Total Produce Share Discussion Threads

[badger8888] 19/7/2021 12:12

Progress, see www totaldole.com

[badger8888] 14/7/2021 18:29

According to Euronext Dublin 5.06M shares traded today.

[badger8888] 12/7/2021 19:07

Thanks for ur updated thoughts.Based on ur figures the current price in Dublin should be just short of E7. That would do nicely.We should see a further update on the listing shortly. Of course if markets tank and they can't raise a minimum of $500M....

[valueye] 12/7/2021 15:28

One of the key takeways for me from the F-1 Registration Statement for the Dole IPO was was the very strong Q1 earnings growth for both TP and Dole.

TP’s Q1 FY21 EBITDA was up +66% YoY, while Dole’s Q1 EBITDA was up +28% YoY. This means the floor value for the IPO is effectively lower than previously outlined – following the Q1 performance, PF LTM EBITDA for the combined business has increased by ~9% to $442m (including mid-point synergies estimate), implying an IPO floor value of just 6.7x vs. the current average multiple of 18.6x for US-listed peers.

A sub-7x multiple for the global market leader in an essential consumer staple category just seems too cheap in my view.

[badger8888] 09/7/2021 20:05

Interesting, we are about 11% off high after a great run up. OK, markets have been off very recently. Can't see much change till we list in NYSE. I expect a further slight pop then. After that we will need a few good 1/4 quarters. GLTA

[badger8888] 02/7/2021 13:40

Current issue of The Phoenix out today has a very positive view of TotalDole. Even better times coming our way!

[badger8888] 02/7/2021 12:08

Positive 1st Q update this morning ahead of the US listing

[badger8888] 29/6/2021 11:08

Very light volume, I think anyone who wanted to buy pre US listing is in. Let's see where we are in a couple of months.GLTO

[valueye] 22/6/2021 20:53

@QuePassa & badger888 - agree with you both.

I think a massive re-rating should logically follow with a NYSE listing and its scale/profile (remember Dole brand is viewed as iconic in the US).

I think it could double from here, which would equate to instrinsic value in my view, based on my analysis.

[badger8888] 22/6/2021 11:26

If it doubles again within 2 years I will be out. There is a time to take your winnings.

[valueye] 22/6/2021 10:51

@QuePassa - I think this doubles again once it lists on NYSE - look at how Mission Produce re-rated after just months after it listed in October last year.

And it's worth pointing out the contrast between Mission Produce, a small, niche avocado producer vs. Dole Plc as a vertically integrated global market leader in waiting.

[hammonkp] 19/6/2021 23:47

Thanks badger8888 for the information - much appreciated.

[badger8888] 19/6/2021 21:37

hammonkp, like you I hold my shares in cert form. I raised a few points with Total and the following is taken from their email.

As you have correctly noted all shareholders on the Company register at IPO will participate in the share for share exchange. This means that shareholders will receive one share in Dole plc for every seven shares held in Total Produce plc. The share exchange will happen automatically and you do not need to take any action . We do not anticipate that shareholders will be required to return their Total Produce share certificates but we retain the right to request their return. Post the IPO Total Produce Shareholders who hold their shares in certificated form will be entered into the book entry records maintained by Dole plc and so you will not receive a Dole plc share certificate, but Computershare as the Transfer Agent will record such shares in the book entry records of Dole plc. This means that your shares would be recorded on the register and you will receive confirmation that this is the case. Your rights as a shareholder, to the extent possible, will be identical to the rights attaching to a physical share certificate.

[badger8888] 18/6/2021 12:36

By the way the new web site is www.totaldole.com

[badger8888] 18/6/2021 11:37

For what it's worth positive comments from Goodbody this morning. As always "Free Advice" https://www.goodbody.ie/goodbody-morning-wrap

[hammonkp] 17/6/2021 16:40

Just asking - I've got these Total Produce Shares in certificated form (came out of the Fyffes split around 2006) and never got round to transferring online. If I let it run through to the completion on the Dole transaction any ideas what will I get as a replacement holding and in what form? Or would you suggest I off-load beforehand.

[badger8888] 16/6/2021 16:39

€2.61 close in Dublin.

[badger8888] 16/6/2021 10:56

Excellent well though out article, strong argument for substantial re-rating in the next 24 months. I had an exit price in mind it just went higher.

[valueye] 15/6/2021 21:57

@18BT - thanks for reading and for the feedback.

@QuePassa - as 18BT says, this is a long-form write-up, 7,000+ words plus charts and tables so not going to paste here. The link is a substack newsletter site which is safe, but up to you whether you want to read.

[18bt] 15/6/2021 08:01

Valueye - a good write up - thanks. QP I've tried the link and it looks sound to me, but your risk. It's very detailed and includes lots of tables so won't cut and paste well.

[valueye] 14/6/2021 14:53

Hi all, new to the forum here.

Just posted a long-form write up on the Total Produce/Dole opportunity here -

hxxps://valuesits.substack.com/p/total-produce-plc-dole-food-company

Based on US listed peers, I think this could re-rate to the equivalent of €5.28 per current TP share within next 12 - 24 months post IPO.

Mission Produce listed at 11x last year, and 4/5 months later it re-rated to ~15x.

Significant upside here with TP in my opinion.