GREY:VICUF - Post by User
Post by
Honestjaneon Apr 01, 2014 11:44am
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Post# 22395593
What now
What nowOk, some varied analyst recommendations. Be careful about backlog numbers which have never been reported in notes before. Remember last year Westeel was transitioning the Viterra sale of retail outlets and there was a 'temporary' shift in sales patterns in the first half. Westeel sales were $25M lower in 1H 2013 than 2012. This would mean Q4 backlog for Westeel would have been lower Q4 2012. 2013 backlog is about $25M higher than 2012 which would suggest buying patterns are back to normal. It would be interesting to see what Q4 2011 backlog was for comparison to 2013.
SG&A is too high considering they have not had any sustained growth since 2008. And the debt investment since 2010 has not returned.
Cheers.