dr fuzz
23 Oct 2015
Re: Goodbye! Goodbye and good luck indeed!Anyone got any thoughts about the pastures new? I'm currently eyeing Rolls Royce and Fenner, both attractive in one sense but also have their own issues.
northslotto
22 Oct 2015
Goodbye! Well that's it peeps. Onwards to pastures new.GLA
dr fuzz
01 Sep 2015
Re: Fall definitely arrested! I'm here to join in the celebrations, congrats to all for holding on! Now facing a different dilemma - whether to sell now and invest the cash during this recent downturn, or hold and wait for the (hopeful) offer acceptance and the final 3-4% appreciation to 1100! Agree it seems unlikely a better offer will emerge otherwise this wouldn't have been an RNS. If I sell now am eyeing topping up Diageo at current levels or maybe looking at Fenner... but haven't looked into Fenner enough yet to take a dive - will sleep on it rather than make a snap decision.
paddington_bear
01 Sep 2015
Fall definitely arrested! I hope Dr Fuzz is still here to join the celebrations. Board recommended offer of 1100p per share in cash (back to the 2013 levels) plus the dividend of 27.5p going through the XD process now. I think it unlikely a significantly better offer will appear. Eighth share getting an offer this year, after only one for all of last year's similar portfolio. With the markets dropping again this morning, some gain and conversion to cash most welcome.On to other things, GLA.PB.
sharegardener
01 Sep 2015
Takeover announced Latchways are being bought out for 1100p a share by MSA. We will still get the final div.Another innovative UK company with great prospects going to a larger international group.Good luck to all in DevizesSG
mcescher
30 Jul 2015
Analysis of LTC Looking like a solid dividend payer [link]
II Editor
23 Jul 2015
NEW ARTICLE: Ferreting out the fat cats "In good years, bonuses allow executives to multiply their salaries. This company multiplies the multiple. Kerching!It’s difficult to tell whether executives are over paid because they are paid in so many ways, contingent on so many ..."[link]
II Editor
22 Jul 2015
NEW ARTICLE: Latchways: Hiring, not firing "Reflecting the wider debate about austerity or growth, Latchways is choosing to grow. Mind you, it wasn’t mired in debt to start with.Some say you should read annual reports from the back, because the notes contain all the juicy bits ..."[link]
II Editor
23 Jun 2015
NEW ARTICLE: Latchways: Deep dive reveals signs of treasure "A deep dive into safety equipment designer and manufacturer Latchways’ last ten years shows that if the past is a guide to the future, the shares may be undervalued.Here’s the conundrum. Latchways has been a very good business. The ..."[link]
II Editor
18 Jun 2015
NEW ARTICLE: Latchways: Traders and management anticipate recovery "Management and traders agree recovery is on the cards, but the last two years have shown working in fall protection does not necessarily prevent a fall in profit.In full-year results for the year to March 2015, published on Monday, ..."[link]
paddington_bear
15 Jun 2015
Climbing to safety? Annual results reflect (I hope) the bottom of the decline. Sales fell as the newly installed sales teams had little effect before interims. The overall effect was negative, but comparing with 2014 figures there was much less drop in the second half,; especially resilient were EPS and profit.IF (big if) turnaround continues then the company can continue the climb to solid ground. Importantly the Board were confident enough to hold the dividend. Hold for now I feel.PB
Chickenlicken1
02 Jun 2015
Re: Fall arrested? they need to make progress in the US both because they've been trying to for ages and in order to dilute EU exposure. Improvement in economic performance of the latter of interest i believe but might be too soon to filter through.
dr fuzz
05 Feb 2015
Re: Fall arrested? Wow, life on this board! I bought a bit a couple of weeks ago at 710 (lucky to have got in at, what is so far, the bottom). See exactly the same upside possibilities as you. Tried to do a fair value estimate but came out with a huge range (6.50-13!) as too many uncertainties at present. Basically that range is from if current problems persist (6.5) to if we return to previous situation before recent problems (13). Have copy pasted a short summary of the main risks I perceived from my analysis in case you're curious - I always keep a close eye on the downside too.- The problems are not short term in nature and will actually carry on in future; this is notably true for the US client issue which could be the sign of greater change in the industry, including to moat (this is the biggest single threat). - Possibly company is cyclical and this is the beginning of a downward part of the cycle. - Management may leave having been in the company for a long time (though CEO will probably retire in next years, FD and SD are younger). - The competitive advantage I perceive the company to have is not particularly strong and can be undermined by cheaper alternatives (e.g. in Chinese manufacturers) and it is not a market leader (indeed Capital Safety does appear the leader and latchways a distant no 2).All IMO....
paddington_bear
04 Feb 2015
Fall arrested? When you examine this share the quality and economic moat are obvious, so too the stated efforts of the management. Yet still the sales volumes drop despite innovative products being launched. Despite these setbacks profits and margins remain the envy of many organisations. From 1100p a few months ago, a small ledge around 730p has formed. Which way the SP goes from this level remains to be seen, but the p/e and dividend are attractive here. Debt free makes this worth a modest position to be monitored closely.PB.
