Archive: November 2016

Profit Warnings: They’re just not all made the same…

Crawshaw & Premier Foods warned on trading in Sept & Oct respectively: Negative profit (or sales) warnings are never good Nor are they neutral but, even if they are all negative, some are more negative than others Existential, business-model threatening warnings: See Monetise, Jessops, Blockbuster, Woollies etc. as existentially-challenged companies More recently, Crawshaw (high PER…

Punch Taverns — improving operator, share price yet to catch up

Stagnant share price despite investment and debt reduction: Today, Punch’s shares languish on a lowly PE ratio of 5.7 (106p). They have been on as little as 4.8 times earnings (89p) this year, and have fallen by 15% since the start of 2016 (Jan ’16: 125p). Yet this lacklustre performance belies the busy activity of…

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