You have to know market share of brands many brands but the desirability is normally concentrated in a few.
Billabong are not only one brand they include: Billabong, Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Nixon, Xcel, Tigerlily, Sector 9, DaKine and RVCA brands. In the USA it has been suggested that Billabong ahs been losing ground to amongst others Quiksilver.
those trends can be reversed and as such we are a very big low. The business had a positive cash flow at operational level. that is a good sign. There are IMO too many adjustments to understand the underlying result.
Not an easy thing to value but does have merit at these prices.
Just entered @75c and think its a good price. The big question is the price target of 41c by the bank that advised TPG.
BBG Price at posting:
61.9¢ Sentiment: None Disclosure: Held
