Valuing Xero – in 1 hour

This is a useful read if you are interested in valuing an organisation such as Xero.

Lance Wiggs's avatarLance Wiggs

I’ve been asked too many times what I think of Xero’s valuation — whether it’s in the last few months, or in the years gone by. I don’t have much time, so decided to set myself a time and information limit and give it a go. 

So let’s walk through how to do a valuation:

1: based on very limited information — specifically, just one piece of information — this earnings release from yesterday:

2: And I will try to do it in an hour. I really don’t have that much time.

Constructing the financial forecast

We start by putting down what we know from the earnings release into a spreadsheet.

There is not much there, but it should, however, be enough.

We next work out some ratios, and back-fill the run-rate numbers for September 2012. From now on we are starting to make assumptions, but we are using the…

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Champion Canterbury Awards: Cookietime

Congratulations to Cookietime for their Champion Canterbury Award last night. They won the “Producer Manufacturer” award for the medium/large category which is an awesome recognition of their innovation and leadership in their industry. A great leadership team to work with and a winning culture.

Voice of The Customer Workshop

Voice of The Customer Workshop

Working with the business development team of EMDA (see their website here) in Auckland last week as they hear from their valued clients exactly how they can take their service to a new level. Already a great company with happy clients but to be able to listen & hear what they need to do to lift the bar is very valuable.

Read more about “Owning the Voice of Your Customer” by linking here.

Leadership Lessons From The Army

Leadership Lessons From The Army

This blog (Link Here) is one I wrote a while ago around some of the things I learnt over a career as an Army Officer. They apply in business leadership and in life in general.

Goldwyn Bull Sale: A Cracking Day Out.

They come from far and wide.

Last Friday was the 15th Annual Stud Bull Sale at Goldwyn Farm tucked under the Hunter Hills of South Canterbury. Owned by my Uncle (Bruce Alexander) it is always a highlight of the business year for both the farm and for some of those involved. It becomes a bit of a family and district event as people chip in to make the day a success.

Breeding top Bulls is a challenging and interesting game to be in and whilst I don’t profess to know much about it, I certainly enjoy watching the day unfold and being part of it. The sale itself is a culmination of years of hard work. To constantly improve and perfect a blood line that then is used to better the Angus breed nationally is something that gives Bruce a lot of satisfaction. It is leaving a real legacy within the industry for current and future generations.
I enjoy watching farmers, who travel from far and wide, checking out the livestock. The art of working

Here is what a $10,000 bull looks like.

with stock, reviewing the breeding statistics and then actually looking at each Bull through an experienced set of eyes with a lifetime of experience and assumption.  Then the auction itself, the breeders introduction to the property and the year that has been, the auctioneers summary of each bull, the bidding, the sale and the preparation for transport of a lot of heavy livestock.

Then the social time that sees a real mix of people have a few beers, some homecooked baking and some angus pure steak straight from the BBQ.
A bloody good day out and a successful one for Goldwyn, home of one of New Zealands top Angus bloodlines. The best in my humble opinion!
Checking out the gear. Pre-auction time.
What to bid on?
Underway.
An introduction from the man himself. Bruce Alexander.
Looking good.
A few beers and a good yarn.
Angus Pure rolls off the BBQ. Southern Gold!

Life in the South: Recent Images in the Life of a Southern Man June 13

Ocean Ridge Kaikoura. A great spot.

Kaikoura local. Chilling out.

Kaikoura. The coast north.

Mt Diamond. Hunter Hills South Canterbury. Home.

Redcliffs Chrischurch. Sunrise in June 13

Port Hills looking down into Lyttleton. May 13

Yomping it with the Army. Otago May 13

Sunrise over South Shore Christchurch, May 13

These boots were made for walking. Army May 13.

Roast lamb. Gold!

A Southern Man giving an ANZAC address. 25 April 3013.

Te Papa, Wellington. April 13

Hunter Hills. Garden at home. April 13

On the move. May 13.

Back yard. Hunter. May 13

"Keeping the Peace" – Someones Got to Do It!

A foreword Greg wrote in my book that means a lot.

As you go through life people tend to come and go. Some mates stay a short time and others are a constant & stay forever. These long term friends know a lot about you (some would say too much so you better stay close) and have shared lifes journey. If you add to that shared experience through good times and bad then you form a close bond.

A life long friend of mine is Greg Allnutt. Our paths crossed intially during sport in primary school when country schools got together in South Canterbury sometime in 1980 or 81. It wasn’t until third form and High School that we became good friends and throughout our high school years we were in the same class. We played rugby together and used to stay at each others place. He lived in the Waimate township and I came from a farm in the Hunter Hills. Good friends we were and we had a lot of fun. 
Greg was a keen outdoor lad. Fishing, hunting, camping, a great runner, a talented swimmer and a bit of a nut on the rugby field with blistering tackles. He had a great sense of humour, an angry side if pushed (and he often was) and was known to hold a grudge until such time as he could pay you back in full! He was good on his feet public speaking and did well academically. At the end of our sixth form year Greg went into the NZ Army as a Cadet. His trips home on leave and the stories he told influenced my decision to join the Army myself.
In January of 1987 I joined the Army and after year of intial training and study at University was sent for my Officer Training at the Officer Cadet School in Waiouru. Greg was also in this class as was another good school friend, Nathan Richardson. That year was a blur of leadership training, fitness, academic study and practical assessment in leadership roles in wet and cold situations that deprived us of sleep & food. We loved it (well looking  back on it). At the end of that year our paths seperated as we pursued our careers in different locations but continued to cross. I worked with Greg on promotion courses, sometimes as students together, once he was instructing, we shared a trip to Hong Kong and an operational tour in Angola (but not at the same time). We flatted together for a while, socialised together and had a similar circle of friends at various times. Over our many years as mates we have played sport together, been wet, cold and hungry, tired, partied, celebrated weddings, laughed,  & stayed in touch. Often it would be years between seeing each other.
So I wasn’t surprised when he decided to write his book because he had a hell of a story to tell. I first knew of it when I got an e-mail out of the blue seeking permission to use my photo & name. I was also stoked to be one of the first few to get a copy to read. “Keeping the Peace – A Kiwi’s Modern Conflict Experience” is a tale of Greg’s operational postings into conflict zones with the New Zealand Army. It also tells of his life leading to enlistment and some of the events along the way. I really enjoyed reading it, not just because I knew much of his story and many of those featured in the book, but because I learnt quite a lot about him. His perceptions, insights into life overseas with the Army and his reflections made it a book I read in only several sessions. 
The thing I admire the most about Greg (besides his courage to write his story) is that he is a good genuine bloke. He is a straight shooter, he has a wickedly sharp wit and most of all we can get together and have a beer after over 30 years of friendship. 
Now thats a good Southern Man and an ANZAC who has done more than his bit for service of his country. New Zealand needs more Greg Allnutts……people who don’t just talk about things, they actually go into harms way and do things to make the world a better place.
Onward Greg and thanks for everything you have taught me over the years and the example you have set.
Like this? Check these other ANZAC Stuff I have written;



Roaming the Hills of Canterbury: Some Adventure pics.

Soldiers wait their turn on the firing range, Feb 13

Sumner beach. Feb 13

Feb 13. Sumner prepares to greet the “Coast to Coasters”.

South Canterbury high country. Feb 13

Alpine views. South Canterbury high country Feb 13

Hello Mr stag. I can see you! South Canterbury. Up high Feb 13.

Great water feature. Feb 13, Stravon, South Canterbury

Taking time to reflect. Feb 13.

Looking for deer. South Canterbury Feb 13.

Mt Somers way. Mid Canterbury Jan 13.

A bright summers night sky. Mt Somers, Jan 13.

Giving it full noise on shingle roads. Southern gold. 

Sunset in the Southern Alps. Jan 13

Southern gold!

The “Man cave” of a Southern Man. Jan 13

A night under the stars. Canterbury Jan 13.

Angus Pure on the hoof. Hunter Hills, Jan 13.

Alpine views, South Canterbury high country. Feb 13

A morning view to wake up to. Feb 13, Hunter Hills.

Southern Adventure: Exploring the South of New Zealand

Over the Christmas holiday I headed south to Fiordland and southland. A very relaxing few weeks in the south of New Zealand. Some of the best scenery in the world, some great weather and lots of adventure. This is the south of New Zealand at its best. Enjoy some of the photographs I took.

Sitting on a rock admiring the view. Southland, NZ

Looking out towards Fiordland, NZ right on dusk.

The Keplar track, Fiordland, NZ

South Canterbury on Christmas day. Home.

Angus Pure steak sizzles on the BBQ. Southern Gold!

Hanging the hat for the day. Red deer antlers.

Blowing the froth off a good Southern beer.

The Hollyford road, Fiordland, NZ.

Clyde, NZ.

The black Hole. A southern swimming hole 4m deep.

1000m high above Arrowtown, NZ. Lake Hayes & the Remarkables.

Pure NZ water. Fiordland, NZ

Pure gold. NZ river water.

The historical Danseys pub. Gold rush country.

What a spot. Fiordland, NZ

Lazy dog sleeping. What a life.

Fiordland mountains. 8th wonder of the world.

Mountain rivers flow off the mountains.

Milford Sound, NZ.

Milford Sound. World Heritage Park, NZ

Breath taking beauty.

Growing rivers after rain. Fiordland NZ.

A rock through the tyre. Hollyford road, Fiordland, NZ.

Lake Manapouri, NZ

Family farm, Te Anau, NZ. Looking towards Fiordland.