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Boris Marjanovic

 
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  • MusclePharm: Substantially Undervalued And Strong Acquisition Target [View article]
    Tiger Woods is a golf legend and has inspired millions around the world to play the sport. I agree, Woods and MusclePharm deserve each other... they can make a lot of money together.
    Jun 20 12:05 AM | 1 Like Like |Link to Comment
  • Lifeway Foods: Expanding Margins Should Drive Substantial Upside [View article]
    Yes, this is definitely an interesting special situation investors can benefit from.
    Jun 19 10:15 AM | Likes Like |Link to Comment
  • Lifeway Foods: Expanding Margins Should Drive Substantial Upside [View article]
    Hi gusi,

    Adjusted EBIT = EBITDA - CapEx +/- one-time items.

    In 2013, adjusted EBIT was only $1.9 million (or a ~2% adjusted EBIT margin). However, this was unusually low due to rising milk prices. Also, capex was about 5x higher than maintenance capex. On a normalized basis, the company's adjusted EBIT margin is roughly 14%. Based on ttm net sales of $102.3 million, this comes out to be $14.6 million in adjusted EBIT. Please remember this normalized margin also takes into account falling milk prices and lower processing and bottle production costs.

    The company's EV at the time this article was published was $217.4 million, which means EV/EBIT = 217.4/14.6 = 14.9x

    Yes, net sales were used for all companies in the valuation table.
    Jun 19 10:11 AM | Likes Like |Link to Comment
  • MusclePharm: Substantially Undervalued And Strong Acquisition Target [View article]
    MSLP just signed an endorsement agreement with Tiger Woods.

    http://yhoo.it/1pfI9Ae
    Jun 18 09:40 AM | 1 Like Like |Link to Comment
  • SunGame: A Penny Stock Trading For $2.1 Billion [View article]
    Yes, it is. If you can borrow shares, you can short without getting into any legal trouble.
    Jun 16 06:00 PM | Likes Like |Link to Comment
  • Tesla Opens Up Its Patents: What Altruism? This Is A Strategic Move [View article]
    This is a very unusual strategy. It will be interesting to see what happens over the next few years. You never know, other companies might start doing the same thing.
    Jun 13 11:53 AM | Likes Like |Link to Comment
  • Lifeway Foods' (LWAY) CEO Julie Smolyansky on Q1 2014 Results - Earnings Call Transcript [View article]
    I agree, the dividend is unnecessary. However, I do agree with their international expansion... Kefir is more popular in Europe and has larger potential.
    Jun 10 10:42 PM | Likes Like |Link to Comment
  • Correction 2014: Are You Prepared? [View article]
    I see you speak Serbo-Croatian... ja sam dobro. Honestly I have no opinion on any of those, I primarily stick to investing in real companies (buying shares and options).
    Jun 7 12:20 PM | Likes Like |Link to Comment
  • Correction 2014: Are You Prepared? [View article]
    I became uninterested in the article as soon as I saw it mention "Beta."
    Jun 6 11:59 PM | Likes Like |Link to Comment
  • Timing Is Everything [View article]
    Timing is something we are not very good at. Sure, the bull market is already 5 years old, but what makes you think it won't last another 5 years? Or even 10 years? Personally, when it comes to my own investments, I buy outstanding companies at extremely attractive prices. Whether the market is up today/down tomorrow doesn't concern me very much, in the long run I make enormous profits.
    Jun 6 11:34 PM | Likes Like |Link to Comment
  • Scavenging For Quiet Bargains [View article]
    When it comes to the cost of capital (particularly the cost of equity), I simply use my minimum required return on any investment, which is 15%. Buffett also uses 15%. Some people might only need 10%. In the end it's just an arbitrary number and depends on the individuals preference. Academics tried to come up with elegant formulas to determine the cost of capital, but these formulas are not very useful in the real world.
    Jun 5 11:44 AM | Likes Like |Link to Comment
  • Scavenging For Quiet Bargains [View article]
    I used to do a lot of backtesting back in the day, and I discovered that more frequent rebalancing is not very beneficial in most cases. The trading fees alone would eat up any additional profits gained. Rebalancing once per year (or at the most twice per year) is all that's needed.
    Jun 5 11:40 AM | Likes Like |Link to Comment
  • Scavenging For Quiet Bargains [View article]
    So, how do you calculate your cost of capital? If it's the way they teach in business schools, then it's not a very good method.
    Jun 5 09:59 AM | 1 Like Like |Link to Comment
  • MusclePharm: Substantially Undervalued And Strong Acquisition Target [View article]
    Most people simply don't understand the marketing advantage MusclePharm has. In fact, MusclePharm’s spectacular growth can mostly be attributed to its superior marketing strategy. The company’s special partnerships with the UFC and Arnold Schwarzenegger expose the brand to millions of potential customers around the world. The UFC, for example, is broadcasted in over 150 countries and territories (~820 million households), giving the MusclePharm brand an enormous amount of exposure that few competitors can match. The company’s marketing advantage was further strengthened with its recent partnership with bodybuilding and fitness icon Arnold Schwarzenegger. This new partnership allows the company to create products that will appeal to a larger market than previous MusclePharm products. In addition to these two partnerships, MusclePharm has sponsorships and endorsements with countless other athletes and sporting organization. All of this gives the company one of the strongest marketing advantages in the entire supplement industry, and this will likely continue to be the main growth driver going forward.
    Jun 4 07:17 PM | 1 Like Like |Link to Comment
  • OurPet's: This Undiscovered Micro-Cap Could Double [View article]
    The company could definitely be bought out for $2 per share, maybe even $2.5 per share some time in the near future. It's a wonderful business with many growth drivers in the coming years, I believe a larger competitor will see the potential the company has and simply acquire it.
    Jun 2 05:18 PM | Likes Like |Link to Comment
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