He kamupene tukatuka koiri huri wera a Friedman Industries (NYSE:FRD). Ka hokona e te kamupene ngā koiri mai i ngā kaihanga nui, ā, ka tukatukahia hei hoko anō ki ngā kiritaki mutunga, ki ngā kaihokohoko rānei.
Kua mau tonu te whakaaro nui o te kamupene ki ngā mahi pūtea me ngā mahi whakahaere kia kore ai e tino pāngia e te huringa heke o te umanga. Ina hoki, ko te tekau tau i waenga i te mutunga o te raruraru pūtea me te tīmatanga o te raruraru COVID kāore i tino pai mō ngā taonga katoa, engari ko te whiwhinga kupenga toharite a te kamupene he $2.8 miriona.
He hononga tonu ngā taonga o ngā FRD ki ngā utu maitai, nā te mea ko te pikinga ake o ngā utu maitai he hua nui ake, ā, ko te pikinga ake o te tono mō ngā hua FRD. Kāore i rerekē te pikinga me te hekenga whakamutunga o ngā utu maitai i ngā marama 12 kua hipa.
Ko te rerekētanga i tēnei wā, tera pea kua rerekē te taiao ōhanga, e kī ana he teitei ake ngā utu o ngā taonga i te toharite i tērā tekau tau kua hipa. Hei tāpiri, kei te whakanui ake a FRD i te whakaputanga mā te hanga wheketere hou, ā, kua tīmata ki te ārai i ētahi o āna pakihi, engari he rerekē ngā hua.
Tērā pea ka whakaatu ēnei panonitanga ka taea e FRD te whiwhi moni nui ake i roto i te tekau tau e whai ake nei i tērā o mua, ā, nō reira, ka whakamārama i te utu hea o nāianei. Heoi, kāore anō kia whakatauhia te āwangawanga, ā, e whakapono ana mātou he utu nui te hea me ngā mōhiohio e wātea ana.
Kia mōhio: Ki te kore e kīia tētahi atu mea, ko ngā mōhiohio katoa i ahu mai i ngā tuhinga a te FRD mō te SEC. Ka mutu te tau pūtea a te FRD i te 31 o Poutū-te-rangi, nō reira i roto i tana pūrongo 10-K, ko te tau pūtea o nāianei e pā ana ki te tau whakahaere o mua, ā, i roto i tana pūrongo 10-Q, ko te tau pūrongo o nāianei e pā ana ki te tau whakahaere o nāianei.
Kāore e taea e tetahi tātaritanga o tētahi kamupene e arotahi ana ki ngā taonga hurihuri, ki ngā hua e pā ana rānei te whakakore i te horopaki ōhanga e mahi ana te kamupene. I te nuinga o te wā, e pai ake ana mātou ki te huarahi aromatawai mai i raro ki runga, engari i roto i tēnei momo kamupene, he mea kore e taea te karo i te huarahi mai i runga ki raro.
Ka arotahi mātou ki te wā mai i Hune 2009 ki Poutū-te-rangi 2020. E ai ki tā mātou e mōhio ana, ahakoa kāore i te ōrite te wā, i tohuhia e te hekenga o ngā utu o ngā taonga, inā koa ko ngā utu pūngao, te hekenga o ngā reiti huamoni, me ngā kaupapa here whānui moni me te whakaurunga hokohoko o te ao.
Kei te tūtohi i raro nei te utu o HRC1, te kirimana ā-motu mō ngā koiri wera e tukuna ana e FRD. E kite ana tātou, ko te wā i whakatau ai mātou ki te tātari i ngā utu kua hipokina mai i te $375 ki te $900 ia tana. E kitea ana i te tūtohi he tino rerekē te nekehanga utu i muri i te marama o Poutū-te-rangi 2020.
He tukatuka iho a FRD, arā, he tukatuka e tata ana ki te kaihoko whakamutunga o te hua maitai. Ka hokona nuitia e FRD ngā koiri hurihuri wera mai i ngā mira nui, kātahi ka tapahia, ka hangaia, ka hokona anō rānei ki ngā kaihoko whakamutunga, ki ngā kaihokohoko rānei.
E toru ngā whare mahi a te kamupene i Decatur, Alabama; i Lone Star, Texas; me Hickman, Arkansas. Ko ngā tipu o Alabama me Arkansas he mea whakarite ki te tapahi i ngā koiri, ko te tipu ia o Texas he mea whakarite ki te hanga koiri hei ngongo.
I roto i te rapunga māmā i runga i te Mahere Google mō ia whare, i kitea kei te tata tonu ngā whare e toru ki ngā wheketere nunui nō ngā waitohu rongonui o te umanga. Kei te taha tonu te whare Lone Star ki tētahi whare hanga hua ngongo US Steel (X). He tino tata ngā whare Decatur me Hickman ki te whare Nucor (NUE).
He mea nui te wāhi noho mō te utu me te hokohoko, nā te mea he mahi nui te kawe i ngā hua rino, nō reira ka whai hua te arotahi. Kāore pea e taea e ngā mira nui te tukatuka i te rino e tutuki ai ngā whakaritenga a te kiritaki, ka arotahi rānei ki te whakataurite i ētahi wāhanga o te hua, ka waiho mā ngā mira iti pēnei i a FRD e whakahaere te toenga.
E kitea ana i te tūtohi i raro nei, i roto i te tekau tau kua pahure ake nei, kua neke tahi te tawhē moni me te hua whakahaere a FRD me ngā utu maitai (kei te wāhanga o mua te tūtohi utu), pērā i tētahi atu kamupene e mahi ana i ngā taonga hokohoko.
Tuatahi, he torutoru noa ngā wā ka waipuketia ngā FRD. He maha ngā wā, he take te huanga whakahaere mō ngā kamupene he nui ngā rawa. Ko ngā utu pumau e hua mai ana i ngā whakaurunga ka hanga he panoni iti ki te moni whiwhi, ki te hua whānui rānei, he pānga nui ki te moni whiwhi whakahaere.
E ai ki te tūtohi i raro nei, kāore a FRD e mawhiti i tēnei āhuatanga, ā, ka whānui haere te nekehanga o te moni whiwhi i te hekenga o te tauākī moni whiwhi. Ko te mea motuhake mō FRD ko te kore e ngaro te nui o te moni ina heke ngā utu o āna hua. Ahakoa te pānga o te huanga whakahaere ki a FRD, he pakari ki ngā huringa pakihi heke.
Ko te tuarua o ngā āhuatanga whakamere ko te whiwhinga moni whakahaere toharite a FRD mō taua wā ko te $4.1 miriona. Ko te whiwhinga moni kupenga toharite a FRD mō taua wā ko te $2.8 miriona, arā, 70% o te whiwhinga moni whakahaere. Ko te rerekētanga anake i waenga i te whiwhinga moni whakahaere a FRD me te whiwhinga moni kupenga ko te taake moni whiwhi 30%. Ko te tikanga o tēnei he iti noa iho ngā whakapaunga pūtea, ētahi atu whakapaunga rānei a te kamupene, ā, i tētahi atu taha ka whakaitihia te huanga (i tēnei wā ko te pūtea). Nā te korenga o te nama pūtea a FRD i tēnei wā.
Hei whakamutunga, kāore i tino rerekē te whakahekenga uara ā-tau me te whakahekenga uara mai i ngā whakapaunga whakapaipai i te wā i hipokina. Mā tēnei ka whakapono mātou kāore te kamupene i hē te ripoata i ana whakapaunga whakapaipai, nō reira ka whakapaipai i ngā utu hei whakapai ake i ngā whiwhinga moni mā te kaute.
E mārama ana mātou nā ngā whakapaunga whakapaipai me te pūtea ātaahua i pupuri i te FRD kia whai hua i ngā wā uaua mō te umanga maitai. He mea nui tēnei hei whakamanawa i te whakaaro ki te FRD.
Ehara te kaupapa o tēnei tātari i te matapae i ngā mea ka pā ki ngā āhuatanga kāore e taea te matapae pērā i ngā utu o ngā taonga, ngā reiti huamoni me te hokohoko o te ao.
Heoi, e hiahia ana mātou ki te tohu ko te taiao e noho nei tātou me te taiao ka whanake pea i roto i ngā tau tekau e whai ake nei kua whakaatu i ngā āhuatanga tino rerekē ki te whakataurite ki te āhuatanga o ngā tau tekau kua pahure ake nei.
Ki tā mātou e mārama nei, i a mātou e kōrero ana mō ngā whanaketanga kāore anō kia mārama, he tino rerekē ngā mea e toru.
Tuatahi, te āhua nei kāore te ao e anga whakamua ana ki te whakaurunga tauhokohoko ā-ao. He kino tēnei mō te ōhanga whānui, engari he pai mō ngā kaihanga taonga iti e kore e tino pāngia e te whakataetae ā-ao. He tino painga tēnei mō ngā kaihanga rino o Amerika, e pāngia ana e te whakataetae utu iti, ko te nuinga mai i Haina. Ko te tikanga, ko te hekenga o te tono i puta mai i te hekenga o te tauhokohoko kua pā kino hoki ki te tono rino.
Tuarua, kua whakarērea e ngā peeke pokapū o ngā ōhanga matatau ngā kaupapa here moni whānui kua whakatinanahia e rātou i roto i te tekau tau kua hipa. Kāore mātou i te tino mōhio he aha te pānga ki ngā utu o ngā taonga.
Tuatoru, ā, e pā ana ki ētahi atu e rua, kua tīmata kē te pikinga utu i roto i ngā ōhanga matatau, ā, kāore i te tino mārama mēnā ka mau tonu. Haunga ngā pēhanga pikinga utu, kua pāngia hoki te tūnga o te tāra hei moni rahui o te ao e ngā whiu tata nei ki a Rūhia. Kua piki ake te pānga o ēnei whanaketanga e rua ki ngā utu o ngā taonga.
Anō nei, ehara i te mea ko te matapae i ngā utu maitai ā muri ake nei tā mātou whāinga, engari ko te whakaatu kua tino rerekē te ōhanga whānui ki te āhua i waenga i te tau 2009 me te tau 2020. Ko te tikanga o tēnei, kāore e taea te tātari i ngā FRD kia hoki mai ki ngā utu me te tono waenga o ngā taonga o te tekau tau kua hipa.
E whakapono ana mātou e toru ngā huringa e tino hira ana mō te heke mai o te FRD, ahakoa ngā huringa o te utu me te rahinga e hiahiatia ana.
Tuatahi, i whakatuwheratia e FRD tētahi whare hou mō tana wāhanga tapahi koiri i Hinton, Texas. E ai ki te pūrongo 10-Q a te kamupene mō te hauwhā tuatoru o te tau 2021 (Hakihea 2021), kua pau, kua kohia rānei te tapeke o te utu whare o te $21 miriona mā te $13 miriona. Kāore anō te kamupene kia whakapuaki i te wā ka tīmata ai te mahi a te whare.
Ka whai mīhini tapahi nui rawa atu tēnei whare hou i te ao, ā, ka whakawhānui ake i te mahi whakaputa me te raina hua e tukuna ana e te kamupene. Kei te puni o Steel Dynamics (STLD) te whare, e rīhitia ana ki te kamupene mō te $1 ia tau mō te 99 tau.
E whakawhānui ana tēnei whare hou i te rapunga whakaaro kotahi o te whare o mua, ā, kei te tata rawa atu ki tētahi kaihanga nui hei whakahaere i te mahi whakaputa he tino motuhake rawa mō taua kaihanga.
I runga anō i te wā whakahekenga uara 15-tau, ka tata rua te whakapaunga whakahekenga uara o FRD o nāianei ki te $3 miriona i te whare hou. He āhuatanga kino tēnei mēnā ka hoki anō ngā utu ki ngā taumata i kitea i roto i te tekau tau kua hipa.
Tuarua, kua tīmata a FRD i ngā mahi ārai mai i te marama o Hune 2020, e ai ki te pūrongo FY21 10-K. Ki tā mātou mārama, ka puta he mōrearea pūtea nui ki ngā mahi mā te ārai, ka uaua ake te whakamārama i ngā tauākī pūtea, ā, me kaha te whakahaere.
Ka whakamahia e FRD te kaute ārai mō āna mahi ārai, e āhei ai ia ki te whakaroa i te mōhiotanga o ngā hua me ngā mate i runga i ngā hua tae noa ki te puta o te mahi ārai, mēnā he mea. Hei tauira, me kī ka hokona e FRD tētahi kirimana kua whakatauhia e te moni mō HRC kua whakatauhia i roto i ngā marama e ono mō te $100. I te rā e whakatauhia ai te kirimana, ko te utu tū ko te $50. Kātahi ka rēhita te kamupene i te $50 i roto i ngā rawa hua tohu-ki-te-mākete me te $50 i roto i ngā hua hua kore i tutuki i roto i ētahi atu moni whiwhi whānui. Ka tū te tauwhitinga tūturu o te ārai i taua rā anō i te utu tū o te $50, ā, ka hurihia te hua OCI hei moni whiwhi kupenga mō te tau mā te tāpiri i te $50 i roto i ngā hoko.
Mena ka ōrite ia mahi ārai ki te mahi tuturu, ka pai te haere o ngā mea katoa. I tēnei wā, ko ngā hua me ngā mate katoa o ngā hua me ngā mate o ngā tauhokohoko tuturu ka tauritehia e ngā hua me ngā mate o te hokohoko tuturu. Ka taea e ngā kaipānui te mahi ārai hoko me te hoko atu i te pikinga, i te hekenga rānei o ngā utu.
Ka tīmata ngā raruraru ina nui rawa te ārai a ngā kamupene i ngā pakihi e kore e tutuki. Mena ka pāngia te kirimana taupū e te mate, ka haria whakamua ki te hua kupenga me te kore he hoa mahi tinana hei whakakore. Hei tauira, me kī kei te whakamahere tētahi kamupene ki te hoko i ngā koiri 10, ā, nō reira ka hokona e rātou ngā kirimana 10 kua whakatauhia e te moni. Ko te pikinga 20% o te utu tū ka hua ake he mate 20% mō ia kirimana (kāore te huanga e whakaarohia mō te māmā). Mena ka hokona ngā koiri 10 e whai ake nei i te utu tū kotahi, kāore he mate. Heoi, ki te hoko noa te kamupene i ngā koiri 5 i te utu tū, me whakaae ki te mate o ngā kirimana e toe ana.
Engari, i roto noa i ngā marama 18 o ngā mahi ārai, kua kitea e FRD ngā mate ārai nui rawa atu o te $10 miriona (me te whakaaro ki te $7 miriona o ngā rawa taake i puta). Kāore ēnei i roto i te moni whiwhi, i te utu rānei o ngā taonga i hokona, engari kei roto i ētahi atu moni whiwhi (kaua e pohehe ki ētahi atu moni whiwhi whānui). I tētahi atu take, he hapa whakamataku te mōhio motuhake ki roto i ngā tauākī pūtea me te whakapau kaha a te kamupene ki te whakahou i tana kaupapa here ārai. Nā te mea he nui te moni i whiwhi a FRD i tēnei tau, ā, he iti noa iho te ngaronga, kotahi noa te paraka e whakahuatia ana a FRD.
Ka whakamahia e ngā kamupene te ārai hei whakapiki i te whai huatanga, ā, i ētahi wā ka whiwhi moni mā te hoko atu i te utu pai ake ina kore e wātea te hua. Heoi, e whakapono ana mātou kāore e tika te mōrearea tāpiri, ā, e ai ki tā mātou i kite ai, ka taea e ia te whakaputa mate nui. Mena ka whakamahia, me whai kaupapa here paepae tino ātaahua te mahi ārai, kaua e tukua te mahi ārai kia neke ake i te paepae iti o ngā hoko matapae kia tino mōhiotia rā anō aua hoko.
Ki te kore, ka nui ake te pānga o ngā mahi ārai i te wā e tino hiahia ana ngā kamupene ki te āwhina. Ko te take, ka kore e angitu te kaute ārai ina nui ake te maha o ngā ārai i te mahi tuturu, ka puta noa tēnei ina heke te tono mākete, ka heke hoki ngā utu ā-wā. Nō reira, ka noho te kamupene i roto i te tūranga e whakaiti ana i ngā moni whiwhi me ngā hua, me te utu anō hoki mō ngā mate ārai tāpiri.
Hei whakamutunga, hei putea i tana ārai, te pikinga o ngā hiahia rawa me te hanganga o tētahi wheketere hou, kua hainatia e FRD tētahi whakaaetanga nama me JPMorgan Chase (JPM). I raro i tēnei tikanga, ka taea e FRD te nama tae atu ki te $70 miriona i runga i te uara o ana rawa o nāianei me te EBITDA me te utu SOFR + 1.7% i runga i te toenga e toe ana.
I te marama o Tīhema 2021, he $15 miriona te toenga moni a te kamupene i te whare. Kāore te kamupene e whakahua ana i te reiti SOFR e whakamahia ana e ia, engari hei tauira, ko te reiti 12-marama he 0.5% i te marama o Tīhema, ā, kua 1.5% inaianei. He pono, he iti tonu tēnei taumata pūtea, nā te mea ko te panonitanga 100 ira pūtake ka hua ake he whakapaunga huamoni tāpiri o te $150,000. Heoi, i roto i ngā marama torutoru e whai ake nei, me āta tirotiro ngā taumata nama.
Kua whakahuatia kētia e mātou ētahi o ngā mōrearea kei muri i ngā mahi FRD, engari e hiahia ana mātou ki te whakatakoto mārama i aua mōrearea ki tētahi wāhanga motuhake, kia matapakihia ai hoki ētahi atu kōrero.
E ai ki tā mātou i kōrero ai, kua pāngia te FRD e te huanga whakahaere, arā, ngā utu pumau, i roto i te tekau tau kua pahure ake nei, engari kāore tēnei e kī ana he nui ngā mate i roto i ngā mākete kino rawa atu. Me tētahi atu tipu kei te hangaia inaianei ka taea te tāpiri i te $1.5 miriona ia tau i roto i te whakahekenga uara, ka rerekē tēnā. Me whiwhi te kamupene i te $1.5 miriona ia tau i roto i te moni whiwhi me te tango i ngā utu taurangi. Ka pā tēnei mōrearea ki ngā whiwhinga kaute, ehara i te whiwhinga moni, nā te mea ka utua katoatia te tipu mō tēnei tau.
I kōrero anō mātou kāore he nama a FRD, ko te tikanga kāore he pānga pūtea mō te piki me te heke. Ināianei, kua hainatia e te kamupene he whare nama e hono ana ki ana rawa wai. Mā te raina nama ka taea e ngā kamupene te nama tae atu ki te $75 miriona i te reiti huamoni e rite ana ki te SOFR +1.7%. Mai i te mea ko te reiti SOFR ā-tau i tēnei wā ko te 1.25% (i tatauhia mā te whakamahi i ngā āmua CME, mai i te mea kāore anō he hanganga wā o te SOFR), ka utua e FRD te $295,000 hei huamoni mō ia $10 miriona atu i namahia. I te pikinga o te reiti SOFR mā te 100 ngā pūtake (1%) ia tau, ka utua e te FRD he $100,000 tāpiri. Kei a FRD te nama i tēnei wā he $15 miriona, ko te tikanga he whakapaunga huamoni ā-tau o te $442,000, kāore i kitea i roto i ngā tataunga o te tekau tau kua hipa.
Mā te tāpiri i aua utu e rua, me te pikinga reiti 1% mō te toenga o te tau 2022, me whiwhi te kamupene i tētahi atu $2 miriona i roto i te hua whakahaere, ki te whakaritea ki tōna āhua i mua i ngā panonitanga hou ki te COVID. Ae, ko te whakaaro tēnā kāore te kamupene e utu ana i ana nama, e nama moni rānei.
Ā, kātahi ka kōrero mātou mō te mōrearea ārai, he mea uaua ki te ine engari ka pāngia nui ina tino ngoikore ngā kamupene. Ko te mōrearea motuhake o te kamupene e whakawhirinaki ana ki te maha o ngā kirimana e tuwhera ana i tētahi wā me te nekehanga o ngā utu maitai. Heoi, ko te mate kore e taea te whakataurite o te $10 miriona i whakapumautia i tēnei tau me whakaoho i te tuarā o tetahi kaipupuri moni. Ka tūtohu mātou kia whakatakotohia e ngā kamupene he rohe kaupapa here motuhake mō ā rātou mahi ārai. Koinei te mōrearea nui rawa atu e pā ana ki te kamupene i tēnei wā.
Mō te whakapaunga moni, kāore i te tino pai ngā mōhiohio kei a mātou mai i te hauwhā tuatoru o te tau 2021 (Hakihea 2021). Kāore i te nui te moni a FRD, $3 miriona noa iho. I utua e te kamupene he $27 miriona i roto i ngā kohi moni, ko te nuinga i ahu mai i tana whare hou i Texas, ā, he $15 miriona kei a ia kei te toe i runga i tana raina nama.
Heoi, i whakapiki ake a FRD i tana haumitanga ki ngā taonga me ngā nama e utua ana i te tau i te mea kua piki ake ngā utu o te maitai. I te 3Q21, he $83 miriona te nui o ngā taonga a te kamupene, ā, he $26 miriona ngā nama e utua ana. I te mea ka hokona e te kamupene ētahi taonga, me whiwhi moni. Mena ka tino heke te tono, ka tīmata te ngoikore o ngā taonga a te FRD, ka taea e te kamupene te nama atu i te raina nama a JPMorgan, tae atu ki te $75 miriona. Ko te tikanga, ka nui te utu pūtea ka puta mai i tēnei, i te tere o nāianei o te $2.2 miriona ia tau. Koinei tētahi o ngā take matua hei aromatawai i te wā e puta mai ai ngā hua hou i te marama o Āperira.
Hei whakamutunga, he iti noa te hokohoko a te FRD, ā, ko te rahinga toharite o ia rā he 5,000 pea. He 3.5% anō hoki te horapa tono/tono o te hea, e kiia ana he teitei. He mea tēnei me maumahara e ngā kaipupuri moni, engari kāore te katoa e kite ana he mōrearea.
Ki tā mātou titiro, e whakaatu ana te tekau tau kua pahure ake nei i tētahi taiao kino mō ngā kaihanga taonga, inā koa te umanga maitai o Amerika. I tēnei take, he tohu pai te kaha o FRD ki te whakapiki i ngā hua me te whiwhinga kupenga toharite ā-tau o te $2.8 miriona.
Ahakoa ngā taumata utu o te tekau tau kua pahure ake nei, kāore e taea e tātou te matapae i te whiwhinga moni ōrite mō te FRD nā ngā huringa nui o te haumitanga whakapaipai me ngā mahi ārai. Heoi anō, ahakoa te whakaaro ki te hoki ki te āhua o mua, ka nui ake te mōrearea o te kamupene.