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Simon Thompson's Bargain Portfolio


A collection of value shares selected using Ben Graham's investing ideas


Portfolio performance bargain-portfolio

performance to:7 July 2014 - prices taken at close of play 7/7/14
Company TIDM Magazine offer price� Opening offer price on 7 Feb 2014 Bid price on 3 Mar 2014 Return on magazine price (%) Return on opening offer price price (%)
Fortune Oil FTO 9 9.5 12.25 36.1% 28.9%
1pm OPM 57 53.95 76 33.3% 40.9%
Charlemagne Capital CCAP 16 15.8 18 12.5% 13.9%
Naibu Global International NBU 58 62 63 8.6% 1.6%
H&T HAT 158 173.43 170.5 7.9% -1.7%
Bloomsbury Publishing BMY 167 177 177 6.0% 0.0%
Arden Partners ARDN 75 75 78 4.0% 4.0%
Taylor Wimpey TW. 112.4 115.5 113.6 1.1% -1.6%
Barratt Developments BDEV 373.2 394.4 371.7 -0.4% -5.8%
PV Crystalox Solar PVCS 19 19.35 17.25 -9.2% -10.9%
Record REC 37 38.65 33 -10.8% -14.6%
Camkids CAMK 85 88 56 -34.1% -36.4%
AVERAGE . . . . 5.5% 1.8%
FTSE All-Share . . 3521 3642 . 3.4%
FTSE SmallCap . . 4464 4504 . 0.9%
FTSE Aim index . . 857 788 . -8.1%
Note: Latest prices taken at close on 7 July 2014

Latest about this portfolio

  1. Naibu game changer

    Naibu game changer

    15 September 2014

    ‘Shares in the sportswear maker plunge as it goes into cash preservation mode’

    ‘Put simply, if the company is not being run in the interests of all shareholders, and especially the minority shareholders who have backed the company since it floated on Aim, then it should not be listed at all. The only other alternative explanation for the board’s decision to preserve cash, and one that is equally worrying, is that Naibu’s cashflow is expected to deteriorate more than the reported profit forecasts and capital expenditure plans suggest. But even that is hard to reconcile with a company that reports no bad debts on those receivables despite extending credit terms to distributors.’

  2. Glimmers of light for PV

    21 August 2014

    ‘A solar-wafer manufacturer has issued a mixed set of results, but the future looks far brighter’

    ‘It’s never ideal for a company to rack up a chunky operating loss, but more important is the cash implication. In this regard, the net cash position declined from €39.2m to €35.4m (£28.2m). Based on 160m shares in issue, net funds were 17.7p a share. Add to that next month’s cash payment of €8.7m, or the equivalent of 4.4p a share, and proforma net cash is around 22p a share. In other words, the shares are priced well below the level of the cash pile.’

  3. Pledged for recovery

    Pledged for recovery

    20 August 2014

    Shares in a small-cap pawnbroker and money lender are worth buying ahead of an earnings recovery

    'I see potential for the company to cherry pick distressed profitable pledge books off rivals now that its own pledge book has stabilised at around £38.3m. Furthermore, the interest component of the pawn service charge was only down from £15m to £14m in the first half of this year, indicating an increase in the yield on the pledge book and reflecting an improved ageing profile and higher rate of interest charged. And with borrowings accounting for only a quarter of the company’s £50m debt facility, there is ample funding available to boost lending through selective earnings enhancing acquisitions.'

  4. Bargain shares: new buying opportunities

    Bargain shares: new buying opportunities

    12 August 2014

    A sell-off in some of Simon Thompson's 2014 bargain shares provides a decent buying opportunity

    ‘This means that the direct investment holding is worth £217m, or 22 per cent more than at its last accounting date of 31 March 2014. To put that into some perspective this investment alone now equates to 82 per cent of the company’s market value of £260m. To that sum you can add holdings through the joint venture. Or put it another way, directly and indirectly held shares in China Gas Holdings are now worth around £650m, or 150 per cent more than the company’s own current market value!’

  5. Worth a read

    Worth a read

    15 July 2014

    Shares in a UK book publisher are under-rated and are a good way of playing growth in e-publishing

    ‘Assuming the company can grow pre-tax profits by around 6 per cent in the current fiscal year, the forward PE ratio is only 12. Analysts forecast a further rise in the payout to 6.1p, more than twice covered by net earnings, up from 5.8p in the financial year to end February 2014. On this basis, the prospective dividend yield is attractive at 3.5 per cent. A rating of only 1.1 times book value is hardly excessive either’

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