Apr 19 2017 @ 04:29
TClarke (
LSE:CTO), specialists in supplying and fitting the electrics, mechanical items and ICT systems to make buildings work, are major subcontractors for many of the notable tall buildings in central London, e.g. the Shard, and for other less prestigious buildings around the country. The Great Recession caused losses, as the managers tendered for work at […]
Apr 11 2017 @ 06:17
Pittards (
LSE:PTD) has, so far, shown no great ability to generate wealth for shareholders. Perhaps things will be transformed in the future by excellent strategy carried out by excellent managers. Strategic position The main business is pumping out millions of hides and skins for other manufacturers to turn into useful goods, such as running shoes […]
Apr 10 2017 @ 05:12
We saw in the last Newsletter that Pittards’ (
LSE:PTD) operating performance has been pitiful. While the boardroom walked away with £0.5m – £0.6m per year the shareholders saw a half decade with an overall loss and no dividends. But, perhaps there is a sufficiently high net current asset value to justify an investment? After all, […]
Apr 04 2017 @ 06:44
I’ll need some help in analysing the capabilities and degree of share owner orientation of the directors. I haven’t met them yet, so if you know anything please would you make a comment. The sort of thing we’re looking for was expressed well by a subscriber who wrote to me: “A shipbroker can plan a […]
Apr 03 2017 @ 06:35
Charlie Munger, business partner of Warren Buffett and leading thinker on investment matters, said: “Over the long term, it’s hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you’re […]
Mar 31 2017 @ 02:12
Joseph Piotroski showed that if a majority of nine accounting variables for a company pointed in the right direction it indicates the company is not showing much sign of financial distress. The nine metrics are usually applied to companies that have seen a decline in market value because of a period of poor trading – […]
Mar 30 2017 @ 08:36
After 35 years of acquisitions Braemar has many fingers in many pies. But, they are similar pies – while the widespread locations of the various business units mean that the Group spans the globe there is a focus in ship and offshore vessel services. Thus there are both economies of scale – doing the same […]
Mar 28 2017 @ 06:48
To understand the potential of Braemar (
LSE:BMS) we need to look at the different, but interrelated and synergistic, business areas from which it makes profits for shareholders. I’ll start this by relating the company history today. Tomorrow I’ll describe its three divisions. A story of destiny This is going to sound like a Jeffery Archer […]
Mar 24 2017 @ 10:57
Braemar Shipping Services (
LSE:BMS) is having a hard time in some of its business areas resulting in lowered profits. For example, it offers consultancy to oil and gas explorers, who are not doing much exploration these days. The slump in profits does not mean it has fallen into losses. Indeed, it has an impressive record […]
Mar 21 2017 @ 09:59
Post-earnings announcement drift, PEAD, seems to be a feature of share markets, as shown in various rigorous academic studies. (How exploitable is another matter, given its high transaction costs). There are variations on the theme, but the one I’m most familiar with is where you look at the trend in earnings per share over a […]