Investor's Champion

Conflicting interests, lack of independent Directors, excessive levels of remuneration; read on….

Shares in the recycling products and services group have had a good run since the beginning of 2009 reflecting the cash generative attributes of the business, its attractive dividend yield and strong market position.  The AGM statement on 1st June confirmed that it was confident of meeting half year expectations with the strong trading performance in the fourth quarter of 2008 having continued into the start of 2009. 

Trading in line but tough times ahead; the acquisition looks pricey but stripping out the cash Hunting shares appear decent value.

The pre-close trading update for the financial year ending 31st March 2009 was actually quite promising, relative to what many appeared to be expecting anyway, and if there is a hedge fund business that will emerge stronger from the ordeal of the past few months MAN surely looks well placed to be that business.

Preliminary results were surprisingly positive, cash is flowing, debt looks manageable and visibility is good for 2009. But there is no dividend and when can shareholders really hope to start reaping any real rewards - other than those that made 100% on the share price move this week!

Focus will be on cash generation and the termination of contract negotiations with major airline is a positive in my book. With strong asset backing (albeit stock), a decent shareholder register, top up funds recently raised and debt likely to fall it looks worthy of further analysis - even the liquidity is reasonable fro AIM! 

Margins up, strong cash generation and yielding over 5% but many remain concerned about weakness in key UK legal market

A decent set of numbers for 2008 and even the dividend was maintained (c8% yield) but all eyes are on 2009 and the potential downturn in certain key markets

Management appears to have delivered up to now – who would bet against them doing it again!

Decent results from Albemarle, but if you want exposure to the pawnbroking sector, and can invest outside AIM, seemingly much better value can be found in principal shareholder, Nasdaq quoted EZCORP

Former dissident shareholders have conveniently gained appointment to the board and are overseeing the stratetegic review. Have the lunatics now taken over the asylum?

Encouraging interim results from this rapidly expanding and increasingly diverse group. You now get coal, coke, rubber recycling, bulk haulage, renewable energy, engineering and a canal barge fleet with this one!

Appears inherently resilient and, despite the higher debt compared with past years, also financially sound

Expected fall in funds management but new institutional mandate is encouraging & dividend is safe, for now.

It’s far from out of the woods but the AGM statement and a strong Euro brings hope to the caravan retailer. The doubt remains - a ten bagger or debt laden disaster?

The snowy conditions suggest that crash repair companies are worth assessing – especially if they come with a 6% yield and decent cash generation!

The trading update appears to have caught many by surprise – should it have? The valuation is at rock bottom, financial position looks strong and product offering looks compelling. Worth a look?

It’s consistently delivered for so long that trading updates are always a tense affair – but why worry, JHD always delivers!

An AIM float over the Chritsmas period - no, you aren’t seeing things!
Wey Bridging is a short term lender to experienced residential property developers within the M25 who are in need of short term finance and quickly!  All loans are asset backed and apparently the company has never had a bad debt. An interesting story, read on…

The order book might look good and further contract wins encouraging but cash outflow is now a major issue and it’s hard to gauge how this business can continue to trade (and grow) as it has been unless there is a material improvement in cash collection..

The shares soared this week following the departure of management and some broker support. Was this share price surge warranted and is this still a buying opportunity; the Champion comments! 

Performance has been excellent up to now and the valuation looks cheap, but debt has increased, and the ghost of Inter Link Foods still haunts. It’s also unclear how they will perform in a recession.

More detail needed please, especially on the finances

Since issuing a damning commentary on 12th Sept, recent dramatic falls in the share price and avid Director buying has compelled us to have yet another look – we still aren’t sure!

Fantastic results, great cash flow and loads of visibility – just look out for any contract muck ups!

Cash rich but currently looks a one product company with c60 day visibility - management are intent on expanding by acquisition.

The news isn’t good but much as expected – a ten year ten bagger or debt laden disaster?

The interim results were fine, it’s the short term outlook that doesn’t look so good!

The Chairman resigns and investors are spooked, but then comes a very positive trading update - business as usual!

Investor’s Champion warned you back in March 2007, and again in July 2007, again in 28th Sept, again…...
We even highlighted the cash problems at the end of April 2008- we hope you took note!
In the current climate, if they don’t get to grips with the cash management the shares could fall a lot further.
We see no evidence that the board has what is takes to sort things out!

The shares look cheap but for good reason!

Full year results looked good but need to be at the current rating. Nevertheless, Hamworthy is the leader in the Clubhouse (US Open this week!) of the Investor’s Champion Small Cap Scoreboard, overtaking CVS Group and Inspace, with the latter having been acquired.

Operator and developer of power plants in India – yes, another one!
Market capitalisation cUS$200m (pre new money)
Raising US$100m – sound familiar!

OPG Power Ventures owns and develops small and medium sized power plants in India and is in its fifth year of trading. Demand for power in India is apparently forecast to grow at 10%-12% per annum to 2017. OPG intends to raise up to US$100m through an Initial Public Offering (IPO) on AIM.

Glass half empty?

Find me another business that can confirm in January 2008 that they expect trading in the calendar year 2008 to be in line with market expectations – smacks of upgrade to me!

At a P/E ratio of 5.8x 08E, this company is worth less than some of the football stars it represents.

It’s a bad announcement but perhaps not as bad as all that and a business that’s been around for over 100 years with some decent products and great cash generation definitely justifies some attention!

Update - Defensive properties but increasing cost pressures in certain areas – thank goodness for Complete Care, despite the price!

Decent interims, great cash flow generation and a huge order book but disappointment in some areas

They are falling on their Swords - and so they should. It’s much worse than of us any anticipated!

Update -  Encouraging numbers on a gloomy day for the market but I’m confused by the statement covering one of the contract wins

A clean energy producer with some attractive carbon credits thrown in for good measure – the green boys are bound to be interested

An interesting concept but can they deliver and can someone help with the valuation, because we haven’t a clue!

Nice products, profitable, cash generative, strong balance sheet – I’m not sure they shouldn’t have done more up to now and they are a very small fish swimming in a very large ocean

Great results, positive outlook, lovely cash generation and loads of visibility - can one ask for more in an IHT stock

Buying opportunity?

Are the shares starting to look reasonable value?

Have a bet on a spread better - it looks good value!

Update - share price fall is surely unwarranted