Author Topic: RHDGF - Retail Holdings  (Read 35003 times)

writser

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Re: RHDGF - Retail Holdings
« Reply #20 on: April 01, 2015, 02:29:52 AM »
2015 annual: link .

Nothing exciting. $1 dividend announced. Look-through earnings were a bit disappointing even though revenue has been ramping up for the past few years. I have the value of listed subs + cash + note pegged at around $30 now.

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Radio Free Cash Flow

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Re: RHDGF - Retail Holdings
« Reply #21 on: April 01, 2015, 06:17:31 AM »
Middling results for 2014, but management seems pretty optimistic for 2015. Here are the chairman's comments:

"I remain optimistic about 2015 and later years.  I anticipate a marked improvement in Sri Lanka's performance, reflecting accelerating economic growth, helped by lower oil prices, an improving agriculture picture, an increase in government salaries, and an uptick in consumer confidence, as well as the launch of a major new financial services initiative.  In Bangladesh, a lot will depend on political developments, but the Company's performance should improve in any case, particularly in the second half of the year, as the Company's new refrigerator factory begins production, and other improvements now under way impact results.  Pakistan and Thailand's performance should also improve as new initiatives impact results.  I expect India to continue to grow strongly.  Revenue and profits in 2015 and later years will also benefit from the rollout of the new Cambodian business and from the Company's ongoing investment in new and renovated shops and in new products, brands and services."

writser

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Re: RHDGF - Retail Holdings
« Reply #22 on: April 01, 2015, 06:22:37 AM »
Yes, Singer Asia has been growing at a nice pace. At some point hopefully the troubles in Thailand and Bangladesh will go away and earnings will follow. By the way, a fellow forum member pointed out that I missed that Singer Bangladesh shares outstanding have increased by quite a lot since I last updated my model. Retail Holdings stake is more valuable - NAV is closer to $32.25 instead of $30 if I am correct.
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kab60

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Re: RHDGF - Retail Holdings
« Reply #23 on: April 01, 2015, 07:58:45 AM »
Did anyone see ex-dividend date? TIA
« Last Edit: April 01, 2015, 12:04:07 PM by kab60 »

lathinker

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Re: RHDGF - Retail Holdings
« Reply #24 on: April 01, 2015, 08:05:20 AM »
I see 28.43 per share excluding the notes which I exclude for conservativeness. The shares of their listed subs actually dropped quite a bit in the last few months. Calculations are attached, please let me know if you disagree.

The dividend is expected to be paid in October 2015, but I did not find a precise date. In 2014, it was 6-Oct.

LT

writser

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Re: RHDGF - Retail Holdings
« Reply #25 on: April 01, 2015, 08:47:42 AM »
When I ignore the notes I get a slightly higher number. Sewko holds $5.9m in cash and has some very small private subs (see page 5 of the AR). I believe you excluded both from your estimate.
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writser

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Re: RHDGF - Retail Holdings
« Reply #26 on: May 22, 2015, 03:34:56 AM »
NAV is currently around the $36 level according to my calculations. RHDGF price is lagging. With the discount at 45% I bought a couple of extra shares.
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writser

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Re: RHDGF - Retail Holdings
« Reply #27 on: June 05, 2015, 07:43:50 AM »
Retail Holdings sold their stake in Singer Thailand on the open market (link) and they received $4.44 per share in cash.

Quote
Commenting on the sale, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased that the Company was able to sell its entire 40% stake in Singer Thailand to Thai investors on terms that are attractive to Retail Holdings' shareholders.  While fully consistent with the Company's strategy to ultimately monetize the value of its assets, there is no immediate disposition plan for all of the Company's remaining assets.  The sale reflects the unique circumstances of Singer Thailand: the Company only had a 40% stake compared to the very much larger, majority stakes in the Company's other operations, and Singer Thailand employs a very different, direct selling business model, as compared to the retail and wholesale business models employed elsewhere.

"No decision has yet been made as to the use of proceeds, which may include a distribution to shareholders (in addition to the $1.00 per Share previously suggested), share repurchases, and/or purchases of portions or all of some of the minority stakes in the Company's continuing subsidiaries."

I like it. Management shows they are opportunistic and not desperately following the 'IPO everything' path. Hopefully they decide to return capital (either through distributions or buybacks) as I don't really see the point of buying out the minority stakes in their listed subsidiaries (unless they can do so at firesale prices). Maybe somebody else can enlighten me on why that would be a preferable scenario.
« Last Edit: June 05, 2015, 07:45:25 AM by writser »
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abitofvalue

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Re: RHDGF - Retail Holdings
« Reply #28 on: June 05, 2015, 02:24:07 PM »
Retail Holdings sold their stake in Singer Thailand on the open market (link) and they received $4.44 per share in cash.

Quote
Commenting on the sale, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased that the Company was able to sell its entire 40% stake in Singer Thailand to Thai investors on terms that are attractive to Retail Holdings' shareholders.  While fully consistent with the Company's strategy to ultimately monetize the value of its assets, there is no immediate disposition plan for all of the Company's remaining assets.  The sale reflects the unique circumstances of Singer Thailand: the Company only had a 40% stake compared to the very much larger, majority stakes in the Company's other operations, and Singer Thailand employs a very different, direct selling business model, as compared to the retail and wholesale business models employed elsewhere.

"No decision has yet been made as to the use of proceeds, which may include a distribution to shareholders (in addition to the $1.00 per Share previously suggested), share repurchases, and/or purchases of portions or all of some of the minority stakes in the Company's continuing subsidiaries."

I like it. Management shows they are opportunistic and not desperately following the 'IPO everything' path. Hopefully they decide to return capital (either through distributions or buybacks) as I don't really see the point of buying out the minority stakes in their listed subsidiaries (unless they can do so at firesale prices). Maybe somebody else can enlighten me on why that would be a preferable scenario.

Agreed.  Not sure why you would want to increase your stake in subsidiaries that you are looking ot sell anyway.  Buyback is interesting but again think a distribution is probably the best move for shareholders here.

Hielko

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Re: RHDGF - Retail Holdings
« Reply #29 on: June 07, 2015, 08:11:53 AM »
Buying a 100% stake would presumably be more attractive for many parties, and they might not want to deal with the requirements of running a public company.