Share Sleuth

Harvey Nash, each way bet

Harvey Nash isn’t just a recruitment company, it provides outsourced services to companies that don’t want to recruit. In doing so, it may have found a way to keep profits growing through the cycle.

Dewhurst result reveals hidden flaw

Sometimes results statements reveal more than how the company has performed. Dewhurst’s dip is less interesting than the reason behind it. Meanwhile, Castings surprises.

Share Sleuth's notepad: Portfolio review reveals top six

Not for the first time, I’m changing the way I manage the Share Sleuth portfolio. Now it will be easier to compare new prospects with existing members and decide what to buy, hold and sell.

Share Sleuth's notepad: Continuously reducing risk

Felix Baumgartner took a risk, but the probability of failure was low. His record-breaking skydive was less of a gamble, more of an adventure. You might even call it an investment, considering the money and career benefits.

PageGroup: All about the people

In 2012, a bad year, PageGroup, formerly Michael Page International, was resolutely profitable because of its trained and motivated staff. Assuming profit recovery, the shares might be good value.

Zotefoams: a growing business with an option on more growth

Zotefoams' proprietary process gives it a competitive advantage in manufacturing foam. The development of foams with special properties and a new foaming process may be opening markets with more products competitors will find it difficult to better.

4imprint: A perpetual growth story

4imprint, a supplier of promotional materials is growing in a fragmented market through savvy direct marketing and efficient operations. It's easy to dream of perpetual growth. The risk is it doesn't come true.

Share Sleuth's notepad: Quality versus price

There are two aspects to value, what you pay, and what you get. For some investors price trumps quality, but as fund managers tout consumer staple companies like Unilever and Diageo, it seems quality is in the ascendency...

Johnson Service: the worm has turned

Having teetered on the brink of bankruptcy five years ago, the textile rental, dry cleaning and facilities management company is a successful turnaround.

Share Sleuth's notepad: Shareholders out of control

Shenanigans at Eurasian Natural Resources remind investors to consider not just what kind of company they're buying but who they're going into business with.

Ultra Electronics, ultra niche

In its annual reports, Ultra Electronics makes as good a case for being a hidden champion as I have seen. It claims to operate in 180 niches!

Intertek tests the limits of growth

Fast growing Intertek is the perfect company in every respect bar one, its share price. Even that might not be beyond justification.

Share Sleuth's notepad: Mind-boggling intangibles

When accountants draw up accounts they make assumptions to simplify reality. When analysts invent measures to judge that accounting they make assumptions about assumptions. I'm questioning one of mine.

BPI: Finding promise in silage and shrinkwrap

British Polythene Industries is in an attractive business for value investors. Mundane, essential, and stigmatised because of environmental concerns about polythene, it’s likely to be overlooked by investors with more glamorous tastes.

Share Sleuth's notepad: Going bust

After a conversation with the administrator it's clear, there will be no money for shareholders from Metalrax’s pre-pack administration.

Croda has ingredients of long-term success

Croda’s share price has risen by more than five times since 2005, mainly in the last few years. It’s unbroken trend in rising profit and growth stretches back to 2000 though, not the result of a change of strategy so much as increasing recognition by customers and investors that the strategy is working.

Share Sleuth's notepad: A twice in a lifetime investment opportunity

Mathematician Kerry Balenthiran says a 17.6 year bear market is entering its final phase. It will be followed by a 17.6 year bull market.

Superjumbo profits at Senior

Aerospace and auto engineer Senior is a good company in a booming market.

Bunzl: Growth worth paying for

Joining the club of good, potentially great, but somewhat pricey companies is not-so dowdy distributor Bunzl. It supplies the things companies can’t do without, and can’t be bothered to buy themselves.

Dialight sheds light on LED business

LED manufacturer Dialight has grown fast since it developed its first industrial light in 2009. It’s not only a company to watch, but a company to learn from.

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