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  • Update: New Hire Executive Vice President Of Global Operations Shows Female Health Company Is Getting Right People On The Bus [View article]
    Looks to be from 2004.
    Nov 17, 2014. 09:23 AM | Likes Like |Link to Comment
  • Xpel Technologies: Wrapping Up A Sticky Model And Hyper Growth Worth Multiples Of Today's Price [View article]
    Thanks for reading LVidos.
    Nov 14, 2014. 09:50 AM | Likes Like |Link to Comment
  • Xpel Technologies: Wrapping Up A Sticky Model And Hyper Growth Worth Multiples Of Today's Price [View article]
    Sean,

    Thanks for reading and look forward to hearing your update.
    Nov 14, 2014. 09:49 AM | Likes Like |Link to Comment
  • Xpel Technologies: Wrapping Up A Sticky Model And Hyper Growth Worth Multiples Of Today's Price [View article]
    Not overnight but in the long-term, 7 years is a millennia in terms of the market, yes. The domestic adoption rate is already at 2-3%.

    My advice do your own DD, you should be doing it anyway, and make your own judgment.
    Nov 14, 2014. 09:47 AM | 1 Like Like |Link to Comment
  • Xpel Technologies: Wrapping Up A Sticky Model And Hyper Growth Worth Multiples Of Today's Price [View article]
    Gsterling,

    Installations start at $500 for basic installs and up to a couple thousand for more areas of the car to be wrapped. A majority of the price is labor based. While this is higher then the price of installing window, the value on an economic basis is attractive.

    The main value proposition here is to protect the car during every day driving: bugs, rocks, salt, sand, etc,. so by protecting a car's most vulnerable areas with PPF an owner is able to retain resale value while maintaining a car's normal appearance. It also prevents scratch damage as well, highlighted in the last paragraph's link in the risk section above. Window tint's value is more visual with little to no economic benefit to the owner.

    Also, keep in mind dealerships do not make money on selling a car. They make money on the financing and "value add" services. The only problem with traditional value added services is that they tend to be intangible to the owner. Take under car rust proofing. An owner cannot see rust proofing everyday or see the benefits. With PPF dealers have something that is tangible to sell (an owner can scratch PPF and drop warm water on the film and see the scratches disappear) and it helps protect the car. Dealers can make a decent profit and everyone is happy.

    Anchoring bias also helps as well. Cars cost a lot of money and that is the first price tag a buyer will see which becomes the anchor. By the time a car salesman gets to the value add part of the transaction, PPFs price is very minimal in comparison to the car's price. That plus it is tangible, helps retain a car's value and beauty.

    Since PPF has had poorer technology in the past, practically zero marketing and little installer base to support higher awareness it is still in its infancy. I think Xpel's business model is what the industry needs to increase the adoption rate much higher than today.
    Nov 14, 2014. 08:58 AM | 1 Like Like |Link to Comment
  • Monitoring Avante Logixx Results: Under Promise, Over Deliver [View article]
    Absolutely correct. Correction should be posted anytime now.
    Nov 11, 2014. 12:03 PM | Likes Like |Link to Comment
  • Female Health Company: Putting The Brazil Tender In Perspective [View article]
    S Dhari,

    Good questions.

    1. This is one of my major concerns and hope that the company does not try their hand with acquisitions since it is difficult to do profitably.

    2. We have to remember the context of the reviews of the Fc2 that we read from people here in the US. FC2 has had little educational outreach in the US potentially leading to improper usage and poorer reviews than if individuals were educated and had used the condoms correctly. Not saying that individuals would rate the FC2 much, much higher if they had used it more often.

    Potential competitors could introduce an easier to use, without needing too much practice or education, condom which would take some marketshare in the US, but I am thinking that by that time the female condom market would be much larger since female condoms would then be a widely adopted form of contraception. FC2 currently has nearly 0% penetration in the US currently so even a percentage of the condom marketshare would be material. FHCO does not have to have 100% marketshare forever to make today's price work out. In regards to R&D, male condom manufacturers should give an idea of how much R&D is needed for a condom manufacturer, not much. Marketing is more material.
    Nov 3, 2014. 01:55 PM | Likes Like |Link to Comment
  • Female Health Company: Putting The Brazil Tender In Perspective [View article]
    TMT,

    Thanks for your comment. I agree my 10x pre-tax multiple is low for a growing company such as FHCO, but I like to stay conservative since I'm fairly bad at estimating future numbers with any accuracy.

    Good point on the SA tender last year and would add materially to next year's sales.
    Oct 16, 2014. 01:44 PM | Likes Like |Link to Comment
  • Female Health Company: Putting The Brazil Tender In Perspective [View article]
    DrP,

    Yes, you are currently correct, however, the company's new strategy will make the customer mix look different in the future.
    Oct 15, 2014. 03:50 PM | Likes Like |Link to Comment
  • Female Health Company: Putting The Brazil Tender In Perspective [View article]
    Also I'd like to highlight the power of the SA community. In our previous article, TMT Investor linked to Brazil's official announcement of the tender a week before FHCO made their official announcement.

    http://seekingalpha.co...
    Oct 15, 2014. 03:47 PM | 1 Like Like |Link to Comment
  • Cherokee Group: Brand Management ATM [View article]
    Riantyk,

    I think the best way to compare CHKE and ICON is to look at each other at similar stages in their brand management strategy life cycle. Iconix did not start out with brands that were >50 years old: Candies, Bongo and Badgely were all created in the 80's and likely did not have the same brand recognition they do today. It took years for them to build those brands to where they are today. Only later in their lifecycle have they acquired a few long standing brands, but I agree most have been highly recognizable brands. I think CHKE will follow in the same footsteps, so I think saying Cherokee's brands currently don't have the same oomph as Iconix brands today is short sighted.
    Sep 25, 2014. 09:43 AM | Likes Like |Link to Comment
  • Update: New Hire Executive Vice President Of Global Operations Shows Female Health Company Is Getting Right People On The Bus [View article]
    TMT,

    Very interesting find. Only one nitrile female condom manufacturer, and only one with the capacity for 50 million units, FHCO. Curious how did you came about this?
    Sep 24, 2014. 01:26 PM | Likes Like |Link to Comment
  • Cherokee Group: Brand Management ATM [View article]
    arbuge00,

    Many investors have the same reaction. In a lot of situations CEO's are horrible at allocating capital be it through acquisitions, capital reinvestment or share repurchases, but with a CEO like Henry Stupp (refer to the comment above #3) and a business model that can generate large returns on minimal capital, it is probably a better bet that they can compound capital at higher rates then we investors can.
    Sep 23, 2014. 05:21 PM | Likes Like |Link to Comment
  • Cherokee Group: Brand Management ATM [View article]
    Greg,

    Good questions.
    1. Target kicked out Cherokee Adult apparel in 2005 which was generating $1 billion in total sales due to then Cherokee's business state. Since Cherokee has come a long way since 2005 in terms of infrastructure and relationships, the adult apparel line was brought back to Target US in Spring 2014. So, the key to them going forward with organic growth is through new category introductions. Specifically I got the double digit metric from Sequential Brand's CEO who stated that they can easily gain double digit organic growth. Stupp is a bit more conservative, but both companies have very similar strategies so it is likely they can achieve similar organic growth. Refer to the 29 or so minute mark in CHKE's most recent investor presentation webcast for more details on the organic growth.

    2. Each new brand might require some additional marketing or personnel but not as much to make a large dent in costs. The platform is highly scalable and I believe the it takes time to grow acquired brands organically through product introductions and expand geographically, so it will take time for margins to expand from TH and LL. I utilize Iconix as a model for the 60% EBITDA margins since they have a very similar business model to CHKE.

    3. Using historical numbers of only US your calculations would be correct, but the question is how much can CHKE drive from international and category introductions with the brand. Future returns are likely to be much higher.

    Also, I really like Stupp's comments from the Q&A of the investor presentation today where he said he is very patient and willing to be very opportunistic with acquisitions and will not over lever. He said he wants CHKE in the position to have the clean balance sheet to take advantage when other brands might be having problems. This is a good thing to hear from a CEO when there is an acquisition spree happening at the moment.
    Sep 23, 2014. 05:16 PM | Likes Like |Link to Comment
  • Cherokee Group: Brand Management ATM [View article]
    Jeff,

    By that logic Hershey's 40-50% ROE on $6.94 of equity per $93 isn't impressive. Low asset, high touch businesses might not have the downside protection from physical assets, but that means they don't have to reinvest those dollars in physical assets. The check can be written to investors or fully reinvested. Cherokee has downside protection from minimum royalty guarantees with each brand they own, plus there are intangible assets that are not on the balance sheet that provide downside protection as well.
    Sep 22, 2014. 05:03 PM | Likes Like |Link to Comment
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