Professor Glen Arnold

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 […]
 

Dewhurst – I’ve bought back in

Dec 04 2020 @ 09:37
I’ve bought Dewhurst “A” non-voting shares (LSE:DWHA) at a price of £5.94. This is after selling all my A shares in March at £7.22.  I explained back then why I sold in a 2nd March newsletter  “not because I judged it to be over-valued but because I wanted to rebalance my portfolio so as to have […]
 

Lessons for today's investors from Buffett's investment in FlightSafety

Dec 02 2020 @ 04:16
At the end of this newsletter I set down what I think are the key lessons for modern day investors (speculators need not read – this is about businesses and understanding them not about financial markets and their ups and downs).  First I’ll finish the story of Al Ueltschi, the founder of FlightSafety, by looking […]
 

Even capital intensive businesses can be good investments - Buffett's observations on FlightSafety

Dec 01 2020 @ 04:03
Warren Buffett prefers to make outstanding rates of return on capital in businesses that do not require much of a capital base, such as See’s Candy or Scott Fetzer. FlightSafety, on the other hand, needs to invest $19m or more in one simulator. When you have over 300 simulators and need to replace them regularly […]
 

How Buffett manages a business after purchase - the case of FlightSafety

Nov 30 2020 @ 08:43
In the year before Berkshire bought it (at the end of 1996) for $1.5bn FlightSafety International produced $111m in pre-tax earnings. Buffett was right in thinking that its strong market position would lead to a significant rise in profits. By 2007 pre-tax earnings were $270m. At this time the company could have been sold on […]
 

Buffett's tips on managing your portfolio management

Nov 28 2020 @ 02:00
First: A tip to simplify portfolio construction to manageable proportions – favour low-change industries Buffett and Munger made life simpler for themselves by investing in businesses and industries unlikely to experience major change. “The reason for that is simple: we are searching for operations that we believe are virtually certain to possess enormous competitive strength […]
 
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