FYFFES

pirelli

Fyffes which is rated as an outperform, is set to out perform even the analysts. What do people think of this company.




June 26th

Irish independent : business

Fyffes climbs as company lifts 2009 earnings target

Fyffes rose as much as 15 percent in Dublin trading after increasing its 2009 earnings forecast.

Earnings before interest and tax will be between €16 million and €20 million, compared with a previous target of €14 million to €18 million, the Dublin-based company said in a regulatory statement today.

“This must be a first for an Irish company in at least two years,” analyst Joe Gill at Bloxham Stockbrokers in Dublin said in a note. He has a “buy” rating on the stock.

TTNYWWBM

At last something other than bloomin banks...

Closing at 0.31 today, IMO a bit below a fair valuation, so yep I agree with the 'buy' Bloxham rating. Disregard Reuters ratings on any stock btw its usually whacked! I never pass any heed to these 'ratings' any way, I suss the company out myself

It's a solidly performing company, which I've dabbled with a few trades in the past always making a nice few points. Can be slow-ish mover though, not a day trading stock really. Few trades in the day usually. Today only about a 70 trades. Mostly buys in today's trading a lot of buys at .30 lots of blocks of 14,000 shares.

See attached showing most of today's trading...

pirelli

TTNYWWBM wrote: »

At last something other than bloomin banks...

Closing at 0.31 today, IMO a bit below a fair valuation, so yep I agree with the 'buy' Bloxham rating. Disregard Reuters ratings on any stock btw its usually whacked! I never pass any heed to these 'ratings' any way, I suss the company out myself

It's a solidly performing company, which I've dabbled with a few trades in the past always making a nice few points. Can be slow-ish mover though, not a day trading stock really. Few trades in the day usually. Today only about a 70 trades. Mostly buys in today's trading a lot of buys at .30 lots of blocks of 14,000 shares.

See attached showing most of today's trading...

Thanks TTNYWWBM, thats still alot of interest and shows that its got a resistance....

My biggest concern is after the USA job results IMO it has caused alot of nervous people and i am concerned that we are now going to see a W shaped recession.

ranger4

pirelli wrote: »

Thanks TTNYWWBM, thats still alot of interest and shows that its got a resistance....

My biggest concern is after the USA job results IMO it has caused alot of nervous people and i am concerned that we are now going to see a W shaped recession.

I believe a W shaped recession is looking Likely possibly even surpassing march lows.

Raskolnikov

It's run by one of the McCann brothers, who has done nothing but wrong while at the helm (Worldoffruit.com, Blackrock Land, etc). If that wasn't bad enough, he's paying himself a ridiculous salary with lots of lovely bonuses and stock options for his terrible performance. At the moment the company looks in decent shape (huge cash pile), but don't discount the ability of McCann to fúck things and blow the cash, again.

pirelli

Raskolnikov wrote: »

It's run by one of the McCann brothers, who has done nothing but wrong while at the helm (Worldoffruit.com, Blackrock Land, etc). If that wasn't bad enough, he's paying himself a ridiculous salary with lots of lovely bonuses and stock options for his terrible performance. At the moment the company looks in decent shape (huge cash pile), but don't discount the ability of McCann to fúck things and blow the cash, again.

I think you being unfair. Fyffes have expanded and Fyffes and now dominates 40 % of the market in the USA. Fyffes have purchased a variety of fruit distribution companies.

The first year in Blackrock was of course a roaring success but it was naive not to forsee the property slump. I worked in construction in 2005 and was more than aware of the impending wind down of the construction and subsequently property industry.

The only criticism really is that Fyffes were to slow to get into the property market when it was taking off it in the first place and not quick enough to get out when it was unwinding.

Fyffes must be doing it right because they are making good profits and expanding.

ixus

Raskolnikov wrote: »

It's run by one of the McCann brothers, who has done nothing but wrong while at the helm (Worldoffruit.com, Blackrock Land, etc). If that wasn't bad enough, he's paying himself a ridiculous salary with lots of lovely bonuses and stock options for his terrible performance. At the moment the company looks in decent shape (huge cash pile), but don't discount the ability of McCann to fúck things and blow the cash, again.

You'll have to show a little evidence to back up that statement Raskolnikov.

Raskolnikov

ixus wrote: »

You'll have to show a little evidence to back up that statement Raskolnikov.

I thought I just did?

McCann is running a tropical fruit importing/exporting business. What possibly made him think that he could he could expand the company into e-commerce and property development? The fact that Fyffes have lost tens of millions on these foolish ventures rather vindicates my position.

Raskolnikov

pirelli wrote: »

The only criticism really is that Fyffes were to slow to get into the property market when it was taking off it in the first place and not quick enough to get out when it was unwinding.

Totally disagree.
The property assets that Fyffes had were a legacy of the older operations of the company. What should have been done, was that the surplus land and buildings should have been sold while the market was booming, and the profits either reinvested in the core banana operation or re-distributed to shareholders as a dividend.

McCann took another route though. Deciding that he had the Midas touch in property development and went on a global splurge, using the existing owned properties as leverage to snap up property all over Europe at the top of the market. Terrible, terrible decision, which has now come back to haunt Blackrock and possibly leave them insolvent.

TTNYWWBM

Raskolnikov wrote: »

Totally disagree.
The property assets that Fyffes had were a legacy of the older operations of the company. What should have been done, was that the surplus land and buildings should have been sold while the market was booming, and the profits either reinvested in the core banana operation or re-distributed to shareholders as a dividend.

McCann took another route though. Deciding that he had the Midas touch in property development and went on a global splurge, using the existing owned properties as leverage to snap up property all over Europe at the top of the market. Terrible, terrible decision, which has now come back to haunt Blackrock and possibly leave them insolvent.

I agree with you to a point. The recession caught some of the biggest businesses on the hop, saying that they should have sold is a bit of 20:20 hindsight. But still fair enough, most shrewd investors will sell when anything is 'over the crest of the hill'!

When a company like Fyffes is faced with excess profits, rather than having them taxed, their strategy was to diversify into another growing sector, in this case property was their decision. Shareholders of Fyffes got free shares in Brock IL when it started agreed property should have been sold when prices started to fall, perhaps some dividend to keep shareholders sweet, but to buy more property when the prices have fallen as low as they can go.

I wouldn't be so quick as to say B8L is heading towards insolvency, that's rather a rash comment! While the value of the property is dropped, they still have substantial rental income. But if the recession gets worse maybe.

The whole property game at their level seems like the 'clippings of tin' profits compared to their running costs! Indeed the whole idea in property is to sell on at a profit and/or improve the property before selling. Now with property values plummeting and rents getting 'haircuts' :eek: Y'all I personally wouldn't invest a red cent! (In Brock Int Land)

pirelli

TTNYWWBM wrote: »

I agree with you to a point. The recession caught some of the biggest businesses on the hop, saying that they should have sold is a bit of 20:20 hindsight. But still fair enough, most shrewd investors will sell when anything is 'over the crest of the hill'!

When a company like Fyffes is faced with excess profits, rather than having them taxed, their strategy was to diversify into another growing sector, in this case property was their decision. Shareholders of Fyffes got free shares in Brock IL when it started agreed property should have been sold when prices started to fall, perhaps some dividend to keep shareholders sweet, but to buy more property when the prices have fallen as low as they can go.

I wouldn't be so quick as to say B8L is heading towards insolvency, that's rather a rash comment! While the value of the property is dropped, they still have substantial rental income. But if the recession gets worse maybe.

The whole property game at their level seems like the 'clippings of tin' profits compared to their running costs! Indeed the whole idea in property is to sell on at a profit and/or improve the property before selling. Now with property values plummeting and rents getting 'haircuts' :eek: Y'all I personally wouldn't invest a red cent! (In Brock Int Land)

Lets hope they have some property in britain, Property market in britain will have bottomed out and there is sentiment that the british economy will begin positive growth as soon as next year.