Which UK Company Has The Most Impenetrable Financial Statements?

April 16, 2012


OK, I don’t have the answer to this question at the moment, but I’m seeking the feedback of readers in order to identify the UK listed companies with the most horrific-looking financial statements. I don’t just mean high leverage, but the full works: related party transactions, operating & capital leases, unlisted joint ventures and associates, […]

Posted in: Uncategorized

Update: Euromoney Institutional Investor – 55% Undervalued

July 28, 2011


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 […]

Posted in: Investment Ideas

Recommended Reading (21st July 2011)

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 […]

Posted in: Uncategorized

Updated Apple Inc Model – Base Case $537 per Share; Bull Case $630

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 […]

Posted in: Investment Ideas

The Economic Issues Raised by Possible Scottish Independence

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 […]

Posted in: Economy, My Thoughts

My Financial & Economic Pet Hates

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 […]

Posted in: My Thoughts

Clarkson plc: Cash Machine

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 […]

Posted in: Investment Ideas