13.5% yield..., page-2

I had last year eps closer to 13c. Also their interest expense will be about 500k less this year even on proforma basis. Not hard to see 8c+ ff div. But on any analysis there is big margin of safety at 80c.

Utter failure of apple watch not doing us any harm. Same store sales will be hard to grow but still good opportunity for further store roll-out. Electronic music is interesting but hard to know what ebitda it is pulling. Good opportunity to improve on blanco result. Still plenty of steam left in renovation and housing market which lags building.

Worth noting their balance sheet as well. No intangibles. No nasty rise in inventories. Great cash generation and capital expenditure in line roughly with depreciation so the are not hiding expenses as cap expenditure. Outperformed prospectus so no reason to be second guessing management.

A cash generator with potential upside from acquisitions. No reason for it not to trade at 10x earnings do above once the register settles.