Mainfreight Investor Facts @MainfreightFact

"if Trump gets in then he'll throw 10% Duty on All Imports into America that will impact import volumes into America so you we'll see an earlier Peak where people will try and move before that occurs" Don Baird, Mainfreight 2024 Annual Meeting. $MFGHF youtube.com/watch?v=3N1Pou…

Mainfreight 2024 Annual Meeting! youtu.be/3N1Pouj3aKk?si…

Mainfreight held their annual meeting last week and will probably be posting a recording to their YouTube channel soon as they've done in the past. You can subscribe to their channel here: youtube.com/@mainfreight?s… $MFT $MFGHF

Annual report out

Mainfreight rewards bonuses based on last year's profit. Despite going from peak and normalizing, Mainfreight will reward less (~68% less) in bonuses. About $25M. They're in it together mentality. $MFGHF $MFT

"We are satisfied with the momentum and progress in New Zealand and Australia, but remain disappointed with our performances in Asia, USA and Europe, where our market share remains small." More of the same. Looking to see improvement in those areas. $MFGHF $MFT

Conclusion: Earnings appear to be normalizing, but more of the same for value creation. Mainfreight lives (imo thrives) another year on the way to 100.

Their balance sheet grew tangible and non-receivable worth from ~800m to ~900m while also producing ~200m in dividends. Roughly a 33% ROI.

"Branch network has increased by 6 to 337 branches" is evident from their balance sheet. Long-term, tangible assets increased, with long-term debt (mainly lease liabilities) moving in tandem. Also, a likely insignificant decrease to current liabilities. All else about the same.

Mainfreight saw total revenue, operating income, and net profit decrease substantially which was a predicted outcome from normalizing off of 2022/2023 peaks. The biggest whack came from transport costs. $MFGHF $MFT

Full year results are out. Analysis to come! Quick notes: - Numbers have declined from prior years since peak volumes in 2022 and 2023, but in line with their expectations. - The CFO is retiring after 30 years - Dallas, TX investor day on October 7th nzx.com/announcements/…

Mainfreight doesn't post job descriptions with their postings. They want employees (the team) to work outside boundaries of a specific position. They also don't hire anyone that they can't see becoming a branch manager. $MFGHF $MFT

"As one director put to us really succinctly a couple of years ago, 'A box is a box. It's what we do inside the box that's strategically different for our customers.'" - Don Baird '22 Annual Meeting youtube.com/watch?v=y0kjRv…

Bruce Plested has waived director fees since 2014 $MFT $MFGHF

Air & Ocean Forwarding makes up most of the Revenues and Profit Before Tax (PBT). $MFT $MFGHF

Most of Mainfreight's Revenues come from The Americas. The lowest percentage is attributed to Asia. $MFT $MFGHF

Don Braid, CEO, has said that he likes partnering with business in industries like food which he believes are more recession proof. They way he sees it, "people still have to eat." amzn.to/3xbxxAM

The top 3 shareholders of Mainfreight are: 1) Bruce Plested ~15% 2) Fisher Funds Management Ltd ~5% 3) Don Braid ~3% $MFT $MFGHF

During the 2008 global recession Bruce Plested said they were waiting for a recession. He feels it's a healthy phase for the economy to go through to weed out the weeds and it gives Mainfreight the ability/opportunity to cut fat out and gain market share. amzn.to/43s0rIM

The Spectator Index @spectatorindex

2 years ago

BREAKING: New Zealand enters recession

332 2K 10K 2.3M 371

In the '80s New Zealand was struggling with high inflation & interest rates. Mainfreight came up with stunning ways to save money. They gave their annual tax check to the gov't via a non descript, ratty envelope deposited to a rural post box on tax day. They saved NZ$33k $MFGHF