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Independent Value

 
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  • Weight Watchers International: Cutting Through The Fat - Q1 FY14 Update
    Sun, May. 4 WTW 11 Comments

    Summary

    • WTW's business is beginning to stabilize, with management delivering some early turnaround success as borne out in the Q1 results being ahead of both previous guidance and consensus estimates.
    • Near-term business outlook remains difficult as operational and capital structure challenges remain.
    • Potential for significant upside for common stock holders should management successfully implement the turnaround plan.
    • Evidence emerging that wearable activity and fitness monitors may be actually be fads, as previously asserted by WTW management.
    • Potential credit opportunity for prospective investors who feel the equity may be too risky, with WTW's senior debt attractively priced at present.
  • Weight Watchers International - Is The Fat Lady Singing?
    Editors' Pick • Wed, Apr. 16 HLF, MED, NTRI 22 Comments

    Summary

    • WTW is currently valued at a 39% discount to a conservative estimate of intrinsic value for its business.
    • Discount is due to 50%+ decline in share price over last 12 months, attributable to recent negative trends and business underperformance.
    • Negative trends are temporary, while underperformance is attributable to operational issues which are all fixable - they are not indicative of permanent flaws in WTW's business model or prospects.
  • Western Digital Corporation - Best-In-Class, Misunderstood And Undervalued?
    Editors' Pick • Nov. 13, 2013 STEC, STX, EMC 6 Comments
  • Western Digital Remains A Quality Value Opportunity
    Editors' Pick • Aug. 2, 2013 WDC 3 Comments
  • Thoughts On Investment Selection In A Richly Priced Market
    Apr. 8, 2013 MSN, WDC, VOD Comment!
  • Observations On Buffett's 2012 Letter To Berkshire Hathaway Shareholders
    Apr. 2, 2013 SPY, DIA 1 Comment
  • Thoughts On Current Stock Market Valuation (Continued)
    Mar. 28, 2013 SPY, DIA, QQQ 14 Comments
  • Current Stock Market Valuation And The Implications For Investment
    Mar. 27, 2013 DIA, SPY, QQQ 10 Comments