Professor Glen Arnold

How my shares performed through the Covid year

09 Apr 2021 @ 12:04
When Covid first struck I took a cautious approach, turning many of my investments into cash.  Then the massive fiscal, monetary and, later, the vaccine stimuli came to the fore and I turned buyer. Here is a list of all the shares I’ve bought and written about on ADVFN in the Covid period. I’ve been […]
 

J Smart – Piotroski analysis and conclusions

05 Apr 2021 @ 11:37
Joseph Piotroski published academic work showing nine accounting variables were useful in differentiating between those firms whose share returns are negatively affected by potential financial distress and those that are likely to outperform based on a good score regarding financial distress indicators. The indicators fall under three headings: (1) Profitability; (2) Leverage, liquidity, and...
 

J Smart – the directors and some concerns

01 Apr 2021 @ 11:25
J Smart (LSE:SMJ) is a family-run firm.  John M. Smart worked 50 years for the company and dominated it for the 29 years to 2017 as Chairman. He presided over an almost unbroken record of profit. John M. Smart has now retired, but his legacy lives on, in terms of extreme conservatism on the balance […]
 

J Smart – shareholder returns

31 Mar 2021 @ 12:40
Clearly J Smart (LSE:SMJ) has more money than it knows what to do with – see yesterday’s newsletter.  The money in bank accounts, shares and other liquid assets is generally not needed for operations. Indeed, the investment property holding division could easily take on some borrowing to finance itself and/or add to the cash pile […]
 

J Smart – its Cash, Land and Shares Division, and its Construction Division

30 Mar 2021 @ 10:19
J Smart (LSE:SMJ), as well as holding a large portfolio of industrial units and offices to rent out has money stored in bank accounts, in stock market shares, in land and in half-finished buildings.  I regard this capital allocation as if it were to a business largely separate from the core property holding division (see yesterday’s […]
 

J Smart’s investment property holdings

29 Mar 2021 @ 11:34
At one time J Smart (LSE:SMJ), the Edinburgh-based family-controlled property company, concentrated on being a constructor of commercial property for other organisations. Today, that business is diminishing after years of losses. Now the main attraction for share investors is the large collection of industrial units and offices it owns and rents out in the Scottish […]
 

J Smart, purchased as a net current asset value investment

26 Mar 2021 @ 12:44
I’ve bought J Smart (LSE:SMJ) at 125.3p for my Net Current Asset Value portfolio.  Market capitalisation is 42.4 shares x £1.253 = £53m.  I estimate its net current asset value, NCAV at £96m.  It is consistently profitable and has a very low-risk balance sheet. The lion’s share of its assets are industrial properties (e.g., modern […]
 

Lloyds Banking Group – financial strength

22 Mar 2021 @ 15:56
Lloyds Banking Group’s (LSE:LLOY) main business can be simplified to taking in customer deposits through Halifax, Bank of Scotland and Lloyds and then lending that money out, mostly for people buying houses but also for credit cards, unsecured personal loans, for buying cars, for businesses. At any one time it has about £410bn – £450bn […]
 

Lloyds Banking Group – Earnings are likely to rise

20 Mar 2021 @ 14:41
Yesterday’s Newsletter pointed out that Lloyds’ current share price of 41.69p (LSE:LLOY) is only 9.9 times underlying earnings averaged over the last ten years.  At face value, it therefore seems cheap if we assume merely that EPS over the next ten years will match those of the last ten. However, there are reasons to believe […]
 

Lloyds Banking Group – bought as the great recovery gets under way

18 Mar 2021 @ 12:23
I’ve bought shares in Lloyds (LSE:LLOY) at 41.69p (Market capitalisation £29.4bn).  The group, which also owns Halifax, Scottish Widows and Bank of Scotland, seems on a low price relative to proven earnings over the last ten years, and it has a strong balance sheet providing plenty of downside protection. While its shares have risen from […]
 
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