Goodwin Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9604411 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=9604411&action=detail Thu, 03 May 2012 11:51:00 GMT numberbiter tag:iii.co.uk,2003:tst.9494388 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=9494388&action=detail Fri, 30 Mar 2012 23:09:00 GMT stock cube tag:iii.co.uk,2003:tst.9095425
If the next six months don't see a turnaround in the cashflow then I will agree with you but in the meantime I am prepared to give the management the benefit of the doubt as they have delivered in the past. By Meanbugger ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=9095425&action=detail Wed, 21 Dec 2011 21:02:00 GMT Meanbugger tag:iii.co.uk,2003:tst.9094967
If I were a shareholder, which I'm not, I would place this company on 'red alert'. By numberbiter ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=9094967&action=detail Wed, 21 Dec 2011 17:53:00 GMT numberbiter tag:iii.co.uk,2003:tst.8701040 Created: 31 August 2011 Written by: Stephen Wilmot
http://www.investorschronicle.co.uk/Tips/Buy/TipsOfTheWeek/article/20110831/318ed61e-d3c7-11e0-9ac6-00144f2af8e8/Costs-hit-Goodwin.jsp


Goodwin's results look poor at first glance. Sales at the family-run engineer were flat, profits fell sharply and, worryingly, cash flowed out rather than in. There were bright spots, though. Its refractories segment, which makes moulds for jewellery and insulation for products such as wood-burning stoves, grew strongly. But that was more than offset by falling revenues and surging costs at the larger engineering business, which sells valves and pumps to the oil & gas and power industries.
Chairman John Goodwin remains resolutely upbeat, stressing that the company has been investing heavily in future growth. His strategy has been to make its many overseas operating companies as self-sufficient as possible in order to cut raw material and transport costs and provide a locally sensitive service.
That's sensible, but requires plenty of upfront investment in overseas assembly facilities - £6.3m was spent on property, plant and equipment during the year, mainly in Brazil, India and Thailand. That, and a £8.5m increase in working capital, took a heavy toll on cash balances, boosting borrowings. Mr Goodwin grumbles that it has become hard to get upfront payments for contracts since the recession; even large clients are hoarding cash.
GOODWIN (GDWN)
ORD PRICE: 1,200p MARKET VALUE: £ 86.4m
TOUCH: 1,191-1,250p 12-MONTH HIGH: 1,500p 1,180p
DIVIDEND YIELD: 2.4% PE RATIO: 24
NET ASSET VALUE: 568p** NET DEBT: 21%
Year to 30 Apr Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2007 65.3 7.04 65.1 18.4
2008 80.6 9.82 91.1 23.0
2009 101 13.1 122 27.8*
2010 93.0 13.3 118 27.8
2011 92.9 8.20 50.4 29.2
% change - -38 -57 +5
*Excludes a 27.8p extraordinary dividend **Includes intangible assets of £10m or 139p a share
TIP UPDATE:
Buy
Mr Goodwin has taken a big bet on future emerging markets growth, and it may well pay off. But with the shares having recently tested an all-time high and the macroeconomic environment deteriorating, we prefer to spectate from the sidelines. With the shares up 7 per cent on our original buy tip, we downgrade to fairly priced. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=8701040&action=detail Wed, 31 Aug 2011 16:28:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7391789
I do wonder how long before someone makes them an offer they can't refuse - both for the company and to get the core of the senior management team on board as very few other UK based engineering companies have anything like the trackrecord in international expansion.

Nice to see someone else is watching... By teddybear1962 ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=7391789&action=detail Mon, 06 Dec 2010 10:42:00 GMT teddybear1962 tag:iii.co.uk,2003:tst.7374134
This has been a terrific investment for me and I think the Directors should be praised for what they have achieved over the last 10 years.

By Meanbugger ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=7374134&action=detail Thu, 02 Dec 2010 21:09:00 GMT Meanbugger tag:iii.co.uk,2003:tst.7085277 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=7085277&action=detail Fri, 15 Oct 2010 16:04:00 GMT teddybear1962 tag:iii.co.uk,2003:tst.7056704 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=7056704&action=detail Mon, 11 Oct 2010 20:08:00 GMT teddybear1962 tag:iii.co.uk,2003:tst.5363979 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=5363979&action=detail Mon, 28 Sep 2009 10:59:00 GMT Harry_Lime tag:iii.co.uk,2003:tst.4896980 By Inforthelongrun ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=4896980&action=detail Fri, 29 May 2009 12:42:00 GMT Inforthelongrun tag:iii.co.uk,2003:tst.4351724 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=4351724&action=detail Thu, 27 Nov 2008 00:41:00 GMT Meanbugger tag:iii.co.uk,2003:tst.4350546 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=4350546&action=detail Wed, 26 Nov 2008 12:34:00 GMT Chance1234 tag:iii.co.uk,2003:tst.4112050 http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=4112050&action=detail Fri, 11 Jul 2008 17:45:00 GMT Rab Munro tag:iii.co.uk,2003:tst.4112026
This was a 20-bagger for me at £14. When I first bought about 10 years ago the PE was about 3. At £14 it was on about 18x this years earnings which was historically very pricey. I think the underlying business continues to go well but obviously they have been hit by a lot of cost increases for raw materials and energy which they might not have been able to pass on in their entirety.

I'm holding on but I'm a bit disappointed with myself for being greedy and just watching the shareprice climb to silly levels. By Meanbugger ]]> http://www.iii.co.uk/investment/detail?code=cotn:GDWN.L&display=discussion&id=4112026&action=detail Fri, 11 Jul 2008 17:28:00 GMT Meanbugger