The unacceptable face of retail
All about equity cash flow With origins in mail-order, N Brown, which is mostly a women’s fashion retailer, may be adjusting to 21st century retailing more easily than its peers. [...]
Two minute Titon
A two minute monologue What it does: window furniture and ventilation systems Titon manufactures (67% of 2011 turnover) and distributes window handles, hinges, vents, locks, and home ventilation systems. It [...]
Vp in two minutes
A two minute monologue What it does: equipment hire Vp is an equipment hire company supplying the construction, engineering, oil and gas exploration, rail and outdoor events industries through six [...]
A cyclical masquerading as a stalwart
Honeymoon over before the wedding I’m grateful to Rijk, John Kingham and Trident for giving me something to think about as I stumbled through equipment hire company Vp’s past annual [...]
A bargain, however you calculate it
A classic net-net This is the reason to hold Titon: The market has given up any prospect of recovery. The share price values its assets at 30% less than my [...]
Recovery postponed at Titon
Bad news in perspective Diminutive window latch and ventilator manufacturer/distributor Titon made a far from titanic £5,000 operating profit in 2011. Courtesy of interest and a tax credit, net profit [...]
Vp: not as silly as it sounds
It all started with a vibrating roller Not often you can say that about a company, is it? The ‘V’ in Vp is for ‘Vibrating’ and, fortunately, this story gets [...]
Greene is not King
Note to self: don’t just check. Think! I must have been drunk on Monday. Drunk on the idea of adding brewer, pub and restaurant chain Greene King to the portfolio. [...]
An innocent among investment bankers
Beddard in the City On Wednesday I attended a conference hosted by Soc Gen’s much quoted Analysts Albert Edwards and Dylan Grice. It’s a New Year ritual for many investment [...]
Cash flow check on accounting
Cash flow from operations or free cash flow? Pardon the technical post and the prosaic title, but I hope it will explain why I rejected Smith & Nephew but retain [...]
Keeping it simple is harder than you think
The heart of my investing process My New Year’s resolution was to write two minute monologues to ensure I have thought through an investment and have a means to track [...]
Games Workshop in two minutes
A two minute monologue What it does: model soldiers Games Workshop designs, manufactures, wholesales and retails war gaming miniatures, scenarios, craft materials, books and magazines for its Warhammer, Warhammer 40,000 [...]
