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  #1 (permalink)  
Old 31st March 2008, 09:55 AM
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Default Vitafoam Plc

hello Hispy99, Pumping, Newton et al

I need your help on this one. I am considering accumulating shares in this company and would like your views/ analysis on it.
I know they reported a good first quarter result with PAT growing by 35% over last year.
What's your take
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Old 31st March 2008, 01:39 PM
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Quote:
Originally Posted by Apache View Post
hello Hispy99, Pumping, Newton et al
I need your help on this one. I am considering accumulating shares in this company and would like your views/ analysis on it.
I know they reported a good first quarter result with PAT growing by 35% over last year.
What's your take
As it is i think its a pretty cool buy (u can set entry for N11)

Fundmt:
current eps is 37k and at modest growth could do 55k by sep08 hence a 4ward PE of 20 whc is quite good (current state of the NSE), also they'v bein consistently with div payout and seem to be quite on top of their workin capitl issues.

Sector:
Currently it is in a sector that boast of a N60 stock, whc pays abt same div as VF, also there are quite a number of stocks doing abt N20. I think in this light the stock mite push up goin 4ward to reflect its status in the sector. (somewhr around alum man/boc gases)
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Old 31st March 2008, 06:03 PM
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Quote:
Originally Posted by newton View Post
As it is i think its a pretty cool buy (u can set entry for N11)

Fundmt:
current eps is 37k and at modest growth could do 55k by sep08 hence a 4ward PE of 20 whc is quite good (current state of the NSE), also they'v bein consistently with div payout and seem to be quite on top of their workin capitl issues.

Sector:
Currently it is in a sector that boast of a N60 stock, whc pays abt same div as VF, also there are quite a number of stocks doing abt N20. I think in this light the stock mite push up goin 4ward to reflect its status in the sector. (somewhr around alum man/boc gases)
Although, am not a guru, I agree with Newton.

However Apache you may do more research just to be double sure.

Good Luck.
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Old 1st April 2008, 12:19 PM
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Quote:
Originally Posted by Apache View Post
hello Hispy99, Pumping, Newton et al

I need your help on this one. I am considering accumulating shares in this company and would like your views/ analysis on it.
I know they reported a good first quarter result with PAT growing by 35% over last year.
What's your take
@Apache,

I have a forward PE of around 20 for the company. However, from their 2008 Q1 result, I expect growth to slow down from the 60% YoY PAT growth acheived in FYE 2007. I do not have 2007 Q1 results, but the N121M PAT implies a N484M PAT for FYE 2008 (I looked at their historical results and I do not think their business is seasonal). This means approx 11% PAT growth for 2008, although I think they should be able to do better than this, maybe 25%? If we assume a 25% growth in 2008, then the PE drops to 18x. If we assume that a PEG of 1 assumes fair valuation, then we are looking at a forward price of around N15 for VITA, not much room for appreciation.

However, if they grow PAT at the same level as last year, then my analysis is way off. Also, I must admit that I do not know a lot about their business, so it's possible that they have something cooking somewhere (it is times like this that I miss being a relationship manager at my former bank, you tend to know what is going on in different companies/industries). By the way, I was in naija (lagos) last year November and all I saw on the island was construction, construction and more constrution. If there is so much construction going on, why is VITA's growth slowing down, abi na "eni" (mat) people dey sleep after dem don take N50 million build house?

If I have spare cash, I would most likely buy (my gut feeling tells me that there might be at least a 30-40% appreciation before the year runs out), inspite of all the PEG I quote above .


my 2 kobo
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Last edited by hispy99; 1st April 2008 at 12:22 PM.
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  #5 (permalink)  
Old 28th May 2008, 03:31 PM
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With today's result, This is a buy for me. However, considering that the result didn't push up the price today, means the price might still come down a bit
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Old 28th May 2008, 04:13 PM
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Quote:
Originally Posted by Apache View Post
With today's result, This is a buy for me. However, considering that the result didn't push up the price today, means the price might still come down a bit
Apache,

Though old, it might be useful

http://www.meristem.com.ng/fileuploa...ERIA%20PLC.pdf
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Old 28th May 2008, 05:17 PM
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Quote:
Originally Posted by Apache View Post
With today's result, This is a buy for me. However, considering that the result didn't push up the price today, means the price might still come down a bit

I cannot but agree with ya
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Old 28th May 2008, 05:55 PM
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Quote:
Originally Posted by Apache View Post
With today's result, This is a buy for me. However, considering that the result didn't push up the price today, means the price might still come down a bit
Apache, what result please?
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Old 28th May 2008, 06:52 PM
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Quote:
Originally Posted by prince dagbolu View Post
Apache, what result please?
VITAFOAM NIGERIA PLC
UNAUDITED RESULTS FOR HALF YEAR ENDED 31ST MARCH 2008

2008 2007
TURNOVER N4.107b N2.844b
PROFIT BEFORE TAXATION N438.254m N304.492m
TAXATION (N140.241m) (N97.437m)
PROFIT AFTER TAXATION N298.013m N207.055m
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Old 29th May 2008, 06:44 PM
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Quote:
Originally Posted by Apache View Post
VITAFOAM NIGERIA PLC
UNAUDITED RESULTS FOR HALF YEAR ENDED 31ST MARCH 2008

2008 2007
TURNOVER N4.107b N2.844b
PROFIT BEFORE TAXATION N438.254m N304.492m
TAXATION (N140.241m) (N97.437m)
PROFIT AFTER TAXATION N298.013m N207.055m
Thanks Apache. I shall hold on to my Vitaform.
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  #11 (permalink)  
Old 30th May 2008, 04:18 AM
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This story was earlier this year, but the issues discussed are still relevant.

Poor infrastructure bane of Nigeria’s industrial growth – Dr Makanjuola, MD, Vitafoam

The Sun News Online | Money

@Apache/Prince, I was also made to understand at the sister thread that there is an influx of cheap,, better quality matresses from Cameroun.
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Last edited by hispy99; 30th May 2008 at 04:21 AM.
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  #12 (permalink)  
Old 30th May 2008, 08:35 PM
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Afrinvest's take on VITA
Attached Files
File Type: pdf Vitafoam H1 2008 Earnings Update.pdf (31.9 KB, 70 views)
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  #13 (permalink)  
Old 4th June 2008, 01:47 PM
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Default My own take

Vitafoam has not been able to manage their costs effectively as there has been no significant change in the operational margin ratio. The profit before tax has grown at the same rate as the turnover; they may run into problems if there is a sudden drop in turnover, which is quite possible as there are many importers of foam in the country, which are cheaper because of the high cost of production here. The only cheery news is that they have been able to grow their turnover at a steady rate of 47% per quarter for the past five quarters.

The question is, can the earnings be sustained? If Vitafoam can manage their costs more effectively, it will be an investor delight.
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Old 4th June 2008, 06:07 PM
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Quote:
Originally Posted by knightofdelta View Post
The profit before tax has grown at the same rate as the turnover; they may run into problems if there is a sudden drop in turnover, which is quite possible as there are many importers of foam in the country, which are cheaper because of the high cost of production here. The only cheery news is that they have been able to grow their turnover at a steady rate of 47% per quarter for the past five quarters.

The question is, can the earnings be sustained? If Vitafoam can manage their costs more effectively, it will be an investor delight.
In every market there is competition. Vitafoam has been able to grow their Profit despite the many importers of foam. I foresee great prospect in this coy.
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Old 5th June 2008, 05:49 PM
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In every market there is competition. Vitafoam has been able to grow their Profit despite the many importers of foam. I foresee great prospect in this coy.
Yes, I know but you are not getting my point. They are presently struggling with rising cost of goods and cost of sales; they have not been able to control costs. That means their bottomline is riding on the coattails of their turnover. It is like riding a bicycle with one tyre.. what do you call it now? Monocycle? The equilibrium can topple at anytime.

It is usually better to grow turnover and at the same time reduce cost of operations. Betting on the fact that they wil continue to increase their turnover is a gamble.

That is my personal opinion. I invest in fundamentally strong companies but at the same time, I prefer those that have everything going for them.
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Old 7th June 2008, 07:35 PM
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Just when I thought this stock would make me proud by going for the bulls, it just decided to go bearish. Anyway this stock is strong fundamentally and I dont mind holding it for 2 years.
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Old 14th June 2008, 03:52 AM
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Maybe I am wrong but at todays price of 11.68, I don't believe Vitafoam is Cheap. I won't buy it above 9.40 at the present time
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Old 28th August 2008, 01:14 PM
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Default Re: Vitafoam. Is it a good buy?

Vitafoam Nigeria Plc
3rd Quarter Result Ended 30/06/08
2008 2007
Turnover N5.97b N4.43b
Profit Before Taxation N580.1m N445.4m
Taxation (n185.63m) (n142.55m)
Profit After Txation N394.48m N302.93m
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Old 28th August 2008, 04:12 PM
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Default Re: Vitafoam. Is it a good buy?

Quote:
Originally Posted by riskreturn View Post
Vitafoam Nigeria Plc
3rd Quarter Result Ended 30/06/08
2008 2007
Turnover N5.97b N4.43b
Profit Before Taxation N580.1m N445.4m
Taxation (n185.63m) (n142.55m)
Profit After Txation N394.48m N302.93m
within expectations
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Old 29th August 2008, 02:19 AM
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Default Re: Vitafoam. Is it a good buy?

Quote:
Originally Posted by Apache View Post
within expectations
not in my own books o...they had better perform in Q4....or else
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