Ann: Change in substantial holding, page-24

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Eaglebird

909 Posts.

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06/11/18

16:59

Post #: 36407175
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Originally posted by Chao88 ↑

Originally posted by kittyboomboom
Balance sheet is holding a dramatically increased level of stock but apart from that that is clean as a whistle.
Declining sales with stock building up that fast is not a good combo but this is priced at almost certain failure which is just silly IMO.
Even so let say they struggle to sell all of stock at cost/net realizable value and instead only able to recoup at 80% of value, that would still mean circa 80 82 million in inventory value. There is no debt and net cash of 14 million. Property plant and equipment is at 90 million I think apologies don't have annual report in front of me.

Trolling through the report I think I worked out liquidation value of about 90 - 100 million after discounting for possible obsolete inventory and property plant and equipment not realizing net realizable value etc etc.

I see a decent safety net which protects my capital. What Current NTA? $4.5? Trading at under half of NTA, still profitable, will definitely pay a dividend as they have no debt so unless they have use for that cash otherwise we will definitely get a dividend. I see very little if any risk here... Capital protected with upside potential if they can surprise with any margin on a gross and ebitda line. Sound investment from my perspective

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I went in today, as I think it's oversold, may have jumped the gun a bit and should have waited for some positive confirmation of a turnaround but, seems some technicals' are lining up quite OK. Further downforce expected but, I'm not too worried about it either.

TRS Price at posting: $2.13 Sentiment: Buy Disclosure: Held
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0 Great analysis

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Ann: Change in substantial holding, page-24

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