I am a long term holder.
I stick with looking at the broader metrics.
Profits flat/decline for nearly two years.
EPS declining quite significantly by 15% (they couldn't even put it in the presentation).
Dividends declining.
International sales flat.
Not much sparkle here at the moment.
Its really a slow roll out story. Very resilient business protected by no 1 position in its market and high % of in-house designs (which protects operating margin).
Whilst the share price is currently rerating quite nicely, its really just a general market PE re-rate - the poor metrics will stifle it sooner or later.
BLX tends to be quite cyclic. Sort of expands slowly with its new store openings, then suddenly gets a confluence of perfect conditions to boost profits.
But it isn't there at the moment.
I would like to see share buy-backs to give the share price a kick, but its not their thing.
Gosouth
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