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Midway

DB:MI6
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MI6
DB
A$210M
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Midway Limited, together with its subsidiaries, processes, sells, markets, and exports wood fiber to the producers of pulp, paper, and associated products in Australia, Japan, China, and South East Asia. The last earnings update was 46 days ago. More info.


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  • Midway has significant price volatility in the past 3 months.
MI6 Share Price and Events
7 Day Returns
-5.8%
DB:MI6
6.5%
Europe Forestry
2.5%
DE Market
1 Year Returns
-20.7%
DB:MI6
-11.9%
Europe Forestry
2.6%
DE Market
MI6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Midway (MI6) -5.8% -10.1% -29.8% -20.7% - -
Europe Forestry 6.5% 2.3% 8.8% -11.9% 0.9% 49.9%
DE Market 2.5% 0.2% 1% 2.6% 7.8% 23.7%
1 Year Return vs Industry and Market
  • MI6 underperformed the Forestry industry which returned -11.9% over the past year.
  • MI6 underperformed the Market in Germany which returned 2.6% over the past year.
Price Volatility
MI6
Industry
5yr Volatility vs Market

Value

 Is Midway undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Midway to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Midway.

DB:MI6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:MI6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Forestry Unlevered Beta Simply Wall St/ S&P Global 1.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.367 (1 + (1- 30%) (21.38%))
1.383
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.38
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.383 * 5.96%)
8.47%

Discounted Cash Flow Calculation for DB:MI6 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Midway is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:MI6 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 8.47%)
2020 12.75 Analyst x2 11.75
2021 16.95 Analyst x2 14.41
2022 22.55 Analyst x2 17.67
2023 26.69 Est @ 18.34% 19.28
2024 30.13 Est @ 12.91% 20.06
2025 32.87 Est @ 9.1% 20.18
2026 34.99 Est @ 6.44% 19.80
2027 36.59 Est @ 4.58% 19.09
2028 37.79 Est @ 3.27% 18.18
2029 38.68 Est @ 2.36% 17.15
Present value of next 10 years cash flows A$177.00
DB:MI6 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= A$38.68 × (1 + 0.23%) ÷ (8.47% – 0.23%)
A$470.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$470.22 ÷ (1 + 8.47%)10
A$208.50
DB:MI6 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$177.00 + A$208.50
A$385.50
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$385.50 / 87.34
A$4.41
DB:MI6 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:MI6 represents 0.60581x of ASX:MWY
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.60581x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (AUD) x Listing Adjustment Factor
= A$ 4.41 x 0.60581
€2.67
Value per share (EUR) From above. €2.67
Current discount Discount to share price of €1.46
= -1 x (€1.46 - €2.67) / €2.67
45.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Midway is available for.
Intrinsic value
45%
Share price is €1.46 vs Future cash flow value of €2.67
Current Discount Checks
For Midway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Midway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Midway's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Midway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Midway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:MI6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.31
ASX:MWY Share Price ** ASX (2019-10-11) in AUD A$2.41
Europe Forestry Industry PE Ratio Median Figure of 31 Publicly-Listed Forestry Companies 10.27x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Midway.

DB:MI6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:MWY Share Price ÷ EPS (both in AUD)

= 2.41 ÷ 0.31

7.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Midway is good value based on earnings compared to the Europe Forestry industry average.
  • Midway is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Midway's expected growth come at a high price?
Raw Data
DB:MI6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
3.9%per year
Europe Forestry Industry PEG Ratio Median Figure of 19 Publicly-Listed Forestry Companies 0.3x
Germany Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:MI6 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.88x ÷ 3.9%

2.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Midway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Midway's assets?
Raw Data
DB:MI6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$1.62
ASX:MWY Share Price * ASX (2019-10-11) in AUD A$2.41
Europe Forestry Industry PB Ratio Median Figure of 39 Publicly-Listed Forestry Companies 1.17x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.74x
DB:MI6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:MWY Share Price ÷ Book Value per Share (both in AUD)

= 2.41 ÷ 1.62

1.49x

* Primary Listing of Midway.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Midway is overvalued based on assets compared to the Europe Forestry industry average.
X
Value checks
We assess Midway's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Forestry industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Forestry industry average (and greater than 0)? (1 check)
  5. Midway has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Midway expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Midway expected to grow at an attractive rate?
  • Midway's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Midway's earnings growth is positive but not above the Germany market average.
  • Midway's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:MI6 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:MI6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 3.9%
DB:MI6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5.6%
Europe Forestry Industry Earnings Growth Rate Market Cap Weighted Average 3.2%
Europe Forestry Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:MI6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:MI6 Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 346 32 28 4
2021-06-30 337 29 27 4
2020-06-30 323 26 25 4
2019-10-12
DB:MI6 Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 289 6 26
2019-03-31 283 8 28
2018-12-31 276 11 30
2018-09-30 256 12 24
2018-06-30 236 13 18
2018-03-31 223 10 15
2017-12-31 211 8 11
2017-09-30 212 12 13
2017-06-30 213 16 15
2017-03-31 202 -2 16
2016-12-31 191 -20 18
2016-09-30 202 -8 22

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Midway's earnings are expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
  • Midway's revenue is expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:MI6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Midway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MI6 Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.31 0.35 0.24 3.00
2021-06-30 0.31 0.35 0.24 3.00
2020-06-30 0.27 0.32 0.22 3.00
2019-10-12
DB:MI6 Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.31
2019-03-31 0.33
2018-12-31 0.36
2018-09-30 0.31
2018-06-30 0.25
2018-03-31 0.20
2017-12-31 0.15
2017-09-30 0.18
2017-06-30 0.20
2017-03-31 0.22
2016-12-31 0.24
2016-09-30 0.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Midway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Midway's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Midway has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Midway performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Midway's growth in the last year to its industry (Forestry).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Midway's year on year earnings growth rate has been positive over the past 5 years.
  • Midway's 1-year earnings growth exceeds its 5-year average (40.5% vs 16.4%)
  • Midway's earnings growth has exceeded the Europe Forestry industry average in the past year (40.5% vs 1.2%).
Earnings and Revenue History
Midway's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Midway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MI6 Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 289.44 25.79 77.58
2019-03-31 282.56 27.80 75.72
2018-12-31 275.69 29.80 73.86
2018-09-30 255.88 24.08 68.23
2018-06-30 236.07 18.36 62.61
2018-03-31 223.31 14.73 57.23
2017-12-31 210.55 11.09 51.85
2017-09-30 211.88 12.97 48.96
2017-06-30 213.22 14.85 46.06
2017-03-31 202.22 16.30 40.18
2016-12-31 191.23 17.75 34.30
2016-09-30 201.76 21.97 38.30
2016-06-30 212.30 26.18 42.29
2015-06-30 145.22 18.64 24.26
2014-06-30 95.94 2.32 4.31
2013-06-30 80.66 -3.52 4.69

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Midway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Midway used its assets more efficiently than the Europe Forestry industry average last year based on Return on Assets.
  • Midway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Midway's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Forestry industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Midway has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Midway's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Midway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Midway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Midway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Midway's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Midway Company Filings, last reported 3 months ago.

DB:MI6 Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 142.66 34.52 15.52
2019-03-31 142.66 34.52 15.52
2018-12-31 138.99 37.15 4.57
2018-09-30 138.99 37.15 4.57
2018-06-30 99.23 40.88 10.36
2018-03-31 99.23 40.88 10.36
2017-12-31 87.33 50.25 2.37
2017-09-30 87.33 50.25 2.37
2017-06-30 91.05 29.40 15.03
2017-03-31 91.05 29.40 15.03
2016-12-31 93.15 29.51 4.74
2016-09-30 93.15 29.51 4.74
2016-06-30 90.55 29.40 11.18
2015-06-30 141.07 29.40 29.18
2014-06-30 134.24 31.72 21.99
2013-06-30 142.29 34.37 22.49
  • Midway's level of debt (24.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (23.6% vs 24.2% today).
  • Debt is not well covered by operating cash flow (16.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18.6x coverage).
X
Financial health checks
We assess Midway's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Midway has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Midway's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.47%
Current annual income from Midway dividends. Estimated to be 7.92% next year.
If you bought €2,000 of Midway shares you are expected to receive €149 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Midway's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Midway's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:MI6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Forestry Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:MI6 Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.19 4.00
2021-06-30 0.20 4.00
2020-06-30 0.18 4.00
2019-10-12
DB:MI6 Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-08-27 0.180 6.731
2019-02-20 0.180 5.057
2018-08-29 0.180 5.711
2018-02-21 0.180 6.916
2017-08-28 0.180 7.450
2017-02-22 0.180 7.477

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Midway has been paying a dividend for less than 10 years.
  • Midway has only been paying a dividend for 3 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Midway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Midway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Midway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Midway has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Midway's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony Price
COMPENSATION A$660,277
TENURE AS CEO 4 years
CEO Bio

Mr. Anthony R. Price, also known as Tony, serves as Chief Executive Officer and Managing Director of Midway Limited. Mr. Price serves as the Managing Director at Australian Bluegum Plantations Pty Ltd. Mr. Price has been Executive Director of Midway Limited since November 10, 2015.

CEO Compensation
  • Tony's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tony's remuneration is higher than average for companies of similar size in Germany.
Management Team

Tony Price

TITLE
MD, CEO & Executive Director
COMPENSATION
A$660K
TENURE
4 yrs

Ashley Merrett

TITLE
Chief Financial Officer
COMPENSATION
A$399K

Sophie Karzis

TITLE
Company Secretary
Board of Directors Tenure

Average tenure of the Midway board of directors in years:

5.5
Average Tenure
  • The tenure for the Midway board of directors is about average.
Board of Directors

Greg McCormack

TITLE
Non-Executive Chairman
COMPENSATION
A$220K

Tony Price

TITLE
MD, CEO & Executive Director
COMPENSATION
A$660K
TENURE
3.9 yrs

Tom Keene

TITLE
Independent Non-Executive Director
COMPENSATION
A$131K
TENURE
11.2 yrs

Nils Gunnersen

TITLE
Non-Executive Director
COMPENSATION
A$120K
TENURE
7 yrs

Gordon Davis

TITLE
Independent Non-Executive Director
COMPENSATION
A$131K
AGE
63
TENURE
5.5 yrs

Anthony Bennett

TITLE
Independent Non-Executive Director
COMPENSATION
A$120K
TENURE
5.9 yrs

Tom Gunnersen

TITLE
Non Executive Director
COMPENSATION
A$120K
TENURE
1.7 yrs

Leanne Heywood

TITLE
Independent Non-Executive Director
COMPENSATION
A$39K
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Jun 19 Buy Regal Funds Management Pty Limited Company 29. Mar 19 18. Jun 19 4,061,900 €2.28 €8,683,847
12. Jun 19 Sell Anthony Bennett Individual 06. Jun 19 13. Jun 19 -40,000 €2.16 €-85,645
02. Apr 19 Sell Mccormack Timbers Pty. Ltd. Company 29. Mar 19 29. Mar 19 -1,830,000 €2.28 €-4,167,193
18. Mar 19 Sell Nils Gunnersen Individual 14. Mar 19 14. Mar 19 -9,609 €2.43 €-23,345
11. Nov 18 Buy Nils Gunnersen Individual 07. Nov 18 07. Nov 18 3,409 €1.83 €6,233
X
Management checks
We assess Midway's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Midway has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Midway Limited, together with its subsidiaries, processes, sells, markets, and exports wood fiber to the producers of pulp, paper, and associated products in Australia, Japan, China, and South East Asia. It operates through Wood Processing, Forestry Logistics, Plantation Management, and Ancillary segments. The company primarily offers hardwood and softwood woodchips. It also provides planation management services; and support services to third parties engaged in growing wood fiber. In addition, the company engages in the marketing of third party wood fiber. The company was founded in 1980 and is based in North Shore, Australia.

Details
Name: Midway Limited
MI6
Exchange: DB
Founded: 1980
A$129,696,103
87,336,222
Website: http://www.midwaylimited.com.au
Address: Midway Limited
10 The Esplanade,
North Shore,
New South Wales, 3214,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX MWY Ordinary Shares Australian Securities Exchange AU AUD 08. Dec 2016
DB MI6 Ordinary Shares Deutsche Boerse AG DE EUR 08. Dec 2016
CHIA MWY Ordinary Shares Chi-X Australia AU AUD 08. Dec 2016
Number of employees
Current staff
Staff numbers
0
Midway employees.
Industry
Paper Products
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/12 23:11
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/01
Last earnings filing: 2019/08/27
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.