Maynard Paton

M Winkworth: A ‘Franchise’ Business On A P/E Of 10

14 April 2015
By Maynard Paton

Quick update on M Winkworth (WINK).

Event: Final results published 14 April

Summary: A quite satisfactory set of full-year results, albeit the second half produced flat profits. WINK has become slightly more dependent on the booming London property market, but its estate-agency franchising operation continues to produce super margins and high returns on equity. There are not many shares with such finacials that I have found that presently trade on a P/E of about 10. I continue to hold.

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Zytronic: The Dividend’s Up 5-Fold Yet I’m Still Not Sure

02 April 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Zytronic (ZYT).

Here are the initial attractions that prompted this research:

Appealing financials: Accounts showcase 15%-plus margins and an asset-rich balance sheet
Rising dividend: Payout has advanced 5-fold between 2005 and 2014
Interesting valuation: The shares could offer a possible P/E of 11

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Q1 2015: 3 Sells, 2 New Buys And 1 Top-Up

31 March 2015
By Maynard Paton

Happy Tuesday! I trust your shares are doing well and that you are finding my Blog useful.

It’s now been three months since I started this full-time investment lark — and I am pleased to confirm that I have not gone broke just yet!

On the contrary, my portfolio has registered a small gain since the start of the year — although I must admit it has lagged what’s generally been a strong market. I just hope some buyers will soon alight on my marooned holdings!

Anyway, during the last three months I have found writing this Blog very helpful. This quote from Warren Buffett sums up why:

“There is nothing like writing to force you to think and get your thoughts straight.”

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Tasty: I Still Believe The Market Cap Can Quadruple

30 March 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Preliminary results published 30 March

Summary: A very promising set of results, buoyed by a strong second half. Notable features included robust cash flow and the clearing of some debt, which might suggest TAST is able to expand significantly without hefty external financing. Either way, I firmly believe the family management here can replicate its earlier success at Prezzo (PRZ) and could perhaps quadruple TAST’s current market cap. I continue to hold.

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Getech: I’ve Had To Raise An ‘Amber Alert’

24 March 2015
By Maynard Paton

Quick update on Getech (GTC).

Event: Interim results and acquisition details published 24 March

Summary: A better-than-expected set of results that was blessed with a reasonable outlook statement — a pleasant surprise given GTC serves the battered oil and gas industry. Progress was not perfect, though, with sizeable intangible expenditure and details of a substantial acquisition leaving me on ‘amber alert’. I am minded to await further results before considering any top-up. I continue to hold.

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FW Thorpe: LED Sales Are Booming

20 March 2015
By Maynard Paton

Quick update on FW Thorpe (TFW).

Event: Interim results published 19 March

Summary: Good set of reliable figures with revenues, profits, the dividend and net cash all moving higher. Progress was made throughout the group’s different divisions, with sales of LED products apparently booming. A loss-making subsidiary has also been sold. I could find no accounting worries and wish all my investments could issue such dependable results. I continue to hold.

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Pennant International: Why I Sold

20 March 2015
By Maynard Paton

Quick update on Pennant International (PEN).

Event: Annual results published 17 March

Summary: Headline results as expected, but they hid a weaker second half and some disconcerting cash-flow movements. The figures contained plenty of other irritations and worries, while the chairman’s statement was notable for what it did not say. All told, the results carried too many signs of profit trouble ahead and I sense PEN could return to its haphazard ways witnessed between 2000 and 2009. I have sold.

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French Connection: I Still Think The Shares Could Top 100p

17 March 2015
By Maynard Paton

Quick update on French Connection (FCCN).

Event: Annual results published 17 March

Summary: Mixed results. The Retail division was subdued, and gave a disappointing second-half performance. However, trading at the Wholesale and Licensing divisions appeared promising. There was further welcome progress on cost cutting, too. This turnaround has still to really turn, and I’ve trimmed my recovery assumptions. But the upside potential remains sizeable. I continue to hold. 

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Ashmore: 66% Margins And £547m Net Cash

11 March 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Ashmore (ASHM).

Here are the initial attractions that prompted this research:

Majestic financials: Accounts showcase 66% average margins and £547m net cash and investments
Hefty insider ownership: Founder/chief exec enjoys £808m shareholding
Interesting valuation: The shares offer a trailing dividend yield of 5.9%

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Goodwin: All That Matters Now Is What Price To Pay

04 March 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Goodwin (GDWN).

Here are the initial attractions that prompted this research:

Illustrious financial history: Profits have surged 16-fold since 2000
Owner-orientated bosses: Family management boasts 53%/£107m shareholding
Interesting valuation: The shares are 32% off their high, leaving the trailing P/E at 11

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Shoe Zone: Why This £69m Shareholding Could Be Worth Watching

02 March 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Shoe Zone (SHOE).

Here are the initial attractions that prompted this research:

Simple business: It’s a retailer of cheap shoes
Cash-rich: Latest balance sheet showed cash of £9m and no debt
Owner-aligned bosses: Family management boasts 55%/£69m shareholding

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Tristel: Is There A Further 46% Upside?

25 February 2015
By Maynard Paton

Here’s a an update on Tristel (TSTL).

Event: Half-year results published 25 February.

Summary: Figures met my expectations, showing good all-round progress. Management commentary noticeably upbeat — confidence underlined by first RNS mentions of group sales target and ‘North America’. Firm’s healthcare products remain attractive to investors — repeat purchase and patent protected. Share-price upside could be attractive if growth forecasts come good. I continue to hold.

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Microgen: High Margins And Cash Rich But Not For Me

24 February 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Microgen (MCGN).

Here are the initial attractions that prompted this research:

High margins: 30% reported for 2013
Cash rich: Latest update reported £25m net cash
Veteran boss: Executive chairman appointed during 1998 and boasts £7m shareholding

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Latchways Kick-Starts My Watch List

12 February 2015
By Maynard Paton

So I’ve now reviewed every one of My Shares in my portfolio — see the list of names on the right-hand side of this page.

That means I can finally kick-start My Watch List, the benefits of which I explained in this post.

I’ve decided to adopt a question-and-answer template for My Watch List write-ups. That way I can easily pinpoint any worthwhile shares according to How I Invest.

I am looking for as many Yes answers as possible.

I’m starting today with Latchways (LTC).

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