Professor Glen Arnold

HIGHCROFT INVESTMENTS - STRATEGY AND THE DIRECTORS

Jul 28 2021 @ 06:45
Highcroft Investments (LSE:HCFT), whose shares I bought recently at £8.75, has simple business model. So simple that it only requires six and half employees to run the £45m company.  It buys and holds commercial buildings, mostly warehouses and retail warehouse, and rents them out. It occasionally sells a unit, usually when the property no longer […]
 

Highcroft Investments – financial risk

Jul 26 2021 @ 06:53
Financial distress investigation using Piotroski factor analysis Joseph Piotroski published a landmark academic paper in 2000 showing that nine accounting variables can be used to give an edge in investing in value shares because they allow a sifting out of those shares with high probability of trouble, and those which, while also having low share […]
 

Highcroft Investments – good income flow over a decade

Jul 23 2021 @ 05:53
Yesterday’s newsletter explained that Highcroft’s (LSE:HCFT) net current asset value is 25% above its current market price. This was one factor prompting me to buy its shares at £8.75 (market capitalisation £45m).   Today I look at another enticing feature of the company: it’s solid earnings and dividends flow to shareholders over the past decade. This […]
 

Highcroft Investments

Jul 22 2021 @ 05:52
I’ve bought into the nice steady, safe and secure – in relative terms for an equity investor – business of Highcroft Investments (LSE:HCFT) at £8.75 for my net current asset value portfolio. It buys commercial property, mostly large warehouses, retail warehouses or offices, and rents them out to the likes of Booker, British Airways, Parcel […]
 

N Brown – sold, at a loss

Jul 09 2021 @ 09:54
Having bought N Brown (LSE:BWNG) shares in 2018 and 2019 in the hope of a restoration of earnings to more than 20p I’ve now sold in despair at the capability of the managerial team to lift the company, having lost over half my money (bought at £1.42 and £1.30, sold £0.557). This is a company […]
 

My portfolio performance – a nice rise through the Covid crisis

Jul 02 2021 @ 06:56
Following a strict value investing approach I sold a lot of shares before and during the first Covid wave (I recommend investors read The Economist if you want to make educated guesses about the future – it was telling me about Covid in China very early in 2020). The pile of cash was useful later in 2020 […]
 

Caffyns – the management

Jun 28 2021 @ 06:33
Caffyns (LSE:CFYN) has been a family-dominated firm for over 150 years, despite it now being a Premium Listed company on the LSE. The family have been accused by a bulletin board writer of running a corporate board of directors which “is grossly self-indulgent”. I need to start the process of assessing whether this is true to […]
 

Caffyns - A look at earnings

Jun 25 2021 @ 09:35
In earlier newsletters we established that Caffyns’ (LSE:CFYN) net current asset value is between double or treble the current market capitalisation (assuming properties are current assets and there is no need to write down the value of its stock of cars for sale). We’ve also seen a big improvement on the balance sheet, financial distress […]
 

Caffyns – Financial distress

Jun 24 2021 @ 09:26
I’ll use Piotroski’s nine variables to get an overview of financial distress risk at March 2021. Is the company profitable? In the year to March 2021 Caffyns made £1.4m profit after tax, therefore it gains a Piotroski point. 2. Does the company produce positive cash flow from operations? Caffyns generated £4.6m of operating cash flows before […]
 

Caffyns’ debt level and pension deficit

Jun 23 2021 @ 08:59
Superficially, there is an impressive gap between the company’s market capitalisation, £12.5m, and property assets of £54.7m. But before getting carried away we need to consider whether the company is vulnerable to failure because of its debt levels and covenants on those loans. Net bank borrowings fell between 31st March 2020 and 31st March 2021 from £16.1m to […]
 
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