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Update: Euromoney Institutional Investor – 55% Undervalued
Published on 2011-07-28 10:03:41
Earlier this year I reviewed the UK-listed financial media group Euromoney Institutional Investor plc (report here), concluding that: In summary, I view Euromoney Institutional Investor as a well-diversified business with interests in a large number of leading publications and services. Fixed asset and working capital requirements are negligible, allowing the company to generate a large [...]
Recommended Reading (21st July 2011)
Published on 2011-07-21 04:40:14
Domino’s delivers on bid talk and growth hopes (Independent). Talk of a 600p/share offer from private equity versus the current 453p/share price. Question: Why buy Domino’s Pizza UK Ireland plc at a trailing P/E ratio of 30.5x when you can buy the ultimate franchise-holder Domino’s Pizza Inc for a trailing P/E ratio of 17.5x? I’ve [...]
Updated Apple Inc Model – Base Case $537 per Share; Bull Case $630
Published on 2011-07-20 13:56:22
My analysis of Apple is relatively rough and ready, but I believe a great level of detail is not required given the simple balance sheet and huge gap between the estimate ($537) and the current share price ($390). The key assumptions are as follows: 4Q11 revenue identical to that reported in 3Q11. Year-on-year revenue growth [...]
