Professor Glen Arnold

Caffyns - Financial distress risk

10 Aug 2019 @ 11:41
I’ll use Piotroski’s nine variables to start the thinking about the potential for financial distress hitting Caffyns (LSE:CFYN). Is the company profitable? In the year to March 2019 Caffyns made £0.952m profit after tax from continuing operations, therefore it gains a Piotroski point. 2. Does the company produce positive cash flow from operations? In recent […]
 

Caffyns - The property side

07 Aug 2019 @ 10:17
Caffyns (LSE:CFYN) operates from 13 locations selling and servicing cars.   It holds the freeholds of large plots in towns in Kent and Sussex, therefore it has valuable real estate. The book value of property stated on the balance sheet has been understated for years; each annual report tells us that property experts have been called in […]
 

Caffyns - Three alternative estimates of cyclically adjusted earnings per share.

06 Aug 2019 @ 14:52
Caffyns (LSE:CFYN) is an awkward company for undertaking cyclically adjusted price earning ratio analysis because less than half of its earnings comes from the operating business of flogging cars. Half comes in irregular and unpredictable lumps of profits from selling off property or businesses. To try to gain some clarity, I first calculate average earnings […]
 

Wynnstay – The two sides of the business

23 Jul 2019 @ 15:07
Wynnstay (LSE:WYN) is an agricultural and rural supplier involved in a good spread of market segments.  Its diversity gives it some resilience in the face of a storm or two occurring in particular product/geographical markets. However, a perfect storm, such as a bad Brexit causing a farming recession, could cause profits to suffer for some […]
 

Wynnstay Group – A possible company for the Modified price earnings ratio portfolio

22 Jul 2019 @ 15:53
Given the enormous political uncertainties over the next few months I’m keeping lots of dry powder ready to invest when opportunity arises amid the flux.  While I’m not committing much money to new investments, I will be analysing companies, waiting for a good moment to invest. One company that caught my eye has already suffered […]
 

Buffett has more advice – on life, investing and business schools

12 Jul 2019 @ 10:35
Warren Buffett’s interview with Andy Serwer of Yahoo Finance contains some nuggets we should all keep in mind (“Warren Buffett shares advice on becoming successful”): Q: What about life advice? Buffett: Well my advice is that the most important thing, aside from things I’ve already talked about [see yesterday’s newsletter] is really who you associate […]
 

Wisdom of Warren Buffett

11 Jul 2019 @ 12:31
I’m constantly having to learn new things.  For example, it’s only recently that I thought about the difference between being smart and possessing wisdom. It was brought to the fore again when, on holiday, I tested the power of the wifi by going to Youtube to play something – anything.  Youtube’s  algorithm suggested I watch […]
 

How are my shares doing?

03 Jul 2019 @ 11:59
Half-way through 2019 is a good time to check on how my share selections have performed.  I resigned my university chair almost 6 years ago to concentrate on investment.  Perhaps the timing wasn’t so great in that the stock market as a whole hasn’t moved very much since.  But I’m reasonably content with how things […]
 

Tandem AGM – How well are the businesses doing?

02 Jul 2019 @ 12:10
Tandem’s (LSE:TND) AGM Statement last week contained great news: “We are pleased to announce that it has continued to be an encouraging year for the Group with revenue for the 25 week period to 23 June approximately 26% ahead of the same period in the previous year.” Following that the share plunged over 10%.  The […]
 

Tandem Group – The Annual General Meeting: dividends

01 Jul 2019 @ 09:17
On Thursday I, along with five other shareholders, attended the AGM of Tandem Group (LSE:TND). The directors were very gracious and generous in allowing us to ask questions and make our points for two hours. At times the discussion was, to put it politely, robust.  But the end result was that we shareholders understood the […]
 
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