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Browsing All posts tagged under »investments«
Update: Euromoney Institutional Investor – 55% Undervalued
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 […]
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 […]
Is ASOS plc Overvalued?
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 […]
Robert Wiseman Dairies
June 7, 2011
Well-done to all the readers who correctly identified the mystery company discussed earlier this week was indeed Robert Wiseman Dairies plc. Unfortunately, no prizes are on offer, but with this post I do include a much more detailed analysis of the business. Robert Wiseman owns and operates seven major milk processing dairies in the United […]
Misunderstanding Enterprise Value: The Economist & Financial Times Edition
June 6, 2011
From the Lex column (“Renault: carmaker is running on empty“) in the Financial Times on 31st May 2011: Subtract the market value of Renault’s stakes in Nissan, Avtovaz of Russia, Daimler and Volvo, and the stub value of the French carmaker is negative: minus €15 a share. From the Economist (“Renault’s woes“) on 4th June […]
Liberty Global Break-Up Value
June 2, 2011
I’ve written previously on the investment attractions of Liberty Global Inc (here and here), but in this post I’ve decided to tackle the issue of valuation from a slightly different angle by attempting to calculate what the individual parts of the business would be worth in the event it was broken up. The table below […]
JP Morgan’s Favourite European Mid-Cap Equity Ideas
May 17, 2011
Given that the bulk of my equity investments are in US-listed companies, I’ve become a little conscious that I might be neglecting good investment ideas in companies that operate a little closer to home. So, in order to start the process of looking for new ideas in Europe, I’ve got my hands on a copy […]
Domino’s Pizza Inc Update
May 15, 2011
Regular readers will be aware that shares in Domino’s Pizza Inc (NYSE:DPZ) is one of my key equity holdings, and I have previously written bullish posts on the company here and here. Since I invested in late December 2010, the DPZ share price has increased from $16 to $23.53, a return of 47% in a […]
A Leveraged-Buy-Out of Apple Inc?
May 12, 2011
Although such a transaction is unlikely to happen given the size of Apple’s market capitalisation ($319bn) and the huge equity requirement that such a deal entails, I still think it is a worthwhile exercise to consider Apple’s capital structure from the perspective of a private equity investor, who would be unlikely to stick with the […]
Cautious Bull 
July 28, 2011
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