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  • Eurozone: Be Ready For The Fall [View article]
    useful article, thanks for writing. I currently find European equities attractive both on relative and absolute valuations. Certain indicators suggest we are approaching the "bottom" with PMI and unemployment data hinting this so I am favouring some of the cyclical stocks to play the recover (autos look good value, and potentially even banks!). While I am aware there is risk and potential for volatility around the German elections I'm happy to buy and hold currently and think there could be attractive upside over the next 12-18months.
    Aug 12, 2013. 03:47 AM | Likes Like |Link to Comment
  • Dürr AG: A Play On The Auto Industry Offering Near-Term Upside [View article]
    Hi Phil,

    Thanks for the comment. The debt calculation (E280m) was the long term liabilities as at the end of H1 2013. The growth rates were derived from historical CAGR and forward guidance (lower end), and the estimated benefit from a cyclical upswing in activity (higher end).

    Hope that helps.


    Aug 6, 2013. 12:55 PM | Likes Like |Link to Comment
  • Swift Energy: A Beat Up Company With Large Upside Potential [View article]
    As far as I am aware it isn't but it could be worth investigating further.
    Aug 6, 2013. 12:19 PM | Likes Like |Link to Comment
  • Endologix: Strong Growth Prospects Present Upside [View article]
    Hi Amod,

    Thanks for the comment, while you are correct they have been eating into cash in H1, cash flow is forecasted to be postive for H2 leaving a slight deduction in cash levels for 2013. I do not forecast the need for further financing in the short term, and given the lack of long term liabilities, financing through debt would be an option that would not dilute current shareholders.

    From a takeover target point of view, you are correct Medtronic are in need of a fenestrated stent, however Nellix is due to be realeased this year which has many unique attributes attractive to Medtronic. AFX I would also say has more capabilities than Medtronic's device as PEVAR could be the future.

    Hope that helps.

    Jul 17, 2013. 12:23 PM | Likes Like |Link to Comment
  • A.O. Smith: Small-Cap Dividend Payer With Growth Potential [View article]
    AO Smith do have a broad history of paying a rising dividend - have a look at the link attached, it shows only one year the dividend didn't grow. Given long term debt has decreased significantly, India ramps up and China and US hopefully continue to drive revenues I would hope to see AO Smith continue this trend of rising dividends.. hope that helps.
    Jun 18, 2013. 08:34 AM | Likes Like |Link to Comment
  • Tesco: Fair Returns With Limited Downside [View article]
    Not sure why this is a small cap insight article? It is hardly a small company...
    Jun 15, 2013. 12:34 PM | Likes Like |Link to Comment
  • Conn's: A Fast Growing Retailer Taking The South By Storm [View article]
    Hi Hedgephone and Calim,

    Thank you for your comments. I think Calim clarified most of the queries. Conn's in-house credit facility has its drawbacks and makes the cash flow statement somewhat puzzling at a glance. The net receivables have been rising due to higher sales volumes and greater use of their in-house credit. This can be a concern, and as pointed out by Calim and under the "headwinds" section, the major risks would be if the economy would fall back into recession. Low income earners would suffer and there would be an increasing likelyhood that charge off rates would increase.

    The negative free cash flow can also be a concern, however Conn's are looking to drive positive free cash flow from promotional interest free periods to speed up credit repayment.

    Calim with regards to the collection periods, the chart below shows 60-day delinquency rates, charge-off %ages and re-aging in relation to the credit portfolio. Hope that helps.
    Jun 11, 2013. 07:51 AM | Likes Like |Link to Comment
  • Conns Management Discusses Q1 2014 Results - Earnings Call Transcript [View article]
    This might help.
    Jun 11, 2013. 07:22 AM | Likes Like |Link to Comment
  • Conn's: A Fast Growing Retailer Taking The South By Storm [View article]
    No problem, hope it helps.
    Jun 10, 2013. 03:12 PM | Likes Like |Link to Comment
  • Halliburton: The Best Way To Invest In The Energy Sector [View article]
    yes that is a good point, oil services can be more volatile than your typical oil major name.
    May 20, 2013. 12:43 PM | Likes Like |Link to Comment
  • What Equity Bubble? This Bull Run Has Only Just Begun [View article]
    I think I'd view a pullback as a potential buy in opportunity. The FtSE 100 (UK market) has just closed down after a 9 day straight rise, which I suspect was to a little profit taking but nothing more. Interesting views about the second half of the year, we will watch closely.
    May 16, 2013. 02:44 PM | Likes Like |Link to Comment
  • Hershey: A Fantastic Long-Term Growth And Dividend Stock [View article]
    I accept that HSY may look expensive on certain metrics, not least P/B. However, this multi-national, with a fantastic brand name has great potential to compound earnings and keep rewarding investors with dividends and as such I still view it as a buy long-term even at this price. There are expanision opportunities which should boost further long-term growth, even if the US is becoming saturated. EM and Europe, are huge opportunities. Kraft's recent purchase of Cadbury was their way of entering Europe, and HSY should look to grow their brand in this market.
    May 15, 2013. 08:03 AM | Likes Like |Link to Comment
  • Deflation: What Can You Do About It? [View article]
    May 15, 2013. 02:21 AM | Likes Like |Link to Comment
  • The Drivers And Risks Of Inflation [View article]
    Deflation is definitely a risk, and something I think central banks are desperately trying to avoid. However, I do think it is important to be aware of the 'flip-side' and whilst inflation may not rise in the short-term, there is an argument that it could rise significantly in the medium-long term. We have recently written an article on deflation, hopefully published today, so hopefully that should provide some balance to this article.
    May 14, 2013. 03:58 AM | Likes Like |Link to Comment
  • Protecting Your Portfolio From Inflation [View article]
    Thanks for your comment, and I agree with what you say. Inflation is a tricky nut to crack, the methods we talked about are to deal with long term rising prices, rather than short term.

    As you mentioned, short term inflation spikes are very different and many investors pile into highly sensitive inflationary assets. During periods of hyper inflation, generally all asset classes tend to lag.

    Portfolio allocation is the best way to protect yourself, and having a broad spread across asset classes would in my opinion best protect yourself.

    I do not see inflation rearing its head any time soon, however further down the line, it may be a significant problem.
    May 11, 2013. 12:28 PM | Likes Like |Link to Comment