November 24, 2011
UXC’s Pretty AGM Charts
UXC’s Pretty AGM Charts
UXC’s CEO Cris Nicolli included the following chart in today’s AGM presentation:
It looks good. On a one year basis, UXC (the blue line) is clearly on top of its competitors. For some reason, Nicolli forgot to include the two-year chart:
The three-year chart:
The four year chart:
Or the five-year chart:
Funny that.
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Comments
This is a fair point and probably deserves to be highlighted but at the end of the day aren't you are blaming a dog for barking?
It's really all about weighting. The last couple of charts weight the UXC record uniformly across the years but if the CEO's pushing a UXC "growth" story, then comparisons of other corporate metrics than div-adjusted share price (2011 vs prior years) might've helped that tale along and make the first chart look that much more "exciting".
UXC down 9% today Steve, looks like you were not the only one unimpressed by the selective use of charts!
was there anything useful that came out of the meeting?
Note to self - Stay away from businesses where Cris Nicolli is running the show.
It is no surprise that good aspects are high-lighted and poor aspects not. But as others have commented what are future implications with selling a poorly performing arm? Are the look -through earnings likely to be better.
I'm expecting fairly dramatic improvement over the next few years, but it is likely this year will only be marginally better than last year (after adjusting for what I consider reasonable one offs, the remaining IT businesses earned an estimated $17m post tax in 2011).
The opportunity here is all about getting margins up - in some businesses UXC's margins are less than half of its competitors. Everyone, including management, knows that but it remains to be seen whether they can deliver or not.
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