Professor Glen Arnold

Character Group’s AGM

20 Jan 2020 @ 16:04
On Friday I travelled to London to attend Character Group’s (LSE:CCT) AGM, and to discuss some key issues with directors after the formal meeting. They were very generous with their time. Jon Diver, Joint MD, was willing to chat for half an hour after the meeting; Kiran Shah, FD, and Michael Hyde, MD for the […]
 

Wynnstay – Owner earnings and intrinsic value

16 Jan 2020 @ 09:59
Wynnstay (LSE:WYN) has shown average conventional earnings of 29.3p per share over ten years. With the 19.7m shares it has in issue today if it earned 29.3p per share then that would be a total of £5.77m. If I was to assume that this will be the earnings attributable to shareholders and, importantly, available to shareholders to […]
 

Wynnstay – strategy and the directors

15 Jan 2020 @ 09:57
Wynnstay (LSE:WYN) today is a strong publicly-traded corporation with turnover approach half a billion, profits of over £7m a year and a quotation on London’s AIM. But it started as a small cooperative in Powys 100 years ago dedicated to helping farmers; and that heritage feeds through into the culture and the objectives of the […]
 

Wynnstay Group – Vulnerability to financial distress?

14 Jan 2020 @ 10:15
The last two newsletters showed that Wynnstay’s shares (LSE:WYN) are selling cheaply compared with proven earnings over ten years and that it has some competitive advantages in the territories where it is the leading supplier. Wynnstay’s market capitalisation is £62.4m at £3.17 per share. Piotroski Analysis Positive net income? Yes. Positive cash flow from operations? […]
 

Wynnstay Group – Earnings history and a description of the business

13 Jan 2020 @ 10:24
Wynnstay Group’s (LSE:WYN) shares have suffered over the last three years because farmers have little clarity over what type of business environment they will be trading in a few months down the line. The company was set up 100 years ago as a farmer’s cooperative to supply items such as feeds, fertilisers and seeds.  It […]
 

Wynnstay Group – bought for my Modified price earnings ratio portfolio

10 Jan 2020 @ 15:20
I’ve bought shares in Wynnstay Group (LSE:WYN – not Wynnstay Properties) at 317.4p. The investment case for this company is largely based on its historical performance in terms of earnings and dividends as well as the expectation that the non-farming part of its business will be mostly unaffected by Brexit. However, the deciding factor is […]
 

Are my shares up or down?

03 Jan 2020 @ 10:16
Happy New Year. This is a good time of year to look at how my share purchases are performing. The tables below show the results (so far) of the shares bought for the portfolios I’ve been writing about in my Newsletters. The comments I made at the time explaining the rationale for each investment are available […]
 

Dewhurst – plenty of assets and a history of owner earnings

23 Dec 2019 @ 11:38
Dewhurst (LSE:DWHA) has a lot of assets (and no debt) backing its 8.4m shares.  When viewing the key numbers below consider that the “A” shares (non-voting) are currently trading at £7.50 – £8.50. Market capitalisation is £76m with the 3.3m Ordinary shares at £11 and the 5.1m “A” shares at £8.50. Balance sheet strength (September […]
 

Dewhurst – economic franchises

21 Dec 2019 @ 10:03
Dewhurst (LSE:DWHA) has a number of niche manufacturing and distribution business with many displaying high market shares, strong reputations and long-standing relationships with customers and the agents of clients (e.g. an architect specifying Dewhurst lift components for new high rise building). The UK and European businesses Dewhurst UK Manufacturing What it does: Pushbuttons, e.g. those...
 

Dewhurst’s earnings and dividends – and a stab at valuation

20 Dec 2019 @ 12:07
Dewhurst (LSE:DWHA) has been a very good share for me, rising from 311p to 750p–850p in five years.  Throughout that rise I’ve bought more at increasing prices because the company’s economic franchises are strong, forming a firm foundation for future growth of profits. But the shares have risen a lot in the last year.  So, […]
 
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