Professor Glen Arnold

Connect Group – the Tuffnells business

15 Nov 2019 @ 10:11
In 2014 the big idea at Connect Group (LDSE:CNCT) was to diversify into parcel delivery and at the same time gain synergy with the early morning News Distribution business by buying Tuffnells for £139m. Here are the performance numbers for Tuffnells under Connect’s ownership – not pretty reading for shareholders who forked out £139m. Now the […]
 

Connect Group – The Smiths News business

14 Nov 2019 @ 12:03
Connect Group (LSE:CNCT) has a business which produces profits and lots of cash flow year after year called Smiths News.  SN is a duopolist alongside Menzies delivering newspapers and magazines to shops.  They tend to stick to their own territories in allocating their vans – it is pointless having two rivals sets of vans passing […]
 

Connect Group – Potentially high-reward, potentially high-risk

13 Nov 2019 @ 10:03
Connect Group (LSE:CNCT) has one business generating an operating profit north of £36m.  For a £71m market capitalisation company that is a substantial amount. And this operating profit, from the Smith News newspaper and magazine distribution business, has been consistently high (2014: £40.8m, 2015: £23.2m, 2016: £34.1m, 2017: £36.1m, 2018: £25m, 2019: £36.3m). Smiths News […]
 

Should investors desire rising share prices or falling ones? Warren Buffett's thoughts

08 Nov 2019 @ 14:31
In these febrile times it worth remembering some wise words of Warren Buffett concerning the value investor’s attitude to falling share prices.  Truly disciplined value investors celebrate when shares fall in price.  I’m currently writing the first chapter of third volume of The Deals of Warren Buffett which is on the purchase of shares in Wells Fargo […]
 

Character Group – Owner earnings analysis and Intrinsic value

05 Nov 2019 @ 10:20
Conventional earnings numbers generally do not adequately allow for the fact that with some companies profits cannot be taken out if the company is to maintain its unit volume of output, spend enough to maintain its economic franchise (e.g. on working capital, new machinery, marketing, service quality, employee training, etc.) and invest in all value […]
 

Character Group – a valuation based on return on net tangible assets

04 Nov 2019 @ 12:55
Today we’ll look at return on net tangible assets, and approach the valuation of Character Group (LSE:CCT) from this angle. To start with there are a lot of numbers – to show my workings – but this all boils down to an exceptionally high average Return on Net Tangible Assets of 87%. Profits, assets and […]
 

Character Group – an overseas venture

01 Nov 2019 @ 10:06
Character Group (LSE:CCT) has recently spread its wings by buying a controlling stake in a company which operates a similar business model in Scandinavia.  This could be the start of a trend, where more European toy companies are purchased by Character being motivated by the potential of synergies in attracting brand owners by offering a larger […]
 

Character Group – A robust balance sheet and exceptional cash flow

31 Oct 2019 @ 11:45
Character Group (LSE:CCT) has an impressive profits history, but is it financially stable and does it produce high cash flow? Balance sheet data £m   Feb 2019   Aug 2018   Aug 2017   Aug 2016   Aug 2015   Aug 2014 Inventories 11.2 10.9 9.0 10.3 9.0 8.9 Receivables 12.7 25.6 25.8 25.1 15.5 […]
 

Character Group – A strong business

30 Oct 2019 @ 11:51
The Character Group (LSE:CCT) has the same leaders today as when created in 1991. The three founders are Richard King, who is now Chairman; Joseph Kissane, now Managing Director of the main subsidiary, and; Kiran Shah, now Joint Managing Director and Finance Director.  Jonathan Diver joined in 1991 and was quickly promoted to Marketing Director. […]
 

Character Group – bought for my Modified price earnings ratio portfolio

29 Oct 2019 @ 09:24
I’ve purchased shares in the toy designer and distributor Character Group (LSE:CCT) at 350.6p (market capitalisation is £3.506 x 21.3m shares = £74.7m). These shares were trading at £5.80 as recently as August.  The fall was caused primarily by the merger of the UK’s Entertainment One with the US toy company Hasbro. The connection here […]
 
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