v2 Report
MOW Mowbray Collectables Limited

Commentary: 

Mowbray Collectables Limited (MOW) is a group of companies in the collectibles business: J R Mowbray (Philatelist), John Mowbray International, Stanley Gibbons (Australia) Pty Ltd, House of Stamps, Tokelau Philatelic Bureau, WWF Stamp Programme, Peter Webb Galleries Ltd - Webb's, Bethunes at Webb's, Bonhams & Goodman. (from the website: company profile)

Highlights from the recent full year profit announcement include the following; the inaugural Bonhams & Goodman auction in Melbourne was delayed thereby delaying the receipt of some 200k of revenues. Also the Peter Webb gallery sale was deferred to April (outside of the 31 March reporting year). The group also adopted IFRS: “Mowbrays adopted the new International Financial Reporting Standards from April 1 this year, which could add up to $560,000 to their profits each year.” (AGM address). Thus there may be a boost to the 31 March 08 year relative to the 31 March 07 year financial performance.

In terms of the 31 March 07 year, revenue was slightly up on the previous year; however other costs lead to the NPAT falling to half of the previous year, continuing what appear to be low levels of profitability. Indeed ROE/ROA and net profit margin were not good; however dividend payments were nonetheless able to produce a gross dividend yield about 3%. The net asset figure over the past 3 years has been on the decline. The only positive is the liquidity situation – while the company is producing poor financial performance it has a strong liquidity profile and interest coverage level.

Going forward the statements made in the FY 07 announcement and the 07 AGM, would indicate that all else being equal there may be a boost to the bottom line. This would be a step in the right direction as currently the financials point to a poorly performing company…

By Callum Thomas

4-September-2007

Website: http://www.mowbraycollectables.co.nz/

Recent announcements: click here

IPOs and Investment Opportunities

Financials 

Statement of Financial Performance
	2007	2006	2005	2004
Revenue
Sales	4,464,653	4,145,754	3,592,140	4,073,493
Interest received	22,179	35,073	20,363	20,772
Other	-	-	-	-
Total Revenue	4,486,832	4,180,827	3,612,503	4,094,265
Expenses
Cost of sales	4,117,031	3,785,407	3,370,949	3,726,869
Other expenses	-	-	32,822	-
EBITDA	369,801	395,420	208,732	367,396
Depreciation	28,357	26,331	30,566	31,903
Amortisation	160,719	160,719	164,006	167,292
EBIT	180,725	208,370	14,160	168,201
Interest expense	44,276	45,109	12,767	891
Taxation	97,933	99,990	62,761	103,438
NPAT	38,516	63,271	(61,368)	63,872
Statement of Financial Position
	2007	2006	2005	2004
Assets
Current Assets
Bank and cash	214,080	555,905	377,216	803,773
Receivables	843,933	1,104,474	1,045,706	843,392
Inventory	1,800,137	1,567,857	1,274,441	1,418,181
Other	4	29,501	118,097	(14,630)
Total Current Assets	2,858,154	3,257,737	2,815,460	3,050,716
Non Current Assets
Property Plant & Equipment	116,701	81,022	95,668	107,793
Investments	1,763,591	2,235,565	2,499,695	1,175,444
Goodwill	535,753	696,472	857,191	1,059,519
Other	122,394	81,846	41,743	44,445
Total Non Current Assets	2,538,439	3,094,905	3,494,297	2,387,201
Total Assets	5,396,593	6,352,642	6,309,757	5,437,917
Liabilities
Current Liabilities
Payables	1,069,591	1,330,443	915,169	984,983
Short term borrowings	139,811	139,811	250,000	-
Other	2,233	4,136	255,293	215,037
Total Current Liabilities	1,211,635	1,474,390	1,420,462	1,200,020
Non Current Liabilities
Long-term Borrowings	278,353	2,234	-	-
Other	112,500	376,611	6,370	-
Total Non Current Liabilities	390,853	378,845	6,370	-
Total Liabilities	1,602,488	1,853,235	1,426,832	1,200,020
Net Assets	3,794,105	4,499,407	4,882,925	4,237,897
Statement of Cashflows
	2007	2006	2005	2004
Cash flows from operating activities
Operating revenues	4,944,999	4,157,112	3,786,819	4,075,571
Operating expenses	4,626,954	4,061,260	3,451,253	3,785,848
	318,045	95,852	335,566	289,723
Cash flows from investing activities
Inflows	-	699,998	23,000	-
Outflows	64,036	633,974	1,850,965	47,177
	(64,036)	66,024	(1,827,965)	(47,177)
Cash flows from financing activities
Inflows	-	248,805	1,514,839	-
Outflows	569,405	297,128	421,154	321,005
	(569,405)	(48,323)	1,093,685	(321,005)
Net Increase (decrease)	(315,396)	113,553	(398,714)	(78,459)
Opening cash	529,476	442,352	775,930	882,232
Closing cash	214,080	555,905	377,216	803,773
	Analysis
Per share figures
Dividend/shares	0.05	0.03	0.04	0.04
NPAT/shares (EPS)	0.00	0.01	(0.01)	0.01
EBITDA/shares	0.04	0.04	0.02	0.04
Net Assets/shares	0.38	0.46	0.49	0.47
Profitability
ROA	0.71%	1.00%	-0.97%	1.17%
Equity multiplier	1.4	1.4	1.3	1.3
ROE	1.02%	1.41%	-1.26%	1.51%
ROavgE	0.93%	1.35%	-1.35%	-
Net profit margin	0.86%	1.51%	-1.70%	1.56%
Liquidity
Net working capital	1,646,519	1,783,347	1,394,998	1,850,696
Current ratio	2.36	2.21	1.98	2.54
Quick ratio	0.87	1.15	1.08	1.36
Working capital ratio	0.31	0.28	0.22	0.34
Capital structure
Debt to equity	0.42	0.41	0.29	0.28
Interest coverage	4.08	4.62	1.11	188.78
Shares	9868714	9868714	9868714	8978714
Dividends paid	492082	297128	404042	314312
Dividend payout ratio	1278%	470%	-658%	492%
Growth rates
Revenue	7.32%	15.73%	-11.77%
EBITDA	-6.48%	89.44%	-43.19%
NPAT	-39.13%	-203.10%	-196.08%
Total assets	-15.05%	0.68%	16.03%
Net assets	-15.68%	-7.85%	15.22%
g = (ROE*(1-DPR))	-11.95%	-5.20%	-9.53%	-5.91%
Other
Share price (31-August-07)	$           1.65	Avg 4 yr growth rate (NPAT)		-146.10%
Market cap	$ 16,283,378	Cmpdg 4 yr growth rate (NPAT)		-11.88%
Enterprise value (EV)	$ 17,885,866	Avg 4 yr growth rate (NA)		-2.77%
EV/EBITDA	48.37	Cmpdg 4 yr growth rate (NA)		-2.73%
P/E Ratio	422.77
P/NA ratio	4.29
Dividend yield	3.02%
Earnings yield (E/P)	0%

Company balance date: 31 March

Trading over the last year

 

Supplementary Information

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