A lesson in retail
What it takes to succeed in the high street Fashion retailer Next’s annual report is a lesson in how to run a business efficiently. It’s impossible not to think of [...]
Why I’m terrified of analysing Next
The contrarian investor’s nightmare Next, the clothing retailer, has tormented me for years. A model of success even in adversity, it’s so repulsive I’ve never even opened its annual report. [...]
Why I’m terrified of analysing Next
The contrarian investor’s nightmare Next, the clothing retailer, has tormented me for years. A model of success even in adversity, it’s so repulsive I’ve never even opened its annual report. [...]
French Connection in 2 minutes 9 seconds
In for the long haul Stephen Marks, French Connection’s chairman and chief executive, has just experienced the most difficult winter season in all his years in business. That’s saying something [...]
Restoration man
Banking on experience Stephen Marks founded French Connection in 1972, rescued it from the recession of 1989 and is currently turning the company around again. The bad news is it [...]
Redefining French Connection
Walks like a net-net, talks like a net-net, but it isn’t one Leases are not only key to interpreting French Connection’s financial position, they affect valuation. According to the definition [...]
Leases key to retailer’s financial position
Flawed fortress Leases are key to the interpretation of French Connection’s financial position. With no debt and no defined benefit pension scheme it has very few liabilities on its balance [...]
Ambivalent about French correction
Little strength in numbers French Connection‘s 2011 results seemed to herald a recovery, but the fashion retailer has suffered a French correction. The good news is it’s still profitable. The [...]
Three earnings yields
Three benchmarks for market value Premier Foods’ earnings yield is 15% if you divide earnings by price conventionally, 6% if you divide earnings before interest and tax by enterprise value, [...]
Premier Foods in 2 minutes 11 seconds
Exceedingly good brands, damaged company New management is dealing with Premier Food’s onerous debt, but they only have a two year window in which to turn the company around or [...]
Holders Technology in 2 minutes 8 seconds
Up for the challenge Holders Technology sees the current year as “one of both significant challenge and great opportunity”, a fair assessment considering the stress on the distributor’s finances as [...]
Churchill China in 1 minute 53 seconds
The price is wrong Churchill China is a stable, profitable manufacturer of tableware with a proud heritage that has found an answer to low-cost competition. The only questionable thing about [...]
