TGR

[galumay]

TGR is a holding that I have not previously written much about, bought them when I felt the market had mispriced the impact of a senate enquiry and some other scuttlebutt about the business, they then acquired the De Costi seafood business and have done quite well since, its not my strongest conviction holding, I am a little nervous with commidity businesses and there are always significant risks to the business beyond anyone's control.

HY 1 18, a good result for TRG, business is growing quite strongly and management seems to have implemented disciplined capital management.

price taker, no moat. basically a commodity trader.

FY 2018 Quite a good result, while earnings are strong the cash flow is really hard to breakdown, and because its hard to breakout operational capex I really never have any confidence in my valuation of this business, will probably look to exit this year.

H1 19 - A very good HY with increases in all metrics and the impact of moving into the prawn fishery yet to be seen.

[galumay]

FY2020, typical TGR result, profit looks good but when you did deeper the Free Cash Flow is always negative, the only thing that keeps this capital intensive business going is cap raisings, and of course there was another one this year. I really need to offload this business!

[galumay]

Finally sold out of TGR 16/9/20 for $3.55 just never had enough conviction with this business, as my ability to analyse business improved the poor state of this capital intensive, cyclical business became increasingly obvious to me.