SFC - Schaffer Corporation - Aussie Stock Forums

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  1. #1
    Administrator Joe Blow's Avatar
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    May 2004
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    Post SFC - Schaffer Corporation

    Schaffer Corporation Limited (SFC) is a diversified industrial company whose core operating divisions are Building Products and Automotive Leather. The Company also holds an investment property portfolio.


  2. #2
    Pocket Calculator Operator tinhat's Avatar
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    May 2009

    Default Re: SFC - Schaffer Corporation

    I just had a bit of a look into this company. Another one of those weird small-cap diversified industrials. They have a leather business that makes leather interiors for cars, a masonry business (both manufactured masonry and natural limestone products), a prefabricated concrete panels for construction (which would have some synergies with the manufactured masonry I would imagine) and a small portfolio of commercial properties in Perth and Melbourne.

    How does a conglomerate like this eventuate? Are the original business owners all members of the same golf club?

    The price has had a good run up but the building industry businesses have been boosted by the mining construction boom and the general building boom in WA. How sustainable is that? Their guidance is that the automotive leather business will pick up in the second half.

    The dividend yield has come down due to the run up in price. 4.86% before franking credits - so might be a stock to put on the watch list. Another one of those small caps where NTA exceeds share price.

    They are paying down debt and seem to be concentrating on that while maintaining a modest dividend payout ratio of less than 30%. Assuming the business continues to do well there may be some scope for the payout ratio to rise substantially.

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