Boros10

Trading Update Euromoney Institutional Investor plc ("Euromoney") issued a resilient pre-close trading update this morning ahead of the announcement of its results for H1 2013. Global financial institutions continue to make cuts in staff numbers which reduces the potential readership of the Company’s specialist financial, commodity and metals online publications. Revenues for H1 2013 are therefore expected to show a fall of 1%, largely down…

Paul has a deep understanding of value investing and a real appreciation of the accounting issues which are so important to understand given the myriad of profit measures offered up by management to flatter performance, excessive and sometimes hidden pension liabilities which can eat up future cash flows and destroy value and aggressive revenue recognition tricks. His recent analysis on Globo was simply outstanding, http://www.stockopedia.co.uk/content/small-cap-report-8-apr-ind-gbo-vlk-mec-sncl-fdl-ghh-eck-ssy-72300/…

and the £3m charge will continue until these leases can be got rid off and then there is further pain in the form of generous reverse premiums paid to the incoming tenants.

I wonder whether it is possible to source more accurate ROE & ROCE data which adds back all the historic goodwill write-offs and amortised acquisition related intangibles? Without making these adjustments, returns on capital/equity are flattered. Some managements end up looking good despite having made poor acquisitions in the past (which necessitated a goodwill write-off) or by choosing to assign the bulk of the purchase…

I've copied below a comment I have just posted on another thread called "Where do I get my iunvestment ideas from" by canteatvalue which I think addresses some of the points raised here. http://www.stockopedia.co.uk/content/where-do-i-get-my-investment-ideas-from-72086/My main focus is on finding quality at a reasonable price (QARP), so my key metrics are operating margins (which I like to see at 15% or more) and returns on total…

My methodology is remarkably similar. I read alot of blogs, broker notes and talk to other private investors. I like meeting management through Mello and other channels. There is always the danger of being sold a dud, but a consensus quickly emerges amongst the private investors attending these events as to which managements can be trusted. I use Stockopedia for screening and getting a quick…