Share Sleuth

Dart: Hedging my bets

Airline and package tour operator Dart is at a critical point in its evolution. The future will not resemble the past. What’s a long-term investor to do?

FW Thorpe: A for quality C for value

A surge in the share price of FW Thorpe leaves me thinking the unthinkable. Maybe it’s time to reduce the portfolio’s holding.

Haynes Publishing: Throwing in the oily rag

Haynes Publishing, one of the first companies to join the Share Sleuth portfolio, leaves it. The investment was a slow-motion car crash.

Haynes Publishing: A whiff of panic?

Bad news is following bad news at the venerable manual publisher battling to stay relevant.

Finsbury Food: Out of the frying pan…

Full-year results indicate Finsbury Food is out of the frying pan, and in an altogether better place.

Cohort AGM: Back on mission

Defence technology company Cohort floated in 2006 with the intention of completing one acquisition a year. For a while things went quiet, but it’s resumed its acquisitive mission.

FW Thorpe: Tripping the light fantastic

Lighting fixture manufacture FW Thorpe is the archetypal stalwart, always, in its own words, trying “to do better than last year”. Never taking ill-considered risks.

Games Workshop AGM: A relentless profit machine

Games Workshop is casting itself as a relentless profit making machine. Customers, staff, and investors who don’t like it better get out of the way.

Ricardo: Good for another 100 years

One hundred years after Ricardo was founded, its business is as relevant as ever.

Working out how profitable a company is

For long-term investors in relatively stable companies, profitability is probably the most important financial statistic. The better the measure, the better we will be at finding profitable companies.

Getting the numbers you need from the horse’s mouth

To get closer to understanding companies, we need to get to grips with their financial statements.

Dart: Silent activist says much about airline

Activist investor Crystal Amber claims to have uncovered hidden value in Dart. Its filings tell all.

Games Workshop: Testing the goose killing theory

Games Workshop has built a global business selling models inspired by its fantasy wargame, Warhammer, but does the game matter?

Alumasc: A plan coming together

More focus and higher levels of construction activity are driving niche building products group Alumasc’s recovery.

Dart: Shock and awe

At Dart’s AGM, the airline, package tour operator and haulage business delighted shareholders. But ambition comes at a cost.

What’s wrong with the City, and how to beat it

It’s the end of term. Time to take stock, and remember what Share Sleuth is all about.

Intangibles: When to include, and when to exclude

The decision whether to include or exclude intangible assets from financial ratios makes a huge difference to their values.

Newmark Security: Jam Today, and the day after tomorrow

Newmark’s exceptional results will not be repeated in 2016. Thereafter, there’s room for optimism..

Renishaw: Hidden champion

Renishaw’s results may be exceptional, but taking the longer-term view it’s a pretty exceptional company.

Games Workshop’s revenue problem

Games Workshop may not have convincingly raised revenue for over a decade. Why should we believe it’s going to from now?