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Marc Langefeld, CFA

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  • Brown Shoe: Good Execution In 2013, Opportunities In 2014 And Beyond [View article]
    Hi Pendulum,

    Is there any way to access your reports on American Apparel and Annies without being a subscriber to Seeking Alpha Pro?

    Marc Langefeld
    marc.langefeld@gmail.com
    Jan 31 11:50 AM | Likes Like |Link to Comment
  • Bullish On American Apparel: Beyond Controversy, An Inflection Point And Growth [View article]
    Excellent research report, great details from past investor presentations, I liked the historical EV/EBITDA charts from competitors during growth phases of their life cycles

    A few questions:
    1) Why do you think that American Apparel will grow its same store sales 5% in year 1, 4.5% in year 2, 4% in year 3?
    2) Any thoughts on SSS growth in international markets vs US?
    Jul 30 08:34 AM | 1 Like Like |Link to Comment
  • Amazon Analysts And Investors Have Heard The Sell Signal [View article]
    David,

    Interesting analysis. Do you know what % of Amazon's total sales come from the sales of traditional media (books, DVDs and blurays, and music CDs)? What % of sales come from ebooks, movie and tv downloads and MP3 downloads? The traditional media business should be growing more slowly and maybe is even declining. Any additional color on these issues would be helpful.

    Thanks
    Feb 21 09:07 AM | Likes Like |Link to Comment
  • Hansen Poised to Benefit from New Products, International Expansion [View article]
    Aluminum prices have increased in the last few months, but are still down significantly from 2008 highs, which should help gross margins in 2009. As you noted, sugar is making new highs while natural gas prices are making new lows every day.

    I have gross margins declining in 2010 owing to higher commodity prices in global economic recovery. At the same time, the company's top line will benefit from stronger volume growth in a global economic recovery.

    I don't think "its agreements with bottlers will be pressured". In fact, Hansen split their distribution 50/50 between two of the best US distributors (Coca Cola and Anheuser Busch) so that they would not be overly dependent on any one distributor.






    On Aug 22 04:58 PM Austin Lance Butler wrote:

    > Sugar prices are highest in 30 years and their are shortages worldwide.
    >
    >
    > Aluminum prices are screaming higher.
    >
    > Natural Gas has nowhere to go but up.
    >
    > Keep in mind that HANS explicitly DOESN"T HEDGE RAW COSTS.
    >
    > All of these factors make your FY10 and FY09 cost of goods sold and
    > gross margins highly optimistic.
    >
    > I believe your earnings outlook and earnings multiple outlook are
    > highly optimistic. I believe Hansen's agreements with bottlers will
    > be pressured as Coke and Pepsi consolidate the industry. All of that
    > considered I beleive HANS is an outright short and should trade at
    > a more reasonable multiple to its peers.
    >
    > Other than that, great article.
    Aug 26 06:46 PM | Likes Like |Link to Comment
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