anyone holding these, page-11

TGR was one of the stocks I looked at for inclusion to my *Dozen-or-so-small-to-mid-cap-potential-winners-for-the-next-decade* list.

It looks fine, good industry, but I rejected it (a la John West ... hehehe) mainly because I dont quite understand the financials.

The headline profit number looks good, but if you look deeper, most of the profit is booking-in inventory (the fish must have got bigger or something), and if you look at operating cash flows, the half-year is negative.
On the other hand their trade receivables went up by $11 mill while their paybles inceased by only $4, therefore you can assume that their underlying cash earnings will rebound sharply in the second half.

Notwithstanding the above, and taking the company's numbers at face value, they are reasonable priced.

I'll keep looking for a while.

PS.