in relation to their returns to shareholders over the life of their listing -what shareholders would now see in their back pockets if they had invested in the company IPO. The calculation of returns includes dividends and tax credits.

ASB Bank Pref shares A [ASBPB.NZX] has been a very poor investment for shareholders since its 2003 listing on the NZX at $NZ1 per share. With 27.66c in net dividends it gives (see NZX chart above) ASBPB a 7.95% return (see chart below for the share price percentage gain against the average of all NZX indexes - does not include dividends, tax credits and the share split in its calculation) and over the nearly 7 year listing of ASBPB an annual net return of 1.13 %.

This compares to a 9.28% annual return from the average of all NZX indexes.


Compare ASBPB Prefs to ASBPA Prefs


Disc I own ASBPB shares in the Share Investor Portfolio

Long Term View Series

ASB Capital Preference Shares (A)
Auckland International Airport
Air New Zealand
AMP Ltd
ANZ Banking Group Ltd
Briscoe Group Ltd
Cavalier Corporation Ltd
Comvita Ltd
Contact Energy Ltd
Delegats Group Ltd
EBOS Group Ltd
Fletcher Building Ltd
Fisher & Paykel Appliances
Fisher & Paykel Healthcare
Freightways Ltd
Goodman Fielder Ltd
Hallenstein Glasson Holdings Ltd
Hellaby Holdings Ltd
Infratil Ltd
Kirkcaldie & Stains Ltd
Kiwi Income Property Trust Ltd
Mainfreight Ltd
Michael Hill International Ltd
Metlifecare Ltd
Methven Ltd
Mowbray Collectables Ltd
NZ Oil & Gas Ltd
New Zealand Refining Ltd
New Zealand Stock Exchange Ltd
Nuplex Industries Ltd
PGG Wrightson Ltd
Port Of Tauranga Ltd
Postie Plus Group Ltd
Pumpkin Patch Ltd
Restaurant Brands Ltd
Ryman Healthcare Ltd
Sanford Ltd
Sealegs Corp Ltd
Scott Technology Ltd
Skellerup Ltd
Sky City Entertainment Group Ltd
Sky Network Television Ltd
Smiths City Group Ltd
Steel & Tube Ltd
Telecom NZ Ltd
Telstra Corp Ltd
Tourism Holdings Ltd
Trustpower Ltd
Turners Auctions Ltd
Turners & Growers Ltd
The Warehouse Group Ltd
Vector Ltd
Wakefield Health Ltd
Westpac Banking Group Ltd


ASB Bank Pref Shares B @ Share Investor

Discuss ASBPB @ Share Investor Forum




c Share Investor 2010