Professor Glen Arnold

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 […]
 

MS International - Owner earnings and intrinsic value estimation

23 Oct 2019 @ 09:09
It’s important to examine MS International (LSE:MSI) with an income metric better than conventional profits after tax, which fail to properly consider the annual cash flows which end up being spent on yet more fixed assets and in working capital items (inventory and receivables in particular) just to support the current strategic market position, and […]
 

MS International - A valuation using return on net tangible assets

22 Oct 2019 @ 09:11
MS International (LSE:MSI) has a very strong balance sheet and decent profits history.  But what about the relationship between the two?  Given the large amount of net assets devoted to the operating business, does it generate a good rate of return on the money invested? With a Warren Buffett-style investment I expect to hold “forever”.  […]
 

MS International – Net current asset value and financial stability

21 Oct 2019 @ 09:00
MS International (LSE:MSI) has £22.9m of cash but a market capitalisation under £30m. A company with that much cash relative to the price Mr Market is willing to trade its shares will usually have a poor profits history or a hazardous balance sheet. But neither is true for MSI.   It has reported profits in each of the last 14 […]
 

MS International – the two pan-European niches

18 Oct 2019 @ 08:48
MS International’s (LSE:MSI) directors have done a very good job of diversifying from guns and forks. In 2010 they paid £3.53m to buy the second half of the Petrol Station Superstructures business they did not own.  And in 2015 they paid €3.4m (£2.6m) for a company which was to become their Branding Division. Both divisions […]
 

MS International – The Defence Division and the Forging Division

17 Oct 2019 @ 08:29
MS International (LSE:MSI) has four business.  In September the directors published a profit warning which we need to take seriously.  It stated, “It is most disappointing to report, though not surprising, that the Company is not immune to the negative impact of the widespread global economic uncertainty. As reported in the last Chairman’s results statement, […]
 

MS International – an attractive profits history

16 Oct 2019 @ 08:56
MS International (LSE:MSI) has been profitable in each of the last fourteen years.  But there are two unattractive features of the profits history that seem to put off Mr Market from buying its shares.  First, profits are no higher today than they were over a decade ago – and that is before we account for […]
 

MS International – Buying it for my Warren Buffett style portfolio

15 Oct 2019 @ 08:24
I’ve bought some more shares in MS International (LSE:MSI), the engineering company, at 172p (MCap = £1.72 x 16.5m shares = £28.4m). I previously bought MSI for my Modified price earning ratio portfolio. But now I think it qualifies as a Warren Buffett-style investment. MS International has two economic franchises: (a) Specialised defence equipment, mostly […]
 

Haynes Publications – why I sold

09 Oct 2019 @ 09:17
Having made a 181% return on my Haynes (LSE:HYNS) shares I feel that the price has run ahead of the facts coming from the business. Mr Market is now, finally, excited about the potential of HaynesPro, and has therefore pushed the share to double its level only nine months ago. The message has finally got […]
 

Haynes Publications – sold, after a tripling (almost)

08 Oct 2019 @ 08:21
I sold my Haynes (LSE:HYNS) shares last week at 291.8p.  I bought into Haynes in February 2015 for 115.9p.  Including annual dividends of 7.5p per share, the return over four and half years was 181%. Wherever I looked in 2015 people wrote that Haynes’ business is rubbish because it is focused on paper manuals for […]
 
 
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