Monthly Archives: August 2013

H&T Group (LSE:HAT)

H&T Group (LSE:HAT)

I was back in my hometown of Sheffield last week and one thing that struck me was how the high street has changed. Rows of empty shops, new small businesses everywhere and lots of pawn shops. It made me think of a post on Expecting Value on H&T Group and so I decided to look at the business myself.

I’m not going into detail as EV already did a good job of writing up the company, but this is a summary of my thoughts on it. I like the business model of pawn-broking, and recently purchased a second hand games console from one so know they can offer good value for money even competing with the likes of Ebay and Amazon.read more

CF Industries (NYSE:CF)

CF Industries (NYSE:CF)

CF Industries is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in the world and I first mentioned it in my ‘Fertiliser Company Comparison’ article. It is currently selling at a P/E ratio of just 6.8 and generates all of its profits as free cash flow. Daniel Loeb’s Third Point has already announced it holds a position in the stock as it views it as undervalued.

Its core market and distribution facilities are concentrated in the midwestern United States (the so called corn belt) and other major agricultural areas of the U.S. and Canada. It also exports nitrogen fertilizer products from Louisiana manufacturing facilities and phosphate fertilizer products from Florida phosphate operations through its Tampa port facility. It mainly sells its products to industrial customers. It also owns a 75.3% interest in Terra Nitrogen Company (TNCLP).read more

Fertiliser company comparison

Fertiliser company comparison

A comparison of the biggest players in the US fertiliser industry looking at their valuations and operating metrics to decide which could be the most attractive investments.read more

How to value a fertiliser company

How to value a fertiliser company

Fertiliser companies are very out of favour at the moment. A major Russian producer has recently turned its back on a cartel and the stocks of fertiliser companies have quite rightly been thrashed as a result. This means that value investors and contrarians will be looking for any mis-pricing.read more

Portfolio update

Portfolio update

There have been some changes to my portfolio in the last couple of weeks, one position is now 30% of portfolio and others have been or are being sold.read more

How to value an oil company (Part 5) – Novus Energy

How to value an oil company (Part 5) – Novus Energy

This is the final instalment of my How to value an oil company series, and it is a real life example of a valuation. Novus energy is a small oil company trading at a large discount to its fair value.read more

How to value an oil company (Part 4)

How to value an oil company (Part 4)

The oil industry uses several standard metrics to value and evaluate oil producing companies. In this article I explain what they are, their strengths and weaknesses and how to use them.read more

Hanfeng Evergreen Inc (TSE:HF)

Hanfeng Evergreen Inc (TSE:HF)

Hanfeng Evergreen is in the middle of a privatisation deal which has been delayed for months. The stock trades well below the offer price so this presents an interesting special situation.read more

How to value an oil company (Part 3)

How to value an oil company (Part 3)

The next stage of an oil company is production. The process is fairly simple in theory but it is important to understand otherwise you could end up overpaying for an asset with quickly diminishing returns.read more


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