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Australia, officially the Commonwealth of Australia, is a country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the world's sixth-largest country by total area. Neighboring countries include Indonesia, East Timor and Papua New Guinea to the north; the Solomon Islands, Vanuatu and New Caledonia to the north-east; and New Zealand to the south-east.

For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of roughly 250 language groups. After discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Great Britain in 1770 and settled through penal transportation to the colony of New South Wales from 26 January 1788. The population grew steadily in subsequent decades; the continent was explored and an additional five self-governing Crown Colonies were established.

A Nation is Born

The Commonwealth of Australia.



On 1 January 1901, the six colonies federated, forming the Commonwealth of Australia. Since Federation, Australia has maintained a stable liberal democratic political system that functions as a federal parliamentary democracy and constitutional monarchy. The federation comprises six states and several territories. The population of 22.7 million is heavily concentrated in the Eastern states and is highly urbanised.

A highly developed country, Australia is the world's 12th-largest economy and has the world's sixth-highest per capita income. Australia's military expenditure is the world's 13th-largest. With the second-highest human development index globally, Australia ranks highly in many international comparisons of national performance, such as quality of life, health, education, economic freedom, and the protection of civil liberties and political rights. Australia is a member of the G20, OECD, WTO, APEC, UN, Commonwealth of Nations, ANZUS, and the Pacific Islands Forum.

From Wikipedia, the free encyclopedia


Australian Glass Group

I have a relatively large investment in the Australian Glass Group (MPP on the ASX) through their parent company Metro Performance Glass. I am not an investment advisor and you should perform your own due diligence on the company before considering making an investment. I have personally made a significant long term investment in this company and I look forward to receiving incremental dividend payments from Metro Performance Glass going forward. The share price on May 27th was AU 40.39 (NZ 43) cents per share.

Metro listed on the New Zealand stock exchange at NZ $1.70 per share. The share price then proceeded to exceed NZ $2.0 per share. In 2016 Metro Glass purchased the Australian Glass Group for NZ $43.1 million dollars. Metro Glass previously paid a dividend of approx. NZ 7 cents per share per annum. Dividend payments ceased after 2018.

I believe it was a good sound decision to purchase AGG, thereby diversifying their business across the Tasman to Australia. My expectation is that the purchase of AGG will provide growth opportunities for the group in Australia.

Competitive pressure has increased for Metro Performance Glass in New Zealand and Covid has impacted their financials from 2020. On the positive side, Australian Glass Group's financial performance appears to be improving and Metro Performance Glass weathered the covid disruptions relatively well - all things being considered.

In May 2021, MPG announced the resumption of their dividend alongside the 2022 financial year interim results (my interpretation of this means the dividend will commence around Jan 2022 after interim results are announced) barring any significant impact from covid19. The company expects to pay fully imputed dividends of between 50% and 70% of net profit after tax before significant items. As is usual when declaring a dividend, the Board will consider a range of factors including group financial performance, one off or non-recurring events, prevailing and anticipated business and economic conditions.

Here is a link to the Metro Performance Glass Investor Information center where you can perform due diligence on the company. Here is a link to the FY2021 financial results.

"Windows can severely impact on the heating and cooling loads of a building. Up to 40% of a home's heating energy can be lost and up to 87% of its heat gained through windows. Improving windows' thermal performance reduces energy costs and greenhouse gas emissions."

Here is a video from a representative of the Australian Glass Group (formerly from Auckland) on the benefits of thermally efficient low-e and double glazing glass. Australia is lagging New Zealand in their adoption of thermally efficient low-e glass and double glazing. There have however recently been code changes in Australia that require higher performance glass. Metro Performance Glass has transitioned AGG to focus on high performance thermally efficient glass and double glazing so AGG is well positioned for these recent building code changes.

There had been an expectation that the building industry would contract because of Covid-19 and that would have had negative repercussions for Metro Performance Glass. In actual fact, the opposite has been true. The residential building industry has been booming along with rampant house price appreciation in New Zealand. Many Kiwi's are refurbishing their older homes as they see property prices heading to the literal moon.

There is a drive globally to reduce carbon emissions and New Zealand is proactively pursuing this goal. There is new legislation requiring rental properties to be well insulated. Many older homes have no insulation in their walls. Older style wooden joinery often allows wind to blow unabated into a room and you will often see curtains blowing in the wind. The R value of high performance glass options are R 0.2 to 0.48 (0.48 for high performance double glazed) vs minimum code wall insulation of R 2.1 in the North Island and R 2.4 in the South Island. Windows are by far the weakest link when it comes to insulating your home. Heat simply dissipates through old glass.

Metro Performance Glass and The Australian Glass Group specialise in thermally efficient low-e and double glazing glass that mitigate heat loss through your windows. These products will reduce carbon emissions because they are pivotal in insulating homes ‒ thereby reducing the amount of energy required to warm or cool a home. Low E is an abbreviation of "Low Emissivity", which is the ability to radiate absorbed energy. Low-e glass has a unique low emissivity coating designed to reflect long wave radiation from the glass itself and from inside or outside the house.

In 2018, AGG constructed a new glass processing facility in Tasmania. Metro Performance Glass has one of the largest glass processing facilities in Australasia situated in Auckland.

When the dividend is reinstated alongside the 2022 interim results (around Jan 2022), MPG should have one of the highest dividend payment percentages of any company in NZ based on the current share price. For that reason, I believe the shares are undervalued at the current price. IMHO (in my humble opinion) there is scope for share price appreciation alongside a potentially very healthy dividend.

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