HLG - Hallenstein Glassons Holdings

[Pierre]

Good on Pierre
Off topic, but what is the attraction of Bali for a retired couple (without knowing your age) - never been myself

A great place to escape the Hawke's Bay winter. We love Bali's warm climate, affordable luxury, great beaches, excellent restaurants, friendly people and low cost of living. We spend a month there each year.

[Basil]

Don't forget H125 they reported a 'flat' result so we should be expecting something better this time around.

H125 Glassons AU sales were up 16% on pcp. Group sales in NZ were basically flat.

This H126 expect Glassons AU to continuing growing but I'd expect Group sales in NZ to be up 6%/7%. So your 7%-8% is going to be 11%/12% I reckon

Bring it on

Hope you're right mate.  Got any plans for your huge dividend on Friday ? Maybe get your dogs some treats and new toys ? No doubt your family will also appreciate extra Christmas presents this year too.

[Dolcile]

Looking forward to the ASM docs being lodged shortly... hopefully

[Basil]

I am going to Christchurch to attend the meeting. I'm keen to meet the board members and join them in enjoying the positive update we are about to receive.
If the SP drops after it goes ex-div, I don't think it will stay down for very long.

Good effort going from Hawkes Bay to attend a Chch meeting...would not have been cheap.  Hope you're having a good time and I'm looking forward to you sharing any interesting anecdotes from your discussions with management and the board later today when you you get a chance.  Same for you Lorriana.

I'm a bit surprised meeting announcements haven't already been released to the market considering they will include price sensitive information including sales update for FY26.  Was the same last year, info not released to the market until 9.56 a.m.  I could have slept in a bit longer this morning if I was aware of that lol

[Dolcile]

I'm a bit surprised meeting announcements haven't already been released to the market considering they will include price sensitive information including sales update for FY26.  Was the same last year, info not released to the market until 9.56 a.m.  I could have slept in a bit longer this morning if I was aware of that lol

I just checked last year, and the info was released at 9.56am

[Dolcile]

Group sales up 13.8%   

[Basil]

WOW FY26 is off to a flying start !   Very happy with that !

[winner (n)]

My 5 period seasonality model predicts full year sales will be $518m with a confidence level of 95% - that's nearly $50m more than F25. At 60% GM that = $30m higher gross margin

WOW indeed

[Basil]

Warren Bell   https://api.nzx.com/public/announcement/464282/attachment/458633/464282-458633.pdf
James Glasson https://api.nzx.com/public/announcement/464282/attachment/458634/464282-458634.pdf
James McLauchlan https://api.nzx.com/public/announcement/464282/attachment/458634/464282-458634.pdf

I'm especially impressed with James Glasson's approach of steady sustainable growth and wanting to protect the brand and be there for at least another 100 years.  I really like the way these guys are going about steadily growing the business in a low risk way.

Disc: Topped up with a few more this morning  My #1 investment position.

[Dolcile]

I was surprised someone was willing to sell me HLG this morning at $9.27.  Seems like a Christmas bargain

[Basil]

This H126 expect Glassons AU to continuing growing but I'd expect Group sales in NZ to be up 6%/7%. So your 7%-8% is going to be 11%/12% I reckon
Bring it on

You were close with your 11-12% mate.  13.8% sales growth YTD exceeded both our expectations !
James Glassons talk of the RFD efficiencies and the new efficiencies from one 7000 sq m warehouse distrbution location instead of 3 buildings totaling 3500 sq meters sounds great.  Doubling the distribution warehouse space gives a very interesting signal about future growth plans and adding automated picking technology too.

[Ferg]

One of those shareholder questions was not like the others.......lol

[Dolcile]

One of those shareholder questions was not like the others.......lol

Spill...?

[Ferg]

Spill...?

One shareholder took issue with the way the Chairman addressed female Directors & Management versus males.....something he needs to think about......

[Basil]

13.8% YTD sales growth compares to 9.6% average YTD sales growth announced at the annual meeting for the last 6 years.
Impressed with the experience of board members.
Interesting.  Analyst market consensus is for sales growth in FY26 of 7.35% but its growing YTD @ 13.8%.  Analyst upgrades coming after their half year guidance update in February ?  17% EPS growth forecasted by analysts this year but top line sales growth YTD is growing at nearly double the expected rate. Hmmm  Forward FY26 PE only 12 at $9.30.  PEG ratio based on current forecasted growth in EPS is only 0.7 !  My goodness, with the very long runway of growth in Australia its the perfect GARP stock.
https://www.marketscreener.com/quote/stock/HALLENSTEIN-GLASSON-HOLDI-6495564/consensus/