Good morning, it’s Paul here!
I’m up early today, so thought I’d start with some brief comments on a couple of interesting company updates from yesterday, that Graham missed due to focusing on a macro ramble instead.
Estimated time of completion: 3pmUpdate at 14:46 – today’s report is now finished.
Sports Direct
Name change – it’s now to be called Frasers. We saw a staggering rise in share price this week, to about 470p. That means if has more than doubled since the low of about 220p just 5 months ago. Whoever said that elephants don’t gallop, was wrong!
The narrative with its interim results was interesting. A bit like Tim Martin of ‘spoons, Mad Mike Ashley obviously revels in his outspoken, unorthodox way of doing things. Both are brilliant amp; talented entrepreneurs, so personally I think they’ve earned their stripes, and should continue saying whatever they like, in whatever style they like.
The one thing that does irk me, is that Ashley gave the impression from previous trading updates, that buying House of Fraser had been a terrible mistake, indeed he even referred to its problems as “terminal”. Therefore, investors assumed that this was bad news for the company amp; its shares. Along with…
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