Professor Glen Arnold

MS International – Financial stability

25 Jun 2019 @ 18:06
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 – Superstructures and Branding

24 Jun 2019 @ 18:07
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 – Guns and Forks

21 Jun 2019 @ 17:40
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 […]

MS International – buying more of a good thing

20 Jun 2019 @ 18:35
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 […]

N Brown – The managers

14 Jun 2019 @ 18:55
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 […]

N Brown - A valuation using Return on Net Tangible Assets

13 Jun 2019 @ 18:40
                                                                            So far in the N Brown (LSE:BWNG) analysis (see last few Newsletters) we have a dividend yield […]

N Brown - Owner earnings analysis

12 Jun 2019 @ 18:37
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 […]

N Brown - Financial distress risk

11 Jun 2019 @ 19:07
N Brown (LSE:BWNG) carries over £500m of bank debt.  For a company with a market capitalisation of around £400m that seems a lot.  It makes sense to investigate the risk of financial distress. Balance sheet The balance sheet gives the game away on the two-businesses-in-one nature of N Brown.  In round terms, what we see […]

N Brown – Different parts of the business

10 Jun 2019 @ 18:55
N Brown (LSE:BWNG) trades through 11 brands, three of which are “Power Brands”: J D Williams, aimed at 45-60-year-old women; Simply Be, for fashionable size 12-32 women, and; Jacamo for menswear.  It is also building up the Ambrose Wilson for women 60 and over and hinting that this will become a Power Brand in the […]

N Brown - The business model

07 Jun 2019 @ 20:23
The way I see N Brown’s (LSE:BWNG) business model is that it sells clothes etc., to people at below cost as a deliberate strategy. That is, it makes a gross margin on the items it sells of around 52% (i.e. if it buys a dress from China for £28.80 it sells it to a Brit […]
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