Who are New Zealand's National Business Review trying to kid with this nonsense? Zuru is owned by Mat and Nick Mowbray, and it is a very successful business, no doubt about it. However, there can be no way they're worth a combined NZ$20 billion.
Think of it like this: according to the NBR, the combined wealth of the Mowbray's is eight times greater than the current market capitalisation of Fletcher Building. For those who don't know, Fletcher's is one of if not the biggest company in NZ, with cement, ready-mix concrete, aggregates, Gib board, Laminex, steel, roofing, and all New Zealanders will know the Placemakers brand which supplies 60% of the building trade. How the hell can Zuru be worth eight times all of that?
Looked at another way, Holcim, the world's largest manufacturer of cement has a market cap only 4.2 times greater than Zuru. What NBR expect us to believe is that the Mowbray's have a wealth 23% that of the whole of Holcim.
Hey, NBR, I've got a bridge in Brooklyn, NY for sale, cheap, half price sale just commenced.
Still not on board with just how ludicrous this valuation is? OK, Oshkosh is a heavy truck manufacturer in the US, they manufacture trucks for the US Army. You may not have heard of Oshkosh, but I'm pretty sure you've heard of the US Army. You'll find the Oshkosh brand all over the place, including in NZ. They're often used for drayage tasks in port container terminals. Right, so according to the NBR, the Mowbray's are worth more than that company. They could buy Oshkosh and Fletcher Building, and have change left over.
I did check out the Zuru website, I see they sell prefabricated homes, and every single design I saw had a flat roof. Note to self, do not buy one of these houses, never ever buy a house with a flat roof, it is a recipe for disaster.
No comments:
Post a Comment