Earlier this year I reviewed the UK-listed financial media group Euromoney Institutional Investor plc (report here), concluding that: In summary, I view Euromoney Institutional Investor as a well-diversified business with interests in a large number of leading publications and services. Fixed asset and working capital requirements are negligible, allowing the company to generate a large… [Read more…]
July 21, 2011
Domino’s delivers on bid talk and growth hopes (Independent). Talk of a 600p/share offer from private equity versus the current 453p/share price. Question: Why buy Domino’s Pizza UK Ireland plc at a trailing P/E ratio of 30.5x when you can buy the ultimate franchise-holder Domino’s Pizza Inc for a trailing P/E ratio of 17.5x? I’ve… [Read more…]
July 20, 2011
My analysis of Apple is relatively rough and ready, but I believe a great level of detail is not required given the simple balance sheet and huge gap between the estimate ($537) and the current share price ($390). The key assumptions are as follows: 4Q11 revenue identical to that reported in 3Q11. Year-on-year revenue growth… [Read more…]
July 18, 2011
On 5th May 2011, the first time since devolution in July 1999, the Scottish National Party won a majority of seats in the Scottish Parliament at Holyrood. One of the key manifesto promises of the party is to hold a referendum on Scottish independence before 2016. While political commentators have begun discussing the potential political… [Read more…]
July 10, 2011
In no particular order, here goes: Stock/flow errors. This is usually the mistake of journalists and politicians rather than professional investors, though is still far and away my biggest pet hate due to the basic nature of the error. For those readers not familiar with the concept, a stock is a measure taken at a… [Read more…]
July 4, 2011
Listed on the London Stock Exchange (LON:CKN) Clarkson plc, recently covered by Valuhunteruk, describes itself as: Clarksons are the world’s leading provider of integrated shipping services, bringing our connections and experience to an international client base. We play a vital intermediary role between shipowners and ship charterers across every sector of maritime trade. Our network of… [Read more…]
June 24, 2011
Apologies about the recent lack of posts – I’ve been otherwise engaged. CautiousBull should be back in action later next week. In the meantime, you can follow me on Twitter or subscribe to the RSS feed to get new posts as soon as they’re ready.
June 14, 2011
Taken from the company’s own website, ASOS plc describes itself as: ASOS is a global online fashion and beauty retailer and offers over 50,000 branded and own label product lines across womenswear, menswear, footwear, accessories, jewellery and beauty with approximately 1,500 new product lines being introduced each week. Aimed at fashion forward 16-34 year olds… [Read more…]
June 14, 2011
As you may have seen from my Twitter feed yesterday, I learned that I didn’t get (yet another) job that I recently interviewed for. However, the upside of this is I can now share the presentation that I made at the second round of the interview process. I was asked to perform a credit analysis… [Read more…]
June 10, 2011
The last few weeks have seen equities sell-off sharply, with the S&P 500 index declining by 7% from its peak at the end of April, wiping-out almost all of the gains previously achieved during 2011. This sell-off has accelerated following the release of two negative macroeconomic data-points: (1) the ISM manufacturing PMI, which came in… [Read more…]
July 28, 2011
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