• Small Cap Value Report (Wed 22 Mar 2017) – XAR

    Good afternoon!Apologies, but I’m running late today, so this is initially just a placeholder for the 1pm email. I’ll update this page throughout the afternoon, so please refresh this page later.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I hope to look at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)(possibles, if there’s time: CBUY amp; VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £

    Stock Trkr
  • Small Cap Value Report (Wed 22 Mar 2017) – XAR, CRPR, ECK

    Good afternoon!Apologies, but I’m running late today, so am slowly updating this article, and will continue doing so this afternoon/evening.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I hope to look at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)(possibles, if there’s time: CBUY amp; VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £260.3mFinal results – for the year ended 31 Dec 2016.This company makes innovative inkjet printheads, for commercial use. The core issue here is that the company has been heavily reliant on one sector – namely print heads for ceramic tile printing, where demand comes from China. Competition has been increasing, so this area is under…

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  • Small Cap Value Report (Wed 22 Mar 2017) – XAR, CRPR, ECK, SCT

    Good afternoon!Apologies, but I’m running late today, so am slowly updating this article, and will continue doing so this afternoon/evening.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I hope to look at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)(possibles, if there’s time: CBUY amp; VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £260.3mFinal results – for the year ended 31 Dec 2016.This company makes innovative inkjet printheads, for commercial use. The core issue here is that the company has been heavily reliant on one sector – namely print heads for ceramic tile printing, where demand comes from China. Competition has been increasing, so this area is under…

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  • Small Cap Value Report (Wed 22 Mar 2017) – XAR, CRPR, ECK, SCT, QXT

    Good afternoon!Apologies, but I’m running late today, so am slowly updating this article, and will continue doing so this afternoon/evening.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I hope to look at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)(possibles, if there’s time: CBUY amp; VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £260.3mFinal results – for the year ended 31 Dec 2016.This company makes innovative inkjet printheads, for commercial use. The core issue here is that the company has been heavily reliant on one sector – namely print heads for ceramic tile printing, where demand comes from China. Competition has been increasing, so this area is under…

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  • Small Cap Value Report (Wed 22 Mar 2017) – XAR, CRPR, ECK, SCT, QXT, CLL, EGS

    Good afternoon!Apologies, but I’m running late today, so am slowly updating this article, and will continue doing so this afternoon/evening.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I hope to look at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)(possibles, if there’s time: CBUY amp; VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £260.3mFinal results – for the year ended 31 Dec 2016.This company makes innovative inkjet printheads, for commercial use. The core issue here is that the company has been heavily reliant on one sector – namely print heads for ceramic tile printing, where demand comes from China. Competition has been increasing, so this area is under…

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  • Small Cap Value Report (Wed 22 Mar 2017) – XAR, CRPR, ECK, SCT, QXT, CLL, EGS, CBUY, VANL

    Good afternoon!Apologies, but I’m running late today, so am slowly updating this article, and will continue doing so this afternoon/evening.In the meantime, I was burning the midnight oil last night, reporting on 6 more companies’ results, so 9 in total. Therefore, here is the full report from yesterday.Today I have looked at results amp; trading updates from;Xaar (LON:XAR)James Cropper (LON:CRPR)Eckoh (LON:ECK) (major contract win)Quixant (LON:QXT)Cello (LON:CLL)eg Solutions (LON:EGS)Cloudbuy (LON:CBUY)Van Elle Holdings (LON:VANL)Xaar (LON:XAR)Share price: 335p (down 7.1% today)No. shares: 77.7mMarket cap: £260.3mFinal results – for the year ended 31 Dec 2016.This company makes innovative inkjet printheads, for commercial use. The core issue here is that the company has been heavily reliant on one sector – namely print heads for ceramic tile printing, where demand comes…

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  • How to avoid high StockRank underperformers

    It’s been a cracking start to the year for stock markets, and an even stronger start to the year for high StockRank shares. While the benchmark FTSE All Share Index is now up 4.2% since the end of 2016, the top 10% of UK stocks as ranked by the Stockopedia StockRanks has more than doubled this performance, generating a 10.0% return.
    The participation in this rally has been broad. In our performance tracking we focus on investable shares above a £10m market cap. Excluding the microcaps, there were 120 UK stocks ranked 90 or above on the end of 2016. Of these, 91 have been winners (with higher share prices today), while 28 have been losers (with lower share prices today).
    While these headline figures make great reading, it’s no comfort for those who have bought the losers, and as ever, among the losers are some popular shares.
    Picking losers is inevitable in the stock market. Not even Warren Buffett is immune (he bought Tesco at the top after all). So the key to enduring profits is twofold. Minimising the number of losers bought, and…

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  • Equity Factor Diversification Benefits [PREMIUM]

    How diversifying are different equity factors within and across country stock markets? In his January 2016 paper entitled “The Power of Equity Factor Diversification”, Ulrich Carl analyzes diversification properties of six equity factors (market excess return, size, value, momentum, low-beta and quality) across 20 developed stock markets. He defines each factor conventionally as returns to a portfolio that More

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  • SIF Portfolio: Why Coats Group could beat the market in 2017

    For Stockopedia junkies like me, one of the interesting aspects of corporate results season is seeing how each company’s results affect its StockRank. The effects of a fresh set of figures can be dramatic. By ignoring whether a stock is cyclical or defensive, the StockRank system often highlights value in areas where market sentiment and broker forecasts suggest that stocks might be fully valued. Housebuilders are one example, mining stocks and big retailers are two other which currently score highly for value.I recently added FTSE 250 miner South32 and housebuilder Redrow to the SIF Portfolio after these firms’ interim results boosted their StockRank metrics. These same figures also caused them to qualify for the Stock in Focus screen.However, although my screen results are sorted by StockRank, stocks qualify for the screen based on my own set of fundamental criteria. StockRanks are not used for stock selection and companies which qualify may not have rising StockRanks. One example is today’s stock, thread manufacturing company Coats Group. This 250-year old group has recently qualified for my screen. Coats reported full-year sales of $1.5bn last year….

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  • Four industries flourishing under Warren Buffett’s dark economic clouds

    There’s a typically fearless comment in Warren Buffett’s latest letter to Berkshire Hathaway shareholders, where he says:
    “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain GOLD. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons.”
    Buffett was referring to the sorts of buying opportunities that come up when markets face turmoil. Seismic setbacks in 2000-02 and 2008 are classic examples – but they’re not the only ones.
    Last year’s decision by the UK to leave the EU now looks like a pothole for equity prices rather than the type of collapse triggered by a dotcom crash or financial crisis. Even so, the Brexit vote did cause unsettled economic weather which boosted some sectors and battered others.
    Specifically, there was an acceleration in the performance of some shares that tend to move in sync with the economy – like cyclicals, sensitives and basic materials. On the flip-side, high yielding defensives lost ground.
    With Brexit negotiations set to kick off after March 29, the economic uncertainty continues – but trends suggest that some sectors remain more attractive than others in these conditions. A simple way to see this is through the lens…

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  • Trend Following and Covered Calls in Combination [PREMIUM]

    Are strategies that exploit return autocorrelation good places to look for complementary (diversifying) return streams? In the March 2017 version of their paper entitled “Momentum and Covered Calls almost Everywhere”, Stephen Choi, Gil-Lyeol Jeong and Hogun Park examine trend following and covered call strategies at the asset class level both separately and in combination. Their asset class universe More

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  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

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  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS, PTD

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS, PTD, GOAL

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS, PTD, GOAL, JDG, ACSO

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS, PTD, GOAL, JDG, ACSO, UBI

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE, FEVR, SCS, PTD, GOAL, JDG, ACSO, UBI, BILN

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016,…

    Stock Trkr
  • Small Cap Value Report (Tue 21 Mar 2017) – IQE

    Good morning! It’s Paul here. I’ll be writing today’s report.Loads of results today, so I’ll probably be doing shorter sections, so I can get through more companies.Please note that I added several new sections to yesterday’s report last night, on;Finsbury Food (LON:FIF) – underwhelming results amp; prospectsMichelmersh Brick Holdings (LON:MBH) – very strong balance sheet amp; big increase in divisMaintel Holdings (LON:MAI) – very brief comment, doesn’t interest me, but market liked its resultsPlease click here to revisit yesterday’s full report.IQE (LON:IQE)Share price: 47.0p (down 14.4% at 08:28)No. shares: 675.7mMarket cap: £317.6mFinal results – for the year ended 31 Dec 2016.The share price has been volatile so far this morning, on heavy volume, hence why I’ve added the time in the price snapshot above. It’s a popular private investor stock, so perhaps some stop losses were triggered this morning, with a larger fall earlier? The share price of this company has been roaring upwards, tripling in price since Jul 2016, so perhaps good news…

    Stock Trkr
  • Long-run Predictive Power of Stock Market Dividend Yield [PREMIUM]

    Do very long samples clarify the role of aggregate dividend yield as a stock market return predictor? In their January 2017 paper entitled “Four Centuries of Return Predictability”, Benjamin Golez and Peter Koudijs examine whether aggregate dividend yield (dividend-to-price ratio) predicts stock market return in a pieced sample spanning four centuries. They test predictability in the More

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  • Small Cap Value Report (Mon 20 Mar 2017) – TUNE, TAP, FIF, MBH, MAI

    Good morning!I note from the comments that one or two readers get confused about who is writing each report here, either me or Graham. I’m not sure how to say this without sounding sarcastic. The clue is that the relevant author’s name, and a massive photo of their head, appears at the top of each article.Today I intend writing about;Focusrite (LON:TUNE) – positive trading updateTaptica International (LON:TAP) – strong resultsFinsbury Food (LON:FIF) – interim resultsMichelmersh Brick Holdings (LON:MBH) – 2016 resultsMaintel Holdings (LON:MAI) – 2016 resultsFocusrite (LON:TUNE)Share price: 215p (up 5.9% today)No. shares: 58.1mMarket cap: £124.9mTrading update – this company makes musical amp; audio equipment. It looks an excellent company, demonstrating consistent growth, and decent profit margins.Its year end is 31 Aug 2017, so today’s update covers H1, the 6 months to 28 Feb 2017.The key section says;…pleased to report that in the first half of the year good progress was made in both the Focusrite…

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  • Small Cap Value Report (Mon 20 Mar 2017) – TUNE, TAP, PEBL, FIF, MBH, MAI

    Good morning!I note from the comments that one or two readers get confused about who is writing each report here, either me or Graham. I’m not sure how to say this without sounding sarcastic. The clue is that the relevant author’s name, and a massive photo of their head, appears at the top of each article.Today I intend writing about;Focusrite (LON:TUNE) – positive trading updateTaptica International (LON:TAP) – strong resultsPebble Beach Systems (LON:PEB) – final settlement from disposal.I’ve now done the above sections, but have to catch a train from London back to Hove. So I’ll aim to complete the following bits later today (probably early evening):Finsbury Food (LON:FIF) – interim resultsMichelmersh Brick Holdings (LON:MBH) – 2016 resultsMaintel Holdings (LON:MAI) – 2016 resultsFocusrite (LON:TUNE)Share price: 215p (up 5.9% today)No. shares: 58.1mMarket cap: £124.9mTrading update – this company makes musical amp; audio equipment….

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  • Weekly Summary of Research Findings: 3/13/17 – 3/17/17 [PREMIUM]

    Below is a weekly summary of our research findings for 3/13/17 through 3/17/17. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs. Subscribers: To receive these weekly digests via email, click here to sign up for our mailing list. More

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  • Small Cap Value Report (17 Mar 2017) – GYM

    GYM (LON:GYM)Share price: 173p (-6.5%)No. shares: 128.2mMarket cap: £222mCompletion of Placing(I have a long position in GYM.)It was helpfully pointed out in the comments last night (by rhomboid1) that two private equity backers of The Gym intended to sell down the rest of their stakes.It’s a large placing for 30.5% of the company and has now been completed at 175p, about a 5% discount to yesterday’s closing price.Unsurprisingly, the share price has dropped today to around (just below) the placing price.One of the technical hazards when investing in recent IPOs is that an overhang of stock can continue for some time. Of course, if you think the shares are good value, this can be the basis of your opportunity to keep buying.The problem is that insiders and private equity backers tend to know the most about the companies they are selling to the public markets, and so it’s difficult for public market investors to come off on the right side of the deal.Anyway, I think the overhang has been cleared now as far as The Gym has been concerned.Though I personally run a very concentrated portfolio when…

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  • Small Cap Value Report (17 Mar 2017) – GYM, STHR

    GYM (LON:GYM)Share price: 173p (-6.5%)No. shares: 128.2mMarket cap: £222mCompletion of Placing(I have a long position in GYM.)It was helpfully pointed out in the comments last night (by rhomboid1) that two private equity backers of The Gym intended to sell down the rest of their stakes.It’s a large placing for 30.5% of the company and has now been completed at 175p, about a 5% discount to yesterday’s closing price.Unsurprisingly, the share price has dropped today to around (just below) the placing price.One of the technical hazards when investing in recent IPOs is that an overhang of stock can continue for some time. Of course, if you think the shares are good value, this can be the basis of your opportunity to keep buying.The problem is that insiders and private equity backers tend to know the most about the companies they are selling to the public markets, and so it’s difficult for public market investors to come off on the right side of the deal.Anyway, I think the overhang has been cleared now as far as The Gym is concerned.Though I personally run a very concentrated portfolio when it…

    Stock Trkr
  • Small Cap Value Report (17 Mar 2017) – GYM, STHR, IKA

    GYM (LON:GYM)Share price: 173p (-6.5%)No. shares: 128.2mMarket cap: £222mCompletion of Placing(I have a long position in GYM.)It was helpfully pointed out in the comments last night (by rhomboid1) that two private equity backers of The Gym intended to sell down the rest of their stakes.It’s a large placing for 30.5% of the company and has now been completed at 175p, about a 5% discount to yesterday’s closing price.Unsurprisingly, the share price has dropped today to around (just below) the placing price.One of the technical hazards when investing in recent IPOs is that an overhang of stock can continue for some time. Of course, if you think the shares are good value, this can be the basis of your opportunity to keep buying.The problem is that insiders and private equity backers tend to know the most about the companies they are selling to the public markets, and so it’s difficult for public market investors to come off on the right side of the deal.Anyway, I think the overhang has been cleared now as far as The Gym is concerned.Though I personally run a very concentrated portfolio when it…

    Stock Trkr
  • Commodity Futures Return Predictability [PREMIUM]

    Are aggregate commodity futures returns predictable based on prices across the maturity curve and/or on the state of the global economy? In her January 2017 paper entitled “Commodity Return Predictability”, Regina Hammerschmid investigates aggregate commodity futures return predictability based on variables incorporating information from the term structure of futures prices and several global economic variables. She More

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  • Equity Factor Risk-return Predictability [PREMIUM]

    Do factors widely used to model cross-sectional returns of U.S. stocks exhibit reward-for-risk behaviors? In other words, are expected factor returns higher (lower) when factor return volatility is high (low)? In their January 2017 paper entitled “The Risk-Return Tradeoff Among Equity Factors”, Pedro Barroso  and Paulo Maio examine reward-for-risk behaviors of the size (small minus big market More

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  • Small Cap Value Report (Thu 16 Mar 2017) – TFW, SAA, SEE, SOM

    Good morning!Many thanks to Graham for really excellent amp; insightful reports this week.Today I’ll be covering results from;FW Thorpe (LON:TFW)Mamp;C Saatchi (LON:SAA)Seeing Machines (LON:SEE)Also, I’m hoping to catch up on a few other things from earlier this week.FW Thorpe (LON:TFW)Share price: 323p (pre market open)No. shares: 115.7mMarket cap: £373.7mInterim results – for the 6 months to 31 Dec 2016.This is a group of lighting companies. It’s essentially a family controlled company, with a stock market listing. There’s nothing wrong with that, indeed some investors (such as Lord Lee, and David Stredder) seek out such companies – appreciating their long-term thinking, and prudence.The headline figures for H1 certainly look good;Note that when profit rises by a smaller percentage than revenue, that’s a quick way of noting that the profit margin has reduced. Dividing operating profit into revenue confirms this – the operating margin was 15.7% last year in H1, and has dropped a little to 15.2% this…

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  • Small Cap Value Report (Thu 16 Mar 2017) – TFW, SAA, SEE

    Good morning!Many thanks to Graham for really excellent amp; insightful reports this week.Today I’ll be covering results from;FW Thorpe (LON:TFW)Mamp;C Saatchi (LON:SAA)Seeing Machines (LON:SEE)Also, I’m hoping to catch up on a few other things from earlier this week.FW Thorpe (LON:TFW)Share price: 323p (pre market open)No. shares: 115.7mMarket cap: £373.7mInterim results – for the 6 months to 31 Dec 2016.This is a group of lighting companies. It’s essentially a family controlled company, with a stock market listing. There’s nothing wrong with that, indeed some investors (such as Lord Lee, and David Stredder) seek out such companies – appreciating their long-term thinking, and prudence.The headline figures for H1 certainly look good;Note that when profit rises by a smaller percentage than revenue, that’s a quick way of noting that the profit margin has reduced. Dividing operating profit into revenue confirms this – the operating margin was 15.7% last year in H1, and has dropped a little to 15.2% this…

    Stock Trkr

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