Professor Glen Arnold

SpaceandPeople – Competitors and Directors

20 May 2019 @ 09:01
SpaceandPeople (LSE:SAL) joined the AIM market in December 2004.  It sold 600,000 shares at 50p each (MCap of £5.7m).   These shares rose to £2.20 in 2008, then fell to around the issue price 2009-2012, rising to £1.52 in 2014.  Now they trade at 12p – 14p. This volatility reflects intermittent optimism about the potential of […]
 

Spaceandpeople - A valuation using Return on Net Tangible Assets

17 May 2019 @ 09:36
Spaceandpeople (LSE:SAL) is a service business with little need of fixed assets nor large sums tied up in net working capital.  It rents the office space in needs for its 92 staff and does not own much in the way of physical assets. While it needs to invest in the purchase of impressive display stands […]
 

SpaceandPeople – business operations

16 May 2019 @ 08:54
This SpaceandPeople (LSE:SAL) newsletter will examine the source of sales costs and profits. I’ll start with the basic data on income and cash balances in the past. Revenue, profits and cash £000s   2013   2014   2015   2016   2017   2018 Revenue 14,567 15,446 13,814 9,661 9,995 7,939 Cost of sales -4,023 […]
 

SpaceandPeople - Financial Distress Analysis

15 May 2019 @ 09:11
I’ll use Piotroski’s nine factors aimed at a detecting a trend in financial distress risk to initiate a discussion of SpaceandPeople’s vulnerability to running into serious problems. After all, this share has fallen 92% in five years, which might indicate that Mr Market thinks it is likely to go bust. The nine factors: Did it […]
 

SpaceandPeople – an update following a meeting with the directors

14 May 2019 @ 08:34
Last October I bought a handful of shares in SpaceandPeople’s (LSE:SAL). On the surface it seemed like a good bet for my Modified price earning ratio portfolio, but I had not met the directors and so was not willing to make a substantial commitment. A few days ago, I attended the AGM in Glasgow.  There […]
 

Borsheims blossoms under Buffett's control

09 May 2019 @ 11:04
Immediately he bought 80% of the shares in Borsheims in 1989 Warren Buffett gave instruction to “forget that it happened, and just keep doing what you were doing.” That’s it, there was no further instruction according to Donald Yale, a director.  No discussion on crucial matters such as growth plans or management hierarchy and decision-making or […]
 

How Buffett came to buy Borsheims

08 May 2019 @ 09:10
Legend has it that Donald Yale (vice president, shareholder and member of the family) prompted Buffett to think about buying Borsheims.  Buffett had shopped there for years, and as Christmas 1988 approached he was looking for a ring. Well-known to the staff, a little banter was normal. While he was looking, Yale yelled out “Don’t […]
 

Borsheims - a Buffett Investment

07 May 2019 @ 09:06
I started telling the Borsheims of Omaha story last week.  Today I’ll describe how it grew to be a company with such a strong franchise that it  attracted Warren Buffett, who bought 80% of the shares in 1989. The first store was set up by Louis Borsheim in the frontier days of this Union Pacific […]
 

Buffett's Borsheims case study

03 May 2019 @ 10:07
I’m going to draw some key lessons for today’s investors from the experience of Warren Buffett’s purchase of (most of) the shares in a jewelry retailer with only one shop.  The case study reinforces the point that to be a good investor you need first to be able to understand the drivers behind a business […]
 

Dewhurst – return on net tangible assets

30 Apr 2019 @ 10:21
In newsletters last week and yesterday I showed that Dewhurst (LSE:DWHA) has a stable profits history as well as a strong balance sheet. It has very experienced managers in the niche businesses where it operates, with some good pricing power due to the economic franchises it created over decades combined with shrewd acquisitions. I bought […]
 
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