Starting a SEK thread after a bad profit downgrade during the week, at the end of a very challenging harvesting season with limited access to good overseas horticulture workers, soft and damaged fruit and extraordinary problems and additional costs with freight.
I'm however content holding this one long term as I believe the business is sound and very well managed and still growing fast. There will always be good years and bad in this industry.
Agreed. Foodproduction will be New Zealands most significant industry to bring us through (and pull us out of) the coming economic crisis, and Seeka is one of the better companies in this field.
Holding as well.
Unfortunately this is how it goes in the fruit industry,very up and down, it's not that often they get a good run for a few years on end.
Pleasing seeing Masfen Securities onboard with 2,138,100 shares or 5.092%.
Early season signs are promising for Gisborne growers. Gisborne is not a major growing area; BOP produces 80% of the crop but the two regions tend to largely mirror each other for successful (or not) seasons. I spoke with a couple of growers and the biggest issue is getting sufficient labour. From the fruit side all the initial indicators point to a good season. El Nino poses an obvious risk.
I've grabbed a few SEK over the last while. They look well priced on a risk to reward ratio to me.
Good update today - outlook improved for 2024
Capacity for 50m+ trays
− Automation projects at 3 facilities
− Seasonal labour supply greatly improved
− Operational improvements, lower overhead
Outlook to 2024 positive
− Yields and volumes forecast to rebound
− Good winter chilling and bud break improved
− More kiwifruit orchards entering full production
Focus on maintaining operational excellence
− Operational excellence with a bigger expected crop
Bumper crop and better prices forecast for kiwifruit growers
https://www.rnz.co.nz/news/country/502962/bumper-crop-and-better-prices-forecast-for-kiwifruit-growers
Bumper crop alright but now the trick is getting the labour (//http://#39;s%20got%20to%20equate%20to%20more%20available%20workers%20then,%20eh?) for picking, packing etc. Still as KW posted in the retail thread, "there are 25,000 more people on welfare benefits than this time last year." Surely, that's got to equate to more available workers then, eh?
Bumper crop alright but now the trick is getting the labour (https://www.nzherald.co.nz/northern-advocate/news/hundreds-of-jobs-available-in-far-north-kiwifruit-industry/XVMTNM3UH5EOBHWGERSI2CULF4/) for picking, packing etc. Still as KW posted in the retail thread, "there are 25,000 more people on welfare benefits than this time last year." Surely, that's got to equate to more available workers then, eh?"
what is the hourly rate for picking... and how much automation is available in the field in NZ.
There is a PHD in hamilton who does this stuff but had trouble adapting to the requirements of human relations in management...
Quote from: Waltzing on Jan 22, 2024, 03:12 PMwhat is the hourly rate for picking... and how much automation is available in the field in NZ.
There is a PHD in hamilton who does this stuff but had trouble adapting to the requirements of human relations in management...
Most orchards pay by the bin, rather than hourly. Even an average picker can clear a bin an hour. Bins pay varies but around mid $20s.
Quote from: Hectorplains on Jan 22, 2024, 02:50 PMBumper crop alright but now the trick is getting the labour (https://www.nzherald.co.nz/northern-advocate/news/hundreds-of-jobs-available-in-far-north-kiwifruit-industry/XVMTNM3UH5EOBHWGERSI2CULF4/)for picking, packing etc. Still as KW posted in the retail thread, "there are 25,000 more people on welfare benefits than this time last year." Surely, that's got to equate to more available workers then, eh?"
You're all good, Chippie took care of this before he departed.
https://www.beehive.govt.nz/release/immigration-settings-updates
RSE capThe Recognised Seasonal Employer (RSE) scheme cap will increase by 500, to allow up to up to 19,500 workers to be employed for the 2023/24 season.
SP trend looks like a Golden Cross to me (at least on my weekly chart). Fundamentals sound good as well - bumper crop and similar expressions being used. Maybe somebody needs to tell these analysts to lift the target price (up from the current $2.30) and buy recommendation (like from underperform to outperform).
No need to further wait with this update ... I've got all the shares I wanted to buy :);
FY2023 results are out:
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/SEK/426972/413716.pdf
They actually look better than analyst expectations (i.e. loss at the lower end of the forecast), but yes, it was not a good year.
Quite pleasing on the other hand the outlook for 2024 - Kiwifruit expected to be back to normal (Sun-Gold) or even better (Hayward), and big expectations for their Australian branch.
Pleasing as well, that they used the bad years to improve their processes and advance their automation.
Sounds like they are ready for a bumper crop this year.
TA: Just looking at the trend - golden cross passed, and SP did break as well through the resistance at $2.71.
No doubt the momentum seekers currently backing up their trucks ... and (bar a further climatic catastrophy) blue skies ahead for the year ...
Already the second profit upgrade this year and dividend not just reinstated, it will come early this FY. Things humming along nicely.
https://www.nzx.com/announcements/440102
Now, the only question is - what to do with all this nice money? Do we want to invest in another cool storage?
https://www.nzherald.co.nz/business/kiwifruit-market-signals-needed-for-future-infrastructure-investment-in-sector-seeka-boss
(probably paywalled);
Found this thread on page 4..
One of the few NZX entities reporting strong numbers.
FY report out later this month. Historic numbers will be good and forecast numbers or commentary is expected to be good again.
The company is trading about 50% off its historic book value multiple.
Chart is looking great.
I hold.
Quote from: Hectorplains on Jan 22, 2024, 03:45 PMMost orchards pay by the bin, rather than hourly. Even an average picker can clear a bin an hour. Bins pay varies but around mid $20s.
No wonder they struggle to get staff to pick the crop. That's appallingly low for hot hard work and probably less than the minimum wage when you consider full time minimum wage rate employees get heaps of statutory paid holidays, 4 weeks annual leave, 2 weeks sick leave, maternity benefits and so on...
I would have thought not less than $35 for that sort of hard work with none of the above benefits.
Any holders of seeka on here. Current good weather has certainly shone through in their earnings. Going from strength to strength
Wife and I both hold.
As you pointed out going from strength to strength.
Yes a holder here. They are having a great year and what is good to see this year is that they seem to be doing well in Australia as well as NZ, in all fruit varieties.
I hope they use a decent amount of these good profits to pay down debt
Seeka is a meaningful (material) component of my "war-time" portfolio ... Always good to hold shares of companies which provide stuff people need. Healthy food is one of these things.
And yes, on top of that they are beautifully moving out of the doldrums after having suffered a (mainly) weather related beat up over the last years ... always good to own cyclical companies (and this they are, no doubt) on the way up.
Looking foorward to tomorrows announcement https://www.nzx.com/announcements/456991
Revenue $307.9 million — up 8% on pcp
- EBITDA $83.5 million — up 22% on pcp
- NPBT $59.4 million — up 32% on pcp
- NPAT $37.8 million — up 121% on pcp (note deferred tax adjustment in pcp)
- Dividend — $0.15 per share to be paid 15 October 2025, record date 18 September (details further down)
- Forecast full year NPBT increased to be between $35.0 million to $39.0 million
Nice upgrade..... well done holders!
https://www.nzx.com/announcements/458903
Quote from: Left Field on Sep 17, 2025, 09:03 AMNice upgrade..... well done holders!
https://www.nzx.com/announcements/458903
Absolutely - holding cyclical companies during the uptrend is always nice ... and hey, things for 2026 well might improve further. Looking forward to the automation activities ,,,
Just looking at the claims of our well respected analysts: Analyst consensus last winter (up to Aug 2024) was ünderperform - and estimated Stockprice (in 12 months, i.e. now) was $2.50. Amazing how things change when you ignore the analysts ... They stopped to report on this share 9 months ago and the SP moved already up to $4.39. This is value!
One of the larger contributors to my NZ portfolio ...
Quote from: BlackPeter on Sep 17, 2025, 11:25 AMAbsolutely - holding cyclical companies during the uptrend is always nice ... and hey, things for 2026 well might improve further. Looking forward to the automation activities ,,,
Just looking at the claims of our well respected analysts: Analyst consensus last winter (up to Aug 2024) was ünderperform - and estimated Stockprice (in 12 months, i.e. now) was $2.50. Amazing how things change when you ignore the analysts ... They stopped to report on this share 9 months ago and the SP moved already up to $4.39. This is value!
One of the larger contributors to my NZ portfolio ...
Yes looking good. sp now on 4.68. Have noticed there is a few ghost sellers in the last couple of weeks.
SEK
07/11/2025 10:59
GENERAL
NOT PRICE SENSITIVE
REL: 1059 HRS Seeka Limited
GENERAL: SEK: Seeka Responds to Market Speculation
Seeka Limited (NZX:SEK) responds to market speculation about an incident of
fraud in the company. Seeka confirms that it has detected a series of
invoicing irregularities in the company which it has been investigating with
the assistance of independent forensic accountants. The total cost of the
fraud is less than $350k and the impact on the current year earnings is
$200k. There is no impact from this issue on the guidance range of the full
year earnings at a profit before tax level in the current year which is
currently between $39.0m and $43.0m. The issue has been detected
relatively early and Seeka is reviewing all payment processes to ensure that
the risk of fraud is minimised. All relevant regulatory authorities have been
notified, Seeka is pursuing full recovery, and the matter may be placed
before the Courts. Release ends. For further information please
contact: Michael Franks Seeka Chief Executive Officer +64 21 356 516
Nicola Neilson Seeka Chief Financial Officer +64 21 841 606
End CA:00462258 For:SEK Type:GENERAL Time:2025-11-07 10:59:13
Tariffs to come off Kiwi fruit etc ?
Quote from: seaweed on Nov 17, 2025, 11:08 PMTariffs to come off Kiwi fruit etc ?
Yes not insignificant. 15% tariff off our $ 250m annual US sales is not to be sneezed at. Should make Kiwifruit cheaper for US consumers, supporting our current good prices.
But who knows what Trump decides next !
Hey Basil, I been accumulating these for last few weeks. The numbers look not too bad. Dividend 30c includes January div, YLD about 6.7%, PE 6.63, NTA 644 and EPS 67.58 looking at Morningside figures. I got a funny feeling these should be over $5 per share. Someone mentioned they did have a bit of dept though.
Quote from: seaweed on Dec 05, 2025, 12:34 AMHey Basil, I been accumulating these for last few weeks. The numbers look not too bad. Dividend 30c includes January div, YLD about 6.7%, PE 6.63, NTA 644 and EPS 67.58 looking at Morningside figures. I got a funny feeling these should be over $5 per share. Someone mentioned they did have a bit of dept though.
Hi seaweed
I've been looking at SEK as well, have been accumulating since June.
Latest profit guidance was 39-43 million, but with recent updates from Zespri, I'm expecting this to be higher. There should be another profit guidance coming up before the end of the year.
They have paid 15c this year with another 10c going ex-div in mid December. But based on their record last year I'm expecting another div some time in April. They have changed their div payout policy to 50-75% of NPAT last year. A total 40c payout is possible with the current guidance, hell, even 50c isn't out of the question. Fully imputed now too.
They have paid down more debt over the past year and is well positioned to pay off more, or at least have current debt refinanced at lower rates. More news to come in the coming months with the FY25 full year results out end of Feb.
Quote from: alkebab on Dec 05, 2025, 06:20 AMHi seaweed
I've been looking at SEK as well, have been accumulating since June.
Latest profit guidance was 39-43 million, but with recent updates from Zespri, I'm expecting this to be higher. There should be another profit guidance coming up before the end of the year.
They have paid 15c this year with another 10c going ex-div in mid December. But based on their record last year I'm expecting another div some time in April. They have changed their div payout policy to 50-75% of NPAT last year. A total 40c payout is possible with the current guidance, hell, even 50c isn't out of the question. Fully imputed now too.
They have paid down more debt over the past year and is well positioned to pay off more, or at least have current debt refinanced at lower rates. More news to come in the coming months with the FY25 full year results out end of Feb.
essentially agree with the outlook in the here and now, that said not currently an investor. unsure if a fundamental BUY for me bearing in mind the cyclical nature and that this is the outperforming season weather-wise. Suspect you've been on to it long enough that it will not likely be a regretful investment for yourself.
Quote from: seaweed on Dec 05, 2025, 12:34 AMHey Basil, I been accumulating these for last few weeks. The numbers look not too bad. Dividend 30c includes January div, YLD about 6.7%, PE 6.63, NTA 644 and EPS 67.58 looking at Morningside figures. I got a funny feeling these should be over $5 per share. Someone mentioned they did have a bit of dept though.
Agri stocks are notoriously cyclical.
Good years are often followed by bad.
Retirees need to consider the reliability of dividends not just the yield in the current year. On my standard 5 year review period SEK failed to pay a dividend at all in 2022 or 2023. Looking at the 10 year share price history this is not a growth stock. On the other hand TA looks good and they're in a nice uptrend so could be a good stock to trade.
I made an exception with Tower and their 5 year track record of dividends because I believe the risk management changes in their business model warranted making an exception. Only time will tell if that was an inspired decision or not.
I'm not in a risk on enough frame of mind to make a dividend track record exception for any agri stock
Best wishes to holders, SEK is not for me.
Quote from: Otago K on Dec 05, 2025, 07:25 AMessentially agree with the outlook in the here and now, that said not currently an investor. unsure if a fundamental BUY for me bearing in mind the cyclical nature and that this is the outperforming season weather-wise. Suspect you've been on to it long enough that it will not likely be a regretful investment for yourself.
Yea agreed about the cyclical nature. Toddy on the other channel has posted good insights hence I decided to go in, together with good tailwinds at the moment. He said what seemed like a historical year may actually just be the norm, but time will tell. They went through a difficult time in 2022-23 and has totally revamped the system, so it sounds a bit like Tower.
Forecast from Zespri for the next season is good as well, so things should be ok in the next year.
Also helps to see Seeka branded avocados and kiwifruit available at Costco, lol.
FY24 and FY25 are standout years and who knows FY26 could be too. I have a shareholding in seeka but one thing that has kept the shareholding relatively modest is the extraordinary variability in historical earnings. I sought to average last 5 and 10 year earnings, normalising the accounts for unusual / one off charges (ie the charge in removing depreciation on buildings in FY24, getting it back in FY20, $7.7m PSA claim in FY21, $8.4m gain on sale in FY20, etc etc) - pretty messy, hard to get a sense of what true maintainable earnings are. The PE and potential dividend yield on this basis quite a bit less flattering than if you just look at the last two years.
That said I think things will improve relative to the pre FY22 years, with all the automation going in. Ultimately I view this as a play on kiwifruit volumes being exported from NZ, and the story is positive, but I think one has to be honest that there will be a lot of variability in future years and there will be a lot of down years compared to this years circa $29m npat.
I note the reduction in debt, improvement in automation in recent years, with a lot of new automation being put in place right now and early next year as being fundamentally positive to the financial case, but a lot of the pistons right now are all firing which surely won't always/usually be the case going forward.
Just IMO I'm certainly no expert on the industry or business by any means. I read what toddy has to say with great interest and the most recent zespri update was quite positive I thought.
https://www.nzherald.co.nz/nz/post-harvest-revolution-3-tech-mega-trends-shaping-nz-horticulture-in-2026-chris-bray/6MAKZKEF3BFSHD2PM744RB6HWM/
Post-harvest revolution: 3 tech mega-trends shaping NZ horticulture in 2026 – Chris Bray
Opinion by
Chris Bray
The Country·
6 Dec, 2025 05:00 AM
6 mins to read
Chris Bray is a business development manager MAF NZ Ltd
Save
Share
A robotic claw places golden kiwifruit into trays. Globally, the agricultural robot market is expected to grow at 20% annually. Photo / Mark McKeown
A robotic claw places golden kiwifruit into trays. Globally, the agricultural robot market is expected to grow at 20% annually. Photo / Mark McKeown
THE FACTS
Zespri will deliver a record 215 million trays of kiwifruit to overseas markets.
Automation in packhouses is essential to offset rising wages and worker shortages during peak seasons.
New Zealand's post-harvest workforce must upskill for artificial intelligence, robotics, and data analytics integration.
The kiwifruit industry is setting the pace for New Zealand horticulture.
This year's supply season will see Zespri deliver a record crop (215 million trays) of New Zealand-grown fruit to overseas markets.
Maf Roda NZ, which engineers automation solutions, added high-tech equipment to 12 kiwifruit packhouses across New Zealand for the 2025 season.
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The country's food and fibre sector accounts for over 80% of goods exports, and the forecast export revenue growth of horticulture at 19% (year to June 30, 2025, according to the Ministry for Primary Industries' Situation and Outlook for Primary Industries) is the fastest of any agricultural sector.
Ongoing growth depends on the agritech that we create or bring into our market.
Globally, the agricultural robot market is expected to grow at 20% annually.
The post-harvest period is critical to efficiently and attractively presenting quality New Zealand produce to the world through technology, skills and our premium brand.
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Over the last five years, in a business development role, I've watched tech innovation revolutionise post-harvest solutions.
The challenge is to invest in an era of precision agriculture driven by machines but with human oversight and innovation.
Heading into 2026, post-harvest is being shaped by three mega-trends that New Zealand must lead.
Subscribe to The Country edm
1: Automation and artificial intelligence
Robotics and automation are transforming horticultural industries around the world.
I recently walked into a citrus packhouse in Spain and was shocked by the people-count there.
Automation is no longer optional in New Zealand.
It helps offset rising wages and the difficulty in finding workers, particularly during the peak kiwifruit season.
Some packhouses are offering wages up to $50 an hour, but still can't find enough workers.
The physical demands of stacking heavy boxes and working long hours are deterring young people from taking these jobs.
Automation offers a reliable, 24/7 solution without the health and safety concerns associated with manual labour.
New Zealand is at the forefront of post-harvest automation.
Mount Pack & Cool (MPac) in Tauranga has the most highly automated kiwifruit processing plant in the world.
Its post-harvest packhouse attracts international visitors, from processors to growers, with widespread industry interest in the facility's productivity, cost-efficiency and sustainability.
MPac's business has gone from six million trays in 2018 to packing 30+ million trays in the latest season.
Today, kiwifruit is New Zealand's most valuable crop export.
Robotic graders, optical sorters and artificial intelligence-driven quality systems will become the norm in packhouses to maintain throughput and consistency.
The post-harvest process is being streamlined to ensure consistently high-quality products reach global consumers.
Camera and processing power are advancing and will eventually guarantee the phyto-sanitary status of fruit, so it is bug-free when heading to markets.
For apple post-harvest processing initially, we are using artificial intelligence (AI) and big data to provide the most accurate internal and external analysis – including colour, shape, diameter and weight – increasing the quality of the end product.
The camera grading system incorporates AI machine model learning.
The grading technology enables real-time quality analysis and adaptive sorting, reducing human error, helping operators manage complex sorting tasks more efficiently and accelerating throughput.
AI helps the system recognise fruit defects and adapt to changing environmental conditions, delivering more precise results.
Blockchain is part of the future picture – driving security, transparency, traceability and trust into the supply chain, from orchard to consumer.
2: Smarter workforce
Post-harvest's future pairs human skill with machine precision for smarter collaboration. Photo / Warren Buckland
Post-harvest's future pairs human skill with machine precision for smarter collaboration. Photo / Warren Buckland
Automation is not about replacing people; it's about creating smarter systems, skilled technical roles and more fulfilling jobs.
The future of post-harvest plays humans and machines to their respective strengths and finds new ways for them to collaborate.
To support jobs, innovation and productivity, New Zealand's post-harvest workforce must upskill for the future of AI, robotics, IoT and data analytics.
An October BCG report on agritech highlighted the need for secondary school science, technology, engineering and mathematics (Stem) education and accelerating digital agritech training pathways and micro credentials.
An astute observation was the high value placed on cross-disciplinary talent, skilled in both tech and agriculture, that is often lured from New Zealand – and that younger, tech-oriented workers can be attracted by the integration of the internet of things (IoT), AI, robotics and remote sensing.
We can expect future fruit supply chains to adapt in real time to manage fruit size, defects, seasonal peaks and more.
Packhouses will hum with AI-powered robotic systems, predictive analytics dashboards, real-time data streams and digital-first workers managing automation and dashboards onsite or remotely – doing everything from troubleshooting IoT-connected machinery to adjusting AI-driven sorting algorithms.
The Maf Roda Group devotes an average of 3% of its annual turnover to technological innovation.
New Zealand needs to inspire the next generation of innovators into our key sectors and create a tech-advanced workforce – we can tap transferable skills focused on attractive career pathways for young people, and why not draw from gaming communities who can navigate complex interfaces – think spatial awareness, hand-eye co-ordination, adapting on the fly, system troubleshooting and simulation-first robotics.
3: Sustainable horticulture
With climate change, sorting machines are becoming even more essential for ensuring fruit quality during unpredictable weather events.
Our organisation's AI-powered sorting systems are designed to adapt to changing conditions, helping producers sort fruit based on size, defects and moisture content.
This technology allows producers to maximise their yield, despite environmental stresses.
As countries tackle major environmental threats, emissions and waste, regulation, climate-focused investment and consumer preferences are driving a clean imperative through horticulture.
Post-harvest horticulture is getting smarter about managing its emissions, something that a next-generation workforce values.
The carbon footprint includes packaging and waste-to-landfill, electricity use, transport fuel and refrigerants.
The solutions range from AI-driven shelf-life forecasting and installing solar power through to electric transport, biodegradable packaging and upgrading coolstore systems.
Let's meet the post-harvest revolution head-on – New Zealand's prosperity depends on our horticulture industry embracing its tech, creativity, talent and brand opportunities.
Discover more
Quote from: Fiordland Moose on Dec 05, 2025, 10:55 AMFY24 and FY25 are standout years and who knows FY26 could be too. I have a shareholding in seeka but one thing that has kept the shareholding relatively modest is the extraordinary variability in historical earnings. I sought to average last 5 and 10 year earnings, normalising the accounts for unusual / one off charges (ie the charge in removing depreciation on buildings in FY24, getting it back in FY20, $7.7m PSA claim in FY21, $8.4m gain on sale in FY20, etc etc) - pretty messy, hard to get a sense of what true maintainable earnings are. The PE and potential dividend yield on this basis quite a bit less flattering than if you just look at the last two years.
That said I think things will improve relative to the pre FY22 years, with all the automation going in. Ultimately I view this as a play on kiwifruit volumes being exported from NZ, and the story is positive, but I think one has to be honest that there will be a lot of variability in future years and there will be a lot of down years compared to this years circa $29m npat.
I note the reduction in debt, improvement in automation in recent years, with a lot of new automation being put in place right now and early next year as being fundamentally positive to the financial case, but a lot of the pistons right now are all firing which surely won't always/usually be the case going forward.
Just IMO I'm certainly no expert on the industry or business by any means. I read what toddy has to say with great interest and the most recent zespri update was quite positive I thought.
No doubt, FY24 and FY25 have been better than some of the years before, but not quite sure I would call them "Standout". If you just look at EPS, there have been better years before. But no doubt - agriculture is cyclical, and what goes up will come down again.
10 years backward PE is 13, with a backwards EPS CAGR (10yrs) of 12.5. Does not look too expensive to me.
10 years forward CAGR (OK-3 years forward, but a 10 year timeframe) is 8.1 and a forward CAGR of 8.2. Again - looks not too dear.
So, yes, I expect at some stage another bottom, but not sure, I expect it so soon. Agree as well with lloraina, that automation will change the base level upwards.
Anyway, holding as part of my wartime portfolio (everybody needs something to eat). Obviously - some risks (as in any industry) will always hang around.
Wow! Tasty upgrade....naaice.
https://api.nzx.com/public/announcement/464591/attachment/458990/464591-458990.pdf
Seeka Limited (NZX:SEK) advises it has upgraded its current year earnings guidance at a profit before
tax level from between $39.0m and $43.0m to between $44.0m and $48.0m.
Quote from: Left Field on Dec 15, 2025, 01:43 PMWow! Tasty upgrade....naaice.
https://api.nzx.com/public/announcement/464591/attachment/458990/464591-458990.pdf
Seeka Limited (NZX:SEK) advises it has upgraded its current year earnings guidance at a profit before
tax level from between $39.0m and $43.0m to between $44.0m and $48.0m.
Damn it. Was hoping that up grade would come out on Thursday 18/12/25 on ex div day like last time on ex div day upgrade on 17/9/25. I was wanting to top up another 10,000 before ex div day. Just been a bit greedy here and should be satisfied with my holding. Wonder if it will ever get to $5 :) PS did anyone notice the SP going up 2 hours before the announcement.
Quote from: seaweed on Dec 15, 2025, 02:07 PMDamn it. Was hoping that up grade would come out on Thursday 18/12/25 on ex div day like last time on ex div day upgrade on 17/9/25. I was wanting to top up another 10,000 before ex div day. Just been a bit greedy here and should be satisfied with my holding. Wonder if it will ever get to $5 :) PS did anyone notice the SP going up 2 hours before the announcement.
They made an announcement last year on Dec 13, so I was suspecting the same this time this year. Was only off by a day lol. So far this year, the company has followed a similar pattern when it comes to company announcements and figures, etc, so I was suspecting 43-47 million.
There might be another guidance update in January based on this year's pattern.
There were some movement on Friday with a 10000 sell at 4.4x getting bought in one go, plus another 10000+ shares at 4.5x getting pulled late Friday.
Quote from: seaweed on Dec 15, 2025, 02:07 PMDamn it. Was hoping that up grade would come out on Thursday 18/12/25 on ex div day like last time on ex div day upgrade on 17/9/25. I was wanting to top up another 10,000 before ex div day. Just been a bit greedy here and should be satisfied with my holding. Wonder if it will ever get to $5 :) PS did anyone notice the SP going up 2 hours before the announcement.
Yes I am sure they will get to $5 on their way to exceeding their NTA of $6.44.
Book value $6.86
Traded above Book Vakue in the past so no reason why it shouldn't do so again
Quote from: winner (n) on Dec 15, 2025, 04:43 PMBook value $6.86
Traded above Book Vakue in the past so no reason why it shouldn't do so again
Yes looking good. 3 divs over 6 months. Ex div on Thursday and then ex div again 12 weeks later after Christmas 8)
Very quiet around here lately. Bought more and didn't quite get to my target, but no worries tomorrow is another day and of course ex div. :)
Correct me if I am wrong. SEK divs for this year were March 5c, Sept 15c and Dec 10c. From my calculations = 30c with yld of 6.46%. Am trying to figure out why Morningstar updated numbers are divs 25c at 5.38% yld. ????? Have reached my target on 19th Dec
Quote from: seaweed on Dec 31, 2025, 07:41 AMCorrect me if I am wrong. SEK divs for this year were March 5c, Sept 15c and Dec 10c. From my calculations = 30c with yld of 6.46%. Am trying to figure out why Morningstar updated numbers are divs 25c at 5.38% yld. ????? Have reached my target on 19th Dec
Their FY is Jan-Dec, but only go ex-div in Sep, Dec, March. So the March 2025 dividends is from the previous FY. But the company still likes to report the dividends paid out in a year, so it throws people off.
The FY25 final dividends will probably come in March 2026 assuming they follow the same pattern. Doesn't help that the NZX also listed the Dec 24 and MAR25 as "Final" dividends. lol.
https://www.nzx.com/instruments/SEK/dividends
Quote from: alkebab on Dec 31, 2025, 08:36 AMTheir FY is Jan-Dec, but only go ex-div in Sep, Dec, March. So the March 2025 dividends is from the previous FY. But the company still likes to report the dividends paid out in a year, so it throws people off.
The FY25 final dividends will probably come in March 2026 assuming they follow the same pattern. Doesn't help that the NZX also listed the Dec 24 and MAR25 as "Final" dividends. lol.
https://www.nzx.com/instruments/SEK/dividends
Thank you got it. The March 2025 5c div is not included in the yld shown. So if the March 2026 div happens to be 5c again then that will bring the yearly div up to 30c.
Quote from: seaweed on Dec 31, 2025, 10:18 AMThank you got it. The March 2025 5c div is not included in the yld shown. So if the March 2026 div happens to be 5c again then that will bring the yearly div up to 30c.
Hehe. At the current guidance we are looking at another 10c minimum come March. 15c isn't totally out of the question...
I think we'll get another guidance update for FY25 around late Jan 2026 just like this year. That could bump the next dividend to over 15c even.
We've had a few guidance updates this year and each time the profit has been lifted by 2-3 million, which also tracks well to their guidance update figures last year, so based on this I'm expecting another decent bump in January for FY25.
This method is totally un-scientific and is for entertainment purposes only.
https://stockhead.cmail20.com/t/d-l-giyljkt-yupddjlly-b/
25c dividend declared taking full year to 50c. Not bad for stock trading around $5. Good coverage of Seeka on the other channel. Strange way of doing things from a disclosure perspective to announce dividend today and results tomorrow.
Quote from: Mos on Feb 26, 2026, 01:46 PM25c dividend declared taking full year to 50c. Not bad for stock trading around $5. Good coverage of Seeka on the other channel. Strange way of doing things from a disclosure perspective to announce dividend today and results tomorrow.
...........and I said 15c wasn't totally out of the question. lol. Pity it is still flying under the radar.
26 February 2026
Seeka Announces 25 cent Dividend
Seeka Ltd [NZX:SEK] announces a fully imputed dividend of 25 cents per share to be paid on 15 April
2026, with a record date of 20 March 2026.
The company advises that the dividend reinvestment plan (DRP) will apply to this dividend and the
strike price for conversion of cash dividends into shares under the DRP will be determined based on
the VWAP share price over 15 business days from and including the ex-date. A 2% discount will be
applied to the VWAP.
Quote from: alkebab on Feb 26, 2026, 01:48 PM...........and I said 15c wasn't totally out of the question. lol. Pity it is still flying under the radar.
Yes. Indicates the result they will announce tomorrow is going to be very strong. Why they would announce the dividend first when the result must be finalised to declare the dividend I don't know. Anyway, great news for holders.
It's a Seeka tradition to announce dividend the day prior to report. They done it for a few seasons now or at least since they restarted paying dividends.
I think it like putting milk and cookies or a beer out for Santa even though the presents already chosen and wrapped.
Seeka Announces its 31 December 2025 result
27/02/2026, 09:00 NZDT, FLLYR
Audited results for year ended 31 December 2025 (FY25)
Listed New Zealand produce handler Seeka Limited, with operations in New Zealand and Australia, reports its audited results for the year ended 31 December 2025.
$440 million operating revenue — up 7% on FY24's $411 million
$96 million EBITDA — up 26% on FY24's $76 million
$48 million net profit before tax — up 60% on FY24's $30 million
$32 million net profit after tax — up 50% on normalised FY24
76 cents earnings per share — up 49% on normalised FY24's 51 cents earnings per share
30 cents per share of dividends paid in FY25
25 cents per share dividend to be paid 15 April 2026
$100m net bank debt — down $37m on 31 December 2024
Seeka is pleased to announce its audited annual results for the year ended 31 December 2025 which includes record profit and returns to shareholders. Seeka's strategy and operational performance has lifted earnings in each business unit while delivering excellent service and returns to our growers and high-quality fruit to the markets.
Profit after tax of $32.0 million compares to 2024's reported profit of $8.8 million and 2024's normalised profit of $21.2m, after the change in tax deductibility of depreciation on buildings. The profit after tax equates to $0.76 earnings per share compared to 2024's reported $0.21 per share (normalised $0.51 per share).
The company benefited from an excellent kiwifruit growing season in New Zealand which delivered a record 47.1m trays. Fruit quality delivered from growers and Seeka's orcharding operations was excellent, enabling efficiencies. The fruit was well handled with the resulting quality delivered to the market comparatively excellent.
SeekaFresh and Seeka Australia benefited from stronger volumes and new category sales lifting earnings in both.
Seeka has continued to focus on its core business, driving efficiencies and controlling costs through innovation and automation which has helped lift EBITDA by 26% to $95.9m.
The company has continued to invest in core infrastructure with significant risk mitigation through a targeted programmed maintenance project focused on plantrooms and switchboards. New plant capacity is being commissioned at Huka Pak, Orangewood and Kerikeri and leased coolstore increases at Pioneer.
Seeka has prudently managed debt. Total debt of $100.3m is down $37.0m from December 2024 and compares to $172.4m at the same time in 2023.
Seeka has announced a dividend of $0.25 per share to be paid on 15 April 2026 to all shareholders on the register on 20 March 2026. The dividend will be fully imputed and the reinvestment plan will apply.
Seeka chief executive, Michael Franks, says "Seeka was pleased with the results. From a focused strategy, and the efforts of many, we achieved record profitability and financial resilience was rebuilt into the balance sheet.
"While it is too early to reliably indicate 2026, the company enters the year in great shape and ready for the year ahead", says Franks.
Great result and impressive debt reduction.
Quote from: Mos on Feb 27, 2026, 09:43 AMGreat result and impressive debt reduction.
Yes a good result. It is one of my better performers in last 5 months up about 11% not including dividends from Oct and Dec and now another 25c in a few weeks. My calcs are telling me the YLD is about 9.7% at $5.19. 8)
Quote from: lorraina on Feb 27, 2026, 09:24 AMSeeka Announces its 31 December 2025 result
27/02/2026, 09:00 NZDT, FLLYR
Audited results for year ended 31 December 2025 (FY25)
Listed New Zealand produce handler Seeka Limited, with operations in New Zealand and Australia, reports its audited results for the year ended 31 December 2025.
$440 million operating revenue — up 7% on FY24's $411 million
$96 million EBITDA — up 26% on FY24's $76 million
$48 million net profit before tax — up 60% on FY24's $30 million
$32 million net profit after tax — up 50% on normalised FY24
76 cents earnings per share — up 49% on normalised FY24's 51 cents earnings per share
30 cents per share of dividends paid in FY25
25 cents per share dividend to be paid 15 April 2026
$100m net bank debt — down $37m on 31 December 2024
Seeka is pleased to announce its audited annual results for the year ended 31 December 2025 which includes record profit and returns to shareholders. Seeka's strategy and operational performance has lifted earnings in each business unit while delivering excellent service and returns to our growers and high-quality fruit to the markets.
Profit after tax of $32.0 million compares to 2024's reported profit of $8.8 million and 2024's normalised profit of $21.2m, after the change in tax deductibility of depreciation on buildings. The profit after tax equates to $0.76 earnings per share compared to 2024's reported $0.21 per share (normalised $0.51 per share).
The company benefited from an excellent kiwifruit growing season in New Zealand which delivered a record 47.1m trays. Fruit quality delivered from growers and Seeka's orcharding operations was excellent, enabling efficiencies. The fruit was well handled with the resulting quality delivered to the market comparatively excellent.
SeekaFresh and Seeka Australia benefited from stronger volumes and new category sales lifting earnings in both.
Seeka has continued to focus on its core business, driving efficiencies and controlling costs through innovation and automation which has helped lift EBITDA by 26% to $95.9m.
The company has continued to invest in core infrastructure with significant risk mitigation through a targeted programmed maintenance project focused on plantrooms and switchboards. New plant capacity is being commissioned at Huka Pak, Orangewood and Kerikeri and leased coolstore increases at Pioneer.
Seeka has prudently managed debt. Total debt of $100.3m is down $37.0m from December 2024 and compares to $172.4m at the same time in 2023.
Seeka has announced a dividend of $0.25 per share to be paid on 15 April 2026 to all shareholders on the register on 20 March 2026. The dividend will be fully imputed and the reinvestment plan will apply.
Seeka chief executive, Michael Franks, says "Seeka was pleased with the results. From a focused strategy, and the efforts of many, we achieved record profitability and financial resilience was rebuilt into the balance sheet.
"While it is too early to reliably indicate 2026, the company enters the year in great shape and ready for the year ahead", says Franks.
Numbers are looking good there lorraina. Sp up again today. I bought more today and yesterday. Lot of talk on the other channel about SEK. A thank you to Toddy for his input and info. Next target price $5.40. There is only 44.193 million shares and looking like they are tightly held. Kiwi Keith on other channel also mentioned if you have over 103,000 shares you go into the top 50 shareholders group at back of Ann Report. :)
Reminder SEK presentation starts at 10am. Thank you Basil for yesterdays ST meeting a good turn out of past Stocktalkers and a couple of new faces.
Not much talk over here. SEK hit $5.50 today. More talk on the other channel ;)
Just a little reminder SEK goes ex div tomorrow. You have to buy in before 5pm tonight to receive the 25c div. :)
Going from excellent posts on the other site, Kiwi Fruit Orchards came through the cyclone with little damage.
SEK is heading for the NZX50 as per CEO Michael Franks.
Reckons as of today it would get in. Next review is June.
Quote from: Rawz on Apr 15, 2026, 03:54 PMSEK is heading for the NZX50 as per CEO Michael Franks.
Reckons as of today it would get in. Next review is June.
Shhh don't tell everybody yet. Was hoping to top up again. Went to the AGM and all sounding really positive, and what a friendly and happy bunch of people. They treat you like part of the family. I was very impressed with the video presentation of the auto sizing 8 lanes of kiwi fruit sorting into there different sizes then they are feed into about 20 roller lanes where packers put them into there boxes. But very soon those packers will be replaced by automation packing which could possibly run 24hours a day. Sounds like good growth to me.
Quote from: Rawz on Apr 15, 2026, 03:54 PMSEK is heading for the NZX50 as per CEO Michael Franks.
Reckons as of today it would get in. Next review is June.
There's a grain of truth there, in that SEK is a nose in front to take KMD's spot if it drops out.
The sticking point is whether KMD is actually likely to drop out, once all its new shares are issued.
Disc: Holding a bit of both
NZX website right now says:
KMD 1.447 billion shares on issue (post cap raise) = $98.4m market cap
SEK 44.1 million shares on issue = $227.6m market cap
PLus another 413k shares issued today, which will increase the market cap.
Appreciate perhaps a bit of criteria around dropping out or being included.
Perhaps not a commentary about how good Seeka is going, but more how sh**e KMD is.......
Quote from: Rawz on Apr 15, 2026, 03:54 PMSEK is heading for the NZX50 as per CEO Michael Franks.
Reckons as of today it would get in. Next review is June.
They posted a video of the Annual Shareholder Meeting 2026 (https://www.seeka.co.nz/annual-shareholder-meeting-2026) on their Investor page today - plain old .mp4 with no subtitles, and not cross-posted to YouTube that I could find.
I generated a rough transcript and here's Michael's bit about NZX 50, from about 58:20 in the vid:
QuoteThe company has thankfully had a reasonably strong recovery in its share price as well as paying dividends, reflective of its performance, debt and dividends, I think.
Perhaps one thing that we could tell you is that we're knocking on the door of the NZX 50, which would be quite a positive thing for the business, and who would have thought that two years ago, three years ago, we would get in. We actually, if it was done today, if Standard & Poor's did it today, we would be in. And so, you know, the next review dates are 20th of June.
And so we may or may not get in there, but we're right on the doorstep. Which is, if you think about life, that's quite remarkable for where this company's come from.
I'll put an update on the NZX 50 Index - Forthcoming potential Changes (https://stocktalk.co.nz/index.php?topic=201.0) thread about KMD's position, which is a bit of a mess - like KMD itself.
My thoughts on Seeka. I need to preface this by saying Agri stocks are not really my thing as I have always believed there's strong elements of cyclicality and high risks from weather, disease and other environmental factors such as climate change. That belief at my core probably opens me up a lot to confirmation bias so please by all means if you disagree, that's fine and I don't plan on arguing the point. Apart from that, others know the kiwifruit industry far better than I so I will keep this brief.
On face value its looks very cheap trading on just on 7 times FY25 earnings but of course that was a record year. Debt is certainly coming down nicely and the recent asset sale reduced leverage to a comfortable level and certainly considerably de-risks the business going forward. Likewise increased automation makes a lot of sense given this is such a labour intensive industry.
The recently signed free trade agreement with India will certainly do the business no harm however on the other side of the coin I am unsure how the rapidly escalating freight costs will affect them or how long dramatically higher freight and shipping costs will persist ?
Talking with my Kiwifruit farmer client earlier this week it seems he's had another very good year and others have reported in this thread similar results elsewhere in the country and indeed SEK's own forecast is for similar volumes to FY25, which could be conservative guidance.
Weather is such a vital element in a successful season and you don't have to go back very far in SEK's history to see the impact, (FY23, loss of 28 cps). There's no question the company is making forward progress however in my opinion, with all agricultural and horticultural companies, you are better to base your analysis of metrics on the average weather conditions that prevail over time not one or two years of good growing conditions and that is my main caution with this one.
Assuming a similar result for FY26 or perhaps a slight increase to say 80 cps, their eps history over the last 5 years, inclusive of FY26 estimate is 18 cps, -28cps, 51 cps, (normalized for building depreciation change), 76 cps, 80 cps, giving an average eps of 39.4 cps. Their average earnings per share over the last 10 years is not materially different at 38.6 cps.
SEK trades on ~ 13 times average earnings and only 7 times apparent peak earnings.
A decision to invest seems primary centered around whether increased automation and expansion of processing and cool storage facilities drives operational gains over the medium to long term which it seems reasonable to assume it will but questions present about how long will the good times and good weather last for the industry ?
Where are things at with the level of Gold kiwifruit being grown illegally in China and what happens to the industry if there's rampant growth in production there ? How long will the massively increased freight rates persist ?
Wrapping this up with TA analysis. A very nice uptrend since last year but I also note the shares were $7 all the way back this time of year in 2018 which brings me back full circle to my concerns about this being a cyclical industry and perhaps shareholders and growers are currently riding the crest of a wave ? I hope I'm wrong and shareholders and growers do really well in the years ahead. Good luck to holders.
On a 10 year lense its basically a no growth company isn't it? Doesn't seem that attractive to me given the risks with a single item agri business.
Automation is great but how many labour seconds per kiwifruit are there remaining to automate? It's one of those things where cutting waste/labour time 50% the first time looks great but as you keep cutting the size of the change in $ keeps shrinking.
Winner noted the share price is only up 50 something percent in 28 years. Not a very good long term hold. I think like all agri stocks it better to trade the cycles.
Quote from: Basil on May 11, 2026, 06:24 PM...
Wrapping this up with TA analysis. A very nice uptrend since last year but I also note the shares were $7 all the way back this time of year in 2018 which brings me back full circle to my concerns about this being a cyclical industry and perhaps shareholders and growers are currently riding the crest of a wave ? I hope I'm wrong and shareholders and growers do really well in the years ahead. Good luck to holders.
I think, your general assessment is quite right - this is a cyclical stock. Similar (but obviously following a totally different cycle) than e.g. HLG, TWR, TRA and many others.
Obviously - while forecasting is easy, getting it right is a chance of luck / stats, but I think that their recent improvements could bring some more good years - i.e. a higher high than the $7 you mentioned), but sure - who knows how the weather will be next summer, and when the next devastating deluge will come down in Northland?
Currently still holding (and yes, the uprising SP increases the percentage - so I might start checking to bring the percentage back to my standard 10%). But overall its a good fit to my war portfolio - and its a well managed company. Always good to hold them in the up phases :) ;
good talk last night by Seeka CEO at NZ Shareholders Assoc in Auck.
target 10% roc, aspiration is 12%.
Says they are sitting close to being of a size to make NZX50