Professor Glen Arnold

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’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 […]

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 […]

With owner earnings we are trying to obtain the earnings that, in future, would be left for shareholders after the managers’ use of the cash generated to pay for items of expenditure to maintain the strength of the economic franchise (e.g. additional capital items, additional working capital, marketing spend, R&D and staff training) and to […]

MS International (LSE:MSI) is trading at 214p putting it on a market capitalisation of £35.3m.  We’ve already seen that its shares are at a low price relative to average earnings over the past decade, that it has four good businesses and it is very financially stable. Today I attempt a valuation using historical return on […]

MS International (LSE:MSI) is trading on a low price relative to earnings over the last eleven years.  It is a diversified engineering company with four strong divisions, each of which has been run by the same team of skilled managers for many years. These are attractive features.  So why is the share at a low […]

MS International (LSE:MSI) has been a good share for me, returning over 30% so far.  I recently judged that its shares were still good value relative to earnings prospects and other factors, and so bought some more.  Today we’ll look at its business making money from supplying petrol station forecourts and in branding petrol stations […]

MS International (LSE:MSI) is comprised of four business.  Today we look at the first two, manufacturing defence equipment and the forgings business, which concentrates on making forks for fork-lift trucks. Defence The Defence division mostly makes naval guns and sells to 16 countries, with 250 systems in place. It also services those guns. Defence division […]

I’ve bought some more shares in MS International (LSE:MSI), the engineering company, at 222p, for my Modified price earning ratio portfolio. I first bought MSI’s shares in July 2015 at 186p. Since then the company has grown much stronger in its marketplaces and paid some welcome dividends (totalling 26p, with another 6.5p to come this […]

Unfortunately, I do not know the directors of N Brown (LSE:BWNG) personally.  I had hoped to meet them in July, but it looks as though I’m not going to make it to the AGM after all. To add to the uncertainty, we have the problem that the key players have been in post for only […]