Professor Glen Arnold

MS International – The Defence Division and the Forging Division

Jan 08 2021 @ 05:32
MS International (LSE:MSI) is comprised of four business.  Today I’ll look at two of them. Tomorrow’s newsletter will cover Petrol Station Superstructures and Corporate Branding. Defence The Defence division mostly makes naval guns, selling to 20 countries, with 300 systems already in place. It also services those guns – a source of continuing revenue in times […]
 

MS International – I’ve doubled my holdings

Jan 07 2021 @ 09:50
MS International (LSE:MSI), a British engineering company, is selling at a low price relative to its past earnings, its net current asset value and its earnings power. I have bought shares at an average of £1.292 for my Buffett-style portfolio (MCap = £1.292 x 16.5m shares = £21.3m). MS International has two economic franchises: (a) […]
 

Portfolio performance after a Covid year

Jan 04 2021 @ 05:28
Seven and a half years ago that I left a tenured professorship to concentrate on investment.  Back then the FTSE 100 was around 6,600. The market as a whole has not exactly moved strongly in a positive direction over that time. It is now 6,620 (although there have been dividends of around 3-4% per year). […]
 

What do value investors do when markets have been lifted high? Warren Buffett's views

Dec 19 2020 @ 02:00
Buffett, in the late 1990s, faced a dilemma common to all investors from time to time (perhaps with smaller sums): he had money to invest, billions in cash or near cash, but “prices were high for both businesses and stocks” (Warren Buffett wrote in his 1997 letter to shareholders). What to do? First, he was […]
 

Buffett's advice - focus on intrinsic value, not market movements (which are led by quacking ducks)

Dec 18 2020 @ 08:52
It isn’t jumps in stock market prices of his investments that Buffett measures himself by. He focuses on  increases in intrinsic value. A very rough and ready proxy for annual changes in intrinsic value is movements in net worth (book value). For example, in just the twelve months of 1998 Berkshire’s net worth balance sheet […]
 

SpaceandPeople sold

Dec 10 2020 @ 06:12
SpaceandPeople (LSE:SAL) has been one of my worst investments.  The company works with owners of high footfall spaces such as shopping centres or railway stations to use that space by charging either retailers to set up a stall/unit or promoters to advertise and promote through things like tasting or talking to potential customers. Naturally, it […]
 

Dewhurst – return on net tangible assets

Dec 09 2020 @ 09:49
Dewhurst (LSE:DWHA) reported its annual results to 30th September 2020 this morning. They were very pleasing. Basically, they had to adjust operations considerably during lockdown, but by dint of dedication and teamwork, overall sales were down only 1.5% and adjusted operating profit was up from £7.7m to £8.6m. If I add back exceptional costs that will not reoccur […]
 

Dewhurst – plenty of assets and a history of owner earnings

Dec 08 2020 @ 06:10
Dewhurst (LSE:DWHA) has a lot of assets, and no debt, backing its 8.08m shares.  When viewing the key numbers below consider that the “A” shares (non-voting) are currently trading at £5.50 – £6.50. Market capitalisation is £66.7m with the 3.31m Ordinary shares at £11.60 and the 4.77m “A” shares at £5.94 (what I paid). Balance […]
 

Dewhurst – economic franchises

Dec 07 2020 @ 06:06
Dewhurst (LSE:DWHA) owns 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 makes: Pushbuttons, e.g. those...
 

Dewhurst – earnings, dividends and a possible valuation

Dec 05 2020 @ 02:02
Dewhurst non-voting shares (LSE:DWHA) are in my Buffett-style portfolio. It’s earnings history is not spectacular, just one of steady progression over the years.  But earnings are based on firm foundations of strong market positions, which bodes well for future growth. Sales, earnings and dividends Sales, £m   Earnings per share (p)   Dividend per share […]
 
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