Right on the boil

All oak and fairly iron bound yet Mr. Market's little finger twisted them around.

  NTG Northgate PLC is a provider of flexible fleet rental, mainly commercial vehicles (vans) and mostly to businesses (UK and Spain). The company emerges from a difficult 2008/2009 period when it was forced to raise new equity and then to rationalize its operations. The shares trade on the London Stock Exchange, symbol NTG, for approximately ₤2.6 each (Nov-2012). More...
 AAPL$460/share, ~20 P/E,  ~x7 EBITDA, 30% of market cap in cash, some form of cash distribution expected, new products/services pipeline, network effects. Steve Jobs' legacy/DNA inheritance contested by market. Cheaper than MSFT or CSCO. Two catalysts present: business  & capital allocation prospects.
 BIDU$99/share, ~20 P/E,  despite +40% growth rates (revenue and earnings). QIHU threat, slowing growth overestimated. Growth rate indeed slower given the magnitude (revenues grew from $230m in 2007 to $3.5b in 2012). Investment thesis relying on sub-unitary PEG, market share, management's actions towards reaching to customers.

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The Locker's Old Special

With sticks and stones, the raging Mr. Market sank their bones to Davy Jones.


 NTQ £ 0.75/share. SPAC, upstream oil & gas services (rugged devices, reach and recovery products and technologies). Completed two acquisitions, down due to quarterly loss, insiders took the fall as an opportunity to buy at 0.65.
 PGL ~ ZAR /2.22 share, about50% discount to book. PE run by Brian Gilbertson and a team he assembled. Impressive co-investors, great achievements in turning around Gemfields (now merged with Faberge and trying to pursue a DeBoers type business model in emeralds, rubies and other colored stones) establishing Platmin, Jupiter (Tshipi manganese), People with impressive backgrounds run the operating companies. Brian seems to have the golden touch (better than Leucadia/Fortesque at this entry price?...)


 OSTK    ~ $8/share - "a share is a slice all the way through the company" ; 
Business model challenges?  Winner takes all  threat? (Amazon, Ebay)... Enter
 IFT$4.2/share - an analysis here. Now loss making and litigation still a threat.
 WTSLA  ~ $2.99/share. Cushions: cash/share @ +50% of price,  activist investor on Board.
Will they make it back to profitability? What happens with the cash otherwise?

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The Old Bottom Drawer

   ... Aye, some pearls! the bottom drawer came to grips with good 'em all ...

  SGP          320p/share (LON). Management owns 60%. Growth management issues. Fashion is passing , will Superdry stay? Details.  
  DJCO      ~ $70/share, "Yesterday Is History, Tomorrow a Mystery, now DJCO is a Present". Cigar but, bread and butter or even better? Roll on software growth? Odds?  
   DTG  ~ 60p/share (LON), here. Distribution business - will it do? Airline business model - WB hates. Is DTG that ≠? Why? WC float/prepayments helping a lot.