FBU-Fletcher Building

[Left Field]

New CFO hire a gain for FBU and a loss for SUM??

https://www.nzx.com/announcements/436093

[winner (n)]

New CFO hire a gain for FBU and a loss for SUM??

https://www.nzx.com/announcements/436093

Going back from whence he came from .....maybe grass is greener than a few years ago

[Sideshow Bob]

Probably just working on the basis that the only way is up!!

But then again it is Fletchers.....

[BlackPeter]

I've organized quite a few friendly meetings of investors over the years at the Viaduct and have never once met a single investor who could or has even tried to make a case for holding FBU.  Almost all seem to have an opinion that management and the directors are useless.
Maybe it's only institutions that waste their money investing with these Muppets?

Can't possibly comment on your meetings and agree that FBU has an amazing history to screw things up if they can. Terrible company culture and a succession of quite inept boards and big mouthed but otherwise rather hapless CEO's. Having said that ... they used to be historically an amazing traders stock (you know - buy low and sell high ), and they are currently again quite low. But yes, still plenty of risks around, i.e. could go lower.

As well - they do have a handful of quite profitable elements (like Placemakers and various companies producing building materials) - so, the sum of the elements might be worth much more than the complete company is, which well might trigger a takeover at any time.

I would not write them off as an opportunity to make money ... and as usual, people waiting for the bell to ring before they go to table might arrive late.

Somebody stole 5 years worth of data from the long term trend below, but I guess the message is still clear: It is possible to make money with FBU if you watch the trend .. and it might well turn at the moment.

You cannot view this attachment.

[BlackPeter]

... well, this was fast

At time of posting my last post FBU was at 3.22 and struggling.

Not even 5 hours later its at 3.33, rising and all in the green ;

Told you - there are ways to make money with FBU ;

Only the sky is the limit (well, take this with a grain of salt, but I think their price currently does not reflect the opportunities the company could seize);

[snapiti]

Anyone else notice the change in rhetoric from FLetchers over the pipe issue, originally defiant saying it is all due to poor installation nothing to do with there product, they now saying they are engaged in constructive negotiations and look forward to an agreement

The smarts on here will know how profound a change in rhetoric can turn out to be

[Basil]

The Pipe issue is just going to be a large one-off extraordinary item.  Just as well we know such large, extraordinary items are extremely rare with Fletchers eh Snapper 

[winner (n)]

The Pipe issue is just going to be a large one-off extraordinary item.  Just as well we know such large, extraordinary items are extremely rare with Fletchers eh Snapper 

F24 saw solid growth in significant items .....up from $301m in F23 to $333m in F24

Takes significant items since 2009 to $2,548 billion

I'll up date table for a laugh one day

And F24 EBIT before significant items of $509m not that good compared to recents years

You cannot view this attachment.

[Shareguy]

Anyone else notice the change in rhetoric from FLetchers over the pipe issue, originally defiant saying it is all due to poor installation nothing to do with there product, they now saying they are engaged in constructive negotiations and look forward to an agreement

The smarts on here will know how profound a change in rhetoric can turn out to be

Yes. I expect 2025 to be a shocker as well. New ceo is going to want all the gremlins sorted.

[Shareguy]

F24 saw solid growth in significant items .....up from $301m in F23 to $333m in F24

Takes significant items since 2009 to $2,548 billion

I'll up date table for a laugh one day

And F24 EBIT before significant items of $509m not that good compared to recents years

You cannot view this attachment.

Great table Winner. Very sad.

[snapiti]

F24 saw solid growth in significant items .....up from $301m in F23 to $333m in F24

Takes significant items since 2009 to $2,548 billion

I'll up date table for a laugh one day

And F24 EBIT before significant items of $509m not that good compared to recents years

You cannot view this attachment.

sadly I think the pipes issue alone it going to add to the list.
Quite distasteful the contempt they treat SHers with.
12 months ago they were adamant the pipe issues was not the product in anyway, they even got their own report done and provided Shers with many pretty pictures of poorly installed pipe. At the time they were adamant it was the installers fault.
Why would they now be engaged in constructive negotiating and looking forward to an agreement??
Sounds to me like the indemnity insurers may now be involved.
 

[Ferg]

F24 saw solid growth in significant items .....up from $301m in F23 to $333m in F24

Takes significant items since 2009 to $2,548 billion

I'll up date table for a laugh one day

And F24 EBIT before significant items of $509m not that good compared to recents years

Great table winner.  Thanks for sharing.

Taking a 'helicopter view' - FBU have had $2.2b of 'extraordinary items' on EBIT of $8.3b over 15 years.  That is a long enough time slice to confirm a trend.  So fully 26% of EBIT will be consumed by supposed one off items.  Another way to look at this is the FBU share price deserves a 26% discount when looking at various profitability and pricing measures.

[snapiti]

no wonder they where looking forward to an "agreement" being reached
https://www.nzx.com/announcements/436687

[Shareguy]

Gosh it just keeps coming. FB said before these announcements that a capital raise likely.

[snapiti]

the bigger issue is BGC are just a group of home builders, much like GJ Gardner are in NZ.
The pipe issue is much broader than one home build company so expect more to jump on board if FBU lose.
I have heard this could be a $200m issue.......not sure if that is accurate.
Hopefully it does not end up like the dux quest pipe issue we had in NZ but it is sounding very similar.
FBU layers going to be very very busy including the latest commerce commission issue.
Really has gone from a mutt with fleas to a mutt with mange