Hornby’s back in the buyzone
But is it the company it was? It feels like old times. Hornby, model railway company and owner of brands beloved of UK model makers and toy collectors, is back [...]
N Brown cash leakage explained
Funding its customers Lewis’ theory that N Brown is using cash to fund customer credit seems credible to me. And increased lending may be sufficient to explain why cash flows [...]
Games Workshop in two minutes
An updated two minute monologue. What’s changed: I’ve added more competition in the completion section.What it does: model soldiers Games Workshop designs, manufactures, wholesales and retails war gaming miniatures, scenarios, craft [...]
T30 monthly review
Monthly performance appraisal: Richard Beddard True to form I’m not reviewing performance, how much money the portfolio is making and whether the shares in it have gone up or down, [...]
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. [...]
