Professor Glen Arnold

MS International – Buying it for my Warren Buffett style portfolio

15 Oct 2019 @ 19:24
I’ve bought some more shares in MS International (LSE:MSI), the engineering company, at 172p (MCap = £1.72 x 16.5m shares = £28.4m). I previously bought MSI for my Modified price earning ratio portfolio. But now I think it qualifies as a Warren Buffett-style investment. MS International has two economic franchises: (a) Specialised defence equipment, mostly […]
 

Haynes Publications – why I sold

09 Oct 2019 @ 20:17
Having made a 181% return on my Haynes (LSE:HYNS) shares I feel that the price has run ahead of the facts coming from the business. Mr Market is now, finally, excited about the potential of HaynesPro, and has therefore pushed the share to double its level only nine months ago. The message has finally got […]
 

Haynes Publications – sold, after a tripling (almost)

08 Oct 2019 @ 19:21
I sold my Haynes (LSE:HYNS) shares last week at 291.8p.  I bought into Haynes in February 2015 for 115.9p.  Including annual dividends of 7.5p per share, the return over four and half years was 181%. Wherever I looked in 2015 people wrote that Haynes’ business is rubbish because it is focused on paper manuals for […]
 

My portfolio performances

04 Oct 2019 @ 18:52
The tables below show the performances (so far) of the shares bought for the portfolios I’ve been writing about in my Newsletters. The comments I made at the time explaining the rationale for the investment are available for you to read in older newsletters – there is nowhere for me to hide from my appraisals made […]
 

Holders Technology – Directors and conclusions

02 Oct 2019 @ 19:16
The directors of Holders Tech (LSE:HDT) have been with the firm for a very long time. They have experienced the bitterness of business failure and learned valuable lessons along the way. Going through the cycle of first the excitement of establishing a new business venture (whether it be PCBs in China and India, or LEDs in […]
 

Holders Technology – Printed Circuit Boards and Lighting

01 Oct 2019 @ 21:54
Both the printed circuit board supplies business and the Lighting business of Holders Technology (LSE:HDT) suffer from competitive rivalry in these industries. We should find, over time, that a positive return is generated on capital devoted even in competitive industries. Holders has made use of around £4m to £5m of shareholder’s money to support trading each […]
 

Holders Technology – a poor profits history

28 Sep 2019 @ 19:12
Holders Technology’s (LSE:HDT) share price has been held below its net current asset value, NCAV, for many years. Clearly, Mr Market does not trust the directors to stop losing money in the Lighting markets where it has little pricing power, nor to stop generating low returns on capital employed in the printed circuit board materials/components […]
 

Holders Technology – interesting, at the right price

28 Sep 2019 @ 01:07
Holders Technology (LSE:HDT) is a candidate for my net current asset value, NCAV, portfolio. Even after deducting one-third of its inventories and one-fifth of its receivables it has a NCAV significantly larger than its current market capitalisation (4.224m shares x 45p = £1.9m). It is a relatively stable company with no debt, £0.67m of cash, […]
 

Marshall Motor - Managers and disaffection

14 Sep 2019 @ 17:00
The chairman and CEO have a great deal of experience in the motor trade, so that is reassuring.  However, the CFO and most of the NEDs do not have any hands-on experience of this industry.  At least Alan Ferguson, Senior Independent Director, spent 22 years at Inchcape and eventually became FD there.  Also, the Operations […]
 

Marshall Motor – Owner earnings

13 Sep 2019 @ 18:43
Conventional earnings numbers generally do not adequately allow for the fact that with some companies profits cannot be taken out if they are to maintain their unit volume of output, spend enough to maintain its economic franchise (e.g. on working capital, new machinery, marketing, service quality, employee training, etc.) and invest in all value enhancing […]
 
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