STU - Steel & Tube Holdings

Basil · Aug 25, 2025, 10:23 PM

Fantastic. Need some really big price drops this year. This well proven strategy has created vast wealth for WHS shareholders, so what could possibly go wrong

seaweed · Aug 26, 2025, 12:05 AM

Quote from: Basil on Aug 25, 2025, 10:23 PMFantastic. Need some really big price drops this year. This well proven strategy has created vast wealth for WHS shareholders, so what could possibly go wrong

Was quite surprised there wasn't that many sellers on open, so took advantage and sold out my holding at 70c and broke even. Bought more SKT and FSF throughout the day. They doing very well the last few months.

Shareguy · Aug 26, 2025, 06:45 AM

It was bad, very bad.

EBIT loss for 2H25 was $11.9m (vs. -$9.5m in 1H). Against a challenging economic backdrop they say, not a loss in market share..... Gross margin per tonne continued to deteriorate down the tube, due to the competitive market pricing environment they say. Finished the year down 24% (-18% in 1H25). With Perry Metal Protection acquired for c.$43m in May-25 (70% debt funded), STU's net debt position at 30 June was $36.3m, down from net cash of $8.7m in the pcp. Yes the cash is gone, as has the divi.

They say it's going to improve.......

winner (n) · Aug 26, 2025, 07:46 AM

Quote from: Shareguy on Aug 26, 2025, 06:45 AMIt was bad, very bad.

EBIT loss for 2H25 was $11.9m (vs. -$9.5m in 1H). Against a challenging economic backdrop they say, not a loss in market share..... Gross margin per tonne continued to deteriorate down the tube, due to the competitive market pricing environment they say. Finished the year down 24% (-18% in 1H25). With Perry Metal Protection acquired for c.$43m in May-25 (70% debt funded), STU's net debt position at 30 June was $36.3m, down from net cash of $8.7m in the pcp. Yes the cash is gone, as has the divi.

They say it's going to improve.......

Still have $50m spare facility with bank to buy a new toy .....they come cheap at bottom of cycle eh

Clearasmud · Aug 26, 2025, 11:20 PM

My worst ever NZ stock.
I don't know how the board can look at themselves the mirror.
FBU offered from memory $1.70 a share and they seemed to laugh it off.

winner (n) · Oct 01, 2025, 01:44 PM

August building consents not that good. Westpac man says 'signs of stabalising' so suppose that goods new

Non-residential numbers a bit dismal .... Year to August floor area consented down 6% on pcp but August month down 40% on August last year

Any recovery long way off methinks

BlackPeter · Oct 03, 2025, 09:32 AM

Quote from: winner (n) on Oct 01, 2025, 01:44 PMAugust building consents not that good. Westpac man says 'signs of stabalising' so suppose that goods new

Non-residential numbers a bit dismal .... Year to August floor area consented down 6% on pcp but August month down 40% on August last year

Any recovery long way off methinks

So - will they drop in the current downtrend under the 2020 low (I think 47.5 cents ...), or is this just the next higher minimum and overall a slow move upwards?

So hard to predict the road into the future based on looking into the rear mirror.

How do we think the future will look?

entrep · Oct 03, 2025, 10:09 AM

I'm calling a bottom in the housing market and construction here, and also in STU.

Shareguy · Oct 03, 2025, 10:31 AM

Quote from: entrep on Oct 03, 2025, 10:09 AMI'm calling a bottom in the housing market and construction here, and also in STU.

Yes and Yes and I think we are close. No insider buying yet...........

Cod · Oct 03, 2025, 01:42 PM

Chart following a predictable pattern, if a good result it will bounce hard, mediocre result will drift out of the capture triangle, bad result it will head to ATL at 47.5c and next earnings result.
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winner (n) · Oct 22, 2025, 08:00 AM

STU's ASM today so should get an update on how F26 going

No doubt Mark will remind us it's tough out there but full of optimism with billions and billions of work coming up in NZ

Poet · Nov 06, 2025, 10:59 AM

FMA Launches prosecution for Market manipulation

https://www.fma.govt.nz/news/all-releases/media-releases/market-manipulation-for-stu-shares/

LoungeLizard · Nov 06, 2025, 11:24 AM

Quote from: Poet on Nov 06, 2025, 10:59 AMFMA Launches prosecution for Market manipulation

https://www.fma.govt.nz/news/all-releases/media-releases/market-manipulation-for-stu-shares/

I suspect this goes on quite a bit in little old NZ, particularly in low volume stocks.

Shareguy · Nov 21, 2025, 08:34 AM

FB downgraded to sell at $.60. Buying Perrys has left STU with a leveraged balance sheet at the bottom of the cycle and paid far too much.

Industry contacts say that things are not good there. They keep running out of key items and often they can't supply the whole order of products forcing customers to deal with competitors. They are no longer a specialist supplier.

The long-held acquisition strategy has been a failure. Lose business overtime to a competitor buy the competitor then key staff leave and so do the customers. Rinse and repeat.

winner (n) · Nov 22, 2025, 08:01 AM

Quote from: Shareguy on Nov 21, 2025, 08:34 AMFB downgraded to sell at $.60. Buying Perrys has left STU with a leveraged balance sheet at the bottom of the cycle and paid far too much.

Industry contacts say that things are not good there. They keep running out of key items and often they can't supply the whole order of products forcing customers to deal with competitors. They are no longer a specialist supplier.

The long-held acquisition strategy has been a failure. Lose business overtime to a competitor buy the competitor then key staff leave and so do the customers. Rinse and repeat.

Pretty damning report Guy, especially from one who has been generally pretty positive about them (and loyal)

I've heard much the same