Professor Glen Arnold

Caledonian Trust – Management, net current asset value and prospects

Jan 06 2016 @ 04:30
Caledonian Trust (LSE:CNN) was set up in 1972 by Douglas Lowe (now 78), joining Aim in 1995. He has seen many economic and property cycles, and learned patience and caution: patience in timing realisation of property value, and caution in not over-extending in property booms or panic-selling in downturns. While there are 200 shareholders, the […]
 

Caledonian Trust – rough estimates of the asset values

Jan 05 2016 @ 04:54
Caledonian Trust (LSE:CNN) owns substantial plots of land with planning permission to build houses (or offices). The true value of these plots is not reflected in the balance sheet because accounting rules dictate that property held for trading is valued at the lower of cost of net realisable value. Thus we need to estimate the […]
 

Caledonian Trust – Building hidden value

Jan 04 2016 @ 05:59
Caledonian Trust (LSE:CNN) has just reported its annual results to June, and very pleasing they are too. Profits are not the focus of attention. This is a Scottish property development company which held on to its properties for the past eight years or more. During this time it has added considerable value without selling anything […]
 

Fletcher King – Net Current asset value, ROCE and whether to buy some more

Dec 30 2015 @ 06:21
Fletcher King (LSE:FLK) has a market capitalisation of £4.5m on a share price of 49p. It has £4m of cash and no debt. Net current asset value is, however, below MCap. Net Current Asset Value £’000s 30 October 2015 Receivables 838 Cash 4,070 Less Total Liabilities (1,863) Totals to Crude NCAV 3,045 To be conservative […]
 

Fletcher King – earning power and directors pay for performance

Dec 29 2015 @ 05:46
Fletcher King did not make a loss in the recession, which is quite a performance since its business depends on the health of the commercial property sector (it helps property owners with valuations, rating reviews, finding investments, etc.). I’ll look at four and one-half years of numbers to gain an impression of the earnings power […]
 

Fletcher King – astonishingly good results, but directors get first dibs

Dec 28 2015 @ 06:26
Fletcher King (LSE:FLK) have just reported a massive rise in profits for the six months to the end of October – up by 309% from £231,000 to £945,000 after tax. Since buying into this share at 30p in July 2013 it has more than doubled if you include the 13.25p of dividends received. The dividend […]
 

Titon – is it still a bargain?

Dec 24 2015 @ 05:41
To judge whether Titon (LSE:TON) is still worth buying I need to start with an examination of its balance sheet: Is Net Current Asset Value greater than market capitalisation? £’000s October 2015 October 2014 Inventory 3,786 3,479 Receivables 4,992 4,589 Cash 2,870 2,149 Total current assets 11,648 10,217 minus all liabilities -4,275 -3,913 minus non- […]
 

Titon – an amazing profit recovery

Dec 23 2015 @ 04:22
When I bought into Titon (LSE:TON) in 2013 it had a market capitalisation of only £3.9m. Compare that with the profits it reported in 2014 and 2015: 2014: Profit after tax £1.28m. Profit after tax attributable to holding company shareholders, £0.90m. Eps 8.52p. 2015: Profit after tax £1.71m. Profit after tax attributable to holding company […]
 

Titon – headed in the right direction

Dec 22 2015 @ 06:25
Titon (LSE:TON) reported excellent results last week. Since I bought into it at 37.9p in September 2013 it risen to 93p. If you include dividends it’s grown to 2.5 times my investment. It was a classic Net Current Asset Value investment back in 2013 – much neglected and unloved. But it had an able management […]
 

Dewhurst – Valuing the company

Dec 17 2015 @ 06:03
In 33 out of the last 34 years the dividend has grown by 5% or more. Earnings per share have doubled over nine years. Pence per share 2007 2008 2009 2010 2011 2012 2013 2014 2015 Earnings 26.87 38.92 38.43 40.97 30.67 42.98 11.28 46.22 51.99 Dividend 5.40 5.76 6.06 6.36 6.69 7.02 (plus 5p […]
 
 
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